<SEC-DOCUMENT>0001193125-21-128866.txt : 20210423
<SEC-HEADER>0001193125-21-128866.hdr.sgml : 20210423
<ACCEPTANCE-DATETIME>20210423151322
ACCESSION NUMBER:		0001193125-21-128866
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		195
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210423
DATE AS OF CHANGE:		20210423

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Copa Holdings, S.A.
		CENTRAL INDEX KEY:			0001345105
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, SCHEDULED [4512]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			R1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32696
		FILM NUMBER:		21849139

	BUSINESS ADDRESS:	
		STREET 1:		AVENIDA PRINCIPAL, COSTA DEL ESTE
		STREET 2:		COMPLEJO BUSINESS PARK, TORRE NORTE
		CITY:			PANAMA CITY
		STATE:			R1
		ZIP:			00000
		BUSINESS PHONE:		011 507 227 2522

	MAIL ADDRESS:	
		STREET 1:		AVENIDA PRINCIPAL, COSTA DEL ESTE
		STREET 2:		COMPLEJO BUSINESS PARK, TORRE NORTE
		CITY:			PANAMA CITY
		STATE:			R1
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>d128959d20f.htm
<DESCRIPTION>FORM 20-F
<TEXT>
<HTML><HEAD>
<TITLE>Form 20-F</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>As filed with the Securities and Exchange Commission on April&nbsp;23, 2021 </B></P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B><FONT
STYLE="white-space:nowrap">FORM&nbsp;20-F</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934
</B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OR </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9746;<B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR
ENDED DECEMBER&nbsp;31, 2020 </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OR </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
</B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OR </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B>SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
</B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission file number: <FONT STYLE="white-space:nowrap">001-32696</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>COPA HOLDINGS, S.A. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of Registrant as Specified in Its Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not
Applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Translation of Registrant&#146;s Name Into English) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Republic of Panama </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Jurisdiction of Incorporation or Organization) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Avenida Principal y Avenida de la Rotonda, Costa del Este </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Complejo Business Park, Torre Norte </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Parque Lefevre, Panama City </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Panama </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of
Principal Executive Offices) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Raul Pascual </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Complejo Business Park, Torre Norte </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Parque Lefevre, Panama City, Panama </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>+507 304 2774 (Telephone) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>+507 304 2696 (Facsimile) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s Contact Person) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Securities registered or to be registered pursuant to Section&nbsp;12(b) of the Act </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="34%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title of Each Class:</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Trading</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Symbol(s)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Name of Each Exchange</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>On Which Registered</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Class&nbsp;A Common Stock, without par value</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>CPA</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>New York Stock Exchange</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD COLSPAN="5" VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Securities registered or to be registered pursuant to Section&nbsp;12(g) of the Act: </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>None </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Securities for
which there is a reporting obligation pursuant to Section&nbsp;15(d) of the Act: </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>None </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate the number of outstanding shares of each of the issuer&#146;s classes of capital or common stock as of the close of the period
covered by the annual report: At December&nbsp;31, 2020, there were outstanding 42,359,390 shares of common stock, without par value, of which 31,421,265 were Class&nbsp;A shares and 10,938,125 were Class&nbsp;B shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities
Act.&nbsp;&nbsp;&nbsp;&nbsp;&#9746;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&#9744;&nbsp;&nbsp;No </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If this report is an annual or transition
report, indicate by check mark if the registrant is not required to file reports pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934.&nbsp;&nbsp;&nbsp;&nbsp;&#9744;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&#9746;&nbsp;&nbsp;No
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant (1)&nbsp;has filed all reports required to be filed by Section&nbsp;13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)&nbsp;has been subject to such filing requirements for the past 90
days.&nbsp;&nbsp;&nbsp;&nbsp;&#9746;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&#9744;&nbsp;&nbsp;No </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the
registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation <FONT STYLE="white-space:nowrap">S-T</FONT> (&#167;232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;&#9746;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&#9744;&nbsp;&nbsp;No </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
<FONT STYLE="white-space:nowrap">non-accelerated</FONT> filer, or an emerging growth company. See definition of &#147;large accelerated filer&#148;, &#147;accelerated filer&#148; and &#147;emerging growth company&#148; in Rule <FONT
STYLE="white-space:nowrap">12b-2</FONT> of Exchange Act.: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="23%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="25%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="25%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="24%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Large&nbsp;Accelerated&nbsp;Filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9746;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Accelerated&nbsp;Filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9744;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">Non-accelerated&nbsp;Filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9744;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Emerging&nbsp;Growth&nbsp;Company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9744;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by
check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant has filed a report on and attestation to its management&#146;s assessment of effectiveness of
its internal control over financial reporting under Section&nbsp;404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.&nbsp;&nbsp;&#9746; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">U.S. GAAP&nbsp;&nbsp;&#9744;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Financial Reporting Standards as issued</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9746;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Other&nbsp;&nbsp;&#9744;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by the International Accounting Standards Board</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If &#147;Other&#148; has been checked in response to the previous question, indicate by check mark which
financial statement item the registrant has elected to follow:&nbsp;&nbsp;&nbsp;&nbsp;&#9744;&nbsp;&nbsp;Item&nbsp;17&nbsp;&nbsp;&nbsp;&nbsp;&#9744;&nbsp;&nbsp;Item&nbsp;18 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule <FONT
STYLE="white-space:nowrap">12b-2</FONT> of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;&#9744;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&#9746;&nbsp;&nbsp;No </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A>Table of Contents </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="97%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc128959_1">Introduction</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">ii</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc128959_2">Market Data</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">ii</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc128959_3">Presentation of Financial and Statistical Data</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">ii</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc128959_4">Special Note About Forward-Looking Statements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">iii</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc128959_5">PART I</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc128959_6">Item 1. Identity of Directors, Senior Management and Advisers</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc128959_7">Item 2. Offer Statistics and Expected Timetable</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc128959_8">Item 3. Key Information</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc128959_9">Item 4. Information on the Company</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc128959_10">Item 4A. Unresolved Staff Comments</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc128959_11">Item 5. Operating and Financial Review and Prospects</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc128959_12">Item 6. Directors, senior management and employees</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc128959_13">Item 7. Major Shareholders and Related Party Transactions</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc128959_14">Item 8. Financial Information</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc128959_15">Item 9. The Offer and Listing</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc128959_16">Item 10. Additional Information</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc128959_17">Item 11. Quantitative and Qualitative Disclosures about Market
Risk</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc128959_18">Item 12. Description of Securities Other than Equity
Securities</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc128959_19">PART II</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc128959_20">Item 13. Defaults, Dividend Arrearages and Delinquencies</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc128959_21">Item 14. Material Modifications to the Rights of Security Holders and Use of
 Proceeds</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc128959_22">Item 15. Controls and Procedures</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc128959_23">Item 16. Reserved</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc128959_24">Item 17. Financial Statements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc128959_25">Item 18. Financial Statements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc128959_26">Item 19. Exhibits</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc128959_1"></A>Introduction </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In this annual report on Form <FONT STYLE="white-space:nowrap">20-F,</FONT> unless the context otherwise requires, references to &#147;Copa
Airlines&#148; are to Compa&ntilde;&iacute;a Paname&ntilde;a de Aviaci&oacute;n, S.A., the consolidated operating entity, &#147;Copa Colombia&#148; refers to AeroRep&uacute;blica, S.A., &#147;Wingo&#148; refers to the
<FONT STYLE="white-space:nowrap">low-cost</FONT> business model offered by AeroRep&uacute;blica and La Nueva Aerol&iacute;nea, S.A., and references to &#147;Copa&#148;, &#147;Copa Holdings&#148;, &#147;we&#148;, &#147;us&#148; or the
&#147;Company&#148; are to Copa Holdings, S.A. and its consolidated subsidiaries. References to &#147;Class&nbsp;A shares&#148; refer to Class&nbsp;A shares of Copa Holdings, S.A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">This annual report contains terms relating to operating performance that are commonly used within the airline industry and are defined as
follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;Aircraft utilization&#148; represents the average number of block hours operated per day per aircraft for
the total aircraft fleet. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;Available seat miles&#148; or &#147;ASMs&#148; represents the aircraft seating capacity multiplied by the
number of miles the seats are flown. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;Average stage length&#148; represents the average number of miles flown per flight segment.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;Block hours&#148; refers to the elapsed time between an aircraft leaving an airport gate and arriving at an
airport gate. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;Load factor&#148; represents the percentage of aircraft seating capacity that is actually utilized
(calculated by dividing revenue passenger miles by available seat miles). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;Operating expense per available seat mile&#148; represents operating expenses divided by available seat
miles. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;Operating revenue per available seat mile&#148; represents operating revenues divided by available seat
miles. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;Passenger revenue per available seat mile&#148; represents passenger revenues divided by available seat
miles. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;Revenue passenger miles&#148; represents the number of miles flown by revenue passengers.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;Revenue passenger kilometers&#148; represents the number of kilometers flown by revenue passengers.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;Revenue passengers&#148; represents the total number of paying passengers (including all passengers
redeeming frequent flyer miles and other travel awards) flown on all flight segments (with each connecting segment being considered a separate flight segment). </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;Yield&#148; represents the average amount one passenger pays to fly one mile. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc128959_2"></A>Market Data </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">This annual report contains certain statistical data regarding our airline routes, our competitive position, market share and the market size
of the Latin American airline industry. This information has been derived from a variety of sources, including the International Air Transport Association, the U.S. Federal Aviation Administration, the International Monetary Fund and other
third-party sources, governmental agencies or industry or general publications. Information for which no source is cited has been prepared by us on the basis of our knowledge of Latin American airline markets and other information available to us.
The methodology and terminology used by different sources are not always consistent, and data from different sources are not readily comparable. In addition, sources other than us use methodologies that are not identical to ours and may produce
results that differ from our own estimates. Although we have not independently verified the information concerning our competitive position, market share, market size, market growth or other similar data provided by third-party sources or by
industry or general publications, we believe these sources and publications are generally accurate and reliable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc128959_3">
</A>Presentation of Financial and Statistical Data </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Included in this annual report are our audited consolidated statement of financial
position as of December&nbsp;31, 2020 and 2019, and the related audited consolidated statements of profit or loss, comprehensive income or loss, changes in equity and cash flows for the years ended December&nbsp;31, 2020, 2019 and 2018. Our audited
consolidated financial statements for the year ended December&nbsp;31, 2018 have been restated to reflect the application of IFRS 16. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The details of the changes in accounting policies or presentation are disclosed in note 5 of
our annual consolidated financial statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company&#146;s consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards or &#147;IFRS&#148;, as issued by the International Accounting Standards Board, or &#147;IASB&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Unless otherwise indicated, all references in the annual report to &#147;$&#148; or &#147;dollars&#148; refer to U.S. dollars. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Certain figures included in this annual report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be
an arithmetic aggregation of the figures that precede them. </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc128959_4"></A>Special Note About Forward-Looking
Statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">This annual report includes forward-looking statements, principally under the captions &#147;Risk Factors&#148;,
&#147;Business Overview&#148; and &#147;Operating and Financial Review and Prospects&#148;. We have based these forward-looking statements largely on our current beliefs, expectations and projections about future events and financial trends
affecting our business. Many important factors, in addition to those discussed elsewhere in this annual report, could cause our actual results to differ substantially from those anticipated in our forward- looking statements, including, among other
things: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">general economic, political and business conditions in Panama and Latin America and particularly in the
geographic markets we serve; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the recent events related to the coronavirus <FONT STYLE="white-space:nowrap">(&#147;COVID-19&#148;)</FONT>
outbreak; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our management&#146;s expectations and estimates concerning our future financial performance and financing plans
and programs; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our level of debt and other fixed obligations; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">demand for passenger and cargo air service in the markets in which we operate; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">competition; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our capital expenditure plans; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">changes in the regulatory environment in which we operate; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">changes in labor costs, maintenance costs, fuel costs and insurance premiums; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">changes in market prices, customer demand and preferences and competitive conditions; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">cyclical and seasonal fluctuations in our operating results; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">defects or mechanical problems with our aircraft; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our ability to successfully implement our growth strategy; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our ability to obtain financing on commercially reasonable terms; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the risk factors discussed under &#147;Risk Factors&#148; beginning on page 4. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The words &#147;believe&#148;, &#147;may&#148;, &#147;will&#148;, &#147;aim&#148;, &#147;estimate&#148;, &#147;continue&#148;,
&#147;anticipate&#148;, &#147;intend&#148;, &#147;expect&#148; and similar words are intended to identify forward-looking statements. Forward-looking statements include information concerning our possible or assumed future results of operations,
business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of future regulation and the effects of competition. Forward-looking statements speak only as of the date they were made,
and we undertake no obligation to update publicly or to revise any forward-looking statements after the date of this annual report because of new information, future events or other factors. In light of the risks and uncertainties described above,
the forward- looking events and circumstances discussed in this annual report might not occur and are not guarantees of future performance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Considering
these limitations, you should not place undue reliance on forward-looking statements contained in this annual report. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iii </P>

</DIV></Center>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc128959_5"></A>PART I </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc128959_6"></A>Item&nbsp;1. Identity of Directors, Senior Management and Advisers </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc128959_7"></A>Item&nbsp;2. Offer Statistics and Expected Timetable </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc128959_8"></A>Item&nbsp;3. Key Information </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>A.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Selected Financial Data </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The selected financial data previously required by this Item 3.A has been omitted in reliance on SEC Release <FONT
STYLE="white-space:nowrap">No.&nbsp;33-10890,</FONT> Management&#146;s Discussion and Analysis, Selected Financial Data, and Supplementary Financial Information. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>B.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Capitalization and Indebtedness </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>C.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Reasons for the Offer and Use of Proceeds </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>D.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Risk Factors </B></P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Risks Relating to the <FONT STYLE="white-space:nowrap">COVID-19</FONT> Outbreak </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The <FONT STYLE="white-space:nowrap">COVID-19</FONT> outbreak has had and is expected to continue to have a material adverse impact on
our business. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The spread of <FONT STYLE="white-space:nowrap">COVID-19</FONT> and the global pandemic are having significant
adverse impacts on all aspects of our business. In response to the pandemic, many governments around the world have implemented a variety of aggressive measures to reduce the spread of the virus, including travel restrictions and bans. As a result,
we and the broader air travel industry have suffered unprecedented reductions in demand, which has significantly affected our business, financial condition and operating results. Because substantially all of our flights are international, we may be
more adversely affected than other air carriers. This adverse effect is likely to continue until the virus is contained and may continue thereafter, particularly if economic conditions, as well as government regulation of, and consumer attitudes
toward, air travel change in a lasting way that reduces the effectiveness of our <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">hub-and-spoke</FONT></FONT> or <FONT STYLE="white-space:nowrap">low-cost</FONT> business models. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">As a result of the travel restrictions imposed by the governments of the countries in which we operate, including the Panamanian
authorities&#146; suspension of commercial operations to and from Panama, we suspended all commercial flights on March&nbsp;22, 2020. On August&nbsp;14, the Company restarted limited scheduled commercial operations, subject to Panama&#146;s health
control restrictions on the number of flights and on entry for <FONT STYLE="white-space:nowrap">non-citizens</FONT> and <FONT STYLE="white-space:nowrap">non-residents</FONT> to Panama which were subsequently lifted on October 11. The Company has
been gradually increasing capacity since then. We expect that the ramp up of our operational levels will continue to be gradual and driven by weaker underlying demand and dependent on the easing or lifting of travel restrictions and advisories and
improvement of health conditions in markets we serve. This will require us to reduce flight frequencies and destinations, and consequently, to <FONT STYLE="white-space:nowrap">re-evaluate</FONT> our number of aircraft, our network and workforce
levels going forward. There is no guarantee that capacity will increase as anticipated or at all. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The
<FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic has had, and may continue to have, a material adverse impact on the Company&#146;s operations. The extent of the future impact of <FONT STYLE="white-space:nowrap">COVID-19</FONT> on the
Company&#146;s operational and financial performance will depend on future developments, including, but not limited to, the scope and severity of the pandemic related travel advisories and restrictions, the availability and effectiveness of
vaccines, the effectiveness of available vaccines against variants of the virus, the duration and severity of the impact of <FONT STYLE="white-space:nowrap">COVID-19</FONT> on overall demand for air travel, and the deep economic recession expected,
all of which are highly uncertain and cannot be predicted. If the Company&#146;s operations were to shut down or significantly reduced levels for an extended period, or if governments implement permanent travel restrictions, including enhanced <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">COVID-19-related</FONT></FONT> screening measures that may apply to our personnel and/or the traveling public, our results of operations would be materially adversely affected, and we may
have to take additional actions to preserve our long- term sustainability. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In addition, an outbreak of another disease or similar public health threat, or fear of such
an event, including a resurgence of <FONT STYLE="white-space:nowrap">COVID-19</FONT> and its variations, that affects travel demand, travel behavior or travel restrictions could have a material adverse impact on the Company&#146;s business,
financial condition and operating results. Outbreaks of other diseases could also result in increased government restrictions and regulation, such as those actions described above or otherwise, which could adversely affect our operations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We may not have sufficient liquidity for the duration of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic and resulting
effects therefrom. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2020, we had approximately $890&nbsp;million in cash, cash equivalents, and short-term
investments. Our continued access to sources of liquidity depends on multiple factors, including global economic conditions, government regulation, the condition of global financial markets, the availability of sufficient amounts of financing, our
operating performance and our credit ratings. There is no guarantee that these additional sources of financing will be available on commercially reasonable terms or at all, and there is no guarantee that we will be successful in implementing our
other outlined strategic initiatives, in which case we may need to seek other sources of funding. In addition, the terms of future debt agreements could include restrictive covenants, which could restrict our business operations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our average monthly cash consumption rate for the months of April to December 2020 was $40&nbsp;million. Our cash consumption is defined as
cash disbursements less proceeds, excluding extraordinary financing activities and asset sales. We have reduced our monthly cash consumption rate by significantly reducing the number of flights, suspending capital expenditures (other than necessary
aircraft maintenance capital expenditures and any aircraft that is delivered to us under existing contractual arrangements) and reducing fixed and variable expenses. Our ability to meet our liquidity needs is subject to numerous risks and
uncertainties, including the levels of the cash refunds of customer deposits, our ability to reduce labor costs, the result of contract renegotiations with suppliers and whether we take delivery of aircraft pursuant to existing commitments as well
as the terms on which we do so and the terms of any related financing available to us. Additionally, if air traffic levels do not rebound, or if we face further interruptions to air travel, then we may not be able to maintain sufficient liquidity to
meet our financial needs. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The significant adverse effect that the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic has had
on the airline industry may cause an impairment in our long-lived assets. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The spread of
<FONT STYLE="white-space:nowrap">COVID-19</FONT> and the recent developments surrounding the global pandemic are having an unprecedented adverse impact on the airline industry. As a result, we may be required to write down the carrying value of
certain of our long-lived assets, such as aircraft, to the extent the value of those assets declines. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company can provide no
assurance that a material impairment loss of assets will not occur in a future period, and the risk of future material impairments has been significantly heightened as result of the effects of the <FONT STYLE="white-space:nowrap">COVID-19</FONT>
pandemic on our flight schedules and business. The value of the Company&#146;s aircraft could also be impacted in future periods by changes in supply and demand for these aircraft. Such changes in supply and demand for certain aircraft types could
result from the continued or additional future grounding of aircraft. An impairment loss could have a material adverse effect on the Company&#146;s financial condition, operating results and ability to secure financing. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic is having a significant negative impact on the economies of the countries
in which we operate, which is reducing demand for travel. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Travel expenditures are sensitive to personal and business discretionary
spending levels and grow more slowly or decline during economic downturns. A substantial portion of our assets are located in Panama and a significant proportion of our passengers&#146; trips either originates or ends in Panama. Furthermore, a large
majority of Copa&#146;s flights operate through our hub at Tocumen International Airport. As a result, we depend on economic and political conditions prevailing from time to time in Panama. We also derive a substantial portion of our revenues from
Colombia, Brazil, the United States, and other countries in Latin America. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The <FONT STYLE="white-space:nowrap">COVID-19</FONT> outbreak
has significantly and negatively impacted the global economy, including in Panama and other countries where we operate. The pandemic has resulted in increased unemployment, reduced financial capacity of both business and leisure travelers,
diminished liquidity and credit availability, declines in consumer confidence and discretionary income, large </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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devaluations in the currencies of many countries in Latin America, and general uncertainty about economic stability. We do not expect economic and operating conditions for our business to improve
until customers, who to date are experiencing increasing levels of unemployment and income loss, are once again willing and able to travel, and once we, other airlines and accommodation providers, such as hotels, are able to serve those customers.
This may not occur until well after the broader global economy begins to improve. We cannot predict the effect the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic could have on long-term demand for air travel even once broader global
economic conditions improve and travel restrictions are eased or lifted, including whether the increased usage of video conferencing technology results in a permanent reduction in business travel, or whether our <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">hub-and-spoke</FONT></FONT> or <FONT STYLE="white-space:nowrap">low-cost</FONT> business models will be effective in a changed demand environment. We cannot predict the magnitude, length or recurrence of these impacts to
the global economy, which have impacted, and may continue to impact demand for travel and lead to reduced spending on the services we provide. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Risks Relating to our Company </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Failure to successfully implement our business strategy may adversely affect our results of operations and harm the market value of our
Class&nbsp;A shares. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We intend to restore capacity to <FONT STYLE="white-space:nowrap">pre-pandemic</FONT> levels, as well as
increase the frequency of flights to the markets we currently serve over the long term. Achieving these goals will allow our business to benefit from cost efficiencies resulting from economies of scale, but will require substantial cash needs, as
described below. If we do not have enough cash to fund such projects, we may not be able to successfully expand our route system, therefore, our future revenue and earnings growth would be limited. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">When we restart routes, add new frequencies to existing routes, or add new routes, our advertising and other promotional costs tend to be
higher, which could result in initial losses that could have a negative impact on our results of operations as well as require a substantial amount of cash to fund. We also periodically run special promotional fare campaigns. Promotional fares can
have the effect of increasing load factors while reducing our yield on such routes during the period that they are in effect. The number of markets we serve and flight frequencies depend on available demand and on our ability to identify the
appropriate geographic markets upon which to focus and to gain suitable airport access in addition to route approval in the aforementioned markets. There can be no assurance that the markets we enter will yield passenger traffic, at the expected
fares, that is sufficient to make our operations in those new markets profitable. Any condition that would prevent or delay our access to key airports or routes, including limitations on the ability to process more passengers, the imposition of
flight capacity restrictions, the inability to secure additional route rights under bilateral agreements or the inability to maintain our existing slots, flight banks and obtain additional slots, could constrain the expansion of our operations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our business also requires skilled personnel, equipment and facilities. The inability to hire, train and/or retain pilots and other personnel
or secure the required equipment and facilities efficiently, cost-effectively, and on a timely basis, could adversely affect our ability to execute our plans. It also could strain our existing management resources and operational, financial and
management information systems to the point where they may no longer be adequate to support our operations, requiring us to make significant expenditures in these areas. Difficulties obtaining necessary equipment could also affect our business. For
example, the mandatory grounding of Boeing 737 MAX 9 aircraft has affected the deliveries scheduled for 2020 and 2021. On November&nbsp;18, the FAA rescinded the order that grounded the Boeing <FONT STYLE="white-space:nowrap">737-MAX</FONT> aircraft
type and published an Airworthiness Directive and MAX training requirements, paving the way for a return to service. Having an excess of assets may also affect our business. For example, difficulties selling our Boeing
<FONT STYLE="white-space:nowrap">737-700</FONT> could lead to substantial cash outflows related to <FONT STYLE="white-space:nowrap">non-operative</FONT> aircraft. Considering these factors, we cannot ensure that we will be able to successfully
establish new markets or expand our existing markets, and our failure to do so could have an impact on our business and results of operations, as well as the value of our Class&nbsp;A shares. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our performance is heavily dependent on economic and political conditions in the countries in which we do business. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Passenger demand is heavily cyclical and highly dependent on global, regional and country-specific economic growth, economic expectations and
foreign exchange rate variations. We have been negatively impacted by poor economic performance in certain emerging market countries in which we operate, as well as by weaker Latin American currencies, including as a result of the <FONT
STYLE="white-space:nowrap">COVID-19</FONT> pandemic. See &#147;&#151; The <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic is having a significant negative impact on the economies of the countries in which we operate, which is reducing
demand for travel.&#148; In addition, Venezuela has experienced difficult political conditions and declines in the rate of economic growth in recent periods as well as governmental actions that have adversely impacted businesses that operate there.
The Company cancelled flights between Panama and Venezuela during April 2018, as a result of a temporary suspension of diplomatic and commercial relations between the two countries, and in December 2020, due to of government restrictions intended to
contain the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic. Also, on May&nbsp;15, 2019 the Homeland Security Department of the United States announced a suspension of all commercial passenger and cargo flights between United States and
Venezuela. The U.S. Department of Transportation (DOT) concurred with this determination and issued an order suspending all foreign air transportation for passengers or cargo to or from any airport in
</P>
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Venezuela. Any of the following developments (or a continuation or worsening of any of the following currently in existence) in the countries in which we operate could adversely affect our
business, financial condition, liquidity and results of operations: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">changes in economic or other governmental policies, including exchange controls; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">changes in regulatory, legal or administrative practices; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">other political or economic developments over which we have no control. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Additionally, a significant portion of our revenues are derived from discretionary and leisure travel, which are especially sensitive to
economic downturns and political conditions. An adverse economic and/or political environment, whether global, regional or in a specific country, could result in a reduction in passenger traffic, and leisure travel in particular, as well as a
reduction in our cargo business, and could also impact our ability to raise fares, which in turn would materially and negatively affect our financial condition and results of operations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The cost of financing our aircraft may increase, or the availability of financing could be limited, which could negatively impact our
business. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We have historically been able to achieve favorable financing terms through commercial and US Export-Import bank
guaranteed loans, sale-leasebacks, as well as financial and operating leases. Given the state of the industry as a result of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, aviation financing has become much harder and more expensive
to obtain. Therefore, we cannot ensure that we will be able to continue to raise financing from past sources, or from other sources, on terms comparable to our existing financing or at all. Additionally, the disruption and volatility in the global
and domestic capital markets resulting from the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic may increase the cost of capital and limit our ability to access capital. If the cost of such financing increases or we are unable to obtain
such financing, we may be forced to incur higher than anticipated financing costs, which could have an adverse impact on the execution of our growth strategy and business. On April&nbsp;30, 2020, we issued $350&nbsp;million aggregate principal
amount of 4.5% convertible senior notes. The conversion rate of the convertible senior notes may represent a significant premium over the trading price of our stock at the time of conversion, resulting in dilution to our shareholders. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We have historically operated using a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">hub-and-spoke</FONT></FONT>
model and are vulnerable to competitors offering direct flights between destinations we serve and/or opening new hubs. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The general
structure of our flight operations follows what is known in the airline industry as a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;hub-and-spoke&#148;</FONT></FONT> model. This model aggregates passengers by operating
flights from a number of &#147;spoke&#148; origins to a central hub through which they are transported to their final destinations. In recent years, many traditional
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">hub-and-spoke</FONT></FONT> operators have faced significant and increasing competitive pressure from <FONT STYLE="white-space:nowrap">low-cost,</FONT>
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">point-to-point</FONT></FONT> carriers on routes with sufficient demand to sustain <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">point-to-point</FONT></FONT>
service. A <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">point-to-point</FONT></FONT> structure enables airlines to focus on the most profitable, high-demand routes and to offer greater convenience and, in many instances, lower
fares. If demand for air travel in Latin America increases, some of our competitors have initiated <FONT STYLE="white-space:nowrap">non-stop</FONT> service between destinations that we currently serve through our hub in Panama. Additionally, newer
aircraft models, such as, Boeing 737 MAX and Airbus <FONT STYLE="white-space:nowrap">320-NEO,</FONT> allow nonstop flights in certain city pairs that could not be served with prior generation narrow-body aircraft and may bypass our hub. Airbus will
also launch the A321 XLR; a new model of the Airbus 320 family that will extend the range of the current Airbus 320 NEO allowing competitors to explore new competitive routes overflying our Hub, it is expected to be released on 2023. Competitors are
also opening new international hubs, especially in Brazil. Competitive services, which bypass our hub in Panama, may be more convenient and possibly less expensive than our services and could significantly decrease demand for our service to those
destinations. In December 2016, we launched a <FONT STYLE="white-space:nowrap">low-cost</FONT> business model, Wingo, to diversify our offerings and to better compete with other <FONT STYLE="white-space:nowrap">low-cost</FONT> carriers, or
&#147;LCCs,&#148; in the market. However, our traditional <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">hub-and-spoke</FONT></FONT> model remains our primary operational model and we believe that competition from <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">point-to-point</FONT></FONT> carriers will be directed towards the largest markets that we serve and is likely to continue at this level or intensify in the future. As a result, the effect
of competition on us could be significant and could have a material adverse effect on our business, financial condition and results of operations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We may not realize benefits from Wingo, our <FONT STYLE="white-space:nowrap">low-cost</FONT> business model. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Wingo is our <FONT STYLE="white-space:nowrap">low-cost</FONT> business model, which is operated by AeroRep&uacute;blica, S.A., As of
December&nbsp;31, 2020 Wingo used five of our Boeing <FONT STYLE="white-space:nowrap">737-800s,</FONT> each configured with 186 seats in a single class cabin. During the first quarter of 2021, we incorporated a new Wingo operator, La Nueva
Aerol&iacute;nea S.A., which will be based in Panama and will initially operate one Boeing <FONT STYLE="white-space:nowrap">737-800</FONT> based in Panama City. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">During recent years, we have successfully operated our <FONT STYLE="white-space:nowrap">low-cost</FONT> business model, with better results
than first expected. Therefore, we decided to change the Boeing <FONT STYLE="white-space:nowrap">737-700s</FONT> fleet to Boeing <FONT STYLE="white-space:nowrap">737-800s,</FONT> with a greater seat density and lower unitary costs, which
</P>
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shall make stronger our competitive position. Even though we have gained knowledge regarding the <FONT STYLE="white-space:nowrap">low-cost</FONT> business model over recent years, we have limited
experience operating it and we may not be able to accurately predict its impact on our main line services. In particular, if demand for Wingo flights is not substantial, or cannibalizes Copa&acute;s mainline flights, if our pricing strategy does not
adequately align with our cost structure, or if Wingo does not meet customer expectations, Wingo&#146;s operations could have a negative impact on our reputation or our operating results. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We may not realize benefits from our strategic alliances and other commercial relationships, including from our announced joint business
agreement with United Airlines, Inc. (&#147;UAL&#148;) and Avianca Holdings (&#147;Avianca&#148;). </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We maintain a number of
strategic alliances and other commercial relationships in many of the jurisdictions in which we operate. For example, we have been a Star Alliance member since June 2012, and we renewed our strategic alliance with UAL in May 2016. In addition, on
November&nbsp;30, 2018, we announced a <FONT STYLE="white-space:nowrap">three-way</FONT> joint business agreement (&#147;JBA&#148;) with UAL and Avianca that is intended to cover our combined network between the United States and Latin America
(except Brazil). We, UAL and Avianca intend to apply for regulatory approval of the JBA and an accompanying grant of antitrust immunity from the U.S. Department of Transportation and other relevant agencies. However, we can provide no assurances as
to whether or when the parties will receive such approvals, and we do not plan to fully implement the JBA until we have received such approvals. Furthermore, there can be no assurance as to what the impact will be of the recent coronavirus <FONT
STYLE="white-space:nowrap">(COVID-19)</FONT> outbreak or Avianca&#146;s voluntary petitions for relief under title 11 of the United States Code with the U.S. Bankruptcy Court (&#147;Chapter 11&#148;). The purpose of these alliances and relationships
is to increase revenues by enhancing our network and offering our customers services that we could not otherwise offer. However, the intended benefits may not be realized, or may not outweigh the technological and other costs associated with any
alliance or relationship. In addition, if any of our strategic alliances or commercial relationships deteriorates, or is terminated, our business, financial condition and operational results could be adversely affected. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our business is subject to extensive regulation which may restrict our growth, our operations or increase our costs. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our business, financial condition and operational results could be adversely affected if we or certain aviation authorities in the countries to
which we fly fail to maintain the required foreign and domestic governmental authorizations necessary for our operations. In order to maintain the necessary authorizations issued by the Panamanian Civil Aviation Authority (the <I>Autoridad
Aeron&aacute;utica Civil</I>, or the &#147;AAC&#148;), the Colombian Civil Aviation Administration (the <I>Unidad Administrativa Especial de Aeron&aacute;utica Civil</I>, or the &#147;UAEAC&#148;), and other corresponding foreign authorities, we
must continue to comply with applicable statutes, rules and regulations pertaining to the airline industry, including any rules and regulations that may be adopted in the future. In addition, Panama is a member state of the International Civil
Aviation Organization, or &#147;ICAO,&#148; a United Nations specialized agency. ICAO coordinates with its member states and various industry groups to establish and maintain international civil aviation standards and recommended practices and
policies, which are then used by ICAO member states to ensure that their local civil aviation operations and regulations conform to global standards. We cannot predict or control any actions that the AAC, the UAEAC, the ICAO or other foreign
aviation regulators may take in the future, which could include restricting our operations or imposing new and costly regulations or policies. Also, our fares are subject to review by the AAC, the UAEAC, and the regulators of certain other countries
to which we fly, any of which may in the future impose restrictions on our fares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We are also subject to international bilateral air
transport agreements that provide for the exchange of air traffic rights between each of Panama and Colombia, and various other countries, and we must obtain permission from the applicable foreign governments to provide service to foreign
destinations. There can be no assurance that existing bilateral agreements between the countries in which our airline operating companies are based and foreign governments will continue, or that we will be able to obtain more route rights under
those agreements to accommodate our future expansion plans. Any modification, suspension or revocation of one or more bilateral agreements could have a material adverse effect on our business, financial condition and results of operations. The
suspension of our permits to operate to certain airports or destinations, the cancellation of any of our provisional routes, the inability for us to obtain favorable <FONT STYLE="white-space:nowrap">take-off</FONT> and landing rights at certain
high-density airports or the imposition of other sanctions could also have a negative impact on our business. We cannot be certain that a change in a foreign government&#146;s administration of current laws and regulations or the adoption of new
laws and regulations will not have a material adverse effect on our business, financial condition and results of operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We plan to
restore the scale of our operations and revenues by expanding our presence on previously existing routes. Our ability to successfully implement this strategy will depend upon many factors, several of which are outside our control or subject to
change, including the timing and easing of regulations, restrictions and testing requirements promulgated by health authorities in Panama and other countries where we operate in response to the <FONT STYLE="white-space:nowrap">COVID-19</FONT>
pandemic. These factors include the permanence of a suitable political, economic and regulatory environment in the Latin American countries in which we operate or intend to operate and our ability to identify strategic local partners. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The most active government regulator among the countries to which we fly is the U.S. Federal
Aviation Administration, or &#147;FAA&#148;. The FAA from time to time issues directives and other regulations relating to the maintenance and operation of aircraft that require significant expenditures. FAA requirements cover, among other things,
security measures, collision avoidance systems, airborne wind shear avoidance systems, noise abatement and other environmental issues, and increased inspections and maintenance procedures to be conducted on older aircraft. On March&nbsp;13, 2019,
the FAA issued an emergency order prohibiting the operation of Boeing 737 MAX series airplanes by U.S. certificated operators. On November&nbsp;18, 2020, the FAA rescinded the order that grounded the Boeing
<FONT STYLE="white-space:nowrap">737-MAX</FONT> aircraft type and published an Airworthiness Directive and MAX training requirements, paving the way for a return to service. See &#147;&#151;If we fail to successfully operate new aircraft, in
particular our new Boeing 737 MAX aircraft, our business could be harmed.&#148; Additional new regulations continue to be regularly implemented by the U.S. Transportation Security Administration, or &#147;TSA&#148;, as well. As we expand our
presence on routes to and from the United States, we expect to continue incurring expenses to comply with the FAA&#146;s and TSA&#146;s regulations, and any increase in the cost of compliance could have an adverse effect on our financial condition
and results of operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Copa Airlines is authorized by the DOT to engage in scheduled and charter air transportation services,
including the transportation of persons, property (cargo) and mail, or combinations thereof, between points in Panama and points in the United States and beyond (via intermediate points in other countries). Copa Airlines holds the necessary
authorizations from the DOT in the form of a foreign air carrier permit, an exemption authority and statements of authorization to conduct our current operations to and from the United States. The exemption authority was granted by the DOT in
February 1998 and was due to expire in February 2000. However, the authority remains in effect by operation of law under the terms of the Administrative Procedure Act pending final DOT action on the application we filed to renew the authority on
January&nbsp;3, 2000. There can be no assurance that the DOT will grant the application. Our foreign air carrier permit has no expiration date. A modification, suspension or revocation of any of our DOT authorizations or FAA operating specifications
could have a material adverse effect on our business. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The growth of our operations to the United States and the benefits of our
code-sharing arrangements with UAL are dependent on Panama&#146;s continued favorable safety assessment. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The FAA periodically
audits the aviation regulatory authorities of other countries. As a result of this inspection, each country is given an International Aviation Safety Assessment, or &#147;IASA,&#148; rating. As of 2018, Panama was rated a Category 1 country under
the IASA program, which means that Panama complies with the safety requirements set forth by ICAO. Furthermore, in 2020 Copa Airlines and Copa Colombia successfully completed IOSA audits by external providers. We cannot guarantee that the government
of Panama and the AAC in particular, will continue to meet international safety standards, and we have no direct control over their compliance with IASA guidelines. If Panama&#146;s IASA rating were to be downgraded in the future, it could prevent
us from increasing service to the United States and could affect our code-share arrangement with UAL. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We are highly dependent on
our hub at Panama City&#146;s Tocumen International Airport. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our business is heavily dependent on our operations at our hub at
Panama City&#146;s Tocumen International Airport. The Tocumen International Airport has experienced significant closures and delays as a result of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, see &#147;&#151;The <FONT
STYLE="white-space:nowrap">COVID-19</FONT> outbreak has had and is expected to continue to have a material adverse impact on our business.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Most of our Copa flights either depart from or arrive at our hub. Our operations and business strategy is therefore dependent on its
facilities and infrastructure, including the success of its multi-phase expansion projects, certain of which have been completed while others are underway and have experienced significant delays. Terminal 2 has experienced delays since one of the
contractors responsible for the construction, Norberto Odebrecht Construction, was subject to penalties in 2017 for its past practices related to project approvals. Terminal 2 started operating a few gates during the early part of 2019, but
construction is ongoing and is expected to be completed by the end of 2021. Due to the magnitude of the construction required for this new Terminal 2, we may experience logistical issues and/or be subject to further increases in passenger taxes and
airport charges related to the financing of the construction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In addition, the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">hub-and-spoke</FONT></FONT> structure of our operations is particularly dependent on the <FONT STYLE="white-space:nowrap">on-time</FONT> arrival of tightly coordinated groupings of flights (or banks) to ensure that
passengers can make timely connections to continuing flights. Like other airlines, we are subject to delays caused by factors beyond our control, including air traffic congestion at airports, adverse weather conditions, power outages and increased
security measures. Delays affect passengers, reduce aircraft utilization and increase costs, all of which in turn negatively affect our profitability. In addition, at full utilization levels, Tocumen International Airport has limited fuel storage
capacity. In the event there is a disruption in the transport of fuel to the airport, we may be forced to suspend flights, or do tankering, until fuel levels are reestablished. A significant interruption or disruption in service or fuel at Tocumen
International Airport could have a serious impact on our business, financial condition and operating results. Nevertheless, new fuel storage capacity, consisting of three 1 million- gallon tanks, were added to existing storage capacity during 2019.
This addition resulted in an increase of airport fuel storage capacity from 1.5&nbsp;million to 4.5&nbsp;million gallons. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Tocumen International Airport is operated by a corporation that is owned and controlled by
the government of the Republic of Panama. We depend on our good working relationship with the quasi-governmental corporation that operates the airport to ensure that we have adequate access to aircraft parking positions, landing rights and gate
assignments for our aircraft to accommodate our current operations and future plans for expansion. The corporation that operates Tocumen International Airport does not enter into any formal, written leases or other agreements with airlines to govern
rights to use the airport&#146;s jet ways or aircraft parking spaces. Therefore, we would not have contractual recourse if the airport authority assigned new capacity to competing airlines, reassigned our resources to other aircraft operators,
raised fees or discontinued investments in the airport&#146;s maintenance and expansion. Any of these events could result in significant new competition for our routes or could otherwise have a material adverse effect on our current operations or
capacity for future growth. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We are exposed to increases in airport charges, taxes and various other fees and cannot be assured
access to adequate facilities and landing rights necessary to achieve our business strategy. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We must pay fees to airport operators
for the use of their facilities. Any additional fees or substantial increase in current airport charges, including at Tocumen International Airport, could have a material adverse impact on our results of operations. Passenger taxes and airport
charges have increased in recent years, sometimes substantially. For example, in 2020 we experienced higher effective rates related to airport services in North America. Certain important airports that we use may be privatized in the near future,
which is likely to result in significant cost increases to the airlines that use these airports. We cannot ensure that the airports used by us will not impose, or further increase, passenger taxes and airport charges in the future, and any such
increases could have an adverse effect on our financial condition and results of operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Certain airports that we serve (or that we
plan to serve in the future) are subject to capacity constraints and impose various restrictions, including slot restrictions during certain periods of the day, limits on aircraft noise levels, limits on the number of average daily departures and
curfews on runway use. We cannot be certain that we will be able to obtain a sufficient number of slots, gates and other facilities at airports to expand our services in line with our growth strategy. It is also possible that airports not currently
subject to capacity constraints may become so in the future. In addition, an airline must use its slots on a regular and timely basis or risk having those slots <FONT STYLE="white-space:nowrap">re-allocated</FONT> to others. Where slots or other
airport resources are not available or their availability is restricted in some way, we may have to amend our schedules, change routes or reduce aircraft utilization. Any of these alternatives could have an adverse financial impact on us. In
addition, we cannot ensure that airports at which there are no such restrictions may not implement restrictions in the future or that, where such restrictions exist, they may not become more onerous. Such restrictions may limit our ability to
continue to provide or to increase services at such airports. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We have significant fixed financing costs and expect to incur
additional fixed costs as we expand our fleet. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The airline business is characterized by high leverage. We have significant fixed
expenditures in connection with our operating leases and facility rental costs, and a significant portion of our property and equipment is pledged to secure indebtedness. For the year ended December&nbsp;31, 2020, our finance cost totaled
$73.0&nbsp;million. As of December&nbsp;31, 2020, approximately 70.2% of our total indebtedness bore interest at fixed rates and the remainder was determined with reference to LIBOR. Most of our aircraft lease obligations bear interest at fixed
rates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2020, the Company had one purchase contract with Boeing which entails 60 firm orders of Boeing 737 MAX
aircraft, agreed to be delivered between 2021 and 2027. The aircraft under this contract have an approximate value of $2.9&nbsp;billion based on contractual obligations net of discounts and <FONT STYLE="white-space:nowrap">pre-delivery</FONT>
payments, including estimated amounts for contractual price escalation. We will require substantial capital from external sources to meet our future financial commitments. In addition, the acquisition and financing of these aircraft will likely
result in a substantial increase in our leverage and fixed financing costs. A high degree of leverage and fixed payment obligations could: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">limit our ability in the future to obtain additional financing for working capital or other important needs;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">impair our liquidity by diverting substantial cash from our operating needs to service fixed financing
obligations; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">limit our ability to plan for or react to changes in our business, in the airline industry or in general economic
conditions. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Any one of these factors could have a material adverse effect on our business, financial condition and
results of operations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Discontinuation, reform or replacement of LIBOR, or uncertainty related to the
potential for any of the foregoing, may adversely affect us. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">On July&nbsp;27, 2017, the Financial Conduct Authority (the authority
that regulates LIBOR) announced that it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. The discontinuation date for submission and publication of rates for certain tenors of USD LIBOR <FONT
STYLE="white-space:nowrap">(1-month,</FONT> <FONT STYLE="white-space:nowrap">3-month,</FONT> <FONT STYLE="white-space:nowrap">6-month</FONT> and <FONT STYLE="white-space:nowrap">12-month)</FONT> has been extended until June&nbsp;30, 2023. Similarly,
it is not possible to predict whether LIBOR will continue to be viewed as an acceptable market benchmark, what rate or rates may become acceptable alternatives to LIBOR, or what effect these changes in views or alternatives may have on financial
markets for LIBOR-linked financial instruments. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, has chosen the Secured Overnight Financing Rate (SOFR) as the recommended risk-free reference rate for the U.S.
(calculated based on repurchase agreements backed by treasury securities). It is not possible to predict the effect of these changes, other reforms or the establishment of alternative reference rates in the United Kingdom, the United States or
elsewhere. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>If we fail to successfully operate new aircraft, in particular our new Boeing 737 MAX aircraft, our business could be
harmed. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We fly and rely on Boeing aircraft. As of December&nbsp;31, 2020 we operated a fleet of 77 Boeing aircraft, excluding the
aircraft classified as assets held for sale. In 2021, we expect to take delivery of eight additional Boeing 737 MAX 9 aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In the
future we expect to continue incorporating new aircraft into our fleet. This is based on a variety of factors, including the implementation of our business strategy. Acquisition of new aircraft involves a variety of risks relating to their ability
to be successfully placed into service including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">manufacturer&#146;s delays in meeting the agreed upon aircraft delivery schedule; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">difficulties in obtaining financing on acceptable terms to complete our purchase of all of the aircraft we have
committed to purchase; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the inability of new aircraft and their components to comply with agreed upon specifications and performance
standards. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In addition, we cannot predict the reliability of our new fleet as the aircraft matures. In particular, we
cannot predict the reliability of the Boeing 737 MAX aircraft, powered by, LEAP 1B engines, which first entered commercial service in May 2017. The LEAP 1B engine was developed by Safran Aircraft Engines and GE through their joint company, CFM
International, to power the next generation of single-aisle commercial jets. The <FONT STYLE="white-space:nowrap">LEAP-1B</FONT> has been selected by Boeing as the exclusive power plant for the new 737 MAX single-aisle jetliner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Following the Ethiopian Airlines accident involving a Boeing 737 MAX 8 aircraft on March&nbsp;10, 2019, we suspended operations of our six
Boeing 737 MAX 9 aircraft, after authorities in Panama and other countries grounded the 737 MAX fleet worldwide, during the investigation into the cause of the accident. We partially covered our operation, with other aircraft in our fleet, with
significant cancellations and delays. On November&nbsp;18, 2020 the FAA rescinded its grounding order, issued an airworthiness directive, and published training requirements enabling the Company to begin modifying certain operating procedures,
implementing enhanced pilot training requirements, installing <FONT STYLE="white-space:nowrap">FAA-approved</FONT> flight control software updates, and completing other required maintenance tasks specific to the MAX aircraft. In January 2021, we
resumed operations of our Boeing 737 MAX fleet after the authorization of the <I>AAC.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Boeing has announced that it will compensate
all airlines impacted by the worldwide suspension of the Boeing MAX fleet operations. During the first quarter of 2021, the Company has reached an agreement with Boeing regarding compensation related to the Boeing 737 MAX grounding. As part of the
agreement, the Company will receive compensation in the form of certain credits concurrent with future aircraft deliveries and other considerations, including a revised delivery stream. However, this compensation will only cover financial impact
caused by the suspension of Boeing MAX operations. We cannot estimate any reputational and commercial impact that we may have suffered due the grounding of Boeing MAX aircraft. Any technical issues with our aircraft would increase our maintenance
expenses and could cause flight cancellations and other disruptions in our services. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>If we were to determine that our aircraft,
rotable parts or inventory were impaired, it would have a significant adverse effect on our operating results. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If there is
objective evidence that an impairment loss on long-lived assets carried at amortized cost has been incurred, the amount of the impairment loss is measured as the difference between the asset&#146;s carrying amount and the higher of its fair value
less cost </P>
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to sell and its value in use, defined as the present value of estimated future cash flows (excluding future expected credit losses that have not been incurred) discounted at the asset&#146;s risk
adjusted interest rate. The carrying amount of the asset is reduced and the loss is recorded in the consolidated statement of profit or loss. In addition to the fact that the value of our fleet declines as it ages, any potential excess capacity in
the airline industry, airline bankruptcies and other factors beyond our control may further contribute to the decline of the fair market value of our aircraft and related rotable parts and inventory. When these impairments occur, we are required
under IFRS to write down these assets through a charge to earnings. A significant charge to earnings would adversely affect our financial condition and operating results. In addition, the interest rates on and the availability of certain of our
aircraft financing loans are tied to the value of the aircraft securing the loans. If those values were to decrease substantially, our interest rates may rise or the lenders under those loans may cease extending credit to us, either of which could
have an adverse impact on our financial condition and results of operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">For example, as a result of the Company&#146;s continuing
fleet optimization and efficiency efforts, in December 2018 the Company signed an aircraft sale and purchase agreement with Azorra Aviation for the sale of five Embraer 190 aircraft in 2019. In connection with the transaction, we recognized an
impairment charge in respect of our entire Embraer 190 fleet and related spare parts. This impairment generated a <FONT STYLE="white-space:nowrap">non-cash</FONT> loss of $188.6&nbsp;million, which was recorded in the fourth quarter of 2018. In
2020, we signed an aircraft sale and purchase agreement for the remaining Embraer 190 aircraft. The deliveries of these aircraft will be completed by June 2021. This anticipated exit resulted in a <FONT STYLE="white-space:nowrap">non-cash</FONT>
loss of $89.3&nbsp;million related to the remaining aircraft as well as General Electric CF34 spare engines, and our Embraer 190 spare parts inventory. In 2020, we updated the fair value less cost to sell of the Embraer 190 fleet and related assets
(spare engines, spare parts and a simulator) and recorded a <FONT STYLE="white-space:nowrap">non-cash</FONT> loss of $49.5&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">During 2020, we announced the sale of our <FONT STYLE="white-space:nowrap">B737-700</FONT> fleet which resulted in a <FONT
STYLE="white-space:nowrap">non-cash</FONT> impairment charge of $191.2&nbsp;million. We may experience additional impairment as a result of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic. See
<FONT STYLE="white-space:nowrap">&#147;--The</FONT> significant adverse effect that the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic has had on the airline industry is likely to cause impairment in our long-lived assets.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We rely on information and other aviation technology systems to operate our businesses and any failure or disruption of these systems
may have an impact on our operational and financial results. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We rely upon information technology systems to operate our business
and increase our efficiency. We are highly reliant on certain systems for flight operations, maintenance, reservations, <FONT STYLE="white-space:nowrap">check-in</FONT> boarding, revenue management, baggage handling accounting and cargo
distribution. Other systems are designed to decrease distribution costs through internet reservations and to maximize cargo distributions, crew utilization and flight scheduling. These systems may not deliver their anticipated benefits. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In the ordinary course of business, we may upgrade or replace our systems or otherwise modify and refine our existing systems to address
changing business requirements. In particular, our digital channels rely on advanced technology and, as this technology is updated, older technology may become obsolete. Our operations and competitive position could be adversely affected if we are
unable to upgrade or replace our systems in a timely and effective manner once they become outdated, and any inability to upgrade or replace our systems could negatively impact our financial results. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Any transition to new systems may result in a loss of data or service interruption that could harm our business. Information systems could
also suffer disruptions due to events beyond our control, including natural disasters, power failures, terrorist attacks, cyber-attacks, data theft, equipment or software failures, computer viruses or telecommunications failures. We cannot ensure
that our security measures or disaster recovery plans are adequate to prevent failures or disruptions. Substantial or repeated website, reservations systems or telecommunication system failures or disruptions, including failures or disruptions
related to our integration of technology systems, could reduce the attractiveness of our Company versus our competitors, materially impair our ability to market our services and operate flights, result in the unauthorized release of confidential or
otherwise protected information, and result in increased costs, lost revenue, or the loss or compromise of important data. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our
reputation and business may be harmed and we may be subject to legal claims if there is a loss, unlawful disclosure or misappropriation of, or unsanctioned access to, our customers&#146;, employees&#146;, business partners&#146; or our own
information, or any other breaches of our information security. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We make extensive use of online services and centralized data
processing, including through third-party service providers. The secure maintenance and transmission of customer and employee information is a critical element of our operations. Our information technology and other systems, or those of service
providers or business partners that maintain and transmit customer information, may be compromised by a malicious third-party penetration of our security measures, or of a third-party service provider or business partner, or impacted by deliberate
or inadvertent actions or inactions by our employees, or those of a third-party service provider or business partner. As a result, personal information may be lost, disclosed, accessed or taken without consent. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We transmit confidential credit card information throughout secure private retail networks
and rely on encryption and authentication technology licensed from third parties to provide the security and authentication necessary to effectively secure transmission and storage of confidential information, such as customer credit card
information. The Company has made significant efforts to secure its data network. If our security or network were compromised in any way, it could have a material adverse effect on the reputation, business, operating results and financial condition
of the Company, and could result in a loss of customers. Additionally, any material failure by the Company to achieve or maintain compliance with the Payment Card Industry security requirements or rectify a security issue may result in fines and the
imposition of restrictions on the Company&#146;s ability to accept credit cards as a form of payment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">As a result of these types of
risks, we regularly review and update procedures and processes to prevent and protect against unauthorized access to our systems and information and inadvertent misuse of data. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">However, it is difficult or impossible to defend against every risk being posed by changing technologies as well as acts of cyber-crime.
Increasing sophistication of cyber criminals and terrorists make keeping up with new threats difficult and controls employed by our information technology department and cloud vendors could prove inadequate. As a result, we cannot be certain that we
will not be the target of attacks on our networks and intrusions into our data, particularly given continuous advances in the technical capabilities of potential attackers, and increased financial and political motivations to carry out cyber-attacks
on physical systems, gain unauthorized access to information, and make information unavailable for use through, for example, ransomware or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">denial-of-service</FONT></FONT> attacks, and
otherwise exploit new and existing vulnerabilities in our infrastructure. The risk of a data security incident or disruption, particularly through cyber-attack or cyber intrusion, including by computer hackers, foreign governments, criminal
organizations and cyber terrorists, has increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. Also, the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic increased the
reliance on employees working remotely, which has increased the risk of exploitation of vulnerabilities in their devices by malicious actors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Furthermore, in response to data security threats and to data privacy concerns, there has been heightened legislative and regulatory focus on
attacks on critical infrastructures, including those in the transportation sector, and on data security and privacy in Panama, Brazil, the United States and other countries where we operate, including requirements for varying levels of data usage
consent and data subject notification in the event of a data security incident. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Any such loss, disclosure or misappropriation of, or
access to, customers&#146;, employees&#146; or business partners&#146; information or other breach of our information security could result in legal claims or legal proceedings, including regulatory investigations and actions, may have a negative
impact on our reputation and may materially adversely affect our business, operating results and financial condition. Furthermore, the loss, disclosure or misappropriation of our business information may materially adversely affect our business,
operating results and financial condition. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our liquidity could be adversely impacted in the event one or more of our credit card
processors were to impose material reserve requirements for payments due to us from credit card transactions. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We currently have
agreements with organizations that process credit card transactions arising from purchases of air travel tickets by our customers. Credit card processors have financial risk associated with tickets purchased for travel that can occur several weeks
after the purchase. Our credit card processing agreements provide for reserves to be deposited with the processor in certain circumstances. We do not currently have reserves posted for our credit card processors. If circumstances were to occur
requiring us to deposit reserves, the negative impact on our liquidity could be significant, which could materially adversely affect our business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company has agreements with financial institutions that process customer credit card transactions for the sale of air travel and other
services. Under certain of the Company&#146;s credit card processing agreements, the financial institutions in certain circumstances have the right to require that the Company maintain a reserve equal to a portion of advance ticket sales that has
been processed by that financial institution, but for which the Company has not yet provided the air transportation. Such financial institutions may require additional cash or other collateral reserves to be established or additional withholding of
payments related to receivables collected if the Company does not maintain certain minimum levels of unrestricted cash, cash equivalents and short-term investments (collectively, &#147;Unrestricted Liquidity&#148;). In light of the effect <FONT
STYLE="white-space:nowrap">COVID-19</FONT> is having on demand, and in turn capacity, the Company has seen an increase in demand from passengers for refunds on their tickets, and we anticipate that this will continue to be the case for the
foreseeable future. Refunds lower our liquidity and put us at risk of triggering liquidity covenants in these credit card processing agreements and, in doing so, could force us to post cash collateral with the credit card companies for advance
ticket sales. The Company provides additional credit to incentivize passengers to keep their purchased tickets for future dates, which helps to maintain healthy levels of Unrestricted Liquidity. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our quarterly results could fluctuate substantially, and the trading price of our
Class&nbsp;A shares may be affected by such variations. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The airline industry is by nature cyclical and seasonal, and our operating
results may vary from quarter to quarter. In general, demand for air travel is higher in the third and fourth quarters, particularly in international markets, because of the increase in vacation travel during these periods relative to the remainder
of the year. We tend to experience the highest levels of traffic and revenue in July and August, with a smaller peak in traffic in December and January. We generally experience our lowest levels of passenger traffic in April and May. Given our high
proportion of fixed costs, seasonality can affect our profitability from quarter to quarter. Demand for air travel is also affected by factors such as disease outbreaks, economic conditions, capacity additions by competitors, war or the threat of
war, fare levels and weather conditions. The <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic has materially and negatively affected demand for air travel and disrupted the normal business cycles in our industry. See &#147;&#151;The <FONT
STYLE="white-space:nowrap">COVID-19</FONT> outbreak has had and is expected to continue to have a material adverse impact on our business.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Due to the factors described above and others described in this annual report,
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">quarter-to-quarter</FONT></FONT> comparisons of our operating results may not be good indicators of our future performance. In addition, it is possible that in any quarter our
operating results could be below the expectations of investors and any published reports or analyses regarding our Company. In that event, the price of our Class&nbsp;A shares could decline, perhaps substantially. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our reputation and financial results could be harmed in the event of an accident or incident involving our aircraft or the type of
aircraft that we operate. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">An accident or incident involving one of our aircraft could involve significant claims by injured
passengers and others, as well as significant costs related to the repair or replacement of a damaged aircraft and its temporary or permanent loss from service. We are required by our creditors and the lessors of our aircraft under our operating
lease agreements to carry liability insurance, but the amount of such liability insurance coverage may not be adequate and we may be forced to bear substantial losses in the event of an accident. Our insurance premiums may also increase, or we may
lose our eligibility for insurance, due to an accident or incident affecting one of our aircraft. Substantial claims resulting from an accident in excess of our related insurance coverage or increased premiums would harm our business and financial
results. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Moreover, any aircraft accident or incident, even if fully insured, could cause the public to perceive us as less safe or
reliable than other airlines, which could harm our business and results of operations. The Copa brand name and our corporate reputation are important and valuable assets. Adverse publicity (whether or not justified) could tarnish our reputation and
reduce the value of our brand. Adverse perceptions of the types of aircraft that we operate arising from safety concerns or other problems, whether real or perceived, or in the event of an accident involving those types of aircraft, could
significantly harm our business as the public may avoid flying on our aircraft. See &#147;&#151;If we fail to successfully operate new aircraft, in particular our new Boeing 737 MAX aircraft, our business could be harmed.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Fluctuations in foreign exchange rates could negatively affect our net income. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In 2020, approximately 65.7% of revenues and 86.0% of expenses were denominated in U.S. dollars (for 2019, US dollar-denominated expenses and
revenues were 67.3% and 81.3%, respectively). A significant part of our revenue is denominated in foreign currencies, including the Brazilian real, Colombian peso and Argentinian peso, which represented 9.5%, 9.1% and 4.0%, of our revenues in 2020,
respectively (for 2019, Brazilian real, Colombian peso and Argentinian peso comprised 8.7%, 8.3% and 4.8% respectively). If any of these currencies decline in value against the U.S. dollar, our revenues, expressed in U.S. dollars, and our operating
margin would be adversely affected. We may not be able to adjust our fares denominated in other currencies to offset any increases in U.S. dollar-denominated expenses, increases in interest expense or exchange losses on fixed obligations or
indebtedness denominated in foreign currency. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We are also exposed to exchange rate losses, as well as gains, due to the fluctuation in
the value of local currencies against the U.S. dollar during the period of time between the times we are paid in local currencies and the time we are able to repatriate the revenues in U.S. dollars. Typically, this process takes between one and two
weeks in most countries to which we fly. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Changes in accounting standards could adversely affect our financial results.
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The IASB, or other regulatory authorities, periodically introduce modifications to financial accounting and reporting standards or
issue new financial accounting and reporting standards under which we prepare our consolidated financial statements. These changes can materially affect the way we present our financial condition and results of operations. We may also be required to
retroactively apply new or revised standards, which would require us to restate previous financial statements. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our maintenance
costs will increase as our fleet ages. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The average age of our fleet was approximately 8.2 years as of December&nbsp;31, 2020.
Historically, we have incurred low levels of maintenance expenses relative to the size of our fleet because most of the parts on our aircraft are covered under multi-year warranties. As our fleet ages and these warranties expire and the time flown
by each aircraft increases, our maintenance costs will increase, both on an absolute basis and as a percentage of our operating expenses. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>If we enter into a prolonged dispute with any of our employees, many of whom are represented by unions, or if we are required to
substantially increase the salaries or benefits of our employees, it may have an adverse impact on our operations and financial condition. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Approximately 66.3% of our 5,667 employees are unionized. There are currently five unions covering our employees based in Panama: the
pilots&#146; union; the flight attendants&#146; union; the mechanics&#146; union; the passenger service agents&#146; union; and an industry union, which represents ground personnel, messengers, drivers, passenger service agents, counter agents and
other <FONT STYLE="white-space:nowrap">non-executive</FONT> administrative staff. Copa entered into collective bargaining agreements with the pilot&#146;s union in July 2017, the industry union in December 2017, the mechanics&#146; union in June
2018 and the flight attendants&#146; union in October 2018. Collective bargaining agreements in Panama typically have four-year terms. In addition to unions in Panama, there are four unions covering employees in Colombia; in Brazil, all airline
industry employees in the country are covered by the industry union agreements, and airport employees in Argentina are affiliated to an industry union (UPADEP). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">A strike, work interruption or stoppage or any prolonged dispute with our employees who are represented by any of these unions could have an
adverse impact on our operations. These risks are typically exacerbated during periods of renegotiation with the unions, which typically occurs every two to four years depending on the jurisdiction and the union. Any renegotiated collective
bargaining agreement could feature significant wage increases and a consequent increase in our operating expenses. Any failure to reach an agreement during negotiations with unions may require us to enter into arbitration proceedings, use financial
and management resources, and potentially agree to terms that are less favorable to us than our existing agreements. Employees who are not currently members of unions may also form new unions that may seek further wage increases or benefits. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our business is labor-intensive. We expect salaries, wages, benefits and other employee expenses to increase on a gross basis, and these costs
could increase as a percentage of our overall costs. If we are unable to hire, train and retain qualified pilots and other employees at a reasonable cost, our business could be harmed and we may be unable to complete our expansion plans. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our revenues depend on our relationship with travel agents and tour operators and we must manage the costs, rights and functionality of
these third-party distribution channels effectively. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In 2020, a significant portion of our revenues were derived from tickets sold
through third-party distribution channels, including those provided by conventional travel agents, online travel agents, or &#147;OTAs,&#148; or tour operators. We cannot assure that we will be able to maintain favorable relationships with these
ticket sellers. Our revenues could be adversely impacted if travel agents or tour operators elect to favor other airlines or to disfavor us. Our relationship with travel agents and tour operators may be affected by: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the size of commissions offered by other airlines; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">changes in our arrangements with other distributors of airline tickets; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the introduction and growth of new methods of selling tickets. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">These third-party distribution channels, along with global distribution systems, or &#147;GDSs,&#148; that travel agents, &#147;OTAs&#148; and
tour operators use to obtain airline travel information and issue airline tickets, are more expensive than those we operate ourselves, such as our website. Certain of these distribution channels also effectively restrict the manner in which we
distribute our products generally. To remain competitive, we will need to successfully manage our distribution costs and rights, increase our distribution flexibility and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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improve the functionality of third-party distribution channels, while maintaining an industry-competitive cost structure. These initiatives may affect our relationships with our third-party
distribution channels. Any inability to manage our third-party distribution costs, rights and functionality at a competitive level or any material diminishment or disruption in the distribution of our tickets could have a material adverse effect on
our business, results of operations and financial condition. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We rely on third parties to provide our customers and us with services
that are integral to our business. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We have several agreements with third-party contractors to provide certain services primarily
outside of Panama. Maintenance services include aircraft heavy checks, engine maintenance, overhaul, component repairs and line maintenance activities. In addition to call center services, third-party contractors also provide us with airport
services. At airports other than Tocumen International Airport, most of our aircraft services are performed by third-party contractors. Substantially all of our agreements with third-party contractors are subject to termination on short notice. The
loss or expiration of these agreements or our inability to renew these agreements or to negotiate new agreements with other providers at comparable rates could negatively impact our business and results of operations. Further, our reliance on third
parties to provide reliable equipment or essential services on our behalf could lead us to have less control over the costs, efficiency, timeliness and quality of our service. A contractor&#146;s negligence could compromise our aircraft or endanger
passengers and crew. This could also have a material adverse effect on our business. We expect to be dependent on such agreements for the foreseeable future and if we enter any new market, we will need to have similar agreements in place. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We depend on a limited number of suppliers. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We are subject to the risks of having a limited number of suppliers for our aircraft and engines. One of the elements of our business strategy
is to save costs by operating a simplified fleet. Copa currently operates a fleet of Boeing <FONT STYLE="white-space:nowrap">737-800</FONT> Next Generation aircraft powered by CFM <FONT STYLE="white-space:nowrap">56-7B</FONT> engines from CFM
International and Boeing 737MAX 9, powered by, Leap 1B engines, from CFM International. If any of Boeing, CFM International or General Electric are unable to perform their contractual obligations, or if we are unable to acquire or lease new aircraft
or engines from aircraft or engine manufacturers or lessors on acceptable terms, we would have to find another supplier for a similar type of aircraft or engine. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If we have to lease or purchase aircraft from another supplier we could lose the benefits we derive from our current fleet composition. We
cannot ensure that any replacement aircraft would have the same operating advantages as the Boeing <FONT STYLE="white-space:nowrap">737-800</FONT> Next Generation or Boeing <FONT STYLE="white-space:nowrap">737-MAX</FONT> 9 that would be replaced or
that Copa could lease or purchase engines that would be as reliable and efficient as the CFM <FONT STYLE="white-space:nowrap">56-7B</FONT> and Leap 1B. We may also incur substantial transition costs, including costs associated with acquiring spare
parts for different aircraft models, retraining our employees, replacing our manuals and adapting our facilities. Our operations could also be harmed by the failure or inability of Boeing, CFM International or General Electric to provide sufficient
parts or related support services on a timely basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our business would be impacted if a design defect or mechanical problem with any of
the types of aircraft, engines or components that we operate were discovered that would ground any of our aircraft while the defect or problem was being addressed, assuming it could be corrected at all. The use of our aircraft could be suspended or
restricted by regulatory authorities in the event of any actual or perceived mechanical or design issues. Following the Ethiopian Airlines accident involving a Boeing 737 MAX 8 aircraft, we suspended operations of our six Boeing 737 MAX 9 aircraft,
as regulatory authorities around the world grounded the aircraft, and on November&nbsp;18, 2020 the FAA rescinded the order that grounded the Boeing <FONT STYLE="white-space:nowrap">737-MAX</FONT> aircraft type and published an Airworthiness
Directive and MAX training requirements, paving the way for a return to service. On January 2021, we resumed operations of our Boeing 737 MAX fleet after the authorization of the Autoridad Aeron&aacute;utica Civil de Panama. Our business would also
be negatively impacted if the public began to avoid flying with us due to an adverse perception of the types of aircraft that we operate stemming from safety concerns or other problems, whether real or perceived, or in the event of an accident
involving those types of aircraft or components. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We also depend on a limited number of suppliers with respect to supplies obtained
locally, such as our fuel. These local suppliers may not be able to maintain the pace of our growth and our requirements may exceed their capabilities, which may adversely affect our ability to execute our <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">day-to-day</FONT></FONT> operations and our growth strategy. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our business financial condition and
results of operations could be materially affected by the loss of key personnel. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our success depends to a significant extent on
the ability of our senior management team and key personnel to operate and manage our business effectively. Most of our employment agreements with key personnel do not contain any <FONT STYLE="white-space:nowrap">non-competition</FONT> provisions
applicable upon termination. Competition for highly qualified personnel is intense. If we lose any executive officer, senior manager or other key employee and are not able to obtain an adequate replacement, or if we are unable to attract and retain
new qualified personnel, our business, financial condition and results of operations could be materially adversely affected. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Risks Relating to the Airline Industry </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>An outbreak of disease or similar public health threat, such as the coronavirus, could have a material adverse impact on the
Company&#146;s business, operating results and financial condition. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">An outbreak of disease or similar public health threat, or
fear of such an event, that affects travel demand or travel behavior could have a material adverse impact on the Company&#146;s business, financial condition and operating results. In addition, outbreaks of disease could result in travel bans or
restrictions, increased government restrictions and regulation, including quarantines of our personnel or an inability to access facilities or our aircraft, which could adversely affect our operations. The
<FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic has promulgated globally and has caused travel restrictions that have had a significant impact on the airline industry. See &#147;Risks Relating to the
<FONT STYLE="white-space:nowrap">COVID-19</FONT> Outbreak.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The airline industry is highly competitive. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We face intense competition throughout our route network. Overall airline industry profit margins are low and industry earnings are volatile.
Airlines compete in the areas of pricing, scheduling (frequency and flight times), <FONT STYLE="white-space:nowrap">on-time</FONT> performance, frequent flyer programs and other services. Some of our competitors have larger customer bases and
greater brand recognition in the markets we serve outside Panama, and some of our competitors have significantly greater financial and marketing resources than we have. Airlines based in other countries may also receive subsidies, tax incentives or
other state aid from their respective governments, which are not provided by the Panamanian government. In addition, the commencement of, or increase in, service on the routes we serve by existing or new carriers could negatively impact our
operating results. Likewise, competitors&#146; service on routes that we are targeting for expansion may make those expansion plans less attractive. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We compete with a number of other airlines that currently serve some of the routes on which we operate, including Avianca, American Airlines,
Delta Air Lines, Aeromexico, and LATAM Group among others. Strategic alliances, bankruptcy restructurings and industry consolidations characterize the airline industry and tend to intensify competition. In the past, several air carriers have merged
and/or reorganized, including certain of our competitors, such as <FONT STYLE="white-space:nowrap">LAN-TAM,</FONT> Avianca-Taca, <FONT STYLE="white-space:nowrap">American-US</FONT> Airways, Delta-Northwest. Furthermore, some of our competitors have
received, or may receive, government subsidies due to the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, including from the U.S. government. As a result, they have benefited from lower operating costs and fare discounting in order to
maintain cash flows and to enhance continued customer loyalty. It is uncertain how the current Chapter 11 proceedings of Avianca, LATAM and Aeromexico will affect future competition in our markets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Traditional <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">hub-and-spoke</FONT></FONT> carriers in the United States and
Europe continue to face substantial and increasing competitive pressure from LCCs offering discounted fares. The LCC business model appears to be gaining acceptance in the Latin American aviation industry. The LCCs&#146; operations are typically
characterized by <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">point-to-point</FONT></FONT> route networks focusing on the highest demand city pairs, high aircraft utilization, single class service and fewer <FONT
STYLE="white-space:nowrap">in-flight</FONT> amenities. As a result, we may face new and substantial competition from LCCs in the future, which could result in significant and lasting downward pressure on the fares we charge for flights on our
routes. Current LCCs such as Volaris, Spirit, JetBlue, Azul and Gol are adding pressure to our fares and are also exploring new competitive routes overflying our Hub. We also expect more competition in the market from newer players such as JetSmart
and Sky. In December 2016, Copa&#146;s subsidiary in Colombia, AeroRep&uacute;blica, launched Wingo, a <FONT STYLE="white-space:nowrap">low-cost</FONT> business model to serve domestic destinations and some <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">point-to-point</FONT></FONT> international leisure markets, to improve Copa&#146;s position within Colombia, and better compete with low unbundled prices from LCCs. Although we intend to compete vigorously and maintain our
strong competitive position in the industry, Avianca, LATAM and Viva Air represent a significant portion of the domestic market in Colombia and have access to greater resources as a result of their larger size. Therefore, Copa faces stronger
competition now than in recent years, and its prior results may not be indicative of its future performance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We must constantly react to
changes in prices and services offered by our competitors to remain competitive. The airline industry is highly susceptible to price discounting, particularly because airlines incur very low marginal costs for providing service to passengers
occupying otherwise unsold seats. Carriers use discount fares to stimulate traffic during periods of lower demand to generate cash flow and to increase market share. Any lower fares offered by one airline are often matched by competing airlines,
which often results in lower industry yields with little or no increase in traffic levels. Price competition among airlines in the future could lead to lower fares or passenger traffic on some or all of our routes, which could negatively impact our
profitability. We cannot be certain that any of our competitors will not undercut our fares in the future or increase capacity on routes in an effort to increase their respective </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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market share. Although we intend to compete vigorously and to assert our rights against any predatory conduct, such activity by other airlines could reduce the level of fares or passenger traffic
on our routes to the point where profitable levels of operations cannot be maintained. Due to our smaller size and financial resources compared to several of our competitors, we may be less able to withstand aggressive marketing tactics or fare wars
engaged in by our competitors should such events occur. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Significant changes or extended periods of high fuel costs or fuel supply
disruptions could materially affect our operating results. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Fuel costs constitute a significant portion of our total operating
expenses, representing approximately 13.2% of operating expenses in 2020, 29.5% of operating expenses in 2019 and 30.4% in 2018. Jet fuel costs have been subject to wide fluctuations as a result of fluctuations in demand, sudden disruptions in and
other concerns about global supply, as well as market speculation. Both the cost and availability of fuel are subject to many economic, political, weather, environmental and other factors and events occurring throughout the world that we can neither
control nor accurately predict, including international political and economic circumstances such as the political instability in major <FONT STYLE="white-space:nowrap">oil-exporting</FONT> countries in Latin America, Africa and Asia. Any future
fuel supply shortage (for example, as a result of production curtailments by the Organization of the Petroleum Exporting Countries, or &#147;OPEC,&#148; a disruption of oil imports, supply disruptions resulting from severe weather or natural
disasters, the continued unrest in the Middle East or otherwise could result in higher fuel prices or further reductions in scheduled airline services). We cannot ensure that we would be able to offset any increases in the price of fuel by
increasing our fares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2020, the Company was not a party to any outstanding fuel hedge contracts, and has adopted
a new strategy of remaining unhedged, while regularly reviewing its policies based on market conditions and other factors. For 2021, although we have not hedged any part of our anticipated fuel needs, we continue to evaluate various hedging
strategies and may enter into additional hedging agreements in the future, as any substantial and prolonged increase in the price of jet fuel will likely materially and negatively affect our business, financial condition and results of operation.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We may experience difficulty recruiting, training and retaining pilots and other employees. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The airline industry is a labor-intensive business. We employ a large number of flight attendants, maintenance technicians and other operating
and administrative personnel. The airline industry has, from time to time, experienced a shortage of qualified personnel. As is common with most of our competitors, considerable turnover of employees may occur and may not always be predictable. When
we experience higher turnover, our training costs may be higher due to the significant amount of time required to train each new employee and, in particular, each new pilot. If our pilots terminate their contracts earlier than anticipated, we may be
unable to successfully recoup the costs spent to train those pilots. We cannot be certain that we will be able to recruit, train and retain the qualified employees that we need to continue our current operations to replace departing employees. A
failure to hire, train and retain qualified employees at a reasonable cost could materially adversely affect our business, financial condition and results of operations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Under Panamanian law, there is a limit on the maximum number of <FONT STYLE="white-space:nowrap">non-Panamanian</FONT> employees that we may
employ. Our need for qualified pilots has at times exceeded the domestic supply and as such, we have had to hire a substantial number of <FONT STYLE="white-space:nowrap">non-Panamanian</FONT> national pilots. However, we cannot ensure that we will
continue to attract Panamanian and foreign pilots. The inability to attract and retain pilots, or a change in Panamanian regulations, may adversely affect our growth strategy by limiting our ability to add new routes or increase the frequency of
existing routes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Because the airline industry is characterized by high fixed costs and relatively elastic revenues, airlines cannot
quickly reduce their costs to respond to shortfalls in expected revenue. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The airline industry is characterized by low gross profit
margins, high fixed costs and revenues that generally exhibit substantially greater elasticity than costs. The operating costs of each flight do not vary significantly with the number of passengers flown and, therefore, a relatively small change in
the number of passengers, fare pricing or traffic mix could have a significant effect on operating and financial results. These fixed costs cannot be adjusted quickly to respond to changes in revenues, and a shortfall from expected revenue levels
could have a material adverse effect on our net income. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In connection with the reduction in demand and revenues caused by the <FONT
STYLE="white-space:nowrap">COVID-19</FONT> pandemic, we have reduced the number of flights, suspended capital expenditures (other than necessary aircraft maintenance capital expenditures and any aircraft that is delivered to us under existing
contractual arrangements) and reduced fixed and variable expenses. However, this reduction in fixed and variable expenses has been and continues to be gradual and has been outpaced by the sudden decrease in revenues. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our business may be adversely affected by downturns in the airline industry caused by
terrorist attacks, political unrest, war or outbreak of disease, which may alter travel behavior or increase costs. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Demand for air
transportation may be adversely affected by terrorist attacks, war or political and social instability, an outbreak of a disease or similar public health threat, natural disasters, cyber security threats and other events. Any of these events could
cause governmental authorities to impose travel restrictions or otherwise cause a reduction in travel demand or changes in travel behavior in the markets in which we operate. Any of these events in our markets could have a material impact on our
business, financial condition and results of operations. Furthermore, these types of situations could have a prolonged effect on air transportation demand and on certain cost items, such as security and insurance costs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The terrorist attacks in the United States on September&nbsp;11, 2001, for example, had a severe and lasting adverse impact on the airline
industry, in particular, a decrease in airline traffic in the United States and, to a lesser extent, in Latin America. Our revenues depend on the number of passengers traveling on our flights. Therefore, any future terrorist attacks or threat of
attacks, whether or not involving commercial aircraft, any increase in hostilities relating to reprisals against terrorist organizations, including an escalation of military involvement in the Middle East, or otherwise, and any related economic
impact could result in decreased passenger traffic and materially and negatively affect our business, financial condition and results of operations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Increases in insurance costs and/or significant reductions in coverage would harm our business, financial condition and results of
operations. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Following the 2001 terrorist attacks, premiums for insurance against aircraft damage and liability to third parties
increased substantially, and insurers could reduce their coverage or increase their premiums even further in the event of additional terrorist attacks, hijackings, airline crashes or other events adversely affecting the airline industry abroad or in
Latin America. In the future, certain aviation insurance could become unaffordable, unavailable, or available only for reduced amounts of coverage that are insufficient to comply with the levels of insurance coverage required by aircraft lenders and
lessors or applicable government regulations. While governments in other countries have agreed to indemnify airlines for liabilities that they might incur from terrorist attacks or provide <FONT STYLE="white-space:nowrap">low-cost</FONT> insurance
for terrorism risks, the Panamanian government has not indicated an intention to provide similar benefits to us. Increases in the cost of insurance may result in higher fares, which could result in a decreased demand and materially and negatively
affect our business, financial condition and results of operations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Failure to comply with applicable environmental regulations
could adversely affect our business. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our operations are covered by various local, national and international environmental
regulations. These regulations cover, among other things, emissions to the atmosphere, disposal of solid waste and aqueous effluents, aircraft noise and other activities that result from the operation of aircraft. Future operations and financial
results may vary as a result of such regulations. Compliance with these regulations and new or existing regulations that may be applicable to us in the future could increase our cost base and adversely affect our operations and financial results.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">For example, the ICAO has issued the first edition of the Carbon Offsetting and Reduction Scheme for International Aviation
(&#147;CORSIA&#148;) to address the increase in total CO2 emissions from international aviation. As Colombia and Panama are member states of ICAO, the Civil Aviation Authorities (&#147;CAAs&#148;) of Panama and Colombia are developing new
regulations to implement CORSIA. They expect to make these regulations public in 2021. Under CORSIA, airplane operators must annually report the fuel consumption of their international commercial operations and the corresponding CO2 emissions
(domestic operations are excluded from these requirements). The first annual report was presented on October 2020. Copa Airlines and AeroRep&uacute;blica have already presented to their CAAs the Emission Monitoring Plan (&#147;EMP&#148;) required by
CORSIA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In addition to encouraging CO2 emissions reductions, CORSIA will require airline operators to offset CO2 emissions through
payments to authorized carbon banks, which will invest in environmental projects to reduce the global carbon footprint. Copa Airlines and AeroRep&uacute;blica will not be subject to the emissions offsetting requirements until 2027, because Panama
and Colombia are not participating in the voluntary first phase of CORSIA. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Risks Relating to Panama and our Region </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We are highly dependent on conditions in Panama and, to a lesser extent, in Colombia. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">A substantial portion of our assets are located in the Republic of Panama and a significant proportion of our passengers&#146; trips either
originates or ends in Panama. Furthermore, substantially all of Copa&#146;s flights operate through our hub at Tocumen International Airport. As a result, we depend on economic and political conditions prevailing from time to time in Panama.
Panama&#146;s economic conditions in turn highly depend on the continued profitability and economic impact of the Panama Canal. Control of the Panama Canal and many other assets were transferred from the United States to Panama in 1999 after nearly
a century of U.S. control. Political events in Panama may significantly affect our operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Copa Colombia&#146;s results of operations
are also highly sensitive to macroeconomic and political conditions prevailing in Colombia and any political unrest and instability in Colombia could adversely affect Copa Colombia&#146;s financial condition and results of operations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Panama and Colombia have experienced significant economic growth over the last several years. However, like other countries in the region and
around the world, the economies of Panama and Colombia have been adversely affected by the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic. See &#147;&#151;The <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic is having a
significant negative impact on the economies of the countries in which we operate, which is reducing demand for travel&#148;. According to International Monetary Fund estimates, during 2021 the Panamanian and Colombian economies both are expected to
grow by 4.0%, as measured by their GDP at constant prices, even with preliminary figures indicating that real GDP decreased by 9.0% in Panama in 2020. However, if either economy experiences a sustained recession, or significant political
disruptions, our business, financial condition or results of operations could be materially and negatively affected. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Any increase
in the taxes we or our shareholders pay in Panama or the other countries where we do business could adversely affect our financial performance and results of operations. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We cannot ensure that our current tax rates will not increase. Our income tax expenses (credit) were ($23.7 million), $46.4&nbsp;million and
$34.5&nbsp;million in the years ended December&nbsp;31, 2020, 2019 and 2018, respectively, which represented an effective income tax rate of (3.8%), 15.8% and 28.1%, respectively. We are subject to local tax regulations in each of the jurisdictions
where we operate, the great majority of which are related to the taxation of income. In some of the countries to which we fly, we are not subject to pay income taxes, either because those countries do not have income tax or because of treaties or
other arrangements those countries have with Panama. In the remaining countries, we pay income tax at rates ranging from 7% to 34% of income. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Different countries calculate income in different ways, but they are typically derived from sales in the applicable country multiplied by our
net margin or by a presumed net margin set by the relevant tax legislation. The determination of our taxable income in certain countries is based on a combination of revenues sourced to each particular country and the allocation of expenses of our
operations to that particular country. The methodology for multinational transportation company sourcing of revenues and expenses is not always specifically prescribed in the relevant tax regulations, and therefore is subject to interpretation by
both us and the respective taxing authorities. Additionally, in some countries, the applicability of certain regulations governing <FONT STYLE="white-space:nowrap">non-income</FONT> taxes and the determination of our filing status are also subject
to interpretation. We cannot estimate the amount, if any, of potential tax liabilities that might result if the allocations, interpretations and filing positions used by us in our tax returns were challenged by the taxing authorities of one or more
countries. If taxes were to increase, our financial performance and results of operations could be materially and adversely affected. Due to the competitive revenue environment, many increases in fees and taxes have been absorbed by the airline
industry rather than being passed on to the passenger. If we were to pass any of these increases in fees and taxes onto passengers, we may no longer compete effectively as those increases may result in reduced customer demand for air travel with us
and we may no longer compete effectively, thereby reducing our revenues. If we were to absorb any increases in fees and taxes, the additional costs could have a material adverse effect on our results of operations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Panamanian tax code for the airline industry states that tax is based on net income earned for passenger and cargo traffic with an origin
or final destination in the Republic of Panama. The applicable tax rate is currently 25%. Dividends from our Panamanian subsidiaries, including Copa, are separately subject to a 10% percent withholding tax on the portion attributable to
Panamanian-sourced income and a 5% withholding tax on the portion attributable to foreign-sourced income. Additionally, a 7% value added tax is levied on tickets issued in Panama for travel commencing in Panama and going abroad, irrespective of
where such tickets were ordered. If such taxes were to increase, our financial performance and results of operations could be materially and adversely affected. In February 2020, the Company received two notifications from the tax authority in
Panama related to a tax audit process that began in 2019. The notifications include adjustments to the reported dividend tax for the years 2012 to 2016 and income tax 2016. The Company has filed an </P>
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administrative appeal, which is the first legal stage under Panamanian laws. The Company, along with its tax advisors, has concluded that it is not probable that an outflow of resources embodying
economic benefits will be required to settle these notices. According to Panamanian laws, the statute of limitations is 3 and 15 years for income tax and dividend tax, respectively. If after going through the appeal process our tax position does not
prevail we could have to issue a significant disbursement to the tax authorities. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Political unrest and instability in Latin
American countries in which we operate may adversely affect our business and the market price of our Class&nbsp;A shares. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">While
geographic diversity helps reduce our exposure to risks in any one country, we operate primarily within Latin America and are thus subject to a full range of risks associated with our operations in these regions. These risks may include unstable
political or economic conditions, lack of well-established or reliable legal systems, exchange controls and other limits on our ability to repatriate earnings and changeable legal and regulatory requirements. In Venezuela, for example, we and other
airlines and foreign companies may only repatriate cash through specific governmental programs, which may effectively preclude us from repatriating cash for periods of time. In addition, Venezuela has experienced difficult political conditions and
declines in the rate of economic growth in recent periods as well as governmental actions that have adversely impacted businesses that operate there. For the year ended December&nbsp;31, 2020, revenue from the Company&#146;s flights to Venezuela,
including connecting traffic, represented about 5.0% of consolidated revenues and direct flights between Panama and Venezuela. Inflation, any decline in GDP or other future economic, social and political developments in Latin America may adversely
affect our financial condition or results of operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Although conditions throughout Latin America vary from country to country, our
customers&#146; reactions to developments in Latin America generally may result in a reduction in passenger traffic, which could materially and negatively affect our financial condition, results of operations and the market price of our Class&nbsp;A
shares. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Risks Relating to Our Class&nbsp;A Shares </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The value of our Class&nbsp;A shares may be adversely affected by ownership restrictions on our capital stock and the power of our Board
of Directors to take remedial actions to preserve our operating license and international route rights by requiring sales of certain outstanding shares or issuing new stock. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Pursuant to the Panamanian Aviation Act, as amended and interpreted to date, and certain of the bilateral treaties affording us the right to
fly to other countries, we are required to be &#147;substantially owned&#148; and &#147;effectively controlled&#148; by Panamanian nationals. Our failure to comply with such requirements could result in the loss of our Panamanian operating license
and/or our right to fly to certain important countries. Our Articles of Incorporation (<I>Pacto Social</I>) give special powers to our independent directors to take certain significant actions to attempt to ensure that the amount of shares held in
us by <FONT STYLE="white-space:nowrap">non-Panamanian</FONT> nationals does not reach a level that could jeopardize our compliance with Panamanian and bilateral ownership and control requirements. If our independent directors determine it is
reasonably likely that we will be in violation of these ownership and control requirements and our Class&nbsp;B shares represent less than 10% of our total outstanding capital stock (excluding newly issued shares sold with the approval of our
independent director&#146;s committee), our independent directors will have the power to issue additional Class&nbsp;B shares or Class&nbsp;C shares with special voting rights solely to Panamanian nationals. See &#147;Item 10B. Memorandum and
Articles of Association&#151;Description of Capital Stock.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If any of these remedial actions are taken, the trading price of the
Class&nbsp;A shares may be materially and adversely affected. An issuance of Class&nbsp;C shares could have the effect of discouraging certain changes of control of Copa Holdings or may reduce any voting power that the Class&nbsp;A shares enjoy
prior to the Class&nbsp;C share issuance. There can be no assurance that we would be able to complete an issuance of Class&nbsp;B shares to Panamanian nationals. We cannot be certain that restrictions on ownership by
<FONT STYLE="white-space:nowrap">non-Panamanian</FONT> nationals will not impede the development of an active public trading market for the Class&nbsp;A shares, adversely affect the market price of the Class&nbsp;A shares or materially limit our
ability to raise capital in markets outside of Panama in the future. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our controlling shareholder has the ability to direct our
business and affairs, and its interests could conflict with those of other shareholders. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">All of our Class&nbsp;B shares,
representing approximately 25.8% of the economic interest in Copa Holdings and 100% of the voting power of our capital stock, are owned by <I>Corporaci&oacute;n de Inversiones A&eacute;reas, S.A</I>., or &#147;CIASA,&#148; a Panamanian entity. CIASA
is in turn controlled by a group of Panamanian investors. In order to comply with the Panamanian Aviation Act, as amended and interpreted to date, we have amended our organizational documents to modify our share capital so that CIASA will continue
to exercise voting control of Copa Holdings. CIASA will not be able to transfer its voting control unless control of our Company will remain with Panamanian nationals. CIASA will maintain voting control of the Company so long as CIASA continues to
own a majority of our Class&nbsp;B shares and </P>
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the Class&nbsp;B shares continue to represent more than 10% of our total share capital (excluding newly issued shares sold with the approval of our independent director&#146;s committee). Even if
CIASA ceases to own the majority of the voting power of our capital stock, CIASA may continue to control our Board of Directors indirectly through its control of our Nominating and Corporate Governance Committee. As the controlling shareholder,
CIASA may direct us to take actions that could be contrary to other shareholders&#146; interests and under certain circumstances CIASA will be able to prevent other shareholders, including you, from blocking these actions. Also, CIASA may prevent
change of control transactions that might otherwise provide an opportunity to dispose of or realize a premium on investments in our Class&nbsp;A shares. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The Class&nbsp;A shares will only be permitted to vote in very limited circumstances and may never have full voting rights. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The holders of Class&nbsp;A shares have no right to vote at our shareholders&#146; meetings except with respect to corporate transformations of
Copa Holdings, mergers, consolidations or spin-offs of Copa Holdings, changes of corporate purpose, voluntary delisting of the Class&nbsp;A shares from the NYSE, the approval of nominations of our independent directors and amendments to the
foregoing provisions that adversely affect the rights and privileges of any Class&nbsp;A shares. The holders of Class&nbsp;B shares have the power to elect the Board of Directors and to determine the outcome of all other matters to be decided by a
vote of shareholders. Class&nbsp;A shares will not have full voting rights unless the Class&nbsp;B shares represent less than 10% of our total capital stock (excluding newly issued shares sold with the approval of our independent director&#146;s
committee). See &#147;Item 10B. Memorandum and Articles of Association&#151;Description of Capital Stock.&#148; We cannot assure that the Class&nbsp;A shares will ever carry full voting rights. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Substantial future sales of our Class&nbsp;A shares by CIASA could cause the price of the Class&nbsp;A shares to decrease. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">CIASA owns all of our Class&nbsp;B shares, and those Class&nbsp;B shares will be converted into Class&nbsp;A shares if they are sold to <FONT
STYLE="white-space:nowrap">non-Panamanian</FONT> investors. In connection with our initial public offering in December 2005, Continental and CIASA reduced their ownership of our total capital stock from 49.0% to approximately 27.3% and from 51.0% to
approximately 25.1%, respectively. In a <FONT STYLE="white-space:nowrap">follow-on</FONT> offering in June 2006, Continental further reduced its ownership of our total capital stock from 27.3% to 10.0%. In May 2008, we and CIASA released Continental
from its standstill obligations and they sold down their remaining shares in the public market. CIASA holds registration rights with respect to a significant portion of its shares pursuant to a registration rights agreement entered into in
connection with our initial public offering. In March 2010, CIASA converted a portion of its Class&nbsp;B shares into 1.6&nbsp;million <FONT STYLE="white-space:nowrap">non-voting</FONT> Class&nbsp;A shares and sold such Class&nbsp;A shares in an <FONT
STYLE="white-space:nowrap">SEC-registered</FONT> public offering. In the event CIASA seeks to reduce its ownership below 10% of our total share capital, our independent directors may decide to issue special voting shares solely to Panamanian
nationals to maintain the ownership requirements mandated by the Panamanian Aviation Act. As a result, the market price of our Class&nbsp;A shares could drop significantly if CIASA further reduces its investment in us, other significant holders of
our shares sell a significant number of shares or if the market perceives that CIASA or other significant holders intend to sell their shares. As of December&nbsp;31, 2020 CIASA owned 25.8% of Copa Holdings&#146; total capital stock. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Holders of our common stock are not entitled to preemptive rights, and as a result, shareholders may experience substantial dilution
upon future issuances of stock by us. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Under Panamanian corporate law and our organizational documents, holders of our Class&nbsp;A
shares are not entitled to any preemptive rights with respect to future issuances of capital stock by us. Therefore, unlike companies organized under the laws of many other Latin American jurisdictions, we are free to issue new shares of stock to
other parties without first offering them to our existing Class&nbsp;A shareholders. In the future we may sell Class&nbsp;A or other shares to persons other than our existing shareholders at a lower price than the shares already sold, and as a
result, shareholders may experience substantial dilution of their interest in us. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Shareholders may not be able to sell our
Class&nbsp;A shares at the price or at the time desired because an active or liquid market for the Class&nbsp;A shares may not continue. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our Class&nbsp;A shares are listed on the NYSE. During the three months ended December&nbsp;31, 2020, the average daily trading volume for our
Class&nbsp;A shares as reported by the NYSE was approximately 473,925 shares. Active, liquid trading markets generally result in lower price volatility and more efficient execution of buy and sell orders for our investors. The liquidity of a
securities market is often affected by the volume of shares publicly held by unrelated parties. We cannot predict whether an active liquid public trading market for our Class&nbsp;A shares will be sustained. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our operations in Cuba may adversely affect the market price of our Class&nbsp;A
shares </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We currently offer passenger, cargo and mail transportation services to and from Cuba. For the year ended December&nbsp;31,
2020, our transported passengers to and from Cuba represented approximately 4.5% of our total passengers. Our operating revenues from Cuban operations during the year ended December&nbsp;31, 2020 represented approximately 1.4% of our total
consolidated operating revenues for the year. Our assets located in Cuba are not significant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The United States administers and enforces
broad economic and trade sanctions and restrictions against Cuba, and groups opposed to the Cuban regime may seek to exert pressure on companies doing business in Cuba. U.S. policy towards Cuba has been in flux in recent years and uncertainty
remains over the future of U.S. economic sanctions against Cuba and the impact such sanctions will have on our operations, particularly if the United States imposes additional relevant sanctions. While we believe our operations in Cuba are in
compliance with all applicable laws, any violations of U.S. sanctions could result in the imposition of civil and/or criminal penalties and have an adverse effect on our business and reputation. Additionally, Title III of the Cuban Liberty and
Democratic Solidarity (Libertad) Act of 1996 (the Helms-Burton Act) provides a cause of action for U.S. nationals to bring claims against any person who traffics in property expropriated by the Cuban Government. The scope of any potential claims
under the Helms-Burton Act are uncertain and companies with commercial dealings in Cuba have faced claims for damages; we could face such claims in the future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Certain U.S. states have enacted or may enact legislation regarding investments by state-owned investors, such as public employee pension
funds and state university endowments, in companies that have business activities with Cuba. As a result, such state-owned institutional investors may be subject to restrictions with respect to investments in companies such as ours, which could
adversely affect the market for our shares. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our Board of Directors may, in its discretion, amend or repeal our dividend policy.
Shareholders may not receive the level of dividends provided for in the dividend policy or any dividends at all. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In February 2016,
the Board of Directors approved a change to the dividend policy to limit aggregate annual dividends to an amount equal to 40% of the previous year&#146;s annual consolidated underlying net income, to be distributed in equal quarterly installments
subject to board ratification each quarter. Our Board of Directors may, in its sole discretion and for any reason, amend or repeal any aspect of this dividend policy. Our Board of Directors may decrease the level of dividends provided for in this
dividend policy or entirely discontinue the payment of dividends. Future dividends with respect to shares of our common stock, if any, will depend on, among other things, our results of operations, cash requirements, financial condition, contractual
restrictions, business opportunities, provisions of applicable law and other factors that our Board of Directors may deem relevant. See &#147;Item 8A. Consolidated Statements and Other Financial Information&#151;Dividend Policy.&#148; On
April&nbsp;26, 2020, given the challenges presented by the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, the Board decided to postpone payment of dividends for the remainder of 2020. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>To the extent we pay dividends to our shareholders, we will have less capital available to meet our future liquidity needs. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our Board of Directors has reserved the right to amend the dividend policy or pay dividends in excess of the level circumscribed in the
dividend policy. The aviation industry has cyclical characteristics, and many international airlines are currently experiencing difficulties meeting their liquidity needs. Also, our business strategy contemplates growth over the next several years,
and we expect such growth will require a great deal of liquidity. To the extent that we pay dividends in accordance with, or in excess of, our dividend policy, the money that we distribute to shareholders will not be available to us to fund future
growth and meet our other liquidity needs. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our Articles of Incorporation impose ownership and control restrictions on our Company
that ensure that Panamanian nationals will continue to control us and these restrictions operate to prevent any change of control or some transfers of ownership in order to comply with the Aviation Act and other bilateral restrictions. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Under Law No.&nbsp;21 of January&nbsp;29, 2003, as amended and interpreted to date, or the &#147;Aviation Act&#148;, which regulates the
aviation industry in the Republic of Panama, Panamanian nationals must exercise &#147;effective control&#148; over the operations of the airline and must maintain &#147;substantial ownership&#148;. Under certain of the bilateral agreements between
Panama and other countries pursuant to which we have the right to fly to those other countries and over their territories, we must also continue to have substantial Panamanian ownership and effective control by Panamanian nationals to retain these
rights. On November&nbsp;25, 2005, the Executive Branch of the Government of Panama promulgated a decree stating that the &#147;substantial ownership&#148; and &#147;effective control&#148; requirements of the Aviation Act are met if a Panamanian
citizen or a Panamanian company is the record holder of shares representing 51% or more of the voting power of the </P>
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Company. Although the decree has the force of law for so long as it remains in effect, it does not supersede the Aviation Act, and it could be modified or superseded at any time by a future
Executive Branch decree. Additionally, the decree has no binding effect on regulatory authorities of other countries whose bilateral agreements impose Panamanian ownership and control limitations on us. These phrases are not defined in the Aviation
Act itself or in the bilateral agreements to which Panama is a party, and it is unclear how a Panamanian court or, in the case of the bilateral agreements, foreign regulatory authorities, would interpret them. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The share ownership requirements and transfer restrictions contained in our Articles of Incorporation, as well as the dual-class structure of
our voting capital stock, are designed to ensure compliance with these ownership and control restrictions. See &#147;Item 10B. Memorandum and Articles of Association&#151;Description of Capital Stock&#148;. At the present time, CIASA is the record
owner of 100% of our Class&nbsp;B voting shares, representing approximately 25.8% of our total share capital and all of the voting power of our capital stock. These provisions of our Articles of Incorporation may prevent change of control
transactions that might otherwise provide an opportunity to realize a premium on investments in our Class&nbsp;A shares. They also ensure that Panamanians will continue to control all the decisions of our Company for the foreseeable future. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The protections afforded to minority shareholders in Panama are different from and more limited than those in the United States and may
be more difficult to enforce. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Under Panamanian law, the protections afforded to minority shareholders are different from, and much
more limited than, those in the United States and some other Latin American countries. For example, the legal framework with respect to shareholder disputes is less developed under Panamanian law than under U.S. law and there are different
procedural requirements for bringing shareholder lawsuits, including shareholder derivative suits. As a result, it may be more difficult for our minority shareholders to enforce their rights against us or our directors or controlling shareholder
than it would be for shareholders of a U.S. company. In addition, Panamanian law does not afford minority shareholders as many protections for investors through corporate governance mechanisms as in the United States and provides no mandatory tender
offer or similar protective mechanisms for minority shareholders in the event of a change in control. While our Articles of Incorporation provide limited rights to holders of our Class&nbsp;A shares to sell their shares at the same price as CIASA in
the event that a sale of Class&nbsp;B shares by CIASA results in the purchaser having the right to elect a majority of our board, there are other change of control transactions in which holders of our Class&nbsp;A shares would not have the right to
participate, including the sale of interests by a party that had previously acquired Class&nbsp;B shares from CIASA, the sale of interests by another party in conjunction with a sale by CIASA, the sale by CIASA of control to more than one party, or
the sale of controlling interests in CIASA itself. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc128959_9"></A>Item&nbsp;4. Information on the Company </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>A. History and Development of the Company </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>General </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Copa was
established in 1947 by a group of Panamanian investors and Pan American World Airways, which provided technical and economic assistance as well as capital. Initially, Copa served three domestic destinations in Panama with a fleet of three Douglas <FONT
STYLE="white-space:nowrap">C-47</FONT> aircraft. In the 1960s, Copa began its international service with three weekly flights to cities in Costa Rica, Jamaica and Colombia using a small fleet of Avro 748s and Electra 188s. In 1971, Pan American
World Airways sold its stake in Copa to a group of Panamanian investors who retained control of the airline until 1986. During the 1980s, Copa suspended its domestic service to focus on international flights. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In 1986, CIASA purchased 99% of Copa, which was controlled by the group of Panamanian shareholders who currently control CIASA. From 1992
until 1998, Copa was a part of a commercial alliance with Grupo TACA&#146;s network of Central American airline carriers. In 1997, together with Grupo TACA, Copa entered into a strategic alliance with American Airlines. After a year our alliance
with American Airlines was terminated by mutual consent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">On May&nbsp;6, 1998, Copa Holdings, S.A., the holding company for Copa and
related companies was incorporated as a <I>sociedad </I><I>an&oacute;nima</I> under the laws of Panama to facilitate the sale by CIASA of a 49% stake in Copa Holdings to Continental. In connection with Continental&#146;s investment, we entered into
an extensive alliance agreement with Continental providing for code-sharing, joint marketing, technical exchanges and other cooperative initiatives between the airlines. At the time of our initial public offering in December 2005, Continental
reduced its ownership of our total capital stock from 49% to approximately 27.3%. In a <FONT STYLE="white-space:nowrap">follow-on</FONT> offering in June 2006, Continental further reduced its ownership of our total capital stock from 27.3% to 10.0%.
In May 2008, Continental sold its remaining shares in the public market. In March 2010, CIASA sold 4.2% of its interest and as of December&nbsp;31, 2019 held 25.8% of our total capital stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Since 1998, we have grown and modernized our fleet while improving customer service and reliability. Our operational fleet has grown from 13
aircraft in 1998 to 102 aircraft as of the start of 2020. In 2020, we reduced the size of our fleet to 77 aircraft as of December&nbsp;31, 2020, in part to reduce our capacity due to the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic. In
1999, we received our first Boeing <FONT STYLE="white-space:nowrap">737-700s,</FONT> followed by our first Boeing <FONT STYLE="white-space:nowrap">737-800</FONT> in 2003 and our first Embraer 190 in 2005. We discontinued the use of our last Boeing <FONT
STYLE="white-space:nowrap">737-200</FONT> in 2005. In 2018, we took delivery of our first four Boeing 737 MAX 9 aircraft. In addition, continuing our fleet optimization and efficiency efforts, in 2020 we signed an aircraft sale and purchase
agreement for the remaining Embraer 190 fleet. During 2020, we also announced the sale of our <FONT STYLE="white-space:nowrap">B737-700</FONT> fleet. We intend to restore capacity to <FONT STYLE="white-space:nowrap">pre-pandemic</FONT> levels, as
well as increase the frequency to the markets we currently serve over the long run. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">On April&nbsp;22, 2005, we acquired an initial 85.6%
equity ownership interest in AeroRep&uacute;blica, which was one of the largest domestic carriers in Colombia in terms of passengers carried. Through subsequent acquisitions, we increased our total ownership interest in AeroRep&uacute;blica to 99.9%
by the end of that year. In December 2016, we launched a <FONT STYLE="white-space:nowrap">low-cost</FONT> business model, Wingo, to diversify our offerings and to better compete with other <FONT STYLE="white-space:nowrap">low-</FONT> cost carriers
in the markets. We believe that Copa Airlines&#146; operational coordination with Copa Colombia creates additional passenger traffic in our existing route network by providing Colombian passengers more convenient access to the international
destinations served through our Panama hub and by offering direct domestic and international service through our low cost business model, Wingo. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In July 2015, we elected to cease <FONT STYLE="white-space:nowrap">co-branding</FONT> the MileagePlus frequent flyer program in Latin America
and launched our own frequent flyer program, ConnectMiles. We believe that establishing our own direct relationship with our customers is essential to better serve them. Copa and UAL will remain strong loyalty partners through our participation in
Star Alliance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In addition, on November&nbsp;30, 2018, we disclosed that we have entered into a
<FONT STYLE="white-space:nowrap">three-way</FONT> joint business agreement (&#147;JBA&#148;) with UAL and Avianca that is intended to cover our combined network between the United States and Latin America (except Brazil). We, UAL and Avianca intend
to apply for regulatory approval of the JBA and an accompanying grant of antitrust immunity from the U.S. Department of Transportation and other relevant agencies. However, there can be no assurance as to what the impact will be of the recent <FONT
STYLE="white-space:nowrap">COVID-19</FONT> outbreak or Avianca&#146;s Chapter 11 proceedings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our registered office is located at Avenida
Principal y Avenida de la Rotonda, Urbanizaci&oacute;n Costa del Este, Complejo Business Park, Torre Norte, Parque Lefevre, Panama City, Panama and our telephone number is +507 <FONT STYLE="white-space:nowrap">304-2774.</FONT> The website of Copa
Airlines is www.copaair.com. Information contained on, or accessible through, this website is not incorporated by reference herein and shall not be considered part of this annual report. Our agent for service of process in the United States is
Puglisi&nbsp;&amp; Associates, 850 Library Avenue, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Suite 204, Newark, Delaware 19715, and its telephone number is +(302) <FONT STYLE="white-space:nowrap">738-6680.</FONT> Also, the SEC maintains an internet site (<U>www.sec.gov</U>) that contains
reports, proxy and information statements and other information about the Company that the Company has filed electronically with the SEC. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Capital Expenditures </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">During 2020, our capital expenditures were $44.1&nbsp;million, which consisted of acquisition of property and equipment. During 2019, our
capital expenditures were $89.6&nbsp;million, which consisted primarily of advance payments on aircraft purchase contracts and acquisition of property and equipment, offset by reimbursement of advance payments on aircraft purchase contracts. During
2018, our capital expenditures were $183.1&nbsp;million, which consisted primarily of advance payments on aircraft purchase contracts and acquisition of property and equipment, offset by reimbursement of advance payments on aircraft purchase
contracts. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>B. Business Overview </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We are a leading Latin American provider of airline passenger and cargo service through our two principal operating subsidiaries, Copa Airlines
and Copa Colombia. Copa Airlines operates from its strategically located position in the Republic of Panama, and Copa Colombia flies from Colombia to Copa Airlines Hub of the Americas in Panama, and operates a
<FONT STYLE="white-space:nowrap">low-cost</FONT> business model, Wingo, within Colombia and various cities in the region. As of December&nbsp;31, 2020, we operate a fleet of 77 aircraft, 70 Boeing <FONT STYLE="white-space:nowrap">737-Next</FONT>
Generation aircraft and seven Boeing 737 MAX 9 aircraft to meet our current capacity requirements. The Company had one purchase contract with Boeing, which entails 60 firm orders of Boeing 737 MAX aircraft, agreed to be delivered between 2021 and
2027. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Copa currently offers approximately 104 daily scheduled flights among 54 destinations in 25 countries in North, Central and South
America and the Caribbean from its Panama City hub. Copa provides passengers with access to flights to more than 200 other destinations through code-share arrangements with UAL and other airlines pursuant to which each airline places its name and
flight designation code on the other&#146;s flights. Through its Panama City hub, Copa is able to consolidate passenger traffic from multiple points to serve each destination effectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Copa has a strategic alliance with United Airlines, or &#147;UAL&#148; or &#147;United,&#148; that encompass joint marketing strategies and
code-sharing arrangements, among other things. We have been a member of Star Alliance since June 2012. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Our Strengths </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We believe our primary business strengths that have allowed us to compete successfully in the airline industry include the following: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Our &#147;Hub of the Americas&#148; airport is strategically located.</I> We believe that Copa&#146;s base of
operations at the geographically central location of Tocumen International Airport in Panama City, Panama provides convenient connections to our principal markets in North, Central and South America and the Caribbean, enabling us to consolidate
traffic to serve several destinations that do not generate enough demand to justify <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">point-to-point</FONT></FONT> service. Flights from Panama operate with few service disruptions due
to weather, contributing to high completion factors and <FONT STYLE="white-space:nowrap">on-time</FONT> performance. Tocumen International Airport&#146;s <FONT STYLE="white-space:nowrap">sea-level</FONT> altitude allows our aircraft to operate
without the performance restrictions they would be subject to in higher altitude airports. We believe that Copa&#146;s hub in Panama allows us to benefit from Panama City&#146;s status as a center for financial services, shipping and commerce and
from Panama&#146;s stable, dollar-based economy, free-trade zone and growing tourism. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>We focus on keeping our operating costs low.</I> In recent years, our low operating costs and efficiency have
contributed significantly to our profitability. We believe that our cost per available seat mile reflects our modern fleet, efficient operations and the competitive cost of labor in Panama. During 2020 Panama&#146;s authorities suspended commercial
operations to and from Panama, Copa underwent through extensive renegotiations of contracts and cost reduction exercise that will lead us to achieve CASM levels in the range of 6&#162; when we are able to achieve back around 80% of <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">pre-COVID-19</FONT></FONT> capacity. See &#147;&#151;The <FONT STYLE="white-space:nowrap">COVID-19</FONT> outbreak has had and is expected to continue to have a material adverse impact on
our business.&#148; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>We operate a modern fleet.</I> Our fleet consists of Boeing <FONT STYLE="white-space:nowrap">737-MAX</FONT>
and Boeing 737 -Next Generation aircraft equipped with winglets and other modern cost-saving and safety features. Over the next several years, we intend to enhance our modern fleet through the addition of 60 Boeing 737 MAX aircraft to be delivered
between 2021 and 2027. We believe that our modern fleet contributes to our <FONT STYLE="white-space:nowrap">on-time</FONT> performance and high completion factor (percentage of scheduled flights not cancelled). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>We believe Copa has a strong brand and a reputation for quality service</I>. We believe that the Copa brand is
associated with value to passengers, providing world-class service and competitive pricing. For the year ended December&nbsp;31, 2020, Copa&#146;s statistic for <FONT STYLE="white-space:nowrap">on-time</FONT> performance, according to DOT standard
methodology of arrivals within 14 minutes of scheduled arrival time, was and its completion factor was 90.1%. We believe our focus on customer service has helped to build passenger loyalty. In addition, the excellent response to our new loyalty
program, ConnectMiles, demonstrates the strong affinity Copa customers have for the brand. In January 2020, we were recognized by OAG as the second most <FONT STYLE="white-space:nowrap">on-time</FONT> airline in the world and the most <FONT
STYLE="white-space:nowrap">on-time</FONT> airline in Latin America, and by Flight Stats in 2019, for the seventh consecutive year as the most <FONT STYLE="white-space:nowrap">on-time</FONT> airline in Latin America. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Our management fosters a culture of teamwork and continuous improvement</I>. Our management team has been
successful at creating a culture based on teamwork and focused on continuous improvement. Each of our employees has individual objectives based on corporate goals that serve as a basis for measuring performance. When corporate operational and
financial targets are met, employees are eligible to receive bonuses according to our profit-sharing program. See &#147;Item 6D. Employees&#148;. We also recognize outstanding performance of individual employees through company-wide recognition, <FONT
STYLE="white-space:nowrap">one-time</FONT> awards, special events and, in the case of our senior management, grants of restricted stock and stock options. Our goal-oriented culture and incentive programs have contributed to a motivated work force
that is focused on satisfying customers, achieving efficiencies and growing profitability. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Our Strategy </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our goal is to continue to grow profitably and enhance our position as a leader in Latin American aviation by providing a combination of
superior customer service, convenient schedules and competitive fares, while maintaining competitive costs. The key elements of our business strategy include the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Expand our network by increasing frequencies and adding new destinations.</I> We believe that demand for air
travel in Latin America is likely to expand in the next decade, and we intend to use our increasing fleet capacity to meet this growing demand. We intend to focus on expanding our operations by increasing flight frequencies on our most profitable
routes and initiating service to new destinations. Copa&#146;s Panama City hub allows us to consolidate traffic and provide <FONT STYLE="white-space:nowrap">non-stop</FONT> or <FONT STYLE="white-space:nowrap">one-stop</FONT> connecting service to
over 2,000 city pairs, and we intend to focus on providing new or increased service to destinations that we believe best enhance the overall connectivity and profitability of our network. While the core tenets of our business model remain in place,
the future demand and competitive environment of the region remain highly uncertain due to the coronavirus <FONT STYLE="white-space:nowrap">(COVID-19)</FONT> outbreak and the restructuring of several of our competitors. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Continue to focus on keeping our costs low</I>. We seek to reduce our cost per available seat mile without
sacrificing services valued by our customers as we execute our growth plans. Our goal is to maintain a modern fleet and to make effective use of our resources through efficient aircraft utilization and employee productivity. We intend to reduce our
distribution costs by increasing direct sales as well as improving efficiency through technology and automated processes. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Emphasize superior service and value to our customers.</I> We intend to continue to focus on satisfying our
customers and earning their loyalty by providing a combination of superior service and competitive fares. We believe that continuing our operational success in keeping flights on time, reducing mishandled luggage and offering convenient schedules to
attractive destinations will be essential to achieving this goal. In January 2020, we were recognized by OAG as the second most <FONT STYLE="white-space:nowrap">on-time</FONT> airline in the world and the most
<FONT STYLE="white-space:nowrap">on-time</FONT> airline in Latin America, and by Flight Stats in 2019, for the seventh consecutive year as the most <FONT STYLE="white-space:nowrap">on-time</FONT> airline in Latin America. We intend to continue to
incentivize our employees to improve or maintain operating and service metrics relating to our customers&#146; satisfaction by continuing our profit-sharing plan and employee recognition programs. We will continue to reward our customer loyalty
with, ConnectMiles awards, upgrades and access to our Copa Club lounges. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Industry </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In Latin America, the scheduled passenger service market consists of three principal groups of travelers: strictly leisure, business and
travelers visiting friends and family. Leisure passengers and passengers visiting friends and family typically place a higher emphasis on lower fares, whereas business passengers typically place a higher emphasis on flight frequency, <FONT
STYLE="white-space:nowrap">on-time</FONT> performance, breadth of network and service enhancements, including loyalty programs and airport lounges. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">According to data from the International Air Transport Association, or &#147;IATA&#148;,
Latin America comprised approximately 7.0% of international worldwide passengers flown in 2019 or 317&nbsp;million passengers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The
Central American aviation market is dominated by international traffic. According to data from IATA, international revenue passenger kilometers, or &#147;RPKs&#148;, are concentrated between North America and Central America. This segment
represented 76% of international RPKs flown to and from Central America in 2019, compared to 17.5% RPKs flown between Central America and South America and 6.4% for RPKs flown between Central American countries. Total RPKs flown on international
flights to and from Central America increased 2.8%, and load factors on international flights to and from Central America were 84% on average. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The chart below details passenger traffic between regions in 2019: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="46%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
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<TD VALIGN="bottom" WIDTH="3%"></TD>
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<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="22" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><I>2019 IATA Traffic Results</I></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Passenger&nbsp;Kms&nbsp;Flown</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Available&nbsp;Seat&nbsp;Kms</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Passenger&nbsp;Load&nbsp;Factor</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(Millions)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Change&nbsp;(%)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(Millions)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Change&nbsp;(%)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Load&nbsp;Factor</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Change&nbsp;(%)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">North America - Central America / Caribbean</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">160,104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">192,527</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.3&nbsp;p.p.</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">North America - South America</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">116,929</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2.7</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">136,619</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5.9</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">85.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.9 p.p.</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Within South America</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40,217</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2.9</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">49,993</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(3.3</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">80.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.4 p.p.</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Central America/Caribbean - South America</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36,789</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">44,531</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">82.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.5 p.p.</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Within Central America</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13,433</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17,281</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(0.1</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">77.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.4 p.p.</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">For 2020, due to the COVID pandemic, some countries in Latin America declared a suspension of operations for
several months. Operations were restarted for most airlines in Latin America on the fourth quarter, and capacity is gradually being restored following the currently reduced demand. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Panama serves as a hub for connecting passenger traffic between major markets in North, South, and Central America and the Caribbean.
Accordingly, passenger traffic to and from Panama is significantly influenced by economic growth in surrounding regions. Major passenger traffic markets in North, South and Central America experienced a decrease in their GDP in 2020. Preliminary
figures indicate that real GDP decreased by 9.0% in Panama and by 8.2% in Colombia, according to data of the World Economic and Financial Survey conducted by the International Monetary Fund or &#147;IMF&#148;. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="60%"></TD>

<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>GDP&nbsp;(in&nbsp;US$&nbsp;billions)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>GDP&nbsp;per&nbsp;Capita</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Current&nbsp;Prices</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Real&nbsp;GDP</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Current&nbsp;Prices</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(US$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(%&nbsp;Growth)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(US$)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Argentina</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">383</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(11.8</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,433</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Brazil</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,364</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5.8</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,450</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Chile</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">245</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(6.0</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12,612</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Colombia</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">265</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(8.2</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,207</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mexico</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,040</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(9.0</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,069</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Panama</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(9.0</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14,090</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">USA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20,807</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(4.3</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">63,051</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Source: International Monetary Fund, World Economic Outlook Database, October 2020 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Prior to the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, Panama had benefited
from a stable economy with moderate inflation and steady GDP growth. According to IMF estimates, from 2014 to 2020, Panama&#146;s real GDP grew at an average annual rate of 2.7%, while inflation averaged 0.6% per year. The IMF currently estimates
Panama&#146;s population to be approximately 4.4&nbsp;million in 2020, with the majority of the population concentrated in Panama City, where our hub at Tocumen International Airport is located. We believe the combination of a stable,
service-oriented economy and steady population growth has helped drive our domestic origin and destination passenger traffic. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Domestic
travel within Panama primarily consists of individuals visiting families as well as domestic and foreign tourists visiting the countryside. Most of this travel is done via ground transportation, and its main flow is to and from Panama City, where
most of the economic activity and population is concentrated. Demand for domestic air travel is growing and relates primarily to leisure travel from foreign and local tourists. Since January 2015, Copa has operated daily flights to the
second-largest city in Panama, David in the province of Chiriqui. The remaining market is served primarily by one local airline, Air Panama, which operates a fleet consisting of turbo prop aircraft generally with less than 50 seats. This airline
offers limited international service and operates in the secondary Marcos Gelabert airport of Panama City, which is located 30 minutes by car from Tocumen International Airport. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Colombia is the third largest country in Latin America in terms of population, with a population of approximately 50.9&nbsp;million in 2020
according to the IMF and has a land area of approximately 440,000 square miles. Colombia&#146;s GDP is estimated to be $264.9&nbsp;billion for 2020, and per capita income was approximately $5.2&nbsp;thousand (current prices) according to the IMF.
Colombia&#146;s geography is marked by the Andean mountains and an inadequate road and rail infrastructure, making air travel a convenient and attractive transportation alternative. Colombia shares a border with Panama, and for historic, cultural
and business reasons it represents a significant market for many Panamanian businesses. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Route Network and Schedules </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2020, Copa provided regularly scheduled flights to 54 cities in North, Central and South America and the Caribbean.
These represent 67% the number of cities served in 2019. The reduction in the number of cities served is due to the effects of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic on the economies in the region. The majority of Copa flights
operate through our hub in Panama City which allows us to transport passengers and cargo among a large number of destinations with service that is more frequent than if each route were served directly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We believe our <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">hub-and-spoke</FONT></FONT> model is the most efficient way
for us to operate our business since most of the origination/destination city pairs we serve do not generate sufficient traffic to justify <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">point-to-point</FONT></FONT> service. Also,
since we serve many countries, it would be very difficult to obtain the bilateral route rights necessary to operate a competitive network-wide <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">point-to-point</FONT></FONT> system.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Copa schedules its hub flights using a &#147;connecting bank&#148; structure, where flights arrive at the hub at approximately the same
time and depart a short time later. In June 2011, we increased our banks of flights from four to six a day. This allowed us to increase efficiency in the use of hub infrastructure in addition to providing more time of day choices to passengers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">As a part of our strategic relationship with UAL, Copa provides flights through code-sharing arrangements to over 200 other destinations. In
addition to code-shares provided with our Star Alliance partners, Copa also has code-sharing arrangements in place with several other carriers, including Air France, KLM, Iberia, Air Europa, Emirates, Gol, Azul and Cubana. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In addition to increasing the frequencies to destinations we already serve, Copa&#146;s business strategy is also focused on adding new
destinations across Latin America, the Caribbean and North America in order to increase the attractiveness of our Hub of the Americas at Tocumen International Airport for intra-American traffic. We currently plan to introduce new destinations and to
increase frequencies to many of the destinations that Copa currently serves. Our fleet allows us to improve our service by increasing frequencies and service to new destinations with the <FONT STYLE="white-space:nowrap">right-sized</FONT> aircraft.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In December 2016, we launched a <FONT STYLE="white-space:nowrap">low-cost</FONT> business model, Wingo, to diversify our offerings and to
better compete with other <FONT STYLE="white-space:nowrap">low-cost</FONT> carriers in the markets. Wingo serves domestic flights in Colombia and some international cities to and from Colombia. We also expect to incorporate a new Wingo operator, La
Nueva Aerol&iacute;nea S.A., which will be based in Panama and will initially operate one <FONT STYLE="white-space:nowrap">737-800</FONT> from the <I>Panama Pac&iacute;fico International Airport</I> outside of Panama City. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The coronavirus <FONT STYLE="white-space:nowrap">(COVID-19)</FONT> outbreak and the
resulting effects of decreased demand and increased passenger entry requirements implemented by many governments in our region has had a dramatic impact on our traffic volumes and therefore the flight schedules we offer. While most experts project
that it will take several years for air travel demand to return to the levels of 2019, there can be no assurance as to if or when air travel demand will recover in our region. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Revenue by Region </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table
shows our revenue generated in each of our major operating regions. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="80%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Region</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">North America (1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">29.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">29.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">South America</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Central America (2)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Caribbean (3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Includes USA, Canada, Mexico </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Includes Panama </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Cuba, Dominican Republic, Haiti, Jamaica, Puerto Rico, Aruba, Cura&ccedil;ao, St. Maarten, Bahamas, Barbados,
and Trinidad and Tobago </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Airline Operations </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Passenger Operations </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Passenger revenue accounted for approximately $760.6&nbsp;million in 2020, $2,612.6&nbsp;million in 2019, and $2,587.4&nbsp;million in 2018,
representing 95.0%, 96.5%, and 96.6%, respectively, of Copa&#146;s total revenues. Leisure traffic, which makes up close to half of Copa&#146;s total traffic, tends to coincide with holidays, school vacations and cultural events and peaks in July
and August, and again in December and January. Despite these seasonal variations, Copa&#146;s overall traffic pattern is relatively stable due to the constant influx of business travelers. Approximately one third of Copa&#146;s passengers regard
Panama City as their destination or origination point, and most of the remaining passengers pass through Panama City in transit to other points on our route network. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Cargo Operations </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In addition to our passenger service, we make efficient use of extra capacity in the belly of our aircraft by carrying cargo. Our cargo
operations consist principally of freight service. Copa&#146;s cargo business generated revenues of approximately $21.0&nbsp;million in 2020, $62.5&nbsp;million in 2019, and $62.5&nbsp;million in 2018, representing 2.6%, 2.3%, and 2.3% respectively,
of Copa&#146;s operating revenues. We primarily move our cargo in the belly of our aircraft; however, we also <FONT STYLE="white-space:nowrap">wet-lease</FONT> and charter freighter capacity when necessary to meet our cargo customers&#146; needs.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Pricing and Revenue Management </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Copa has designed its fare structure to balance its load factors and yields in a way that it believes will maximize profits on its flights.
Copa also maintains revenue management policies and procedures that are intended to maximize total revenues, while remaining generally competitive with those of our major competitors. In 2020, Copa implemented the PROS Revenue Management system,
replacing the system formerly used by the company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Copa charges higher fares for tickets sold on higher-demand routes, tickets purchased
on short notice and other itineraries suggesting a passenger would be willing to pay a premium. This represents strong value to Copa&#146;s business customers, who need more flexibility with their flight plans. The number of seats Copa offers at
each fare level in each market results from a continual process of analysis and forecasting. Past booking history, seasonality, the effects of competition and current booking trends are used to forecast demand. Current fares and knowledge of
upcoming events at destinations that will affect traffic volumes are included in Copa&#146;s forecasting model to arrive at optimal seat allocations for its fares on specific routes. Copa uses a combination of approaches, taking into account yields,
flight load factors and effects on load factors of continuing traffic, depending on the characteristics of the markets served, to arrive at a strategy for achieving the best possible revenue per available seat mile, balancing the average fare
charged against the corresponding effect on our load factors. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Relationship with UAL </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In May 1998, Copa Airlines and Continental entered into a comprehensive alliance agreement to offer a more complete and seamless travel
experience to passengers. The agreement encompasses a broad array of activities, including Copa&#146;s participation in Continental&#146;s frequent flyer programs and VIP lounges, as well as trademark agreements merged to permit joint marketing
activities. Continental became a subsidiary of UAL after its merger with United Airlines in 2010, and UAL has recognized all benefits of our original alliance with Continental. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">As a result of our alliance, we have benefited from Continental&#146;s and UAL&#146;s expertise and experience over the years. For example,
prior to July 2015 when we launched our own frequent flyer program, ConnectMiles, we adopted Continental&#146;s OnePass (now UAL&#146;s MileagePlus) frequent flyer program and rolled out a <FONT STYLE="white-space:nowrap">co-branded</FONT> joint
product in most of Latin America, which enabled Copa to develop brand loyalty among travelers. The <FONT STYLE="white-space:nowrap">co-branding</FONT> of the OnePass (now MileagePlus) loyalty program helped Copa to leverage the brand recognition
that Continental already enjoyed across Latin America and has enabled Copa to compete more effectively against regional. We also have adopted several important information technology systems, such as the SHARES computer reservation system in an
effort to maintain commonality with UAL. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our alliance relationship with UAL enjoys a grant of antitrust immunity from the U.S. Department
of Transportation, or &#147;DOT&#148;. The agreement expires in 2026, and is terminable by either airline in cases of, among other things, uncured material breaches of the alliance agreement, bankruptcy, termination of the services agreement for
breach, termination of the frequent flyer participation agreement without entering into a successor agreement, certain competitive activities, certain changes of control of either of the parties and certain significant operational service failures.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Trademark License Agreement</I>. Under our trademark license agreement with UAL, we have the right to use a logo incorporating a
design that is similar to the design of the UAL logo. We also have the right to use UAL&#146;s trade dress, aircraft livery and certain other UAL marks under the agreement that allow us to more closely align our overall product with our strategic
alliance partner. The trademark license agreement is coterminous with the alliance agreement and can also be terminated for breach. In most cases, we have a period of five years after termination to cease to use the marks on our aircraft, with less
time provided for signage and other uses of the marks or in cases where the agreement is terminated for a breach by us. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Joint Business
Agreement </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In November 2018, Copa Airlines announced it has reached an agreement with UAL and Avianca for a JBA that, pending
government approval, is expected to provide substantial benefits for customers, communities and the marketplace for air travel between the United States and 19 countries in Central and South America. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">By integrating their complementary route networks into a collaborative revenue-sharing JBA, Copa, United and Avianca will offer customers many
benefits, including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Integrated, seamless service in more than 12,000 city pairs. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">New nonstop routes. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Additional flights on existing routes, and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Reduced travel times. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The carriers expect the agreement to drive significant traffic growth at major gateway cities throughout Latin America, which the carriers
believe should help bring new investment and create more economic development opportunities for their communities. Further, the carriers anticipate the JBA will provide customers with expanded codeshare flight options, competitive fares and a more
streamlined travel experience. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Additionally, allowing the three carriers to serve customers as if they were a single airline is expected
to enable the companies to better align their frequent flyer programs, coordinate flight schedules and look to improve the overall travel experience. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">To enable the deep coordination required to deliver these benefits to consumers, communities and the marketplace, Copa, United and Avianca
plan to apply for regulatory approval of the agreement and an accompanying grant of antitrust immunity from the DOT and other regulatory agencies. The parties plan to fully implement the JBA after receiving the necessary government approvals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The JBA currently includes cooperation between the U.S. and Central and South America, excluding Brazil. With the recently concluded Open
Skies agreement between the US and Brazil, the carriers are exploring the possibility of adding Brazil to the JBA. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Once approved, the JBA will enable deep commercial and strategic cooperation that will apply
exclusively in the itineraries between Latin America and the U.S. contemplated in the agreement, but each of the three airlines will remain independent companies. However, given the recent <FONT STYLE="white-space:nowrap">COVID-19</FONT> outbreak
and Avianca&#146;s Chapter 11 proceedings, we can provide no assurances of the approvals and subsequence implementation of the JBA. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Sales, Marketing and Distribution </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Sales and Distribution</I>. A significant portion of our sales were completed through travel agents, including OTAs and other airlines while
the rest came from direct sales via our city ticket offices, or &#147;CTOs,&#148; call centers, airport counters or website. In recent years, travel agents&#146; base commissions have decreased significantly in most markets as more efficient <FONT
STYLE="white-space:nowrap">back-end</FONT> incentive programs have been implemented to reward selected travel agencies that exceed their sales targets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Travel agents obtain airline travel information and issue airline tickets through global distribution systems, or &#147;GDSs,&#148; that
enable them to make reservations on flights from a large number of airlines. GDSs are also used by travel agents to make hotel and car rental reservations. Copa participates actively in all major international GDSs, including SABRE, Amadeus,
Travelport. In return for access to these systems, Copa pays transaction fees that are generally based on the number of reservations booked through each system. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Copa has a sales and marketing network consisting of 33 domestic and international ticket offices, including city ticket offices located in
Panama and Colombia, in addition to the airports where we operate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The call center that operates Copa&#146;s reservations and sales
services handles calls from Panama as well as most other countries to which Copa flies. Such centralization has resulted in a significant increase in telephone sales, as it efficiently allows for improvements in service levels such as <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">24-hour-a-day,</FONT></FONT></FONT>
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">7-days-a-week</FONT></FONT></FONT> service, in three different languages. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Advertising and Promotional Activities</I>. In recent years, we have increased our use of digital marketing, including social media via
Facebook, Instagram and Twitter to enhance our brand image and engage customers in a new way. Although the majority of our efforts are currently focused on digital channels, our advertising and promotional activities also include the use of
television, print, radio and billboards, as well as targeted public relation events in the cities where we fly. We believe that the corporate traveler is an important part of our business, and we particularly promote our service to these customers
by conveying the reliability, convenience and consistency of our service and offering value-added services such as convention and conference travel arrangements. We also promote package deals for the destinations where we fly through combined
efforts with selected hotels and travel agencies. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Competition </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We face considerable competition throughout our route network. Overall airline industry profit margins are relatively low and industry earnings
are volatile. Airlines compete in the areas of pricing, scheduling (frequency and flight times), <FONT STYLE="white-space:nowrap">on-time</FONT> performance, frequent flyer programs and other services. Strategic alliances, bankruptcy restructurings
and industry consolidations characterize the airline industry and tend to intensify competition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Copa competes with a number of other
airlines that currently serve the routes on which we operate, including Avianca, American Airlines, Delta Air Lines, Spirit, JetBlue, Azul, Aeromexico, Gol, Interjet, Volaris, Viva Air and LATAM, among others. In order to remain competitive, we must
constantly react to changes in prices and services offered by our competitors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The airline industry continues to experience increased
consolidation and changes in international alliances, both of which have altered and will continue to alter the competitive landscape in the industry by resulting in the formation of airlines and alliances with increased financial resources, more
extensive global networks and altered cost structures. Moreover, the <FONT STYLE="white-space:nowrap">COVID-19</FONT> outbreak and consequent economic effects has created significant uncertainty about the competitive landscape in the coming years.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The airline industry is highly susceptible to price discounting, particularly because airlines incur very low marginal costs for
providing service to passengers occupying otherwise unsold seats. Carriers use discount fares to stimulate traffic during periods of lower demand to generate cash flow and to increase market share. Any lower fares offered by one airline are often
matched by competing airlines, which frequently results in lower industry yields with little or no increase in traffic levels. Price competition among airlines could lead to lower fares or passenger traffic on some or all of our routes, which could
negatively impact our profitability. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Airlines based in other countries may also receive subsidies, tax incentives or other state
aid from their respective governments, which are not provided by the Panamanian government. The commencement of, or increase in, service on the routes we serve by existing or new carriers could negatively impact our operating results. Likewise,
competitors&#146; service on routes that we are targeting for expansion may make those expansion plans less attractive. We must constantly react to changes in prices and services offered by our competitors to remain competitive. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Traditional <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">hub-and-spoke</FONT></FONT> carriers in the United States and
Europe have in recent years faced substantial and increasing competitive pressure from <FONT STYLE="white-space:nowrap">low-cost</FONT> carriers offering discounted fares. The <FONT STYLE="white-space:nowrap">low-cost</FONT> carriers&#146;
operations are typically characterized by <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">point-to-point</FONT></FONT> route networks focusing on the highest demand city pairs, high aircraft utilization, single class service and
fewer <FONT STYLE="white-space:nowrap">in-flight</FONT> amenities. As evidenced by the operations of competitors in South and Central American countries it is clear that <FONT STYLE="white-space:nowrap">low-cost</FONT> carriers are gaining
acceptance in the Latin American aviation industry. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">With respect to our cargo operations, we will continue to face competition from all
of the major airfreight companies, most notably DHL, which has a cargo hub operation at Tocumen International Airport. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Aircraft
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2020, Copa operated a fleet consisting of 77 aircraft, including two Boeing
<FONT STYLE="white-space:nowrap">737-700</FONT> Next Generation aircraft and 68 Boeing <FONT STYLE="white-space:nowrap">737-800</FONT> Next Generation aircraft<B>. </B>As of December&nbsp;31, 2020, Copa had firm orders to purchase 60 Boeing 737 MAX
aircraft to be delivered between 2021 and 2027. In October 2018 Copa signed an aircraft sale and purchase agreement with Azorra Aviation for the sale of five Embraer 190 aircraft in 2019. In 2020, we signed an aircraft sale and purchase agreement
for the remaining Embraer 190 aircraft. The deliveries of these aircraft will be completed by June 2021. During 2020, we also announced the sale of our Boeing <FONT STYLE="white-space:nowrap">737-700</FONT> fleet. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The current composition of the Copa fleet as of December&nbsp;31, 2020 is fully described below: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="46%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="22" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Average Term of Lease</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number of Aircraft</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Remaining</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Average&nbsp;Age</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Seating</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Owned</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Leased</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(Years)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(Years)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Capacity</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Boeing 737 MAX</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">166</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Boeing <FONT STYLE="white-space:nowrap">737-700</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">124</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Boeing <FONT STYLE="white-space:nowrap">737-800</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">154/160/186</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The table below describes the expected size of our fleet at the end of each year set forth below, assuming
delivery of all aircraft for which we currently have firm orders but not taking into account any aircraft for which we have purchase rights and options: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="65%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Aircraft Type</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2021</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2022</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2023</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2024</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2025</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">737-800</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">737-MAX</FONT><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Fleet</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We have the flexibility to choose between the different members of the 737 MAX family. The delivery schedule
above reflects contractual commitments. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Boeing 737 aircraft currently in our fleet are fuel-efficient and suit our
operations well for the following reasons: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
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<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">They have simplified maintenance procedures. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">They require just one type of standardized training for our crews. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">They have one of the lowest operating costs in their class. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our focus on profitable operations means that we periodically review our fleet composition. As a result, our fleet composition changes over
time when we conclude that adding other types of aircraft will help us achieve this goal. Following our strategy, by December 31, 2020 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
we had an order for 60 Boeing 737 MAX aircraft. The 737 MAX provides additional benefits to the current fleet such as fuel efficiency, longer range and additional capacity compared to the current
Copa seat configuration. Following the Ethiopian Airlines accident involving a Boeing 737 MAX 8 aircraft, we suspended operations of our six Boeing 737 MAX 9 aircraft as regulatory authorities around the world grounded the aircraft. On
November&nbsp;18, 2020 the FAA rescinded its grounding order, issued an airworthiness directive, and published training requirements enabling the Company to begin modifying certain operating procedures, implementing enhanced pilot training
requirements, installing <FONT STYLE="white-space:nowrap">FAA-approved</FONT> flight control software updates, and completing other required maintenance tasks specific to the MAX aircraft. On January 2021, we resumed operations of our Boeing 737 MAX
fleet after the authorization of the <I>Autoridad Aeron&aacute;utica Civil de Panama.</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Through several special purpose vehicles, we
currently have beneficial ownership of 48 of our aircraft. In addition, we lease two of our Boeing <FONT STYLE="white-space:nowrap">737-700s</FONT> and 27 of our Boeing <FONT STYLE="white-space:nowrap">737-800s</FONT> under long-term operating lease
agreements that have an average remaining term of 2.5 years. Leasing some of our aircraft provides us with flexibility to change our fleet composition if we consider it to be in our best interests to do so. We make monthly rental payments, some of
which are based on floating rates, but we are not required to make termination payments at the end of the lease. Currently, we do not have purchase options under any of our operating lease agreements. Under our operating lease agreements, we are
required to make supplemental rent payments at the end of the lease that are calculated with reference to the aircraft&#146;s maintenance schedule. In either case, we must return the aircraft in the agreed-upon condition at the end of the lease
term. Title to the aircraft remains with the lessor. We are responsible for the maintenance, servicing, insurance, repair and overhaul of the aircraft during the term of the lease. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">To better serve the growing number of business travelers, we offer a business class (<I>Clase Ejecutiva</I>) configuration in our fleet. Our
business class service features upgraded meal service, special <FONT STYLE="white-space:nowrap">check-in</FONT> desks, bonus mileage for full-fare business class passengers and access to VIP lounges. Our Boeing
<FONT STYLE="white-space:nowrap">737-800</FONT> aircraft currently have two different configurations, one with 16 business class seats with <FONT STYLE="white-space:nowrap">38-inch</FONT> pitch; and a second, with
<FONT STYLE="white-space:nowrap">48-inch</FONT> pitch seats, which is currently being used in 36 of our <FONT STYLE="white-space:nowrap">737-800s.</FONT> In order to accommodate these seats, a row from economy class was removed, decreasing the total
number of seats in those aircraft from 160 to 154. The Boeing 737 MAX 9 aircraft feature 16 full <FONT STYLE="white-space:nowrap">lie-flat</FONT> seats in business class (Dreams) and a total of 166 seats. By the end of 2021, a new Boeing 737 MAX 9
configuration will be part of the fleet, with 12 full <FONT STYLE="white-space:nowrap">lie-flat</FONT> seats in business class (Dreams) and a total of 174 seats. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Also, within the Copa Holdings fleet, there are six <FONT STYLE="white-space:nowrap">737-800s</FONT> dedicated to the operations of Wingo.
These aircraft are equipped with 186 economy class seats. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Each of our Boeing <FONT STYLE="white-space:nowrap">737-Next</FONT> Generation
aircraft is powered by two CFM International Model CFM <FONT STYLE="white-space:nowrap">56-7B</FONT> engines. Our Boeing 737 MAX 9 aircraft are powered by two CFM International Leap 1B engines. We currently have nine spare engines for service
replacements and for periodic rotation through our fleet. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Maintenance </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The maintenance performed on our aircraft can be divided into two general categories: line and heavy maintenance. Line maintenance consists of
routine, scheduled maintenance checks on our aircraft, including <FONT STYLE="white-space:nowrap">pre-flight,</FONT> service visits, <FONT STYLE="white-space:nowrap">&#147;A-checks&#148;</FONT> and any diagnostics and routine repairs. Copa&#146;s
line maintenance is performed by Copa&#146;s own technicians at our main base in Panama and/or at the out stations by Copa Airlines and/or Copa Colombia employees or third-party contractors. Heavy maintenance consists of more complex inspections and
overhauls, including <FONT STYLE="white-space:nowrap">&#147;C-checks,&#148;</FONT> and servicing of the aircraft that cannot be accomplished during an overnight visit. Maintenance checks are performed intermittently as determined by the aircraft
manufacturer through Copa Airlines AAC approved maintenance program. These checks are based on the number of hours, departures or calendar months flown. Historically we had contracted with certified outside maintenance providers, such as COOPESA. In
October of 2010, Copa decided to begin performing a portion of the heavy maintenance work <FONT STYLE="white-space:nowrap">in-house.</FONT> The hiring, training, facility and tooling setup, as well as enhancing certain support shops, were completed
during a <FONT STYLE="white-space:nowrap">ten-month</FONT> period. Ultimately, Copa acquired the required certifications by the local authorities to perform the first <FONT STYLE="white-space:nowrap">in-house</FONT>
<FONT STYLE="white-space:nowrap">C-Check</FONT> in August 2011, followed by its second <FONT STYLE="white-space:nowrap">C-check</FONT> in October of the same year. Today we are performing a continuous line of
<FONT STYLE="white-space:nowrap">C-Checks</FONT> <FONT STYLE="white-space:nowrap">in-house</FONT> for the entire year, and on January&nbsp;20, 2017 we held the ground-breaking of our new maintenance facility at Tocumen International Airport which
allows us to perform up to three complete continuous lines of <FONT STYLE="white-space:nowrap">C-checks,</FONT> as required. The new facility commenced operations in January 2019. In 2020, 5 heavy maintenance checks were successfully performed <FONT
STYLE="white-space:nowrap">in-house.</FONT> When possible, Copa attempts to schedule heavy maintenance during its lower-demand seasons in order to maximize productive use of its aircraft. Additionally, as of the of 2020, 13 of our Boeing <FONT
STYLE="white-space:nowrap">737-700/800</FONT> had been sent to CAVU Aerospace at Roswell International Air Center in New Mexico in 2020 for short term and long-term storage due to the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic impact
on the economies we serve and our operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Copa has exclusive long-term contracts with GE Engines whereby they perform maintenance on
all of our <FONT STYLE="white-space:nowrap">CFM-56</FONT> engines. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In October of 2014, Copa Airlines established its own maintenance technician training
academy. Through this program, we recruit and train technicians through <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">on-the-job</FONT></FONT> training and formal classes. These future technicians stay in the program for four
years total. After the first two years, each trainee receives their airframe license and becomes a mechanic. After the next two years, each trainee receives their power plant license and is released as a mechanic into our work force. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Copa Airlines and Copa Colombia employ, system-wide, around 483 maintenance professionals, who perform maintenance in accordance with
maintenance programs that are established by the manufacturers and approved and certified by international aviation authorities. Every mechanic is trained in factory procedures and goes through our own rigorous
<FONT STYLE="white-space:nowrap">in-house</FONT> training program. Every mechanic is licensed by the AAC and approximately 24 of our mechanics are also licensed by the FAA. Our safety and maintenance procedures are reviewed and periodically audited
by the AAC (Panama), UAEAC (Colombia), the FAA (United States), IATA (IOSA) and, to a lesser extent, every foreign country to which we fly. Copa Airlines&#146; maintenance facility at Tocumen International Airport has been certified by the FAA as an
approved repair station, under FAR Part 145, and once a year the FAA inspects this facility to validate and renew the certification. Copa&#146;s aircraft are initially covered by warranties that have a term of four years, resulting in lower
maintenance expenses during the period of coverage. All of Copa Airlines&#146; and Copa Colombia&#146;s mechanics are trained to perform line maintenance on each of the Boeing <FONT STYLE="white-space:nowrap">737-Next</FONT> Generation and Boeing
737 MAX. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">All of Copa Colombia&#146;s maintenance and safety procedures are certified by the <I>Aeron&aacute;utica Civil </I>of Colombia
and Bureau Veritas Quality International (&#147;BVQI&#148;), the institute that issues International Organization for Standardization, or &#147;ISO,&#148; quality certificates. All of Copa Colombia&#146;s maintenance personnel are licensed by the
<I>Aeron&aacute;utica Civil </I>of Colombia. In December 2017, Copa Colombia received its IATA Operational Safety Audit, or &#147;IOSA,&#148; compliance certification, which will remain valid until December 2021. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Safety </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We place a high
priority on providing safe and reliable air service. We are focused on continuously improving our safety performance by implementing internationally recognized best practices such as Safety Management System, or &#147;SMS,&#148; Flight Data Analysis
(FDA), internal and external operational safety audits, and associated programs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our SMS provides operational leaders with reactive,
proactive, and predictive data analyses that are delivered on a frequent and recurring basis. This program also uses a three-tiered meeting structure to ensure the safety risk of all identified hazards are assessed and corrective actions (if
required) are implemented. At the lowest meeting level, the Operational Leaders review the risk assessments, assign actions, and monitor progress. At the middle meeting level, the Chief Operations Officer meets with the Operational Leaders to ensure
all cross-divisional issues are properly addressed and funded. At the highest meeting level, the Chief Executive Officer monitors the performance of the SMS program and ensures the safety risk is being properly managed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The SMS is supported by safety investigations and a comprehensive audit program. Investigations are initiated either by operational events or
analyses of relevant trend information, such as via our Flight Data Analysis program. These investigations are conducted by properly qualified and trained internal safety professionals. Our audit program consists of three major components. The first
serves as the aircraft maintenance quality assurance program and is supported by six dedicated maintenance professionals. The second team consists of an internal team dedicated to conducting standardized audits of airport, flight operations, and
associated functions. The third component of our audit program is a biennial audit of all operational components by the internationally recognized standard IOSA (IATA Operational Safety Audit). In 2020 Copa Airlines and Copa Colombia successfully
completed IOSA audits by external providers. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Airport Facilities </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We believe that our hub at Panama City&#146;s Tocumen International Airport (PTY) is an excellent base of operations for the following reasons:
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Panama&#146;s consistently temperate climate is ideal for airport operations. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Tocumen is the only airport in Central America with two operational runways. Also, unlike some other regional
airports, consistent modernization and growth of our hub has kept pace with our needs. In 2012, Tocumen Airport completed Phase II of an expansion project of the existing terminal. In 2013, Tocumen awarded the bid for the construction of a new
terminal (&#147;Terminal 2&#148; or &#147;T2&#148;), with an additional 20 gates and eight remote positions. Currently, T2 is partially operating and is expected to be available to operate at full capacity by the end of 2021. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Panama&#146;s central and sea level location provides a very efficient base to operate our narrow body fleet,
efficiently serving short and long-haul destinations in Central, North and South America, as well as the Caribbean. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Tocumen International Airport is operated by an independent corporate entity established by
the government, where stakeholders have a say in the operation and development of the airport. The law that created this entity also provided for a significant portion of revenues generated at Tocumen to be used for airport expansion and
improvements. None of the airlines operating at Tocumen have any formal, written agreements with the airport management to govern access fees, landing rights or allocation of terminal gates. We rely upon our good working relationship with the
airport&#146;s management and the Panamanian government to ensure that we have access to the airport resources we need at prices that are reasonable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We provide most of our own ground services and handling of passengers and cargo at Tocumen International Airport. In addition, we provide
services to several of the main foreign airlines that operate at Tocumen. In most of the other airports where we operate, airport support services are provided by external third parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We use a variety of facilities at Tocumen, including our maintenance hangars and our operations facilities in the airport terminal. In January
2019, we opened a new hangar next to our existing maintenance facility. This new hangar has an area of approximately 90,000 square feet and can accommodate up to three narrow body aircraft simultaneously. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our Gold and higher PreferMember passengers have access to a Copa Club at the Tocumen International Airport in Panama. These passengers also
have access to other Copa Clubs in the region, which are strategically located in San Jos&eacute;, Guatemala City, Santo Domingo and Bogota. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Due to <FONT STYLE="white-space:nowrap">COVID-19,</FONT> the Copa Clubs were temporarily closed for a significant part of 2020. The Copa Clubs
at Tocumen International Airport and in San Jos&eacute; have restarted operations. We expect the rest to reopen during 2021. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Fuel
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Fuel costs are extremely volatile, as they are subject to many global economic, geopolitical, weather, environmental and other factors
that we can neither control nor accurately predict. Due to its inherent volatility, aircraft fuel has historically been our most unpredictable unit cost. In the past, rapid increases in prices have come from increased demand for oil coupled with
limited refinery capacity and instability in <FONT STYLE="white-space:nowrap">oil-exporting</FONT> countries. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Aircraft Fuel Data</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Average price per gallon of jet fuel into plane (excluding hedge) (in U.S. dollars)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 1.81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 2.16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 2.32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gallons consumed (in millions)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">92.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">321.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">328.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Available seat miles (in millions)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7,301</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25,113</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25,817</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gallons per ASM (in hundredths)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In 2020, the average price of West Texas Intermediate or &#147;WTI&#148; crude oil, a benchmark widely used
for crude oil prices that is measured in barrels and quoted in U.S. dollars, decreased by 31.2% from $57.0 per barrel to $39.2 per barrel. In 2020, we did not hedge any of our fuel needs, and we have not hedged any part of our fuel needs for 2021.
Although we have not added hedge positions since August of 2015, we continue to evaluate various hedging strategies and may enter into additional hedging agreements in the future, as any substantial and prolonged increase in the price of jet fuel
will likely materially and negatively affect our business, financial condition and results of operation. In the past, we have managed to offset some of the increases in fuel prices with higher load factors, fuel surcharges and fare increases. In
addition, our relatively young, winglet-equipped fleet and robust fuel conservation measures also help us mitigate the impact of higher fuel prices. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Tocumen International Airport has limited fuel storage capacity. In the event there is a disruption in the transport of fuel to the airport,
we may be forced to suspend flights until the fuel tanks can be refueled. However, during 2019, new fuel storage capacity, consisting of three 1 million-gallon tanks, were added to existing storage capacity. This addition resulted in an increase of
airport fuel storage capacity from 1.5&nbsp;million to 4.5&nbsp;million gallons. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Insurance </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We maintain passenger liability insurance in an amount consistent with industry practice, and we insure our aircraft against losses and damages
on an &#147;all risks&#148; basis. We have obtained all insurance coverage required by the terms of our leases. We believe our insurance coverage is consistent with airline industry standards and appropriate to protect us from material losses in
light of the activities we conduct. No assurance can be given, however, that the amount of insurance we carry will be sufficient to protect us from material losses. By leveraging the purchasing power of our alliance partner, UAL, we have been able
to negotiate lower premiums than those we would get if we were to purchase a standalone Hull and Airline Liability Insurance policy. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Environmental </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our
operations are covered by various local, national, and international environmental regulations. These regulations cover, among other things, gas emissions into the atmosphere, disposal of solid waste and aqueous effluents, aircraft noise, and other
activities that result from the operation of aircraft and our aircraft comply with all environmental standards applicable to their operations as described in this annual report. Currently, we maintain an Environmental Management and Adequacy Program
(&#147;PAMA&#148;), in all our facilities located in Panama, including our maintenance hangar and support facilities at the Tocumen International Airport, Administrative Offices in Costa del Este and Training Center in Clayton. This program was
approved by the Panamanian National Environmental Authority (&#147;MiAmbiente&#148;), in 2013, and includes actions such as a recycling program, better use of natural resources and final disposition of the unfiltered water used for aircraft
maintenance, among many others. Currently, the Copa Tocumen Airport&#146;s PAMA final report is presented to MiAmbiente on an annual basis to monitor and report our environmental <FONT STYLE="white-space:nowrap">follow-up</FONT> assessments. Copa
Airlines is an active signatory company of the Global Compact of the United Nations with its local chapter of the Global Compact Network Panama, and have, thus, published our Communication on Progress (&#147;COP&#148;) since October 2001. This
Global Compact agreement requires us to implement measures like maintaining a young fleet, incorporating new navigation technologies such as RNAV to reduce fuel consumption, installing latest generation winglets and scimitars in our planes to reduce
fuel consumption and recycling, among many others. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Starting in 2019, Copa is reporting the fuel consumption burned during its annual
flight operations and its gas emissions to the AAC. As a result, Copa is in line with the global aviation effort led by ICAO to implement CORSIA. The first gas emissions report corresponding to 2019 operations was successfully delivered to the AAC
on October 2020, after passing the audit by our external Verification Body of greenhouse gas emissions accredited by ICAO. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">From January
to December 2020 our recycling program was affected by the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic and the temporary suspension of our operations, however, we were able to collect a total of 52,876 tons of recycling materials in
Panama&#146;s Copa facilities and avoid sending waste to the landfill. During the same period, we recycled vehicle oil and aircraft fuel, for which we outsourced the collection of 5,155 gallons of hydrocarbons for use as alternative fuel for other
industries, thus avoiding the contamination of natural resources. We also outsourced the collection of 214,689 gallons of water contaminated with chemicals generated during aircraft cleaning and painting operations, and also from vehicle maintenance
processes. The subsequent treatment of the collected water made it possible to recover 171,751 gallons of water which were then returned to nature. We have properly disposed of a total of 23,110 kilograms of chemical waste from Aircraft Maintenance
operations. In comparison to 2019, in 2020 our environmental management reduced the generation of chemical waste and optimized the use of water during our operations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Regulation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Panama
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Authorizations and Certificates</I>. Panamanian law requires airlines providing commercial services in Panama to hold an
Operation Certificate and an Air Transportation License/Certificate issued by the AAC. The Air Transportation Certificate specifies the routes, equipment used, capacity, and frequency of flights. This certificate must be updated every time Copa
acquires new aircraft, or when routes and frequencies to a particular destination are modified. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Panamanian law also requires that the
aircraft operated by Copa Airlines be registered with the Panamanian National Aviation Registrar kept by the AAC, and that the AAC certifies the airworthiness of each aircraft in the fleet. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Panamanian government does not have an equity interest in our Company. Bilateral agreements signed by the Panamanian government have
protected our operational position and route network, allowing us to have a significant hub in Panama to transport traffic within and between the Americas and the Caribbean. All international fares are filed and, depending on the bilateral
agreement, are technically subject to the approval of the Panamanian government. Historically, we have been able to modify ticket prices on a daily basis to respond to market conditions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>

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Copa Airlines&#146; status as a private carrier means that it is not required under Panamanian law to serve any particular route and is free to withdraw service from any of the routes it
currently serves, subject to bilateral agreements. We are also free to determine the frequency of service we offer across our route network without any minimum frequencies imposed by the Panamanian authorities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Ownership Requirements</I>. The most significant restriction on our Company imposed by the Panamanian Aviation Act, as amended and
interpreted to date, is that Panamanian nationals must exercise &#147;effective control&#148; over the operations of the airline and must maintain &#147;substantial ownership.&#148; These phrases are not defined in the Aviation Act itself and it is
unclear how a Panamanian court would interpret them. The share ownership requirements and transfer restrictions contained in our Articles of Incorporation, as well as the structure of our capital stock described under the caption &#147;Description
of Capital Stock&#148;, are designed to ensure compliance with these ownership and control restrictions created by the Aviation Act. While we believe that our ownership structure complies with the ownership and control restrictions of the Aviation
Act as interpreted by a decree by the Executive Branch, we cannot assure you that a Panamanian court would share our interpretation of the Aviation Act or the decree or that any such interpretations would remain valid for the entire time you hold
our Class&nbsp;A shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Although the Panamanian government does not currently have the authority to dictate the terms of our service,
the government is responsible for negotiating the bilateral agreements with other nations that allow us to fly to other countries. Several of these agreements require Copa to remain &#147;effectively controlled&#148; and &#147;substantially
owned&#148; by Panamanian nationals in order for us to use the rights conferred by the agreements. Such requirements are analogous to the Panamanian Aviation Act described above that requires Panamanian control of our business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Antitrust Regulations.</I> In 1996, the Republic of Panama enacted antitrust legislation, which regulates industry concentration and
vertical anticompetitive practices and prohibits horizontal collusion. The Consumer Protection and Free Trade Authority is in charge of enforcement and may impose fines only after a competent court renders an adverse judgment. The law also provides
for direct action by any affected market participant or consumer, independently or through class actions. The law does not provide for the granting of antitrust immunity, as is the case in the United States. In February 2006, the antitrust
legislation was amended to increase the maximum fines that may be assessed to $1,000,000 for violations and $250,000 for minor infractions of antitrust law. In October 2007, the antitrust legislation was amended again to include new regulations.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Colombia </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Even though the Colombian aviation market continues to be regulated by the Colombian Civil Aviation Administration, <I>Unidad Especial
Administrativa de Aeron&aacute;utica Civil</I>, or &#147;<I>Aeron&aacute;utica Civil</I>,&#148; the government policies have become more liberal in recent years. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Colombia has expanded its open-skies agreements with several countries in the last years. In addition to Aruba and the Andean Pact nations of
Bolivia, Ecuador and Peru, open-skies agreements have been negotiated with Costa Rica, El Salvador, Panama and Dominican Republic. In the framework of liberalization between Colombia and Panama, any airline has the right to operate unlimited
frequencies between any city pair of the two countries. As a result, Copa offers scheduled services between nine main cities in Colombia and Panama. In November 2010, Colombia signed an open-skies agreement with the United States, which took effect
in January 2013. With respect to domestic aviation, airlines must present feasibility studies to secure specific route rights, and no airline may serve the city pairs with the most traffic unless that airline has at least five aircraft with valid
airworthiness certificates. While <I>Aeron&aacute;utica Civil</I> has historically regulated the competition on domestic routes, in December 2012 it revoked a restriction requiring a maximum number of competing airlines on each domestic route. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In October 2011, <I>Aeron&aacute;utica Civil</I> announced its decision to liberalize air fares in Colombia starting April&nbsp;1, 2012,
including the elimination of fuel surcharges. However, airlines are required to charge an administrative fee (<I>tarifa administrativa</I>) for each ticket sold on domestic routes within Colombia through an airline&#146;s direct channels. Passengers
in Colombia are also entitled by law to compensation in the event of delays in excess of four hours, over-bookings and cancellations. Currently, the San Andr&eacute;s, Bogot&aacute;, Pereira, Cali, Cartagena, Medellin, Bucaramanga, Santa Marta and
Cucuta airports, among others, are under private management arrangements. The government&#146;s decision to privatize airport administration in order to finance the necessary expansion projects and increase the efficiency of operations has increased
airports fees and facility rentals at those airports. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Authorization and Certificates.</I> Colombian law requires airlines providing
commercial services in Colombia to hold an operation certificate issued by the <I>Aeron&aacute;utica Civil,</I> which is renewed every five years. Copa Colombia&#146;s operation certificate was renewed in 2017. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Safety Assessment.</I> On December&nbsp;9, 2010, Colombia was <FONT
STYLE="white-space:nowrap">re-certified</FONT> as a Category 1 country under the FAA&#146;s IASA program. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Ownership Requirements.</I>
Colombian regulations establish that an airline satisfies the ownership requirements of Colombia if it is registered under the Colombian Laws and Regulations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Antitrust Regulations.</I> In 2009, an antitrust law was issued by the Republic of Colombia; however, commercial aviation activities remain
under the authority of the <I>Aeron&aacute;utica Civil</I>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Airport Facilities.</I> The airports of the major cities in Colombia have
been granted to concessionaries, who impose charges on the airlines for the rendering of airport services. The ability to contest these charges is limited, but contractual negotiations with the concessionaries are possible. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>United States </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Operations to the United States by <FONT STYLE="white-space:nowrap">non-U.S.</FONT> airlines, such as Copa Airlines, are subject to Title 49 of
the U.S. Code, under which the DOT, the FAA and the TSA exercise regulatory authority. The U.S. Department of Justice also has jurisdiction over airline competition matters under federal antitrust laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Authorizations and Licenses</I>. The DOT has jurisdiction over international aviation with respect to air transportation to and from the
United States, including regulation of related route authorities, the granting of which are subject to review by the President of the United States. The DOT exercises its jurisdiction with respect to unfair practices and methods of competition by
airlines and related consumer protection matters as to all airlines operating to and from the United States. Copa Airlines is authorized by the DOT to engage in scheduled and charter air transportation services, including the transportation of
persons, property (cargo) and mail, or combinations thereof, between points in Panama and points in the United States and beyond (via intermediate points in other countries). Copa Airlines holds the necessary authorizations from the DOT in the form
of a foreign air carrier permit, an exemption authority and statements of authorization to conduct our current operations to and from the United States. The exemption authority was granted by the DOT in February 1998 and was due to expire in
February 2000. However, the authority remains in effect by operation of law under the terms of the Administrative Procedure Act pending final DOT action on the application we filed to renew the authority on January&nbsp;3, 2000. There can be no
assurance that the DOT will grant the application. Our foreign air carrier permit has no expiration date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Copa Airlines&#146; operations
in the United States are also subject to regulation by the FAA with respect to aviation safety matters, including aircraft maintenance and operations, equipment, aircraft noise, ground facilities, dispatch, communications, personnel, training,
weather observation, air traffic control and other matters affecting air safety. The FAA requires each foreign air carrier serving the United States to obtain operational specifications pursuant to 14 CFR Part 129 of its regulations and to meet
operational criteria associated with operating specified equipment on approved international routes. We believe that we are in compliance in all material respects with all requirements necessary to maintain in good standing our operations
specifications issued by the FAA. The FAA can amend, suspend, revoke or terminate those specifications, or can temporarily suspend or permanently revoke our authority if we fail to comply with the regulations, and can assess civil penalties for such
failure. A modification, suspension or revocation of any of our DOT authorizations or FAA operating specifications could have a material adverse effect on our business. The FAA also conducts safety audits and has the power to impose fines and other
sanctions for violations of airline safety regulations. We have not incurred any material fines related to operations. The FAA also conducts safety International Aviation Safety Assessment, or &#147;IASA,&#148; as to Panama&#146;s compliance with
ICAO safety standards. Panama is currently considered a Category 1 country that complies with ICAO international safety standards. As a Category 1 country, no limitations are placed upon our operating rights to the Unites States. If the FAA should
determine that Panama does not meet the ICAO safety standards, the FAA and DOT would restrict our rights to expand operations to the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Security</I>. On November&nbsp;19, 2001, the U.S. Congress passed, and the President signed into law, the Aviation and Transportation
Security Act or the &#147;Aviation Security Act&#148;. This law federalized substantially all aspects of civil aviation security and created the TSA, an agency of the Department of Homeland Security, to which the security responsibilities previously
held by the FAA were transitioned. The Aviation Security Act requires, among other things, the implementation of certain security measures by airlines and airports, such as the requirement that all passengers, their bags and all cargo be screened
for explosives and other security-related contraband. Funding for airline and airport security required under the Aviation Security Act is provided in part by a $2.50 per segment passenger security fees for flights departing from the United States,
subject to a $10 per roundtrip cap; however, airlines are responsible for costs incurred to meet security requirements beyond those provided by the TSA. The United States government is considering increases to this fee as the TSA&#146;s costs exceed
the revenue it receives from these fees. Implementation of the requirements of the Aviation Security Act has resulted in increased costs for airlines and their passengers. Since the events of September&nbsp;11, 2001, the U.S. Congress has mandated,
and the TSA has implemented numerous security procedures and requirements that have imposed and will continue to impose burdens on airlines, passengers and shippers. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Passenger Facility Charges</I>. Most major U.S. airports impose passenger facility
charges. The ability of airlines to contest increases in these charges is restricted by federal legislation, DOT regulations and judicial decisions. With certain exceptions, air carriers pass these charges on to passengers. However, our ability to
pass through passenger facility charges to our customers is subject to various factors, including market conditions and competitive factors. Passenger facility charges are capped at $4.50 per flight segment with a maximum of two PFCs charged on a <FONT
STYLE="white-space:nowrap">one-way</FONT> trip or four PFCs on a round trip, for a maximum of $18 total, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Airport
Access</I>. Two U.S. airports at which we operate, O&#146;Hare International Airport in Chicago (O&#146;Hare) and John F. Kennedy International Airport in New York, or &#147;JFK&#148;, were formerly designated by the FAA as &#147;high density&#148;
traffic airports subject to arrival and departure slot restrictions during certain periods of the day. From time to time, the FAA has also issued temporary orders imposing slot restrictions at certain airports. Although slot restrictions at JFK were
formally eliminated as of January&nbsp;1, 2007, on January&nbsp;15, 2008, the FAA issued an order limiting the number of scheduled flight operations at JFK during peak hours to address the over-scheduling, congestion and delays at JFK. The FAA is
currently contemplating the implementation of a long-term congestion management rule at LaGuardia Airport, JFK and Newark Liberty International Airport, which would replace the order currently in effect at JFK. We cannot predict the outcome of this
potential rule change on our costs or ability to operate at JFK. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">On July&nbsp;8, 2008, the DOT also issued a revised Airport Rates and
Charges policy that allows airports to establish <FONT STYLE="white-space:nowrap">non-weight</FONT> based fees during peak hours and to apportion certain expenses from &#147;reliever&#148; airports to the charges for larger airports in an effort to
limit congestion. Additionally, in 2020, due to the reduced number of departures of several airports in North America, we experienced higher effective rates related to airport services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Noise Restrictions.</I> Under the Airport Noise and Capacity Act of 1990 and related FAA regulations, aircraft that fly to the United
States must comply with certain Stage 3 noise restrictions, which are currently the most stringent FAA operating noise requirements. All of our Copa aircraft meet the Stage 3 requirement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Other Regulation.</I> U.S. laws and regulations have been proposed from time to time that could significantly increase the cost of airline
operations by imposing additional requirements or restrictions on airlines. There can be no assurance that laws and regulations currently enacted or enacted in the future will not adversely affect our ability to maintain our current level of
operating results. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Other Jurisdictions </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We are also subject to regulation by the aviation regulatory bodies that set standards and enforce national aviation legislation in each of the
jurisdictions to which we fly. These regulators may have the power to set fares, enforce environmental and safety standards, levy fines, restrict operations within their respective jurisdictions or any other powers associated with aviation
regulation. We cannot predict how these various regulatory bodies will perform in the future, and the evolving standards enforced by any of them could have a material adverse effect on our operations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>C. Organizational Structure </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The following is an organizational chart showing Copa Holdings and its principal subsidiaries. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g128959g74t49.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Includes ownership by us held through wholly-owned holding companies organized in the British Virgin Islands.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Copa Airlines is our principal airline operating subsidiary that operates out of our hub in Panama and provides
passenger service in North, South and Central America and the Caribbean. Copa Airlines Colombia is our operating subsidiary that provides air travel from Colombia to Copa Airlines Hub of the Americas in Panama, and operates a <FONT
STYLE="white-space:nowrap">low-cost</FONT> business model, Wingo, within Colombia and various cities in the region. Oval Financial Leasing, Ltd. controls the special purpose vehicles that have a beneficial interest in the majority of our fleet. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>D. Property, plants and equipment </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Headquarters </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our
headquarters are located six miles away from Tocumen International Airport. We have leased five floors consisting of approximately 105,981 square feet of the building from <I>Desarollo Inmobiliario Del Este, S.A.</I>, an entity controlled by some of
the investors that controls CIASA, under a <FONT STYLE="white-space:nowrap">ten-year</FONT> lease that began in January 2015 at a rate of $0.2&nbsp;million per month. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Other Property </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">At
Tocumen International Airport, we lease two maintenance hangars, operations offices in the terminal, counter space, parking spaces and other operational properties from the entity that manages the airport. We pay approximately $212,439 per month for
this leased property. Around Panama City, we also lease various office spaces, parking spaces and other properties from a variety of lessors, for which we pay approximately $108,931 per month in the aggregate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In each of our destination cities, we also lease space at the airport for <FONT STYLE="white-space:nowrap">check-in,</FONT> reservations and
airport ticket office sales, and we lease space for CTOs in those cities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Copa Colombia leases most of its airport offices and CTOs.
Owned properties only include one CTO and a warehouse close to the Bogota airport. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">See also our discussion of &#147;Aircraft&#148; and
&#147;Airport Facilities&#148; above. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc128959_10"></A>Item&nbsp;4A. Unresolved Staff Comments </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">None. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc128959_11"></A>Item&nbsp;5. Operating and Financial Review and Prospects
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>A. Operating Results </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>You should read the following discussion in conjunction with our consolidated financial statements and the related notes and the other
financial information included elsewhere in this annual report. Discussions of year-over-year comparisons between 2019 and 2018 that are not included in this Form <FONT STYLE="white-space:nowrap">20-F</FONT> can be found in Part I, Item 5, Operating
and Financial Review and Prospects&#148; of our Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the fiscal year ended December&nbsp;31, 2019. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We are a leading Latin American provider of airline passenger and cargo service through our two principal operating subsidiaries, Copa
Airlines and Copa Colombia. Copa Airlines operates from its strategically located position in the Republic of Panama, and Copa Colombia provides air travel from Colombia to Copa Airlines Hub of the Americas in Panama and operates a <FONT
STYLE="white-space:nowrap">low-cost</FONT> business model within Colombia and various cities in the region. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Copa currently offers
approximately 104 daily scheduled flights among 54 destinations in 25 countries in North, Central, South America and the Caribbean from its Panama City hub. Copa provides passengers with access to flights to more than 200 other destinations through
code-share arrangements with our Star Alliance partners and other carriers including Air France, KLM, Iberia, Emirates, Gol, Azul, Tame, Cubana and Aeromexico. Through its Panama City hub, Copa Airlines is able to consolidate passenger traffic from
multiple points to serve each destination effectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2020, Copa Airlines and Copa Colombia operate a modern
fleet of 77 Boeing 737 aircraft. To meet growing capacity requirements, we have firm orders, including purchase and lease commitments. The Company had one purchase contract with Boeing, which entails 60 firm orders of Boeing 737 MAX aircraft, agreed
to be delivered between 2021 and 2027. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Factors Affecting Our Results of Operations </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Fuel </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In 2020, the
average price of WTI crude oil, a benchmark widely used for crude oil prices that is measured in barrels and quoted in U.S. dollars, decreased by 31.2% from $57.0 per barrel to $39.2 per barrel. In 2020, we did not hedge any of our fuel needs. For
2021 although we have not hedged any part of our anticipated fuel needs, we continue to evaluate various hedging strategies and may enter into additional hedging agreements in the future, as any substantial and prolonged increase in the price of jet
fuel will likely materially and negatively affect our business, financial condition and results of operation. In the past, we have managed to offset some of the increases in fuel prices with higher load factors, fuel surcharges and fare increases.
In addition, our relatively young, winglet-equipped fleet and robust fuel conservation measures also help us mitigate the impact of higher fuel prices. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Regional Economic Environment </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our historical financial results have been, and we expect them to continue to be, materially affected by the general level of economic activity
and growth of per capita disposable income in North, South and Central America and the Caribbean, which have a material impact on discretionary and leisure travel (drivers of our passenger revenue) and the volume of trade between countries in the
region (the principal driver of our cargo revenue).As a result of the effects of <FONT STYLE="white-space:nowrap">COVID-19</FONT> global pandemic, in March 2020 the Company and the entire aviation industry began to experience a significant drop in
the demand for air travel. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In Colombia, real GDP, at constant prices, experienced a decline of 8.2% in 2020. Average inflation of
consumer prices in Colombia was approximately 2.4% in 2020, according to the IMF. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In previous years our yields in Venezuela were
negatively impacted by exchange controls, along with high inflation and political uncertainty, which led us to restrict ticket sales for passengers paying in Venezuelan bolivars. Today, sales in Venezuela are very limited (approximately 0.1% of our
total sales) and operational feasibility of Venezuela flights is closely monitored in order to deliver optimal profitability and avoid accumulations of Venezuelan bolivars. According to data from the IMF, Venezuela&#146;s GDP contracted by 25% in
2020. Exact data regarding inflation rates in Venezuela varies significantly, depending on the source. In response to continued hyperinflation, the Venezuelan government introduced the Bolivar Soberano on August&nbsp;20, 2018, replacing the Bolivar
Fuerte at a rate of 1 to 100,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">According to data from The Preliminary Overview of the Economies of Latin America and the Caribbean, an
annual United Nations publication prepared by the Economic Development Division, the economy of Latin America (including the Caribbean) is estimated to increase by 3.7% in 2021. Preliminary figures for 2020 indicate that the Panamanian economy
decreased by 9.0% (versus 3.0% growth in 2019). Headline deflation in Panama (as indicated by the consumer price index) was 0.8% compared to 2019. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Revenues </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We derive our revenues primarily from passenger transportation, which represented 95.0% of our revenues for the year ended December&nbsp;31,
2020. In addition, 2.6% of our total revenues are derived from cargo and 2.4% from other activities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We recognize passenger revenue from
tickets when transportation is provided rather than when a ticket is sold. Passenger revenues reflect the capacity of our aircraft on the routes we fly, load factor and yield. Our capacity is measured in terms of available seat miles, or
&#147;ASMs&#148;, which represents the number of seats available on our aircraft multiplied by the number of miles the seats are flown. Our usage is measured in terms of RPMs, which is the number of revenue passengers multiplied by the miles these
passengers fly. Load factor, or the percentage of our capacity that is actually used by paying customers, is calculated by dividing RPMs by ASMs.&nbsp;Yield is the average amount that one passenger pays to fly one mile. We use a combination of
approaches, taking into account yields, flight load factors and effects on load factors of connecting traffic, depending on the characteristics of the markets served, to arrive at a strategy for achieving the best possible revenue per available seat
mile, balancing the average fare charged against the corresponding effect on our load factors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We recognize cargo revenue when
transportation is provided. Historically our other revenue consists primarily of commissions earned on tickets sold for flights on other airlines, special charges, <FONT STYLE="white-space:nowrap">non-air</FONT> frequent flyer program revenue and
services provided to other airlines. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Overall demand for our passenger and cargo services is highly dependent on the regional economic
environment in which we operate, including the GDP of the countries we serve and the disposable income of the residents of those countries. Approximately 40% of our passengers travel at least in part for business reasons, and the growth of
intraregional trade greatly affects that portion of our business. The remaining 60% of our passengers are tourists or travelers visiting friends and family. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The following table sets forth our capacity, load factor and yields for the periods indicated. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="4%"></TD>
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<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
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<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Capacity (in available seat miles, in millions)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7,301</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25,113</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25,817</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23,936</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22,004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Load factor</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">79.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">84.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">80.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Yield (in cents)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.09</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.02</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Seasonality </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Generally, revenues and profitability of our flights peak during the northern hemisphere&#146;s summer season in July and August and again
during the December and January holiday season. Given our high proportion of fixed costs, this seasonality is likely to cause our results of operations to vary from quarter to quarter. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Operating Expenses </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The main components of our operating expenses are aircraft fuel, wages, salaries, benefits and other employees&#146; expenses, sales and
distribution and airport facilities and handling charges. A common measure of per unit costs in the airline industry is cost per available seat mile, or &#147;CASM&#148;, which is generally defined as operating expenses divided by ASMs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Fuel.</I> The price we pay for aircraft fuel varies significantly from country to country primarily due to local taxes. While we purchase
aircraft fuel at most of the airports to which we fly, we attempt to negotiate fueling contracts with companies that have a multinational presence in order to benefit from volume purchases. During 2020, as a result of the location of its hub, Copa
purchased 57% of its aircraft fuel in Panama. Copa has 22 suppliers of aircraft fuel across its network. In some cases, we tanker fuel in order to minimize our cost, by fueling in airports where fuel prices are lowest. Our aircraft fuel expenses are
variable and fluctuate based on global oil prices. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">43 </P>

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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Aircraft Fuel Data</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Average price per gallon of jet fuel into plane (excluding hedge) (in U.S. dollars)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 1.81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 2.16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 2.32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gallons consumed (in millions)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">92.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">321.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">328.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Available seat miles (in millions)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7,301</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25,113</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25,817</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gallons per ASM (in hundredths)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Wages, salaries and other employees&#146; expenses</I>. Salary and benefit expenses have historically
increased at the rate of inflation and by the growth in the number of our employees. In some cases, we have adjusted the salaries of our employees to correspond to changes in the cost of living in the countries where these employees work. We do not
increase salaries based on seniority. On 2020 we are showing a decrease in salary and benefit expenses, mostly as a result of a reduced payroll given contract suspensions, workhour reductions and voluntary retirements, among others, partly offset by
severance related expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Passenger servicing</I>. Our passenger servicing expenses consist of catering, <FONT
STYLE="white-space:nowrap">in-flight</FONT> entertainment and liability insurance among others. These expenses are generally directly related to the number of passengers we carry or the number of flights we operate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Airport facilities and handling charges</I>. Our airport facility and handling charges consist of
<FONT STYLE="white-space:nowrap">take-off/landing</FONT> charges, aircraft parking charges, baggage handling, and airport security charges. These charges are mainly driven by the number of flights we operate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Sales and distribution. </I>Our sales and distribution expenses<I> </I>are driven mainly by passenger revenues, indirect channel
penetration performance, agreed commission rates, and from payments to global distribution systems &#147;GDS&#148;, such as Amadeus and Sabre. Our commission expenses consist primarily of payments for ticket sales made by travel agents and
commissions paid to credit card companies, depending on the country. During the last few years we have reduced our commission expense per available seat mile as a result of an industry-wide trend of paying lower commissions to travel agencies and by
increasing the proportion of our sales made through direct channels. We expect this trend to continue as more of our customers become accustomed to purchasing through our website at www.copaair.com, mobile app, and call centers. While increasing
direct sales may increase the commissions we pay to credit card companies, we expect that the savings from the corresponding reduction in travel agency commissions will more than offset this increase. In recent years, base commissions paid to travel
agents have decreased significantly. At the same time, we have encouraged travel agencies to move from standard base commissions to incentive compensation based on sales volume and fare types. In addition, the GDS or reservation systems tend to
raise their rates periodically, but we expect that if we are successful in encouraging our customers to purchase tickets through our direct sales channels, these costs will decrease as a percentage of our operating costs. A portion of our
reservations and sales expenses is also comprised of our licensing payments for the SHARES reservation and <FONT STYLE="white-space:nowrap">check-in</FONT> management software we use, which is not expected to change significantly from period to
period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Maintenance, materials and repairs. </I>Our maintenance, materials and repairs expenses consist of aircraft repair expenses
and charges related to the line maintenance of our aircraft, including maintenance materials, and aircraft return costs. As the age of our fleet increases and our warranties expire, our maintenance expenses will increase. We conduct line and heavy
maintenance internally and outsource some of the heavy maintenance to independent third-party contractors. In 2015, we restructured the original contract negotiated with GE Engine Services in 2003 for the repair and maintenance of our <FONT
STYLE="white-space:nowrap">CFM-56</FONT> engines which power our Boeing <FONT STYLE="white-space:nowrap">737-Next</FONT> Generation fleet. Our engine maintenance costs are also aided by the <FONT STYLE="white-space:nowrap">sea-level</FONT> elevation
of our hub and the use of winglets which allow us to operate the engines on our Boeing <FONT STYLE="white-space:nowrap">737-Next</FONT> Generation aircraft with lower thrust, thus putting less strain on the engines. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Depreciation, amortization and impairment</I>. These expenses correspond primarily to the depreciation of aircraft owned by the company,
engines, maintenance components, other related flight equipment and the depreciation of the right of use on leased assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Flight
operations. </I>These expenses are related to the charges that the countries which we overfly levy on our aircraft as overflight charges. These fees are generally related to the number of flights we operate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Other operating and administrative expenses. </I>Other expenses include cargo and courier expenses, overhead expenditures and miscellaneous
expenses. Also includes the expense for contract services, variable lease payments, short term and low value leases. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Taxes </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We pay taxes in the Republic of Panama and in other countries in which we operate, based on regulations in effect in each respective country.
Our revenues come principally from foreign operations, and according to the Panamanian Fiscal Code income from these foreign operations are not subject to income tax in Panama. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Panamanian Fiscal Code for the airline industry states that tax is based on net income earned for traffic whose origin or final
destination is the Republic of Panama. The applicable tax rate is currently 25%. Dividends from our Panamanian subsidiaries, including Copa, are separately subject to a 10% percent withholding tax on the portion attributable to Panamanian sourced
income and a 5% withholding tax on the portion attributable to foreign sourced income. Additionally, a 7% value added tax is levied on tickets issued in Panama for travel commencing in Panama and going abroad, irrespective of where such tickets were
ordered. In February 2020, the Company received two notifications from the tax authority in Panama related to a tax audit process that began in 2019. The notifications include adjustments to the reported dividend tax for the years 2012 to 2016 and
income tax 2016. The Company has filed an administrative appeal which is the first legal stage under Panamanian laws. The Company, along with its tax advisors, has concluded that it is not probable that an outflow of resources embodying economic
benefits will be required to settle these notices. According to Panamanian laws, the statute of limitations is 3 and 15 years for income tax and dividend tax, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We are also subject to local tax regulations in each of the other jurisdictions where we operate, the great majority of which are related to
the taxation of our income. In some of the countries to which we fly, we do not pay any income taxes because we do not generate income under the laws of those countries either because they do not have income taxes or due to treaties or other
arrangements those countries have with Panama. In the remaining countries, we pay income tax at rates ranging from 7% to 34% of our income attributable to those countries. Different countries calculate our income in different ways, but they are
typically derived from our sales in the applicable country multiplied by our net margin or by a presumed net margin set by the relevant tax legislation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The determination of our taxable income in several countries is based on a combination of revenues sourced to each particular country and the
allocation of expenses to that particular country. The methodology for multinational transportation company sourcing of revenue and expense is not always specifically prescribed in the relevant tax regulations, and therefore is subject to
interpretation by both ourselves and the respective tax authorities. Additionally, in some countries, the applicability of certain regulations governing <FONT STYLE="white-space:nowrap">non-income</FONT> taxes and the determination of our filing
status are also subject to interpretation. We cannot estimate the amount, if any, of the potential tax liabilities that might result if the allocations, interpretations and filing positions we use in preparing our income tax returns were challenged
by the tax authorities of one or more countries. If taxes were to increase, our financial performance and results of operations could be materially and adversely affected. Due to the competitive revenue environment, many increases in fees and taxes
have been absorbed by the airline industry rather than being passed on to the passenger. Any such increases in our fees and taxes may reduce demand for air travel and thus our revenues. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Under a reciprocal exemption confirmed by a bilateral agreement between Panama and the United States, we are exempt from the U.S. source
transportation income tax derived from the international operation of aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our income tax expense (credit) totaled approximately
($23.7) million in 2020, $46.4&nbsp;million in 2019 and $34.5&nbsp;million in 2018. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Critical Accounting Policies and Estimates
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The preparation of our consolidated financial statements in conformity with IFRS as issued by the IASB requires our management to
adopt accounting policies and make estimates and judgments to develop amounts reported in our consolidated financial statements and related notes. We strive to maintain a process to review the application of our accounting policies and to evaluate
the appropriateness of the estimates required for the preparation of our consolidated financial statements. We believe that our estimates and judgments are reasonable; however, actual results and the timing of recognition of such amounts could
differ from those estimates. In addition, estimates routinely require adjustments based on changing circumstances and the receipt of new or better information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our critical accounting policies and estimates are described below as those that are reflective of significant judgments and uncertainties and
potentially result in materially different results under different assumptions and conditions. For a more extensive disclosure of these and other accounting policies, see notes 3 and 4 to our annual consolidated financial statements in Item 18 of
this report. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Revenue recognition </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Revenue is recognized when control of the goods or services is transferred to the customer at an amount that reflects the consideration to
which the Company expects to be entitled in exchange for those goods or services. The consideration received or receivable is measured taking into account contractually defined terms of payment and excluding taxes or duties. The following specific
recognition criteria must also be met before revenue is recognized: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Passenger tickets. </I>Passenger revenue from tickets is
recognized when transportation is provided rather than when a ticket is sold. The amount of passenger ticket sales, not yet recognized as revenue, is reflected under &#147;Air traffic liability&#148; in the consolidated statement of financial
position. Refundable and nonrefundable tickets expire after one year from the date of issuance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In addition, revenue is recognized for
tickets that are expected not to be used, the Company performs a monthly liability evaluation using its historical experience with refundable and nonrefundable expired tickets and other facts. A year after the sale is made, actual ticket breakage is
removed from &#147;Air Traffic liability&#148; and the provision is reversed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Estimating the expected expiration tickets requires
management&#146;s judgment, among other things, the historical data and experience is an indication of future customer behavior. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Typically, unused tickets expire after one year, and any revenue associated with tickets sold for future travel is recognized within 12
months. In response to <FONT STYLE="white-space:nowrap">COVID-19,</FONT> the Company is extending the ticket expiration date up to December 2021, only for tickets purchased on or before December&nbsp;31, 2020 and with original travel dates ending on
or before December&nbsp;31, 2020. As such, any revenue associated with these tickets will not be recognized until the new flight date. Additionally, given this change in travel schedule, the Company&#146;s estimates of revenue from unused tickets
may be subject to variability and differ from historical averages. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Frequent flyer program. </I>The Company&#146;s frequent flyer
program objective is to reward customer loyalty. Members in this program earn miles for travel on Copa Airlines, Star Alliance partners&#146; airlines and also by purchasing the goods and services of the Company network of <FONT
STYLE="white-space:nowrap">non-airline</FONT> partners and <FONT STYLE="white-space:nowrap">co-branded</FONT> credit cards. The miles or points earned can be exchanged for flights on Copa or any of other Star Alliance partners&#146; airlines. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Passenger revenue includes flights redeemed under our frequent flyer program. When a passenger elects to receive Copa&#146;s frequent flyer
miles in connection with a flight, the Company recognizes a portion of the tickets sale as revenue when the air transportation is provided and recognizes a deferred liability (Frequent flyer deferred revenue) for the portion of the ticket sale
representing the value of the related miles as a separate performance obligation. To determine the amount of revenue to be deferred, the Company estimates and allocates the fair value of the miles that were essentially sold along with the airfare,
based on a weighted average ticket value, which incorporates the expected redemption of miles including factors such as redemption pattern, cabin class and geographic region. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">A statistical model that estimates the percentages of points that will not be redeemed before expiration is used to estimate
breakage.&nbsp;The breakage and the fair value of the miles are reviewed at least annually, and any adjustments are reflected on a prospective basis to passenger revenues. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company calculates the short and long-term portion of the frequent flyer deferred revenue, using a model that includes estimates based on
the members&acute; redemption rates projected by management due to clients&#146; behavior. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Currently, when a member of another carrier
frequent flyer program redeems miles on a Copa Airlines flight, those carriers pay to the Company a per mile rate. The rates paid by them depend on the class of service, the flight length and the availability of the reward, and is included in
passenger revenues. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Ancillaries revenues</I>. Primarily composed of services performed in conjunction with a passenger&#146;s flight,
including administrative fees (such as ticket change fees), baggage fees, and other ticket-related fees. These ancillary fees are part of the travel performance obligation and, as such, are recognized as passenger revenue when the travel occurs.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Cargo and mail revenue. </I>Cargo and mail revenue is recognized when the Company provides and completes the shipping services as
requested by the client and the risks on the merchandise and goods are transferred. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Other operating revenue. </I>Other operating
revenue includes revenue associated with the marketing component of the frequent flyer program. This revenue is comprised of the marketing component of mileage sales to <FONT STYLE="white-space:nowrap">co-branded</FONT> card, other partners and
other marketing related payments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company sells miles to <FONT STYLE="white-space:nowrap">non-airline</FONT> businesses with which it
has marketing agreements. The main contracts to sell miles are related to <FONT STYLE="white-space:nowrap">co-branded</FONT> credit card relationships with major banks in the region. The Company determined the selling prices of miles according to a
method which allocates consideration based upon the relative selling price of the deliverables. The relative selling price of the deliverables is determined based upon </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
the estimated standalone selling prices of each deliverable in the arrangement and is allocated between the miles sold to the passenger (as described above) and the marketing elements. Revenue
allocated to the performance obligations, related to marketing components, is recorded in other operating revenue when miles are delivered. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The remaining amounts included within other revenue are related to lease income and advertising. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Accounting for property and equipment </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Property and equipment comprise mainly airframe, engines, and other related flight equipment. All property and equipment are stated at cost,
net of accumulated depreciation and accumulated impairment losses, if any. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">When a major maintenance inspection or overhaul cost is
embedded in the initial purchase cost of an aircraft, the Company estimates the carrying amount of the component. These initial <FONT STYLE="white-space:nowrap">built-in</FONT> maintenance assets are depreciated over the estimated time period until
the first maintenance event is performed. The cost of major maintenance events completed after the aircraft acquisition are capitalized and depreciated over the estimated time period until the next major maintenance event. The remaining value of the
previously capitalized component if any, is charged to expense upon completion of the subsequent maintenance event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company
recognizes the depreciation on a straight-line basis, which for some aircraft components is akin to depreciation based on use, over the estimated useful life of the assets. Depreciation is recognized in the consolidated statement of profit or loss
from the date the property, and equipment is installed and ready for use. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">An item of property and equipment and any significant part
initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and
the carrying amount of the asset) is included in the statement of profit or loss when the asset is derecognized. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The costs of major
maintenance events for leased aircraft are capitalized and depreciated over the shorter of the scheduled usage period to the next major inspection event or the remaining life of lease term (as appropriate), the remaining value of the previously
capitalized maintenance or the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> asset (&#147;ROU&#148;) component if any, is charged to expense upon completion of the subsequent maintenance event. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The residual values, useful lives and methods of depreciation of property and equipment are reviewed at each financial <FONT
STYLE="white-space:nowrap">year-end</FONT> and adjusted prospectively, if appropriate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Pre-delivery</FONT> deposits refer to prepayments made based on the agreements entered into with the Boeing
Company for the purchase of aircraft and include interest and other finance charges incurred during the manufacture of aircraft. Interest costs incurred on borrowings that fund progress payments on assets under construction, including <FONT
STYLE="white-space:nowrap">pre-delivery</FONT> deposits to acquire new aircraft, are capitalized and included as part of the cost of the assets through the earlier of the date of completion or aircraft delivery. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We evaluate annually whether there is an indication that our property, plant and equipment may be impaired. Factors that would indicate
potential impairment may include, but are not limited to technological obsolescence, significant decreases in the market value of long-lived asset(s), a significant change in physical condition or useful life of long-lived asset(s) and operating or
cash flow losses associated with the use of long-lived asset(s). The Company assesses at each reporting date whether there is an indication that an asset or its cash-generating unit (&#147;CGU&#148;) may be impaired. If any such indication exists,
or when annual impairment testing for an asset is required, the Company estimates the asset&#146;s or CGU&#146;s recoverable amount. For a more extensive disclosure of these accounting policies, see notes 13 and 16 of our annual consolidated
financial statements in Item 18 of this report. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Goodwill.</I> Goodwill is initially measured at cost, being the excess of the
aggregate of the consideration transferred over the net identifiable assets acquired and liabilities assumed of the acquired subsidiary at the date of acquisition. After initial recognition, goodwill is measured at cost less any accumulated
impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Company&#146;s CGU or group of CGU&#146;s that are expected to benefit from the
combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to
goodwill cannot be reversed in future periods. For a more extensive disclosure of these accounting policies, see note 16 of our annual consolidated financial statements in Item 18 of this report. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Lease accounting. </I>The Company enters into contracts for the use of the aircraft it operates and real estate which include, airport and
terminal facilities, sales offices, maintenance facilities, and general offices. The Company assesses, based on the terms and conditions of the arrangements, whether the contract is, or contains, a lease. A contract is, or contains, a lease if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. </P>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">At the commencement date, the Company recognizes a ROU and a lease liability. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The ROU is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of
the ROU or component, or lease term. The estimated useful life of ROU is determined of the same basis of those property and equipment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The lease liability, is initially measured at the present value of the lease payments that are not paid at that date, discounted using the
interest rate implicit in the lease, if that rate can be readily determined or the lessee&#146;s incremental borrowing rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">For leases
under IFRS 16 the Company recognizes a provision to estimate the costs for work required to be performed just before the redelivery of the aircraft to the lessors and which does not depend of the aircraft utilization, this provision is booked as a
dismantling provision cost under &#147;long term liabilities&#148; in the consolidated statement of financial position. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The lease
liability is subsequently measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or a rate, if there a change in the Company&#146;s estimated
amount expected to be payable under a residual value guarantee or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Lease accounting is critical for us because it requires an extensive analysis of the lease agreements in order to classify and measure the
transactions in our financial statements and significantly impacts our financial position and results of operations. Changes in the terms of our outstanding lease agreements and the terms of future lease agreements may impact the accounting for the
lease transactions and our future financial position and results of operations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Provision for return condition </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company records a provision to accrue for the cost that will be incurred in order to return the lease aircraft to their lessor in the
agreed-upon condition, excluded estimated dismantling costs not based on utilization of the aircraft which are included in the ROU asset and lease liabilities. The methodology applied to calculate the provision requires management to make
assumptions, including the future maintenance costs, discount rate, related inflation rates and aircraft utilization. The cash flows are discounted at a current <FONT STYLE="white-space:nowrap">pre-tax</FONT> rate that reflects the risks specific to
the decommissioning. Any difference in the actual maintenance cost incurred and the amount of the provision is recorded under &#147;Maintenance, materials and repairs&#148; in the consolidated statement of profit or loss. The effect of any changes
in estimates, including those mentioned above, is also recognized under &#147;Maintenance, materials and repairs&#148; for the period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Deferred taxes. </I>Deferred taxes are recognized for tax losses, tax credits, and temporary differences between tax bases and carrying
amounts for financial reporting purposes of our assets and liabilities. Recognition and measurement of deferred taxes is a critical accounting policy for us because it requires a number of assumptions and is based on our best estimate of our
projections related to future taxable profit. In addition, because the preparation of our business plan is subject to a variety of market conditions, the results of our operations may vary significantly from our projections and as such, the amounts
recorded as deferred tax assets may be impacted significantly in the future. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Recently Issued Accounting Pronouncements </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The standards and interpretations that are issued, but not yet effective, up to date of issuance of the Company&#146;s financial statements are
disclosed below. The Company intends to adopt these standards, if applicable, when they become effective. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Amendments to IAS 1 &#150; <I>Classification of Liabilities as Current or
<FONT STYLE="white-space:nowrap">Non-current</FONT></I> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Amendments to IFRS 3 &#150; <I>Reference to the Conceptual Framework</I> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Amendment to IAS 16 &#150; <I>Property, Plant and Equipment: Proceeds before Intended Use</I>
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Amendments to IAS 37 &#150; <I>Onerous Contracts &#150; Costs of Fulfilling a Contract</I> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Amendments to IFRS 7, IFRS 4 and IFRS 16 &#150; Interest rate benchmark reform</I> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Amendment to IFRS 9<I> &#150; Fees in the &#146;10 per cent&#146; test for derecognition of financial
liabilities</I> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">For a discussion of these improvements to IFRS, see note 6 to our annual consolidated financial
statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">48 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Results of Operation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table shows each of the line items in our statement of profit or loss for the periods indicated as a percentage of our total operating revenues
for that period: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="78%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Operating revenues:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Passenger revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">95.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">96.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">96.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cargo and mail revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other operating revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total operating revenues</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">100.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">100.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">100.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Operating expenses:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fuel</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Wages, salaries, benefits and other employees expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Passenger servicing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Airport facilities and handling charges</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sales and distribution</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Maintenance, materials and repairs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation, amortization and impairment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Flight operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other operating and administrative expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total operating expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">157.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">87.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">94.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-57.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-operating</FONT> income (expense):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Finance cost</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-9.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-2.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-1.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Finance income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gain (loss) on foreign currency fluctuations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-1.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-0.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-0.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net change in fair value of derivatives</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-13.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other <FONT STYLE="white-space:nowrap">non-operating</FONT> income (expense)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-0.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-0.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total <FONT STYLE="white-space:nowrap">non-operating</FONT> income (expense)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-21.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-1.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-1.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Profit before income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-78.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-1.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-1.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net (loss) profit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">-75.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Year 2020 Compared to Year 2019 </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our consolidated net loss in 2020 totaled $607.1&nbsp;million, compared to a net profit of $247.0&nbsp;million in 2019. In addition, we had
consolidated operating loss of $460.9&nbsp;million in 2020, compared to an operating profit of $346.2&nbsp;million in 2019. Our consolidated operating margin in 2020 was <FONT STYLE="white-space:nowrap">-57.5%,</FONT> a decrease of 70.3 percentage
points versus 2019. These results were driven by sharp declines in passenger demand and bookings resulting from the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic and the related travel restrictions. Our revenue declined at a greater rate
than certain costs because of the fixed nature of such costs, and because of delays before certain costs savings could be realized. These results also include a <FONT STYLE="white-space:nowrap">non-cash</FONT> loss of $243.1&nbsp;million mainly
related to the measurement upon held for sale designation of the Embraer 190 and Boeing <FONT STYLE="white-space:nowrap">737-700</FONT> fleet in 2020 and $89.3&nbsp;million in 2019 related to an impairment of
<FONT STYLE="white-space:nowrap">non-financial</FONT> assets due to the sale of our Embraer fleet. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">49 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Operating revenue </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our consolidated revenue totaled $801.0&nbsp;million in 2020, a 70.4% decrease over operating revenue of $2,707.4&nbsp;million in 2019, mainly
due to less revenue related to <FONT STYLE="white-space:nowrap">COVID-19</FONT> impact. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Passenger revenue</I>. Passenger revenue
totaled $760.6&nbsp;million in 2020, a 70.9% decrease over passenger revenue of $2,612.6&nbsp;million in 2019. This was driven by a reduction in passengers carried of 72.0%, partially offset by an increase of 4.0% in passenger average fare compared
to 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Cargo and mail revenue</I>. Cargo and mail revenue totaled $21.0&nbsp;million in 2020, a 66.4% decrease from cargo and mail
revenue of $62.5&nbsp;million in 2019, reflecting a decrease in capacity, which was offset by a higher average fare per kilo. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Other
operating revenue</I>. Other operating revenue totaled $19.4&nbsp;million in 2020, a 40.0% decrease from other revenue of $32.3&nbsp;million in 2019 driven by a decrease in frequent flyer program partnership revenues. Other operating revenue
includes revenue associated with the marketing component of the frequent flyer program. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Operating expenses </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our consolidated operating expenses totaled $1.3&nbsp;billion in 2020, a 46.6% decrease over operating expenses of $2.4&nbsp;billion in 2019.
This is mainly as a result of fixed expenses with a reduced operation versus 2019. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">An overview of the major variances in operating
expenses on a consolidated basis follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Fuel</I>. Aircraft fuel totaled $166.7&nbsp;million in 2020, a 76.1% decrease from aircraft
fuel of $696.2&nbsp;million in 2019, mainly due to a 31% lower effective fuel price and a 71.5% decrease in block hours. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Wages,
salaries and other employees&#146; expenses</I>. Salaries and benefits totaled $256.3&nbsp;million in 2020, a 43.1% decrease over salaries and benefits of $450.4&nbsp;million in 2019, mostly as a result of a reduced payroll given contract
suspensions, workhour reductions and voluntary retirements, among others, partly offset by severance related expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Passenger
servicing</I>. Passenger servicing totaled $27.6&nbsp;million in 2020 compared to $102.1&nbsp;million in 2019. This represented a 73.0% decrease driven by 72.0% less passengers and a lower effective rate per passenger. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Airport facilities and handling charges</I>. Airport facilities and handling charges totaled $59.5&nbsp;million in 2020, a 67.3% decrease
over $182.0&nbsp;million in 2019. This decrease was driven mainly by a 71.3% decrease in departures offset by higher effective rates related to airport services in North America. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Sales and Distribution</I>. Sales and distribution totaled $70.4&nbsp;million in 2020, a 66.6% decrease compared to $210.6&nbsp;million in
2019, driven mainly to 70.9% less passenger revenue. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Maintenance, materials and repairs.</I> Maintenance, materials and repairs
totaled $76.9&nbsp;million in 2020, a 39.7% decrease over maintenance, materials and repairs of $127.6&nbsp;million in 2019. This decrease was primarily a result of less operation due to <FONT STYLE="white-space:nowrap">COVID-19.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Depreciation, amortization and impairment</I>. Depreciation totaled $502.4&nbsp;million in 2020, a 35.3% increase over $371.4&nbsp;million
in 2019, mainly due to a <FONT STYLE="white-space:nowrap">non-recurring</FONT> impairment charge related to the Boeing <FONT STYLE="white-space:nowrap">737-700</FONT> fleet in 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Flight operations. </I>Flight operations amounted to $30.0&nbsp;million in 2020, a 70.8% decrease compared to $102.8&nbsp;million in 2019,
mainly due to 71.5% less block hours. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Other operating and administrative expenses.</I> Other expenses totaled $72.0&nbsp;million in
2020, a 39.0% decrease from $118.1&nbsp;million in 2019, mainly due to less overhead expenses. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Total
<FONT STYLE="white-space:nowrap">Non-operating</FONT> Income (Expense) </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-operating</FONT>
expense totaled $169.8&nbsp;million in 2020, as compared to <FONT STYLE="white-space:nowrap">non-operating</FONT> expense of $52.7&nbsp;million in 2019 mainly due to a translational loss in fair value derivatives and an increase in finance cost.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">50 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Finance cost</I>. Finance cost totaled $73.0&nbsp;million in 2020, a 27.2% increase over
finance cost of $57.4&nbsp;million in 2019, mainly as a result of interest expense related to convertible notes issued in 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Finance income</I>. Finance income totaled $20.0&nbsp;million in 2020, an 18.2% decrease over finance income of $24.4&nbsp;million in 2019
mainly due to lower interest rates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Other <FONT STYLE="white-space:nowrap">non-operating</FONT> income (expense).</I> Other <FONT
STYLE="white-space:nowrap">non-operating</FONT> expense totaled $1.2&nbsp;million in 2020, compared to $4.3&nbsp;million in 2019 mainly due to Embraer sales related expenses. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>B. Liquidity and Capital Resources </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our cash, cash equivalents, and short-term investments at December&nbsp;31, 2020 increased by $38.7&nbsp;million, to $889.9&nbsp;million. As
part of our financing policy, we expect to meet our liquidity needs with cash from operations, cash on hand and the utilization of committed credit facilities, if needed. As of the date hereof, our current unrestricted cash exceeds our forecasted
cash requirements to carry out operations, including payment of debt service for fiscal year 2021. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our cash, cash equivalent and
short-term investment position represented 111.1% of our revenues for the year ended December&nbsp;31, 2020; 23.1% of our total assets and 69.3% of our total equity as of December&nbsp;31, 2020, which we believe provides us with an adequate
liquidity position. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In recent years, we have been able to meet our working capital requirements through cash from our operations.
However, as a result of the impact of <FONT STYLE="white-space:nowrap">COVID-19</FONT> on our operations, in 2020 we experienced an operational net cash outflow of $779.6&nbsp;million. To maintain its liquidity position, the Company issued new debt
in the form of a convertible bond issuance in the amount of $350.0&nbsp;million. Our ability to meet our liquidity needs in the future is subject to numerous risks and uncertainties, including the levels of cash refunds of customer deposits, our
ability to reduce labor costs, the result of contract negotiations with suppliers and whether we take delivery of aircraft pursuant to existing commitments as well as the terms on which we do so and the terms of any related financing available to
us. Additionally, if air traffic levels do not rebound, or if we face further interruptions to air travel, then we may not be able to maintain sufficient liquidity to me our liquidity needs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our capital expenditures, which consist primarily of aircraft purchases, are funded through a combination of our cash from operations and
long-term financing. From time to time, we finance <FONT STYLE="white-space:nowrap">pre-delivery</FONT> payments related to our aircraft with short or medium-term financing in the form of commercial bank loans and/or bonds privately placed with
commercial banks, as well as resorting to a deferred <FONT STYLE="white-space:nowrap">pre-delivery</FONT> schedule from the aircraft manufacturer. Given the state of the industry as a result of the <FONT STYLE="white-space:nowrap">COVID-19</FONT>
pandemic, aviation financing has become much harder and more expensive to obtain. Therefore, we cannot ensure that we will be able to continue to raise financing from past sources, or from other sources, on terms comparable to our existing financing
or at all. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Copa Holdings, S.A., through its subsidiaries, has short term unsecured committed credit facilities with financial
institutions in the aggregate amount of $305.0&nbsp;million. These lines of credit have been put in place to finance aircraft <FONT STYLE="white-space:nowrap">pre-delivery</FONT> payments and for working capital purposes. As of December&nbsp;31,
2020, we had no outstanding borrowings under these credit lines. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Operating Activities </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We rely primarily on cash flows from operations to provide working capital for current and future operations. Nevertheless, as a result of the
impact of <FONT STYLE="white-space:nowrap">COVID-19</FONT> and the related restrictions on air travel for most of the year, our net cash flows provided by operating activities for the year ended December&nbsp;31, 2020 were a net operating cash
inflow of $5.3&nbsp;million, a decrease compared to a net operating cash inflow of $784.9&nbsp;million in 2019. Our principal source of cash is receipts from ticket sales to customers, which for the year ended December&nbsp;31, 2020 decreased by
$1,958.8&nbsp;million over receipts in the year 2019. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Investing Activities </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Net cash flow used in investing activities was $93.8&nbsp;million in 2020 compared to a net cash flow used in investing activities of
$192.9&nbsp;million in 2019. During 2020, we made capital expenditures of $13.4&nbsp;million, which consisted of expenditures related to the net of acquisition of property and equipment, and proceeds from sale of property equipment, compared to
$29.5&nbsp;million in 2019. In 2020, the Company used $63.9&nbsp;million in acquisition and redemption from investments compared to $121.4&nbsp;million in 2019. Also, in 2020 we had no advance payments on aircraft purchase contracts compared to
$75.4&nbsp;million in 2019, and $16.4&nbsp;million in acquisition of intangible assets compared to $25.5&nbsp;million in 2019. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">51 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Financing Activities </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Net cash inflow used in financing activities were $93.6&nbsp;million in 2020 compared to net cash outflows used in financing activities of
$545.3&nbsp;million in 2019. During 2020, $342.9&nbsp;million in proceeds from issue of convertible notes and $145.0&nbsp;million of proceeds from borrowings were offset by the repayment of $267.1&nbsp;million in debt, $34.0&nbsp;million in
dividends paid and $93.2&nbsp;million in payment of lease liability. During 2019, $95.0&nbsp;million of proceeds from financing were offset by the repayment of $426.8&nbsp;million in debt, $110.4&nbsp;million in dividends declared and
$103.1&nbsp;million in payment of lease liability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Over the years, we have financed the acquisition of 40 Boeing <FONT
STYLE="white-space:nowrap">737-Next</FONT> Generation aircraft through syndicated loans provided by international financial institutions with the support of guarantees issued by the Export-Import Bank of the United States, or <FONT
STYLE="white-space:nowrap">&#147;Ex-Im&#148;,</FONT> with repayment profiles of 12 years. The <FONT STYLE="white-space:nowrap">Ex-Im</FONT> guarantees support <FONT STYLE="white-space:nowrap">80%-85%</FONT> of the net purchase price and are secured
with a first priority mortgage on the aircraft in favor of a security trustee on behalf of <FONT STYLE="white-space:nowrap">Ex-Im.</FONT> The documentation for each loan follows standard market forms for this type of financing, including standard
events of default. Our <FONT STYLE="white-space:nowrap">Ex-Im</FONT> supported financings amortize on a quarterly basis, are denominated in dollars and can bear interest at a floating rate linked to LIBOR or be set at a fixed rate. Our <FONT
STYLE="white-space:nowrap">Ex-Im</FONT> guarantee facilities typically offer an option to fix the applicable interest rate. We have exercised this option with respect to $83.3&nbsp;million as of December&nbsp;31, 2020 at an average weighted interest
rate of 2.88%, $77.1&nbsp;million bears interest at a floating weighted average interest rate of 0.44% representing a spread of 20 bps over the 3 month LIBOR as of December&nbsp;31, 2020. At December&nbsp;31, 2020, the total amount outstanding under
our <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Ex-Im-supported</FONT></FONT> financings totaled $160.7&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Since 2014, we have financed our aircraft through a mix of Japanese Operating Leases with Call Options, or &#147;JOLCO&#148;, and
sale-leasebacks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">JOLCO is a Japanese-sourced lease transaction that provides for 100% financing and is typically used to finance new
aircraft and has a minimum lease term of 10 years. In a JOLCO, the aircraft is purchased by a Japanese equity investor. The Japanese equity investor funds approximately 30% of the acquisition cost of the aircraft and becomes the owner of the
aircraft via a Special Purpose Entity. An international bank with onshore lending capabilities provides the balance of the aircraft purchase price via a senior secured mortgage loan. JOLCOs have a call option, which lessees often expect the lessor
to exercise. Under IFRS, these transactions are accounted for as financings. We have financed 19 Boeing 737 Next Generation and 737 MAX aircraft since 2014 through JOLCO financing. As of December&nbsp;31, 2020 JOLCO, financed debt outstanding was
$782.3&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Capital resources</I>. We finance our aircraft through long-term debt and operating lease financings. Although we
expect to finance future aircraft deliveries with a combination of similar debt arrangements and financing leases, we may not be able to secure such financing on attractive terms. To the extent we cannot secure financing, we may be required to
modify our aircraft acquisition plans or incur higher than anticipated financing costs. We expect to meet our operating obligations as they become due through available cash and internally generated funds, supplemented as necessary by short-term or
medium-term credit lines. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2020, the Company had one purchase contract with Boeing which entails 60 firm orders of
Boeing 737 MAX aircraft, agreed to be delivered between 2021 and 2027.&nbsp;The aircraft under this contract have an approximate value of $2.9&nbsp;billion based on contractual obligations net of discounts and
<FONT STYLE="white-space:nowrap">pre-delivery</FONT> payments, including estimated amounts for contractual price escalation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We meet our <FONT
STYLE="white-space:nowrap">pre-delivery</FONT> deposit requirements for our Boeing 737 MAX aircraft by using cash from operations, or by using short or medium-term borrowing facilities and/or vendor financing for deposits required between three
years and six months prior to delivery. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company maintained letters of credit with several banks with a value of $44.3&nbsp;million as
of December&nbsp;31, 2020 ($25.8&nbsp;million as of December&nbsp;31, 2019). These letters of credit are pledged mainly for IATA settlement systems, operating lessors, maintenance providers and airport operators. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company has committed unsecured credit facilities of $200.0&nbsp;million, currently undrawn. In addition, the Company closed a secured
revolving credit facility for an initial aggregate amount of $105.0&nbsp;million. Including this facility, the Company has $305.0&nbsp;million in unutilized committed credit facilities as of December&nbsp;31, 2020 (2019: $305.0 million). These
credit facilities have been put in place for contingency and working capital purposes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">52 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>C.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Research and Development, Patents and Licenses, etc. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We believe that the Copa brand has strong value and indicates superior service and value in the Latin American travel industry. We have
registered the trademarks &#147;Copa&#148;, &#147;Copa Airlines&#148;, &#147;Wingo&#148; and &#147;Hub of the Americas&#148; with the trademark offices in Panama, the United States, and the majority of the countries in which we operate. We license
certain brands, logos and trade uniforms under the trademark license agreement with UAL related to our alliance. We will have the right to continue to use our current logos on our aircraft for up to five years after the end of the alliance agreement
term. &#147;Copa Colombia&#148;, &#147;Copa Airlines Colombia&#148;, &#147;Wingo&#148; and &#147;Hub of the Americas&#148; are registered names and trademarks in Colombia, Panama, Ecuador, Venezuela, Mexico, Dominican Republic, and Guatemala. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We operate many software products under licenses from our vendors, including our passenger services system, booking engine, revenue management
software and our cargo management system. Under our agreements with Boeing, we also use a large amount of Boeing&#146;s proprietary information to maintain our aircraft. The loss of these software systems or technical support information from our
vendors could negatively affect our business. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>D.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Trend Information </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In 2020 the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic has had, and may continue to have in 2021, a material adverse impact on
the Company&#146;s operations, including but not limited to a material negative impact on our average monthly cash consumption rate for the months of April to December 2020 of $40&nbsp;million per month. The extent of the future impact of <FONT
STYLE="white-space:nowrap">COVID-19</FONT> on the Company&#146;s operational and financial performance will depend on future developments, including, but not limited to, the scope and severity of the pandemic related travel advisories and
restrictions, the availability and effectiveness of vaccines, the effectiveness of available vaccines against variants of the virus, the duration and severity of the impact of <FONT STYLE="white-space:nowrap">COVID-19</FONT> on overall demand for
air travel, and the deep economic recession expected, all of which are highly uncertain and cannot be predicted. We do not expect economic and operating conditions for our business to improve until customers, who to date are experiencing increasing
levels of unemployment and income loss, are once again willing and able to travel, and once we, other airlines and accommodation providers, such as hotels, are able to serve those customers. This may not occur until well after the broader global
economy begins to improve. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>E.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><FONT STYLE="white-space:nowrap">Off-Balance</FONT> Sheet Arrangements </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We have no <FONT STYLE="white-space:nowrap">off-balance</FONT> sheet arrangements. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>F.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Tabular Disclosure of Contractual Obligations </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our <FONT STYLE="white-space:nowrap">non-cancelable</FONT> contractual obligations at December&nbsp;31, 2020 included the following: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="62%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>At December&nbsp;31,</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Less<BR>than<BR>1&nbsp;Year</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">1-3</FONT><BR>Years</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">3-5</FONT> Years</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>More than<BR>5 Years</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><B>(in thousands of dollars)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft and engine purchase commitments (1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,975,408</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">560,914</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">609,689</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">953,982</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">850,823</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft operating leases</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">212,212</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83,065</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">117,165</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11,982</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other operating leases (3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32,981</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,878</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9,743</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,640</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,720</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Short-term debt and long-term debt (2)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">643,411</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">121,357</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">212,145</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">183,967</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">125,941</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,507,804</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">805,759</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">971,652</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,573,695</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,156,698</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Based on contractual obligations net of discounts and <FONT STYLE="white-space:nowrap">pre-delivery</FONT>
payments, including estimated amounts for contractual price escalation. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Includes actual interest and estimated interest for floating-rate debt based on December&nbsp;31, 2020 rates.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Only includes contracts classified as leases according to IFRS 16. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Most contract leases include renewal options. <FONT STYLE="white-space:nowrap">Non-aircraft</FONT> related leases have renewable terms of one
year, and their respective amounts included in the table above have been estimated through 2020, but we cannot estimate amounts with respect to those leases for later years. Our leases do not include residual value guarantees. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>G.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Safe harbor </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">53 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc128959_12"></A>Item&nbsp;6. Directors, senior management and employees
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>A. Directors and Senior Management </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Currently, our Board of Directors is comprised of eleven members. The number of directors elected each year varies. Messrs. Stanley Motta,
Jaime Arias, Jose Casta&ntilde;eda and Josh Connor were <FONT STYLE="white-space:nowrap">re-elected</FONT> as directors for <FONT STYLE="white-space:nowrap">two-year</FONT> terms at our annual shareholders&#146; meeting held in 2019. Messrs. Pedro
Heilbron, Ricardo A. Arias, Alvaro Heilbron, Carlos A. Motta, John Gebo, Julianne Canavaggio, and Andrew Levy were each <FONT STYLE="white-space:nowrap">re-elected</FONT> for <FONT STYLE="white-space:nowrap">two-year</FONT> terms at our annual
shareholders&#146; meeting held in 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The following table sets forth the name, age and position of each member of our Board of
Directors as of February&nbsp;28, 2021. A brief biographical description of each member of our Board of Directors follows the table: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="52%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"><B>Position</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Age</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Pedro Heilbron</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Chief&nbsp;Executive&nbsp;Officer&nbsp;and&nbsp;Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">62</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Stanley Motta</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Chairman and Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">75</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Alvaro Heilbron</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">55</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jaime Arias</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">86</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ricardo Alberto Arias</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">81</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Carlos A. Motta</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">48</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">John Gebo</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">50</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jose Casta&ntilde;eda Velez</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">76</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Andrew Levy</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">51</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Josh Connor</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">47</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Julianne Canavaggio</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">39</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Mr.</B><B></B><B>&nbsp;Pedro Heilbron.</B> See &#147;&#151;Executive Officers&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Mr.</B><B></B><B>&nbsp;Stanley Motta</B> has been one of the directors of Copa Airlines since 1986 and a director of Copa Holdings since it
was established in 1998. Since 1990, he has served as the President of Motta Internacional, S.A. an international importer and distributor of consumer goods. Mr.&nbsp;Motta is father of Mr.&nbsp;Carlos&nbsp;A. Motta. He serves on the boards of
directors of Motta Internacional, S.A., BG Financial Group, S.A., ASSA Compa&ntilde;&iacute;a de Seguros, S.A., Televisora Nacional, S.A., Inversiones Bah&iacute;a, Ltd. and GBM Corporation. Mr.&nbsp;Motta is a graduate of Tulane University. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Mr.</B><B></B><B>&nbsp;Alvaro Heilbron</B> was elected as director of Copa Holdings in 2012. He is the brother of Mr.&nbsp;Pedro Heilbron,
our chief executive officer. Mr.&nbsp;Heilbron is <FONT STYLE="white-space:nowrap">Co-Founder</FONT> and Executive Director at Editora del Caribe, S.A. He serves on the board of Grupo PTM Panama, S.A., Gold Mills de Panama, S.A., Desarrollo Costa
del Este, Inversiones Haripasa and he is a member of Babson College&acute;s Global Advisory Board. Mr.&nbsp;Heilbron holds a B.S. in Business Administration from George Washington University, and a Post-Graduate degree in Management from INCAE
Business School. Mr.&nbsp;Heilbron also served as Vice-President of Commercial for Copa Airlines between the years of 1988 and 1999. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Mr.</B><B></B><B>&nbsp;Jaime Arias</B> has been one of the directors of Copa Airlines since 1983 and a director of Copa Holdings since it
was established in 1998. He is a founding partner of Galindo, Arias&nbsp;&amp; Lopez. Mr.&nbsp;Arias holds a BA from Yale University, a JD from Tulane University and completed legal studies at the University of Paris, Sorbonne. He serves on the
boards of directors of Televisora Nacional, S.A., ASSA Compa&ntilde;&iacute;a de Seguros, S.A., Empresa General de Inversiones, S.A., Petroleos Delta, S.A., BAC International Bank, Inc., Direct Vision, S.A. and Promed, S.A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Mr.</B><B></B><B>&nbsp;Ricardo Arias</B> has been one of the directors of Copa Airlines since 1985 and a director of Copa Holdings since it
was established in 1998. He is a founding partner of Galindo, Arias&nbsp;&amp; Lopez. Mr.&nbsp;Arias is the former Panamanian ambassador to the United Nations. Mr.&nbsp;Arias holds a BA in international relations from Georgetown University, an LL.B.
from the University of Puerto Rico and an LL.M. from Yale Law School. He serves on the boards of directors of Banco General, S.A. and Empresa General de Inversiones, S.A., which is the holding company that owns Banco General, S.A. Mr.&nbsp;Arias is
also listed as a principal or alternate director of several subsidiary companies of Banco General, S.A. and Empresa General de Inversiones, S.A. Mr.&nbsp;Arias is a former Director and President of the Panamanian Stock Exchange. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">54 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Mr.</B><B></B><B>&nbsp;Carlos</B><B></B><B>&nbsp;A. Motta</B> was elected as a director
of Copa Holdings in 2014. He has held several positions within Motta Internacional, S.A. and is currently a director and part of the executive committee. He is the son of Mr.&nbsp;Stanley Motta. Mr.&nbsp;Motta serves on the board of Inversiones
Bahia, Copa Holdings, ASSA Compa&ntilde;&iacute;a de Seguros, S.A, Banco General, Motco Inc., Fundaci&oacute;n Alberto C. Motta, IFF Panama (Panama Film Festival), and Junior Achievement Worldwide among others. Mr Motta is a member of YPO (Young
Presidents Organization); AGLN (The Aspen Global Leadership Network); CEAL (Consejo Empresarial de America Latina). Mr.&nbsp;Motta received a bachelor&#146;s degree in marketing from Boston College and an MBA from Thunderbird (The American Graduate
School of International Management). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Mr.</B><B></B><B>&nbsp;John Gebo</B> was elected as a director of Copa Holdings in 2015. He is
Senior Vice President of Transformation for United Airlines. Prior to his current position, Mr.&nbsp;Gebo was United&#146;s Senior Vice President of Alliances, and Senior Vice President of Financial Planning and Analysis. Mr.&nbsp;Gebo joined United
in 2000, and has held positions of increasing responsibility in finance, investor relations, and alliances. Prior to joining United, Mr.&nbsp;Gebo worked at General Motors Corporation in manufacturing engineering. Mr.&nbsp;Gebo received his
bachelor&#146;s degree in mechanical engineering from the University of Texas and his master&#146;s degree in business administration from the University of Michigan. Mr.&nbsp;Gebo has also been a member of the board of directors of Azul S.A. and
served for eight years on the board of directors of Alliant Credit Union, one of the largest credit unions in the United States, last serving as Vice Chairman in 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Mr.</B><B></B><B>&nbsp;Jose Casta&ntilde;eda Velez</B> is one of the independent directors of Copa Holdings. He is currently a director on
the boards of MMG Bank Corporation and MMG Trust S.A. Previously, Mr.&nbsp;Casta&ntilde;eda Velez was the chief executive officer of Banco Latinoamericano de Exportaciones, S.A.&#151;BLADEX and has held managerial and officer level positions at
Banco R&iacute;o de la Plata, Citibank, N.A., Banco de Credito del Peru and Crocker National Bank. He is a graduate of the University of Lima. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Mr.</B><B></B><B>&nbsp;Andrew Levy</B> is CEO of Houston Air Holdings, Inc, owner of a small passenger charter airline in the US.
Previously, he served as CFO of UAL. He also served as President, Chief Operating Officer and a member of the Board of Directors of Allegiant Travel Company. He joined Allegiant in early 2001, and during his tenure, his executive responsibilities
included strategy, planning, finance, commercial, people and operations. Mr.&nbsp;Levy became President in 2009, served as Chief Financial Officer from 2007 to 2010, and was its Treasurer from 2001 through 2010. Mr.&nbsp;Levy started his airline
career in 1994 at ValuJet Airlines, Inc. and then joined Savoy Capital, an investment, banking and advisory firm specializing in the airline industry in 1996. He holds a Juris Doctor degree from Emory University School of Law and a BA degree in
Economics from Washington University in St. Louis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Mr.</B><B></B><B>&nbsp;Josh Connor</B> is one of the independent directors of Copa
Holdings. He is currently Chairman of the Audit Committee and Independent Directors Committees. He is the founding partner of the investment firm Connor Capital. He was a Managing Director and the Head of the Industrials Banking Group at Barclays
until July 2015; and was a member of the firm&#146;s Operating Committee. Prior to joining Barclays in 2011, he was with Morgan Stanley for 15 years and was the <FONT STYLE="white-space:nowrap">Co-Head</FONT> of Morgan Stanley&#146;s
Transportation&nbsp;&amp; Infrastructure Investment Banking Group, a member of the firm&#146;s Investment Banking Management Committee, and was on the Board of Trustees for the Morgan Stanley Foundation. He has a BA degree in Economics from Williams
College, is on the Board of Directors of Frontier Airlines, is a strategic adviser to Oaktree Capital Management&#146;s Infrastructure Fund, and is a Trustee of Laguna Blanca School. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Mrs.</B><B></B><B>&nbsp;Julianne Canavaggio</B> was elected as an independent director of Copa Holdings in 2019. She is a Managing Director
and Head of Central America and the Caribbean for Lazard, responsible for Lazard&#146;s financial advisory division in this geography. Ms.&nbsp;Canavaggio joined Lazard in 2014; and has held positions of increasing responsibility. Prior to joining
Lazard, Julianne established a successful legal career in mergers and acquisitions across a variety of industries. Ms.&nbsp;Canavaggio currently serves on the board of directors of a Sustainable
Luxury<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> real estate development company, as well as two private investment vehicles. She has previously served on the board of directors of a conglomerate of wholesale distribution operations
for fragrances, cosmetics and skin care products, as well as a Panamanian chain of department stores in the <FONT STYLE="white-space:nowrap">mid-high</FONT> range, and a general license bank authorized to operate in Panama in the banking and trust
business (fiduciaries). Ms.&nbsp;Canavaggio holds a BA from Harvard University and a JD from Tulane University. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">55 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The following table sets forth the name, age and position of each of our executive officers
as of February&nbsp;28, 2021. A brief biographical description of each of our executive officers follows the table. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="62%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Position</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Age</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Pedro Heilbron</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Chief&nbsp;Executive&nbsp;Officer&nbsp;and&nbsp;Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">62</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jos&eacute; Montero</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Chief Financial Officer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">51</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Daniel Gunn</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Senior Vice-President of Operations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">53</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dennis Cary</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Senior Vice-President of Commercial and Planning</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">56</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Peter Donkersloot</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Vice-President of Human Resources</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">37</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Julio Toro</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Vice-President of Technology</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">47</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bol&iacute;var Dom&iacute;nguez</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Vice-President of Flight Operations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">45</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Christophe Didier</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Vice-President of Sales</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">57</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Eduardo Lombana</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Chief Executive Officer of AeroRep&uacute;blica, S.A. (Copa Airlines Colombia)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">59</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Mr.</B><B></B><B>&nbsp;Pedro Heilbron</B> has been our Chief Executive Officer since 1988. He received an
MBA from George Washington University and a BA from College of the Holy Cross. He is a member of the Star Alliance Chief Executive Board, where he served as its Chairman from December 2016, until December 2020, President of the Association of Latin
America and Caribbean Airlines (ALTA) and member of IATA&#146;s Chair Committee and Board of Governors. He is currently a member of the advisory board of the Smithsonian Tropical Research Institute. Mr.&nbsp;Heilbron is the brother of
Mr.&nbsp;Alvaro Heilbron, a member of our Board of Directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Mr.</B><B></B><B>&nbsp;Jose Montero</B> has been our Chief Financial
Officer since March 2013. He started his career with Copa Airlines in 1993 and has held various technical, supervisory, and management positions including Manager of Flight Operations, Director of System Operations Control Center (SOCC), and,
between 2004 and 2013, Director of Strategic Planning. He has a BS in Aeronautical Studies from Embry-Riddle Aeronautical University and an MBA from Cornell University. He serves as an independent director of Latinex, Inc, the holding company of the
Panama Stock Exchange, and is a member of IATA&#146;s Financial Advisory Council. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Mr.</B><B></B><B>&nbsp;Daniel Gunn</B> has been our
Senior Vice-President of Operations since February 2009. Prior to this Mr.&nbsp;Gunn had served as Vice-President of Commercial and Planning and Vice-President of Planning and Alliances. Prior to joining Copa in 1999, he spent five years with
American Airlines holding positions in Finance, Real Estate and Alliances. Mr.&nbsp;Gunn received a BA in Business&nbsp;&amp; Economics from Wheaton College and an MBA from the University of Southern California. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Mr.</B><B></B><B>&nbsp;Dennis Cary</B> has been our Senior Vice-President of Commercial and Planning, since April 2015. Prior to joining
Copa Airlines, Mr.&nbsp;Cary held Senior Vice-President position in various industries, including aviation. Mr.&nbsp;Cary served as Senior Vice-President, Chief Marketing and Customer Officer at United Airlines, and several other top management
positions in United Airlines and American Airlines. Mr.&nbsp;Cary graduated from California State University, Northridge with a bachelor&#146;s degree in Computer Sciences and holds an MBA from Duke University. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Mr.</B><B></B><B>&nbsp;Peter Donkersloot </B>joined Copa Airlines in August 2019 and has served as Vice President of Human Resources since
January 2020. Mr.&nbsp;Donkersloot has over fifteen years working experience holding key positions in five different countries (Jamaica, Panama, Peru, El Salvador and Guatemala). His experience ranges in Commercial Operations, Logistics, Risk
Assessment, Strategic Planning and General Management. He holds a Global MBA from the Thunderbird School of Global Management along with professional qualifications in Industrial Engineering from the <I>Instituto Tecnol&oacute;gico y de Estudios
Superiores de Monterrey</I> (ITESM). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Mr.</B><B></B><B>&nbsp;Julio Toro </B>has been our Vice-President of Technology since October
2015. He joined Copa in May 2011 as Director of the Project Management Office. Before joining Copa, he served as Operations Manager and Vice-President of Information Systems for Cable&nbsp;&amp; Wireless Panama. He received a BS in Electrical
Engineering from Texas A&amp;M University, a Master in Renewable Energy from <I>Universidad Tecnol&oacute;gica</I>, and an MBA jointly issued by New York University Stern School of Business, London School of Economics and Political Science, and HEC
Paris School of Management. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Captain Bolivar Dominguez G. </B>has been our Vice President of Flight Operations since December 2017. He
began his career with Copa Airlines in 2000 as a Copilot in the Boeing <FONT STYLE="white-space:nowrap">737-200,</FONT> and throughout his career within the Company, he has held roles of increased responsibility, such as Head of Training on the
Embraer fleet, Director of System Operations Control Center (SOCC), and most recently Chief Pilot. Bolivar is also a member since 2019 of the IATA Safety, Flight and Ground Operations Advisory Council (SFGOAC), responsible to act as advisor to the
Board of Governors and the Director General of IATA on all matters connected with the improvement of safety and efficiency of civil air transport, ground operations and baggage. Bolivar holds an Airline Transport Pilot License, with Type Ratings on
the Boeing 727, Embraer 190, and Boeing 737, and received a BS in Industrial Engineering from <I>Universidad Latina</I> and an MBA from the University of Louisville. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">56 </P>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Mr.</B><B></B><B>&nbsp;Christophe Didier</B> has been our Vice-President of Sales since
September 2016. Prior to joining Copa Airlines, Mr.&nbsp;Didier held several sales and marketing positions in the airline industry since 1990, including Air France, Delta Air Lines and Etihad Airways, based in Europe and the Americas. He served as
Delta&#146;s Vice-President for Latin America and the Caribbean during Delta&#146;s significant expansion in the region, merger with Northwest Airlines and Transatlantic joint venture implementation with Air France / KLM and equity investment in Gol
and Aeromexico. Mr.&nbsp;Didier, a French and Brazilian National, holds a Master in Management from ESCP Europe business school based in Paris and speaks English, Spanish, Portuguese and French. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Mr.</B><B></B><B>&nbsp;Eduardo Lombana</B> joined the Company in May 2005 as Chief Operating Officer and was appointed as Chief Executive
Officer of Copa Colombia as of February 2012. He served three years at Avianca as Vice-President of Network, responsible for revenue management, network planning and revenue accounting during the company&#146;s bankruptcy turn over. Prior to that,
he served as VicePresident of Flight Operations for ACES before it merged with Avianca. Mr.&nbsp;Lombana holds a BS in Aviation Technology and an AS in Aviation Maintenance Technology from Embry Riddle Aeronautical University. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The business address for all of our senior management is c/o Copa Airlines, Avenida Principal y Avenida de la Rotonda, Urbanizaci&oacute;n
Costa del Este, Complejo Business Park, Torre Norte, Parque Lefevre Panama City, Panama. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>B. Compensation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In 2020, we paid an aggregate of approximately $3.2&nbsp;million in cash compensation to our executive officers. In addition, members of
committees of the Board of Directors receive additional compensation per committee meeting. All of the members of our Board of Directors and their spouses receive benefits to travel on Copa flights as well. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Incentive Compensation Program </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In 2005, the Compensation Committee of our Board of Directors eliminated the then-existing Long-Term Retention Plan and approved a <FONT
STYLE="white-space:nowrap">one-time</FONT> <FONT STYLE="white-space:nowrap">non-vested</FONT> stock bonus award program for certain executive officers or the &#147;Stock Incentive Plan&#148;. <FONT STYLE="white-space:nowrap">Non-vested</FONT> stock
delivered under the Stock Incentive Plan may be sourced from treasury stock or authorized <FONT STYLE="white-space:nowrap">un-issued</FONT> shares. In accordance with this program, the Compensation Committee of our Board of Directors had granted
restricted stock awards to our senior management and to certain named executive officers and key employees. Normally, these shares vest over three to five years in yearly installments equal to <FONT STYLE="white-space:nowrap">one-third</FONT> of the
awarded stock on each anniversary of the grant date, 100% of the awarded stock at the third anniversary of the grant date or in yearly installments equal to 15% of the awarded stock on each of the first three anniversaries of the grant date, 25% on
the fourth anniversary and 30% on the fifth anniversary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The following table shows shares granted: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="58%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">28,201</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">29,462</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">43,355</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fair value</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">$108.77</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">$89.33/$96.25</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">$135.81</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Contractual life</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">3&nbsp;years</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">3 years</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">3&nbsp;to&nbsp;5&nbsp;years</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Compensation Committee plans to make additional equity-based awards under the plan from time to time,
including additional <FONT STYLE="white-space:nowrap">non-vested</FONT> stock and stock option awards. While the Compensation Committee will retain discretion to vary the exact terms of future awards, we anticipate that future employee <FONT
STYLE="white-space:nowrap">non-vested</FONT> stock and stock option awards granted pursuant to the plan will generally vest over a three-year period and the stock options will carry a <FONT STYLE="white-space:nowrap">ten-year</FONT> term. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The total compensation cost recognized for <FONT STYLE="white-space:nowrap">non-vested</FONT> stock and options awards amounts to
$5.3&nbsp;million, $6.1&nbsp;million, and $7.1&nbsp;million in 2020, 2019, and 2018, respectively, and was recorded as a component of &#147;Wages, salaries, benefits and other employees&#146; expenses&#148; within operating expenses. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">57 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">During the first quarter of 2021, the Compensation Committee of the Company&#146;s Board of
Directors approved two awards. Awards under these plans will grant approximately 136,654 shares of <FONT STYLE="white-space:nowrap">non-vested</FONT> stock, which will vest over a period of three to five years. The Company estimates the fair value
of these awards to be approximately $11.5&nbsp;million and the 2021 compensation cost for these plans will be $5.7&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Please
also see &#147;Item 6D. Employees&#148; for a description of the bonus plan implemented by the Company. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>C. Board Practices </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our Board of Directors currently meets quarterly. Additionally, informal meetings with UAL are held on an ongoing basis and are supported by
annual formal meetings of an &#147;Alliance Steering Committee&#148;, which directs and reports on the progress of the Copa and UAL Alliance. Our Board of Directors is focused on providing our overall strategic direction and as a result is
responsible for establishing our general business policies and for appointing our executive officers and supervising their management. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Currently, our Board of Directors is comprised of eleven members. The number of directors elected each year varies. Messrs. Stanley Motta,
Jose Casta&ntilde;eda, Jaime Arias and Josh Connor were <FONT STYLE="white-space:nowrap">re-elected</FONT> as directors for <FONT STYLE="white-space:nowrap">two-year</FONT> terms at our annual shareholders&#146; meeting held in 2019. Messrs. Pedro
Heilbron, Ricardo A. Arias, Alvaro Heilbron, Carlos A. Motta, John Gebo, Julianne Canavaggio and Andrew Levy were each <FONT STYLE="white-space:nowrap">re-elected</FONT> for <FONT STYLE="white-space:nowrap">two-year</FONT> terms at our annual
shareholders&#146; meeting held in 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Pursuant to contractual arrangements with us and CIASA, UAL is entitled to designate one of our
directors. Currently, Mr.&nbsp;John Gebo is the <FONT STYLE="white-space:nowrap">UAL-appointed</FONT> director. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">None of our Directors has
entered into any service contract with the Company or its subsidiaries. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><I>Committees of the Board of Directors </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Audit Committee</B>. The primary function of the Audit Committee is to assist the Board of Directors in fulfilling its oversight
responsibilities by reviewing: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the integrity of financial reports and other financial information made available to the public or any regulator
or governmental body; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the effectiveness of our internal financial control and risk management systems, including cybersecurity and
privacy risks and the Company&#146;s procedures and policies for assessing and managing such risks; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the effectiveness of our internal audit function, and the independent audit process including the appointment,
retention, compensation, and supervision of the independent auditor; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the compliance with laws and regulations, as well as the policies and ethical codes established by management and
the Board of Directors. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Audit Committee is also responsible for implementing procedures for receiving, retaining
and addressing complaints regarding accounting, internal control and auditing matters, including the submission of confidential, anonymous complaints regarding questionable accounting, ethical or auditing matters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Mrs.&nbsp;Julianne Canavaggio and Messrs. Jose Casta&ntilde;eda, and Josh Connor, all independent
<FONT STYLE="white-space:nowrap">non-executive</FONT> directors under the applicable rules of the New York Stock Exchange, are the current members of the committee. The Committee&acute;s chairman is Mr.&nbsp;Josh Connor. All members are financially
literate. Messrs. Casta&ntilde;eda and Connor have been determined to be financial experts by the Board of Directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Compensation
Committee</B>. Our Compensation Committee is responsible for the selection process of the Chief Executive Officer and the evaluation of all executive officers (including the CEO), recommending the level of compensation and any associated bonus. The
charter of our Compensation Committee requires that all its members shall be <FONT STYLE="white-space:nowrap">non-executive</FONT> directors, of which at least one member will be an independent director under the applicable rules of the New York
Stock Exchange. Messrs. Stanley Motta, Jaime Arias and Jose Casta&ntilde;eda are the members of our Compensation Committee, and Mr.&nbsp;Stanley Motta is the Chairman of the Compensation Committee. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">58 </P>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Nominating and Corporate Governance Committee</B>. Our Nominating and Corporate
Governance Committee is responsible for developing and recommending criteria for selecting new directors, overseeing evaluations of the Board of Directors, its members and committees of the Board of Directors and handling other matters that are
specifically delegated to the Nominating and Corporate Governance Committee by the Board of Directors from time to time. Our charter documents require that there be at least one independent member of the Nominating and Corporate Governance Committee
until the first shareholders&#146; meeting to elect directors after such time as the Class&nbsp;A shares are entitled to full voting rights. Messrs. Carlos Alberto Motta, Alvaro Heilbron, and Jos&eacute; Casta&ntilde;eda are the members of our
Nominating and Corporate Governance Committee, and Mr.&nbsp;Carlos Alberto Motta is the Chairman of the Nominating and Corporate Governance Committee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Independent Directors Committee</B>. Our Independent Directors Committee is created by our Articles of Incorporation and consists of any
directors that the Board of Directors determines from time to time meet the independence requirements of the NYSE rules applicable to audit committee members of foreign private issuers. Our Articles of Incorporation provide that there will be no
fewer than three independent directors at all times, subject to certain exceptions. Under our Articles of Incorporation, the Independent Directors Committee must approve: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any transactions in excess of $5&nbsp;million between us and our controlling shareholders; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the designation of certain primary share issuances that will not be included in the calculation of the percentage
ownership pertaining to the Class&nbsp;B shares for purposes of determining whether the Class&nbsp;A shares should be converted to voting shares under our Articles of Incorporation; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the issuance of additional Class&nbsp;B shares or Class&nbsp;C shares to ensure Copa Airlines&#146; compliance
with aviation laws and regulations. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Independent Directors Committee shall also have any other powers expressly
delegated by the Board of Directors. Under the Articles of Incorporation, these powers can only be changed by the Board of Directors acting as a whole upon the written recommendation of the Independent Directors Committee. The Independent Directors
Committee will only meet regularly until the first shareholders&#146; meeting at which the Class&nbsp;A shareholders will be entitled to vote for the election of directors and afterwards at any time that Class&nbsp;C shares are outstanding. All
decisions of the Independent Directors Committee shall be made by a majority of the members of the committee. See &#147;Item 10B. Memorandum and Articles of Association&#151;Description of Capital Stock&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Mrs.&nbsp;Julianne Canavaggio and Messrs. Jose Casta&ntilde;eda, and Josh Connor, are independent
<FONT STYLE="white-space:nowrap">non-executive</FONT> directors under the applicable rules of the New York Stock Exchange, are the current members of the committee. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>D. Employees </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We believe
that our growth potential and the achievement of our results-oriented corporate goals are directly linked to our ability to attract, motivate and maintain the best professionals available in the airline business. In order to help retain our
employees, we encourage open communication channels between our employees and management. Our CEO meets quarterly with all of our Copa employees in Panama in town hall-style meetings during which he explains the Company&#146;s performance and
encourages feedback from attendees. A similar presentation is made by our senior executives at each of our foreign stations. Our compensation strategy reinforces our determination to retain talented and highly motivated employees and is designed to
align the interests of our employees with our shareholders through profit-sharing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Approximately 84.2% of the Company&#146;s employees
are located in Panama, while the remaining 15.8% are distributed among our foreign stations. Copa&#146;s employees can be categorized as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="73%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>December&nbsp;31,</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Pilots</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,060</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,391</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,426</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Flight attendants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,462</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,185</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,358</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mechanics</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">340</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">527</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">530</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Customer service agents, reservation agents, ramp and others</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,087</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,544</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,905</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Management and clerical</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,718</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,230</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,231</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total employees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,667</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,877</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9,450</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">59 </P>

</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our profit-sharing program reflects our belief that our employees will remain dedicated to
our success if they have a stake in that success. We identify key performance drivers within each employee&#146;s control as part of our annual objectives plan, or &#147;Path to Success&#148;. Typically, we pay bonuses in the first quarter of the
year based on our performance during the preceding calendar year. For members of management, 75% of the bonus amount is based on our performance as a whole and 25% is based on the achievement of individual goals. Bonuses for <FONT
STYLE="white-space:nowrap">non-management</FONT> employees are based on the Company&#146;s performance and payment is typically a multiple of the employee&#146;s weekly salary. The bonus payments are approved by our compensation committee. We
typically make accruals each month for the expected annual bonuses, which are reconciled to actual payments at their dispersal within the first half of the following year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We provide training for all of our employees, including technical training for our pilots, dispatchers, flight attendants and other technical
staff. In addition, we provide recurrent customer service training to frontline staff, as well as leadership training for managers. We currently have three flight simulators at our training facility in Panama&#146;s City of Knowledge. In 2006, we
leased a Level B flight simulator for Boeing <FONT STYLE="white-space:nowrap">737-Next</FONT> Generation training that served 80% of our initial training, transition and upgrade training, and 100% of our recurrent training needs relating to that
aircraft. During 2007, we upgraded this simulator to Level C to provide 100% of our initial training. We leased a similar flight simulator for Embraer 190 until October 2015, when we decided to buy this simulator to serve our initial and recurrent
training needs. This Embraer 190 flight simulator was sold in November 2020. In 2011, Copa bought a second <FONT STYLE="white-space:nowrap">737-Next</FONT> Generation Full Flight Simulator, or &#147;FFS&#148;, Level D. The Level D qualification is
the highest certification provided by the Federal Aviation Administration (FAA) to any Flight Training Device. Another important acquisition in 2011 was the second B737 Virtual Procedure Trainer (VPT), which complements the new FFS training. In
October 2012, the lease on our first B737 Next Generation simulator expired and we bought a new FFTX technology training device accompanied by a new Virtual Procedure Trainer (VPT). In 2015, Copa bought a new Boeing
<FONT STYLE="white-space:nowrap">737-800</FONT> Full Flight Simulator <FONT STYLE="white-space:nowrap">(FFS-X)</FONT> compliant with regulatory Qualification Level D, and two new <FONT STYLE="white-space:nowrap">B737-800</FONT> Cockpit Procedure
Trainers (CPTs) compliant with regulatory Qualification FTD Level&nbsp;4 to provide 100% of our initial, recurrent, transition and upgrade training needs. We bought a new Boeing 737 MAX Full Flight Simulator compliant with regulatory qualification
Level D to provide 100% of our training needs which is available for use since May of 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Approximately 66.3% of the Company&#146;s
5,667 employees are unionized. Our employees currently belong to nine union organizations; five covering employees in Panama and four covering employees in Colombia, in addition to union organizations in other countries to which we fly. Copa
Airlines has traditionally had good relations with its employees and all the unions and expects to continue to enjoy good relations with its employees and the unions in the future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The five unions covering employees in Panama include: the pilots&#146; union (UNPAC); the flight attendants&#146; union (SIPANAB); the
mechanics&#146; union (SITECMAP), the industry union (SIELAS), which represents ground personnel, messengers, drivers, passenger service agents, counter agents and other <FONT STYLE="white-space:nowrap">non-executive</FONT> administrative staff, and
other industry union named UGETRACA which represents ground personnel and flight attendants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Copa entered into collective bargaining
agreements with the pilots&#146; union in July 2017, the industry union in December 2017, the mechanics&#146; union in June 2018 and with the flight attendants&#146; union in October 2018. Collective bargaining agreements in Panama are typically
between three and four-year terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The four unions covering employees in Colombia are: the pilots&#146; union (ACDAC), the flight
attendants&#146; union (ACAV), the industry union in Colombia (SITRANAC), and the Mechanics Union in Colombia (ACMA). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Copa entered into
collective bargaining with ACDAC and ACAV in January 2018. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">SINTRATAC and Copa entered into collective bargaining agreement in December
2017 for terms of four years until December 2021. Negotiations with ACMA were resolved by arbitration on December&nbsp;31, 2015, extending the validation every 6 months from this date, until June&nbsp;30, 2018. ACMA has not presented a new bill of
petition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Typically, collective bargaining agreements in Colombia have terms of two to three years. Although Copa Colombia usually
settles many of its collective bargaining agreement negotiations through arbitration proceedings, it has traditionally experienced good relations with its unions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">60 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In addition to the unions in Panama and Colombia, the Company&#146;s employees in Brazil are
covered by industry union agreements that cover all airline industry employees in the country and airport employees in Argentina are affiliated with an industry union (UPADEP). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>E. Share Ownership </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The
members of our Board of Directors and our executive officers as a group own less than one percent of our Class&nbsp;A shares. See &#147;Item 7A. Major Shareholders&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">For a description of stock options granted to our Board of Directors and our executive officers, see &#147;&#151;Compensation&#151;Incentive
Compensation Program&#148;. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc128959_13"></A>Item&nbsp;7. Major Shareholders and Related Party Transactions </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>A. Major Shareholders </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The
following table sets forth information relating to the beneficial ownership of our Class&nbsp;A shares as of December&nbsp;31, 2020 by each person known to us to beneficially own 5% or more of our common shares and all our directors and officers as
a group. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Class&nbsp;A shares are limited voting shares entitled only to vote in certain specified circumstances. See &#147;Item 10B. Additional
Information &#150; Memorandum and Articles of Association &#150; Description of Capital Stock&#148;. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="85%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center"><B>Class&nbsp;A Shares</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center"><B>Beneficially Owned</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Shares</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CIASA<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Executive officers and directors as a group (13 persons)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">105,256</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Others</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31,316,009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>31,421,265</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Based on a total of 31,421,265 Class&nbsp;A shares outstanding. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">CIASA owns 100% of the Class&nbsp;B shares of Copa Holdings representing 25.8% of our total capital stock.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In June 2006, Continental reduced its ownership of our total capital stock from 27.3% to 10.0%. In May 2008,
Continental sold down its remaining shares in the public market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">CIASA currently owns 100% of the Class&nbsp;B shares of Copa Holdings,
representing 100% of the voting power of our capital stock. CIASA is controlled by a group of Panamanian investors representing several prominent families in Panama. This group of investors has historically acted together in a variety of business
activities both in Panama and elsewhere in Latin America, including banking, insurance, real estate, telecommunications, international trade and commerce and wholesale. Members of the Motta, Heilbron and Arias families, and their affiliated
companies, including our Chief Executive Officer, Mr.&nbsp;Pedro Heilbron, and several of our directors beneficially own approximately 90% of CIASA&#146;s shares, as of February&nbsp;28, 2021. Such individual shareholders of CIASA have entered into
a shareholders&#146; agreement that restricts transfers of CIASA shares to <FONT STYLE="white-space:nowrap">non-Panamanian</FONT> nationals. Mr.&nbsp;Stanley Motta exercises effective control of CIASA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In March 2010, CIASA converted a portion of its Class&nbsp;B shares into 1.6&nbsp;million <FONT STYLE="white-space:nowrap">non-voting</FONT>
New York Stock Exchange-listed Class&nbsp;A shares and sold such Class&nbsp;A shares in an <FONT STYLE="white-space:nowrap">SEC-registered</FONT> public offering. As a result, CIASA&#146;s ownership decreased from 29.2% to 25.1% of our capital
stock. CIASA&#146;s current ownership is 25.8% of our capital stock. In the event CIASA seeks to reduce its ownership below 10% of our total share capital, our independent directors may decide to issue special voting shares solely to Panamanian
nationals to maintain the ownership requirements mandated by the Panamanian Aviation Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The address of CIASA is Corporaci&oacute;n de
Inversiones A&eacute;reas, S.A., c/o Copa Holdings, S.A., Boulevard Costa del Este, Avenida Principal y Avenida de la Rotonda, Urbanizaci&oacute;n Costa del Este, Complejo Business Park, Torre Oeste, Parque Lefevre, Panama City, Panama. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">61 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">It is not practicable for us to determine the number of Class&nbsp;A shares beneficially
owned in the United States. As of February&nbsp;28, 2021, we had 204 registered record holders of our Class&nbsp;A shares. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>B. Related
Party Transactions </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Registration Rights Agreement </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Under the registration rights agreement, as amended by the supplemental agreement, CIASA continues to have the right to make one demand on us
with respect to the registration and sale of our common stock held by them. The registration expenses incurred in connection with a demand registration requested after the date hereof, which expenses exclude underwriting discounts and commissions,
will be paid ratably by each security holder participating in such offering in proportion to the number of their shares that are included in the offering. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Agreements with our controlling shareholders and their affiliates </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our directors and controlling shareholders have many other commercial interests within Panama and throughout Latin America. We have commercial
relationships with several of these affiliated parties from which we purchase goods or services, as described below. In each case we believe our transactions with these affiliated parties are consistent with market rates and terms. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Banco General, S.A. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We have a strong commercial banking relationship with Banco General, S.A., a Panamanian bank partially owned by our controlling shareholders.
We have obtained financing from Banco General under short to medium-term financing arrangements for part of the commercial loan tranche of one of the Company&#146;s Export-Import Bank facilities. We also maintain general lines of credit and time
deposit accounts with Banco General. Interest received from Banco General amounted to $2.7&nbsp;million, $4.2&nbsp;million and $3.8&nbsp;million in 2020, 2019, or 2018, respectively. There have not been any material interest payments for the last
three years. There was no outstanding debt balance at December&nbsp;31, 2020, 2019, or 2018. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>ASSA Compa&ntilde;&iacute;a de
Seguros, S.A. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Panamanian law requires us to maintain our insurance policies through a local insurance company. We have contracted
with ASSA, an insurance company that provide substantially all of the Company&#146;s insurance policies. While the Company&#146;s controlling shareholders do not hold a controlling equity interest in ASSA<I> </I>Compa&ntilde;&iacute;a de Seguros, S.
A<I>.</I>, various members of the Company&#146;s Board of Directors are also board members of ASSA Compa&ntilde;&iacute;a de Seguros, S. A. ASSA has, in turn, reinsured almost all of the risks under those policies with insurance companies around the
world. The payments to ASSA totaled $7.2&nbsp;million in 2020, $11.2&nbsp;million in 2019 and $9.7&nbsp;million in 2018. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Petr&oacute;leos Delta, S.A. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Since 2005, we entered into a contract with Petr&oacute;leos Delta, S.A. to supply our jet fuel needs. The price agreed to under this contract
is based on the <FONT STYLE="white-space:nowrap">two-week</FONT> average of the U.S. Gulf Coast Waterborne Mean index plus local taxes, certain third-party handling charges and a handling charge to Petr&oacute;leos Delta, S.A. The contract term is
two years and the last contract subscribed was on June 2020. While our controlling shareholders do not hold a controlling equity interest in Petr&oacute;leos Delta, S.A., several of our directors are also board members of Petr&oacute;leos Delta,
S.A. Payments to Petr&oacute;leos Delta totaled $102.7&nbsp;million in 2020, $376.8&nbsp;million in 2019 and $398.7&nbsp;million in 2018. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Desarollo Inmobiliario del Este, S.A. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">During January 2006, we moved into headquarters located six miles away from Tocumen International Airport. We lease five floors consisting of
approximately 105,981 square feet of the building from Desarollo Inmobiliario Del Este, S.A., an entity controlled by the same group of investors that controls CIASA. Payments to Desarrollo Inmobiliario Del Este, S.A. totaled $3.3&nbsp;million,
$4.0&nbsp;million and $3.8&nbsp;million in 2020, 2019 and 2018, respectively. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Galindo, Arias&nbsp;&amp; Lopez </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Most of our legal work is carried out by the law firm Galindo, Arias&nbsp;&amp; Lopez. Messrs. Jaime Arias and Ricardo Alberto Arias, partners
of Galindo, Arias&nbsp;&amp; Lopez, are indirect shareholders of CIASA and serve on our Board of Directors. Payments to Galindo, Arias&nbsp;&amp; Lopez totaled $0.2&nbsp;million, $0.3&nbsp;million and $0.5&nbsp;million in 2020, 2019 and 2018,
respectively. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">62 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Cable Onda, S.A. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company is responsible for providing television and internet broadcasting services in Panama. A member of the Company&#146;s Board of
Directors is shareholder of Cable Onda, S.A. Payments to Cable Onda, S.A. totaled $0.7&nbsp;million. $1.4&nbsp;million, and $1.7&nbsp;million in 2020, 2019 and 2018, respectively. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Panama Air Cargo Terminal </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Provides cargo and courier services in Panama, an entity controlled by the same group of investors that controls CIASA. Payments to Panama Air
Cargo Terminal totaled $2.0&nbsp;million in 2020, $3.5&nbsp;million in 2019 and $5.8&nbsp;million in 2018. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>GBM International, Inc.
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Provides systems integration and computer services, as well as technical services and enterprise management. A member of the
Company&#146;s Board of Directors is shareholder of GBM International, Inc. Payments to GBM International, Inc. totaled $0.1&nbsp;million, $0.2&nbsp;million and $0.2&nbsp;million in 2020, 2019, 2018, respectively. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Other Transactions </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We also purchase most of the alcohol and some of the other beverages served on our aircraft from Motta Internacional, S.A. and Global Brands,
S.A., both of which are controlled by our controlling shareholders. We do not have any formal contracts for these purchases but pay wholesale prices based on price lists periodically submitted by those importers and comparisons to other options in
the marketplace. We paid these entities approximately $0.58&nbsp;million in 2020, $1.96&nbsp;million in 2019 and $1.64&nbsp;million in 2018. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>C. Interests of Experts and Counsel </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc128959_14">
</A>Item&nbsp;8. Financial Information </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>A. Consolidated Statements and Other Financial Information </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">See &#147;Item 3A. Key Information&#151;Selected Financial Data&#148; and &#147;Item 18. Financial Statements.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Legal Proceedings </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In the ordinary course of our business, we are party to various legal actions, which we believe are incidental to the operation of our
business. While legal proceedings are inherently uncertain, we believe that the outcome of the proceedings to which we are currently a party is not likely to have a material adverse effect on our financial position, results of operations and cash
flows. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Dividends and Dividend Policy </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The payment of dividends on our shares is subject to the discretion of our Board of Directors. Under Panamanian law, we may pay dividends only
out of retained earnings and capital surplus. So long as we do not default on our payments under our loan agreements, there are no covenants or other restrictions on our ability to declare and pay dividends. Our Articles of Incorporation provide
that all dividends declared by our Board of Directors will be paid equally with respect to all of the Class&nbsp;A and Class&nbsp;B shares. See &#147;Item 10B. Additional Information&#151;Memorandum and Articles of Association&#151;Description of
Capital Stock&#151;Dividends&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In February 2016, the Board of Directors approved a change to the dividend policy to limit aggregate
annual dividends to an amount equal to 40% of the prior year&#146;s annual consolidated underlying net income, to be distributed in equal quarterly installments subject to board ratification each quarter. Our Board of Directors may, in its sole
discretion and for any reason, amend or discontinue the dividend policy. Our Board of Directors may change the level of dividends provided for in this dividend policy or entirely discontinue the payment of dividends. Future dividends with respect to
shares of our common stock, if any, will depend on, among other things, our results of operations, cash requirements, financial condition, contractual restrictions, business opportunities, provisions of applicable law and other factors that our
Board of Directors may deem relevant. Given the uncertainty related to the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, including the effect on future air travel demand, on April&nbsp;26, 2020 our Board of Directors postponed dividend
payments for the remainder of 2020. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">63 </P>

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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Dividend&nbsp;for&nbsp;Fiscal&nbsp;Year:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Payment&nbsp;Date</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total&nbsp;Dividend&nbsp;Payment&nbsp;(U.S.&nbsp;Dollars)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Cash&nbsp;Dividend&nbsp;per&nbsp;Share</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">March&nbsp;13,&nbsp;2020</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34&nbsp;million</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">December&nbsp;13,&nbsp;2019</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28&nbsp;million</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">September&nbsp;13,&nbsp;2019</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28&nbsp;million</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">June&nbsp;14, 2019</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28&nbsp;million</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">March&nbsp;15, 2019</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28&nbsp;million</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">December&nbsp;14, 2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37&nbsp;million</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">September&nbsp;14, 2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37&nbsp;million</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">June&nbsp;15, 2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37&nbsp;million</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">March&nbsp;15, 2018</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37&nbsp;million</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">December&nbsp;15, 2017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32&nbsp;million</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">September&nbsp;12, 2017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32&nbsp;million</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">June&nbsp;15, 2017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22&nbsp;million</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">March&nbsp;13, 2017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22&nbsp;million</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">December&nbsp;15, 2016</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22&nbsp;million</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">September&nbsp;13, 2016</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22&nbsp;million</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">June&nbsp;16, 2016</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21&nbsp;million</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">March&nbsp;16, 2016</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21&nbsp;million</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>B. Significant Changes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">None. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc128959_15">
</A>Item&nbsp;9. The Offer and Listing </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>A. Offer and Listing Details </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our Class&nbsp;A shares have been listed on the New York Stock Exchange, or NYSE, under the symbol &#147;CPA&#148; since December&nbsp;14,
2005. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>B. Plan of Distribution </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>C. Markets
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our Class&nbsp;A shares have been listed on the NYSE under the symbol &#147;CPA&#148; since December&nbsp;14, 2005. Our Class&nbsp;B
shares are not listed on any exchange and are not publicly traded. We are subject to the NYSE corporate governance listing standards. The NYSE requires that corporations with shares listed on the exchange comply with certain corporate governance
standards. As a foreign private issuer, we are only required to comply with certain NYSE rules relating to audit committees and periodic certifications to the NYSE. The NYSE also requires that we provide a summary of the significant differences
between our corporate governance practices and those that would apply to a U.S. domestic issuer. Please refer to &#147;Item 16 G. Corporate Governance&#148; for a summary of the significant differences between our corporate governance practices and
those that would typically apply to a U.S. domestic issuer under the NYSE corporate governance rules. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>D. Selling Shareholders </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>E. Dilution
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>F.
Expenses of the Issue </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">64 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc128959_16"></A>Item&nbsp;10. Additional Information </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>A. Share Capital </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Not
applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>B. Memorandum and Articles of Association </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Copa Holdings was formed on May&nbsp;6, 1998 as acorporation (<I>sociedad an&oacute;nima</I>) duly incorporated under the laws of Panama with
an indefinite duration. The Registrant is registered under Public Document No.&nbsp;3.989 of May&nbsp;5, 1998 of the Notary Number Eight of the Circuit of Panama and recorded in the Public Registry Office, Microfilm (Mercantile) Section, Microjacket
344962, Film Roll 59672, Frame 0023. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Objects and Purposes </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Copa Holdings is principally engaged in the investment in airlines and aviation-related companies and ventures, although our Articles of
Incorporation grant us general powers to engage in any other lawful business, whether or not related to any of the specific purposes set forth in the Articles of Incorporation (See Article 2 of the Company&#146;s Articles of Incorporation). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Common Stock </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our
authorized capital stock consists of 80&nbsp;million shares of common stock without par value, divided into Class&nbsp;A shares, Class&nbsp;B shares and Class&nbsp;C shares. As of December&nbsp;31, 2020, we had 33,861,872 Class&nbsp;A shares issued
and 31,421,265 Class&nbsp;A shares outstanding; 10,938,125 Class&nbsp;B shares issued and outstanding, and no Class&nbsp;C shares outstanding. Class&nbsp;A and Class&nbsp;B shares have the same economic rights and privileges, including the right to
receive dividends, except as described in this section. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">For a description of our common stock, see Exhibit 2.1 to this annual report.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>C. Material Contracts </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>1998 Aircraft General Terms Agreement between The Boeing Company and Copa Airlines </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In 1998, Copa entered into an agreement with Boeing for the purchase of aircraft, installation of buyer furnished equipment provided by Copa,
customer support services and product assurance. In addition to the aircraft supplied, the Boeing Company will provide maintenance training and flight training programs, as well as operations engineering support. The agreement is still in effect and
has been amended several times since then, most recently in October 2019. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Engine Services Agreements between GE Engine Services,
LLC and Copa Holdings, S.A. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Since May 2011, we have entered into three separate Rate per Engine Flight Hour Engine Services
Agreements with GE Engine Services, LLC, pursuant to which GE shall be the exclusive provider of maintenance, repair and overhaul services to our <FONT STYLE="white-space:nowrap">CF-34</FONT> and <FONT STYLE="white-space:nowrap">CFM-56</FONT>
aircraft engines. Most maintenance services are performed at a certain rate per engine flight hour incurred by our engines. These rates were set based on our predicted operating parameters and will be adjusted in case of variation of those
parameters. Unless terminated, the agreement with respect to the <FONT STYLE="white-space:nowrap">CF-34</FONT> engines will continue through September&nbsp;30, 2022 while the agreements with respect to the
<FONT STYLE="white-space:nowrap">CFM-56</FONT> engines expire on December&nbsp;31, 2021 and April&nbsp;30, 2026, respectively, in each case unless renewed upon the parties&#146; mutual agreements. Either party may terminate the agreement in the
event of insolvency of the other party or upon a material breach by the other party which remains uncured. Any material breach by us of this agreement could, at the option of GE, trigger a cross-default of all our other contracts with GE. GE may
also terminate this agreement if the number of engines covered decreases below the prescribed minimum. Upon early termination of the agreement for any reason, we shall pay GE for all services or work performed by GE up to the time of such
termination by means of reconciliation. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>MAX Aircraft purchase Agreement between the Boeing Company and Copa Airlines. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In April 2015, Copa finalized negotiations with the Boeing Company for the purchase of 737 MAX airplanes. These negotiations started in 2013,
and the agreement has been amended several times since then, most recently in March 2021. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">65 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>D. Exchange Controls </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">There are currently no Panamanian restrictions on the export or import of capital, including foreign exchange controls, and no restrictions on
the payment of dividends or interest, nor are there limitations on the rights. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>E. Taxation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>United States </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The
following summary describes the material United States federal income tax consequences of the ownership and disposition of our Class&nbsp;A shares as of the date hereof. The discussion set forth below is applicable to United States Holders (as
defined below) that beneficially own our Class&nbsp;A shares as capital assets for United States federal income tax purposes (generally, property held for investment). This summary does not represent a detailed description of the United States
federal income tax consequences applicable to you if you are subject to special treatment under the United States federal income tax laws, including if you are: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a bank; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a dealer in securities or currencies; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a financial institution; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a regulated investment company; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a real estate investment trust; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an insurance company; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a <FONT STYLE="white-space:nowrap">tax-exempt</FONT> organization; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a person holding our Class&nbsp;A shares as part of a hedging, integrated or conversion transaction, a
constructive sale or a straddle; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a trader in securities that has elected the
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> method of accounting for your securities; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a person liable for alternative minimum tax; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a person who owns 10% or more of our stock (by vote or value); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a partnership or other pass-through entity (or investor therein) for United States federal income tax purposes;
or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a person whose &#147;functional currency&#148; is not the United States dollar. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The discussion below is based upon the provisions of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), and regulations,
rulings and judicial decisions thereunder as of the date hereof, and such authorities may be replaced, revoked or modified so as to result in United States federal income tax consequences different from those discussed below. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>If you are considering the purchase, ownership or disposition of our Class&nbsp;A shares, you should consult your own tax advisors
concerning the United States federal income tax consequences to you in light of your particular situation as well as any consequences arising under state or local law or under the laws of any other taxing jurisdiction. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">As used herein, &#147;United States Holder&#148; means a beneficial owner of our Class&nbsp;A shares that is for United States federal income
tax purposes: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an individual citizen or resident of the United States; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a corporation (or other entity treated as a corporation for United States federal income tax purposes) created or
organized in or under the laws of the United States, any state thereof or the District of Columbia; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an estate the income of which is subject to United States federal income taxation regardless of its source; or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a trust if it (1)&nbsp;is subject to the primary supervision of a court within the United States and one or more
United States persons have the authority to control all substantial decisions of the trust or (2)&nbsp;has a valid election in effect under applicable United States Treasury regulations to be treated as a United States person. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If a partnership holds our Class&nbsp;A shares, the tax treatment of a partner will generally depend upon the status of the partner and upon
the activities of the partnership. An investor who is a partner of a partnership holding our Class&nbsp;A shares should consult its own tax advisor. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">66 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Taxation of Dividends </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Distributions on the Class&nbsp;A shares (including amounts withheld to reflect Panamanian withholding taxes, if any) will be taxable as
dividends to the extent paid out of our current or accumulated earnings and profits, as determined under United States federal income tax principles. Such income (including withheld taxes) will be includable in your gross income as foreign-source
ordinary income on the day actually or constructively received by you. Such dividends will not be eligible for the dividends received deduction allowed to corporations. Because we do not intend to keep earnings and profits in accordance with United
States federal income tax principles, you should expect that distributions on the Class&nbsp;A shares will generally be treated as dividends. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">With respect to <FONT STYLE="white-space:nowrap">non-corporate</FONT> United States Holders, certain dividends received from a qualified
foreign corporation may be subject to reduced rates of taxation. A foreign corporation generally is treated as a qualified foreign corporation with respect to dividends paid by that corporation on shares that are readily tradable on an established
securities market in the United States. United States Treasury Department guidance indicates that our Class&nbsp;A shares, which are listed on the NYSE, are currently readily tradable on an established securities market in the United States. There
can be no assurance, however, that our Class&nbsp;A shares will be considered readily tradable on an established securities market at a later date. <FONT STYLE="white-space:nowrap">Non-corporate</FONT> United States Holders that do not meet a
minimum holding period requirement during which they are not protected from the risk of loss or that elect to treat the dividend income as &#147;investment income&#148; pursuant to Section&nbsp;163(d)(4) of the Code will not be eligible for the
reduced rates of taxation regardless of our status as a qualified foreign corporation. In addition, the rate reduction will not apply to dividends if the recipient of a dividend is obligated to make related payments with respect to positions in
substantially similar or related property. This disallowance applies even if the minimum holding period has been met. You should consult your own tax advisors regarding the application of these rules to your particular circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Subject to certain conditions and limitations, Panamanian withholding taxes on dividends may be treated as foreign taxes eligible for credit
against your United States federal income tax liability. For purposes of calculating the foreign tax credit, dividends paid on the Class&nbsp;A shares generally will be treated as income from sources outside the United States and will generally
constitute passive income. Further, in certain circumstances, if you: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">have held Class&nbsp;A shares for less than a specified minimum period during which you are not protected from
risk of loss, or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">are obligated to make related to the payments with respect to positions in substantially similar or related
property, </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">You will not be allowed a foreign tax credit for foreign taxes imposed on dividends paid on the Class&nbsp;A
shares, if any. The rules governing the foreign tax credit are complex. You are urged to consult your tax advisors regarding the availability of the foreign tax credit under your particular circumstances. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Passive Foreign Investment Company </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We do not believe that we were a passive foreign investment company (a &#147;PFIC&#148;) for United States federal income tax purposes for
2020, and we expect to operate in such a manner so as not to become a PFIC in 2021 or the foreseeable future. However, the determination whether we are a PFIC must be made annually based on the facts and circumstances at that time, some of which may
be beyond our control, such as our market capitalization and the valuation of our assets, including goodwill and other intangible assets, and the nature and sources of our income. If, contrary to our expectations, we are or become a PFIC, you could
be subject to additional United States federal income taxes on gain recognized with respect to the Class&nbsp;A shares and on certain distributions, plus an interest charge on certain taxes treated as having been deferred under the PFIC rules.
Further, <FONT STYLE="white-space:nowrap">non-corporate</FONT> United States Holders will not be eligible for reduced rates of taxation on any dividends received from us if we are a PFIC in the taxable year in which such dividends are paid or the
preceding taxable year. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Taxation of Disposition of Shares </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">For United States federal income tax purposes, you will recognize taxable gain or loss on any sale or exchange of a Class&nbsp;A share in an
amount equal to the difference between the amount realized for the Class&nbsp;A share and your tax basis in the Class&nbsp;A share. Such gain or loss will generally be capital gain or loss. Capital gains of individuals derived with respect to
capital assets held for more than one year generally are eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations. Any gain or loss recognized by you will generally be treated as United States source gain
or loss. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">67 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Information Reporting and Backup Withholding </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In general, information reporting will apply to dividends in respect of our Class&nbsp;A shares and the proceeds from the sale, exchange or
redemption of our Class&nbsp;A shares that are paid to you within the United States (and in certain cases, outside the United States), unless you establish that you are an exempt recipient such as a corporation. A backup withholding tax may apply to
such payments unless you provide an accurate taxpayer identification number and make any other required certification or otherwise establish an exemption. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Any amounts withheld under the backup withholding rules will be allowed as a refund or a credit against your United States federal income tax
liability provided the required information is timely furnished to the Internal Revenue Service. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Panama </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The following is a discussion of the material Panamanian tax considerations to holders of Class&nbsp;A shares under Panamanian tax law and is
based upon the tax laws and regulations in force and effect as of the date hereof, which may be subject to change. This discussion, to the extent it states matters of Panamanian tax law or legal conclusions and subject to the qualifications herein,
represents the opinion of Galindo, Arias&nbsp;&amp; Lopez, our Panamanian counsel. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Taxation of Dividends </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Dividends paid by a corporation duly licensed to do business in Panama, whether in the form of cash, stock or other property, are subject to a
10% withholding tax on the portion attributable to Panamanian sourced income, and a 5% withholding tax on the portion attributable to foreign sourced income. Dividends paid by a holding company which correspond to dividends received from its
subsidiaries for which the dividend tax was previously paid, are not subject to any further withholding tax under Panamanian law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Therefore, distributions on the Class&nbsp;A shares would not be subject to withholding tax to the extent that said distributions are
attributable to dividends received from any of our subsidiaries for which the dividend tax was previously paid. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Taxation of Capital
Gains </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">As long as the Class&nbsp;A shares are registered with the SMV and are sold through an organized market, Panamanian taxes on
capital gains will not apply either to Panamanians or other countries&#146; nationals. We have registered the Class&nbsp;A shares, with both the NYSE and the SMV. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Other Panamanian Taxes </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">There are no estate, gift or other taxes imposed by the Panamanian government that would affect a holder of the Class&nbsp;A shares, whether
such holder were Panamanian or a national of another country. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>F. Dividends and Paying Agents </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>G. Statement
by Experts </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>H. Documents on Display </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We are subject to the informational requirements of the U.S. Securities Exchange Act of 1934, which is also known as the Exchange Act.
Accordingly, we are required to file reports and other information with the Commission, including annual reports on Form <FONT STYLE="white-space:nowrap">20-F</FONT> and reports on Form <FONT STYLE="white-space:nowrap">6-K.</FONT> You may inspect
and copy reports and other information to be filed with the Commission at the Public Reference Room of the Commission at 100 F Street, N.W., Washington D.C. 20549, and copies of the materials may be obtained there at prescribed rates. The public may
obtain information on the operation of the Commission&#146;s Public Reference Room by calling the Commission in the United States at
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-SEC-0330.</FONT></FONT></FONT> In addition, the Commission maintains a website at www.sec.gov, from which you can electronically access the
registration statement and its materials. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">68 </P>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">As a foreign private issuer, we are not subject to the same disclosure requirements as a
domestic U.S. registrant under the Exchange Act. For example, we are not required to prepare and issue quarterly reports. In 2016, the SEC approved a new rule and the NYSE published a new requirement for foreign private issuers to submit interim
financials as of the end of and for the first two quarters of its fiscal year if they do not already furnish interim financials at least semi-annually. This new requirement will not affect us because we furnish our shareholders with annual reports
containing financial statements audited by our independent auditors and make available to our shareholders quarterly reports containing unaudited financial data for the first three quarters of each fiscal year. We furnish such quarterly reports with
the SEC within two months of each quarter of our fiscal year, and we file annual reports on Form <FONT STYLE="white-space:nowrap">20-F</FONT> within the time period required by the SEC, which is currently four months from December&nbsp;31, the end
of our fiscal year. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>I. Subsidiary Information </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc128959_17">
</A>Item&nbsp;11. Quantitative and Qualitative Disclosures about Market Risk </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The risks inherent in our business are the potential
losses arising from adverse changes to the price of fuel, interest rates and the U.S. dollar exchange rate. Please also refer to note 28 of our financial statements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Aircraft Fuel</I>. Our results of operations are affected by changes in the price and availability of aircraft fuel. The Company has not
entered into new fuel hedge contracts, and has adopted a strategy of remaining unhedged, while regularly reviewing its policies based on market conditions and other factors. As of December&nbsp;31, 2020, the Company did not have any outstanding fuel
hedge contracts. Market risk is estimated as a hypothetical 10% increase in the December&nbsp;31, 2020 cost per gallon of fuel. Based on projected 2021 fuel consumption, such an increase would result in an increase to aircraft fuel expense of
approximately $21.3&nbsp;million in 2021. There are no hedged contracts for 2021. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Interest</I>. Our earnings are affected by changes
in interest rates due to the impact those changes have on interest expense from variable-rate debt instruments and operating leases and on interest income generated from our cash and investment balances. If the interest rate average is 100 basis
points more in 2020, the variable-rate debt interest expense would increase by approximately $2.8&nbsp;million and the estimated fair value of the fixed-rate debt would decrease by approximately $1.5&nbsp;million. These amounts are determined by
considering the impact of the hypothetical interest rates on the variable-rate debt and marketable securities equivalent balances at December&nbsp;31, 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><I>Foreign Currencies. </I>The majority of our obligations are denominated in U.S. dollars. Since Panama uses the U.S. dollar as legal tender,
the majority of our operating expenses are also denominated in U.S. dollars, approximately 65.7% of revenues and 86.0% of expenses are in U.S. dollars. A significant part of our revenue is denominated in foreign currencies, including the Brazilian
real, Colombian peso, and Argentinian peso, which represented 9.5%, 9.1% and 4.0% of our revenue in 2020, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">On
January&nbsp;1, 2015, given the change in its business strategy focused on international markets, Copa Colombia concluded that the most appropriate functional currency of the Company would be U.S. dollars. This reflects the fact that the majority of
the airline&#146;s business is influenced by pricing in international markets, with a dollar economic environment. In the same way, the major operating expenses such as fuel, leasing, airport services and sales commissions are dollarized. Until
December&nbsp;31, 2014, the previous functional currency of the Company was the Colombian peso. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">69 </P>

</DIV></Center>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The following chart summarizes the Company&#146;s exchange risk exposure (assets and
liabilities denominated in foreign currency) at December&nbsp;31, 2020 and 2019: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="71%"></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As of</B><br><B>December&nbsp;31,</B><br><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As of</B><br><B>December&nbsp;31,</B><br><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12,322</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22,818</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts receivables, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27,670</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">73,018</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18,942</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15,726</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">58,934</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">111,562</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts payables suppliers and agencies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20,142</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 51,313</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accumulated taxes and expenses payables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13,757</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37,137</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11,387</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18,513</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">45,286</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">106,963</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net position</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13,648</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,599</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc128959_18"></A>Item&nbsp;12. Description of Securities Other than Equity Securities </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>A. Debt
securities </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>B. Warrants and rights </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>C. Other
securities </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>D. American depositary shares </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">70 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc128959_19"></A>PART II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc128959_20"></A>Item&nbsp;13. Defaults, Dividend Arrearages and Delinquencies </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">None. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc128959_21">
</A>Item&nbsp;14. Material Modifications to the Rights of Security Holders and Use of Proceeds </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">None. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc128959_22"></A>Item&nbsp;15. Controls and Procedures </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>A. Disclosure Controls and Procedures </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Disclosure controls and procedures are designed to ensure that information required to be disclosed by the Company in reports filed or
submitted under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC&#146;s rules and forms. We carried out an evaluation under the supervision of our Management, including
our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of December&nbsp;31, 2020. There are inherent limitations to the effectiveness of any system of
disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of
achieving their control objectives. Based upon our evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective to provide reasonable assurance that information required to
be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to our
management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>B. Management&#146;s Annual Report on Internal Control over Financial Reporting </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Management of Copa Holdings, S.A. or the &#147;Company&#148;, is responsible for establishing and maintaining effective internal control
over financial reporting as defined in Rules <FONT STYLE="white-space:nowrap">13a-15(f)</FONT> under the Securities Exchange Act of 1934. The Company&#146;s internal control over financial reporting is designed to provide reasonable assurance to the
Company&#146;s management and board of directors regarding the preparation and fair presentation of published financial statements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those
systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Management assessed the effectiveness of the Company&#146;s internal control over financial reporting as of December&nbsp;31, 2020. In making
this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control &#150; Integrated Framework (2013). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our internal control over financial reporting includes those policies and procedures that: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of our assets; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with IFRS, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">71 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or
disposition of our assets that could have a material effect on our financial statements. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Based on this assessment,
Management believes that, as of December&nbsp;31, 2020, the Company&#146;s internal control over financial reporting is effective based on those criteria. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>C. Attestation Report of the Registered Public Accounting Firm </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The effectiveness of our internal controls over financial reporting as of December&nbsp;31, 2020 has been audited by Ernst&nbsp;&amp;Young, the
independent registered public accounting firm who also audited the Company&#146;s consolidated financial statements. Ernst&nbsp;&amp; Young&#146;s attestation report of the effectiveness of the Company&#146;s internal control over financial
reporting is included herein. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>D. Changes in Internal Control over Financial Reporting </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">There has been no change in our internal control over financial reporting during 2020 that has materially affected, or is reasonably likely to
materially affect, our internal control over financial reporting. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">72 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman"><B>Report of Independent Registered Public Accounting Firm </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>To the Board of Directors and Shareholders </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Copa
Holdings, S.A. and Subsidiaries </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Opinion on Internal Control over Financial Reporting </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have audited Copa Holdings, S.A. and subsidiaries&#146; (the Company) internal control over financial reporting as of December&nbsp;31, 2020, based on
criteria established in Internal Control&#151;Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Copa Holdings, S.A. and subsidiaries maintained,
in all material respects, effective internal control over financial reporting as of December&nbsp;31, 2020, based on the COSO criteria. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We also have
audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of financial position of the Company as of December&nbsp;31, 2020 and 2019 and the related consolidated
statements of profit or loss, comprehensive income, changes in equity and cash flows for each of the three years in the period ended December&nbsp;31, 2020, and the related notes, and our report dated April&nbsp;23, 2021, expressed an unqualified
opinion thereon. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Basis for Opinion </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
Company&#146;s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management&#146;s
Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company&#146;s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and
are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether effective internal control over financial reporting was maintained in all material respects. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our audit included obtaining an
understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other
procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Definition and
Limitations of Internal Control Over Financial Reporting </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A company&#146;s internal control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with International Financial Reporting Standards, as issued by the International Accounting
Standards Board. A company&#146;s internal control over financial reporting includes those policies and procedures that (1)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2)&nbsp;provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with International Financial Reporting Standards, as issued by
the International Accounting Standards Board, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3)&nbsp;provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use or disposition of the company&#146;s assets that could have a material effect on the financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">73 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may
deteriorate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ernst&nbsp;&amp; Young Limited Corp. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A member
practice of Ernst&nbsp;&amp; Young Global Limited </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>/s/ Ernst&nbsp;&amp; Young Limited Corp.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Panama City, Republic of Panama </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;23, 2021 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">74 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc128959_23"></A>Item&nbsp;16. Reserved </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;16A. Audit Committee Financial Expert </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our Board of Directors has determined that Messrs. Jose Casta&ntilde;eda and Josh Connor qualify as an &#147;audit committee financial
experts&#148; as defined by current SEC rules and meet the independence requirements of the SEC and the NYSE listing standards. For a discussion of the role of our audit committee, see &#147;Item 6C. Board Practices&#151;Audit Committee&#148;. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;16B. Code of Ethics </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our Board of Directors has adopted a Code of Business Conduct and Ethics applicable to our directors, officers, employees and consultants. The
Code of Business Conduct and Ethics can be found at www.copaair.com under the heading &#147;Investor Relations&#151;Corporate Governance&#148;. Information found on this website is not incorporated by reference into this document. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;16C. Principal Accountant Fees and Services </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The following table sets forth by category of service the total fees for services performed by our independent registered public accounting
firm Ernst&nbsp;&amp; Young and its affiliates during the fiscal years ended December&nbsp;31, 2020, 2019 and 2018: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="53%"></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Audit Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">685,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 944,220</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">981,810</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Audit-Related Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tax Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">All Other Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">130,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">245,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">815,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,189,220</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">981,810</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Audit Fees </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Audit fees for 2020, 2019 and 2018 included the audit of our annual financial statements and internal controls, and the review of our quarterly
reports. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Audit-Related Fees </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">There were no audit-related fees for 2020, 2019 or 2018. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Tax Fees </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">There were no
tax fees for 2020, 2019 or 2018. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>All Other Fees </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Other fees for 2020 and 2019 include amounts paid for permitted consulting services performed by Ernst&nbsp;&amp; Young and <FONT
STYLE="white-space:nowrap">pre-approved</FONT> by our audit committee. There were no such fees in 2018. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Pre-Approval</FONT> Policies and Procedures </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Our audit committee approves all audit, audit-related, tax and other services provided by Ernst&nbsp;&amp; Young. Any services provided by
Ernst&nbsp;&amp; Young that are not specifically included within the scope of the audit must be <FONT STYLE="white-space:nowrap">pre-approved</FONT> by the audit committee in advance of any engagement. Pursuant to Rule 201 of Regulation <FONT
STYLE="white-space:nowrap">S-X,</FONT> audit committees are permitted to approve certain fees for audit-related services, tax services and other services pursuant to a de minimis exception prior to the completion of an audit engagement. In 2020,
none of the fees paid to Ernst&nbsp;&amp; Young were approved pursuant to the de minimis exception. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Item 16D. Exemptions from the
Listing Standards for Audit Committees </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">None. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">75 </P>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;16E. Purchase of Equity Securities by the Issuer and Affiliated Purchasers
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table provides information related to the share repurchase program executed by month: <B></B> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="27%"></TD>

<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Period</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total&nbsp;number&nbsp;of shares</B><br><B>purchased</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Average&nbsp;price&nbsp;paid</B><br><B>per share</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total&nbsp;number&nbsp;of&nbsp;shares</B><br><B>purchased&nbsp;as&nbsp;part&nbsp;of</B><br><B>publicly&nbsp;announced</B><br><B>program</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Maximum&nbsp;number&nbsp;of</B><br><B>shares&nbsp;that&nbsp;may&nbsp;be&nbsp;yet</B><br><B>be&nbsp;purchased&nbsp;under&nbsp;the</B><br><B>program</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Program 2014 (EOMR)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December 2014</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">182,592</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">101.84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">182,592</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,274,440</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">January 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">139,196</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">104.13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">321,788</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,084,941</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28,454</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">109.65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">350,242</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,951,529</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ASR 2015</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">September 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">850,242</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,460,250</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,310,492</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,310,492</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In November 2014, the Board of Directors of the Company approved a $250&nbsp;million share repurchase program.
Purchases will be made from time to time, subject to market and economic conditions, applicable legal requirements, and other relevant factors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">During December of 2014 the Company repurchased 182,592 shares for a total amount of $18.4&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In the first quarter of 2015, the Company repurchased 167,650 shares for a total amount of $17.9&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">During September 2015 the Company entered into an Accelerated Share Repurchase, or &#147;ASR&#148;, with Citibank for an approximate period of
3 months for a total amount of $100&nbsp;million. On December&nbsp;15, 2015, Citibank delivered 1,960,250 shares to the Company, recognized at the settlement price of $51.01 per share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">No transactions were made in 2018, 2019 or 2020. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;16F. Changes in Registrant&#146;s Certifying Accountant </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">None. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;16G.
Corporate Governance </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Companies that are registered in Panama are required to disclose whether or not they comply with certain
corporate governance guidelines and principles that are recommended by the Superintendence of the Securities Market (<I>Superintendencia del Mercado de Valores, or SMV</I>). Statements below referring to Panamanian governance standards reflect these
voluntary guidelines set by the SMV rather than legal requirements or standard national practices. Our Class&nbsp;A shares are registered with the SMV, and we comply with the SMV&#146;s disclosure requirements. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="47%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>NYSE Standards</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Our Corporate Governance
Practice</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Director Independence.</I></B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Majority
of board of directors must be independent. &#167;303A.01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Panamanian corporate governance standards recommend that one in every five directors should be an independent director. The criteria for determining independence under the Panamanian corporate governance standards differs from the
NYSE rules. In Panama, a director would be considered independent as long as the director does not directly or indirectly own 5% or more of the issued and outstanding voting shares of the Company, is not involved in the daily management of the
Company and is not a spouse or related to the second degree by blood or marriage to the persons named above.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>Our Articles of Incorporation require us to have three independent directors as defined under the NYSE rules.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">76 </P>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>NYSE Standards</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Our Corporate Governance
Practice</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Executive Sessions. </I></B><FONT STYLE="white-space:nowrap">Non-management</FONT> directors must meet regularly in executive sessions
without management.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Independent directors should meet alone in an executive session at least once a year. &#167;303A.03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">There are no mandatory requirements under Panamanian law that a company should hold, and we currently do not hold, such executive sessions.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><I>Nominating/Corporate Governance</I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B><I>Committee. </I></B>Nominating/corporate governance committee of independent directors is required. The committee must have a charter specifying the
purpose, duties and evaluation procedures of the committee. &#167;303A.04</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Panamanian corporate governance standards recommend that registered companies have a nominating committee composed of three members of the board of directors, at least one of which should be an independent director, plus the chief
executive officer and the chief financial officer. In Panama, the majority of public corporations do not have a nominating or corporate governance committee. Our Articles of Incorporation require that we maintain a Nominating and Corporate
Governance Committee with at least one independent director until the first shareholders&#146; meeting to elect directors after such time as the Class&nbsp;A shares are entitled to full voting rights.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><I>Compensation Committee. </I></B>Compensation committee of independent directors is required, which must approve or make a recommendation to the board regarding executive officer compensation. The committee must have a charter
specifying the purpose, duties and evaluation procedures of the committee. &#167;303A.05</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Panamanian corporate governance standards recommend that the compensation of executives and directors be overseen by the nominating committee
but do not otherwise address the need for a compensation committee.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">While we
maintain a compensation committee that operates under a charter as described by the NYSE governance standards, currently only one of the members of that committee is independent.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><I>Equity Compensation Plans. </I></B>Equity compensation plans require shareholder approval, subject to limited exemptions.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Under Panamanian law, shareholder approval is not required for equity compensation plans.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><I>Code of Ethics.</I></B><B> </B>Corporate governance guidelines and a code of business conduct and ethics is required, with disclosure of any waiver fordirectors or executive officers. &#167;303A.10</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Panamanian corporate governance standards do not require the adoption of specific guidelines as contemplated by the NYSE standards, although
they do require that companies disclose differences between their practices and a list of specified practices recommended by the SMV.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">We have not adopted a set of corporate governance guidelines as contemplated by the NYSE, although we will be required to comply with the disclosure
requirement of the SMV.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Panamanian corporate governance standards recommend that registered companies adopt a code of ethics covering such topics as its ethical and moral principles, how to address conflicts of interest, the appropriate use of resources,
obligations to inform of acts of corruption and mechanism to enforce the compliance with established rules of conduct.</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;16H. Mine Safety Disclosure </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">None. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">77 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>PART III </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc128959_24"></A>Item&nbsp;17. Financial Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">See &#147;Item 18. Financial Statements&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc128959_25"></A>Item&nbsp;18. Financial Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">See our consolidated financial statements beginning on page <FONT STYLE="white-space:nowrap">F-1.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc128959_26"></A>Item&nbsp;19. Exhibits </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>2.1&nbsp;(2019)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex21.htm">Description of the registrant&#146;s securities registered pursuant to Section&nbsp;12 of the Securities Exchange Act of 1934. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.1**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1345105/000095012305014105/y12303exv3w1.txt">English translation of the Amended Articles of Incorporation (<I>Pacto Social</I>) of the Registrant</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.1&nbsp;(2008)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex41.htm">Supplemental Agreement dated as of May<U></U>&nbsp;13, 2008 by and among Copa Holdings, S.A. Corporation de Inversiones Aereas, S.A. and Continental Airlines, Inc. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.2&#134;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex42.htm">Aircraft Lease Agreement, dated as of March<U></U>&nbsp;4, 2004, between International Lease Finance corporation and Compa&ntilde;&iacute;a Paname&ntilde;a de Aviaci&oacute;n, S.A., Boeing Model <FONT
STYLE="white-space:nowrap">737-700</FONT> or 800 Aircraft, Serial No.<U></U>&nbsp;32800 </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.3**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex43.htm">Aircraft General Terms Agreement, dated November&nbsp;25, 1998, between The Boeing Company and Copa Holdings, S.A. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.4&#134;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex44.htm">Maintenance Cost per Hour Engine Service Agreement, dated March<U></U>&nbsp;5, 2003, between G.E. Engine Services, Inc. and Copa Holdings,&nbsp;S.A. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.5&#134;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex45.htm">Form of Amended and Restated Alliance Agreement between Continental Airlines, Inc. and Compa&ntilde;&iacute;a Paname&ntilde;a de Aviaci&oacute;n,&nbsp;S.A. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.6**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex46.htm">Form of Amended and Restated Services Agreement between Continental Airlines, Inc. and Compa&ntilde;&iacute;a Paname&ntilde;a de Aviaci&oacute;n,&nbsp;S.A. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.7**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex47.htm">Form of Second Amended and Restated Shareholders&#146; Agreement among Copa Holdings, S.A., Corporaci&oacute;n de Inversiones A&eacute;reas, S.A. and Continental Airlines, Inc. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.8**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex48.htm">Form of Guaranteed Loan Agreement </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.9**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex49.htm">Form of Amended and Restated Registration Rights Agreement among Copa Holdings, S.A., Corporaci&oacute;n de Inversiones A&eacute;reas, S.A. and Continental Airlines, Inc. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.10**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex410.htm">Form of Copa Holdings, S.A. 2005 Stock Incentive Plan </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.11**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex411.htm">Form of Copa Holdings, S.A. Restricted Stock Award Agreement </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.12*</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex412.htm">Form of Indemnification Agreement with the Registrant&#146;s directors </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.13**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex413.htm">Form of Amended and Restated Trademark License Agreement between Continental Airlines, Inc. and Compa&ntilde;&iacute;a Paname&ntilde;a de Aviaci&oacute;n, S.A. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.14&#134;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex414.htm">Supplemental Agreement No.<U></U>&nbsp;11 dated as of August<U></U>&nbsp;30, 2006 to the Boeing Purchase Agreement Number 2191 dated November<U></U>&nbsp;
25, 1998 between the Boeing Company and Copa Holdings, S.A. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.15&#134;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex415.htm">Supplemental Agreement No.<U></U>&nbsp;12 dated as of February<U></U>&nbsp;26, 2007 to the Boeing Purchase Agreement Number 2191 dated November<U></U>&nbsp;
25, 1998 between the Boeing Company and Copa Holdings, S.A. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.16&#134;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex416.htm">Supplemental Agreement No.<U></U>&nbsp;13 dated as of April<U></U>&nbsp;23, 2007 to the Boeing Purchase Agreement Number 2191 dated November<U></U>&nbsp;
25, 1998 between the Boeing Company and Copa Holdings, S.A. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.17&#134;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex417.htm">Supplemental Agreement No.<U></U>&nbsp;14 dated as of August<U></U>&nbsp;31, 2007 to the Boeing Purchase Agreement Number 2191 dated November<U></U>&nbsp;
25, 1998 between the Boeing Company and Copa Holdings, S.A. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.18&#134;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex418.htm">Supplemental Agreement No. 15 dated as of February 21, 2008 to the Boeing Purchase Agreement Number 2191 dated November&nbsp;25, 1998 between the Boeing Company and Copa Holdings, S.A.
</A></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">78 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="90%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.19&#134;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex419.htm">Supplemental Agreement No.<U></U>&nbsp;16 dated as of June<U></U>&nbsp;30, 2008 to the Boeing Purchase Agreement Number 2191 dated November<U></U>&nbsp;
25, 1998 between the Boeing Company and Copa Holdings, S.A. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.20&#134;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex420.htm">Supplemental Agreement No.<U></U>&nbsp;17 dated as of December<U></U>&nbsp;15, 2008 to the Boeing Purchase Agreement Number 2191 dated November<U></U>&nbsp;
25, 1998 between the Boeing Company and Copa Holdings, S.A. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.21&#134;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex421.htm">Supplemental Agreement No.<U></U>&nbsp;18 dated as of July<U></U>&nbsp;15, 2009 to the Boeing Purchase Agreement Number 2191 dated November<U></U>&nbsp;
25, 1998 between the Boeing Company and Copa Holdings, S.A </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.22&#134;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex422.htm">Supplemental Agreement No.<U></U>&nbsp;19 dated as of August<U></U>&nbsp;31, 2009 to the Boeing Purchase Agreement Number 2191 dated November<U></U>&nbsp;
25, 1998 between the Boeing Company and Copa Holdings, S.A </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.23&#134;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex423.htm">Supplemental Agreement No.<U></U>&nbsp;20 dated as of November<U></U>&nbsp;19, 2009 to the Boeing Purchase Agreement Number 2191 dated November<U></U>&nbsp;
25, 1998 between the Boeing Company and Copa Holdings, S.A </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.24&#134;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex424.htm">Supplemental Agreement No.<U></U>&nbsp;21 dated as of May<U></U>&nbsp;28, 2010 to the Boeing Purchase Agreement Number 2191 dated November<U></U>&nbsp;
25, 1998 between the Boeing Company and Copa Holdings, S.A </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.25&#134;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex425.htm">Supplemental Agreement No.<U></U>&nbsp;22 dated as of September<U></U>&nbsp;24, 2010 to the Boeing Purchase Agreement Number 2191 dated November<U></U>&nbsp;
25, 1998 between the Boeing Company and Copa Holdings, S.A </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.26&#134;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex426.htm">Supplemental Agreement No.<U></U>&nbsp;23 dated as of October, 2010 to the Boeing Purchase Agreement Number 2191 dated November<U></U>&nbsp;25, 1998 between the Boeing Company and Copa Holdings, S.A
</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.27&#134;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex427.htm">On Pointsm Solutions Rate per Engine Flight Hour Service Agreement dated as of April<U></U>&nbsp;
15, 2012 between GE Engine Services, LLC., Compa&ntilde;&iacute;a Paname&ntilde;a de Aviaci&oacute;n, S.A., and Lease Management Services, LLC. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.28&#134;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex428.htm">Purchase Agreement No. <FONT STYLE="white-space:nowrap">PA-03774</FONT> dated June<U></U>&nbsp;27, 2012 between The Boeing Company and Copa Holdings S.A. relating to Boeing Model 737 MAX Aircraft.
</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>8.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex81.htm">Subsidiaries of the Registrant </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>12.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex121.htm">Certification of the Chief Executive Officer, pursuant to Rules <FONT STYLE="white-space:nowrap">13a-14</FONT> and <FONT STYLE="white-space:nowrap">15d-14</FONT> under the Securities Exchange Act of 1934.
</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>12.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex122.htm">Certification of the Chief Financial Officer, pursuant to Rules <FONT STYLE="white-space:nowrap">13a-14</FONT> and <FONT STYLE="white-space:nowrap">15d-14</FONT> under the Securities Exchange Act of 1934.
</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>13.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex131.htm">Certification of Chief Executive Officer, pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>13.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d128959dex132.htm">Certification of the Chief Financial Officer, pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>101.&nbsp;INS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XBRL Instance Document.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>101.&nbsp;SCH</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XBRL Taxonomy Extension Schema Document.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>101.&nbsp;CAL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XBRL Taxonomy Extension Calculation Linkbase Document.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>101. LAB</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XBRL Taxonomy Extension Label Linkbase Document.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>101. PRE</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XBRL Taxonomy Extension Presentation Linkbase Document.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>101. DEF</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XBRL Taxonomy Extension Definition Document.</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Previously filed with the SEC as an exhibit and incorporated by reference from our Registration Statement on Form <FONT STYLE="white-space:nowrap">F-1,</FONT> filed June&nbsp;15, 2006, File
<FONT STYLE="white-space:nowrap">No.&nbsp;333-135031.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Previously filed with the SEC as an exhibit and incorporated by reference from our Registration Statement on Form <FONT STYLE="white-space:nowrap">F-1,</FONT> filed November&nbsp;28, 2005, as amended on December&nbsp;1, 2005 and
December&nbsp;13, 2005, File <FONT STYLE="white-space:nowrap">No.&nbsp;333-129967.</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">79 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="94%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>2008</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Previously filed with the SEC as an exhibit and incorporated by reference from our Annual Report on Form <FONT STYLE="white-space:nowrap">20-F,</FONT> filed May&nbsp;6, 2009, File
<FONT STYLE="white-space:nowrap">No.&nbsp;001-</FONT> 09801609.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>2019</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Previously filed with the SEC as an exhibit and incorporated by reference from our Annual Report on Form <FONT STYLE="white-space:nowrap">20-F,</FONT> filed April&nbsp;8, 2010, File
<FONT STYLE="white-space:nowrap">No.&nbsp;001-32696.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#134;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Certain information from this exhibit has been excluded from this exhibit because it is both not material and is the type the registrant treats as private or confidential.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">80 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Registrant hereby certifies that it meets all of the requirements for filing on Form <FONT STYLE="white-space:nowrap">20-F</FONT> and that
it has duly caused and authorized the undersigned to sign this annual report on its behalf. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>COPA HOLDINGS, S.A.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/&nbsp;Pedro&nbsp;Heilbron</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Pedro Heilbron</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/&nbsp;Jose Montero</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Jose Montero</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: April&nbsp;23, 2021 </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:120pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Consolidated Financial Statements </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Copa Holdings, S. A. and Subsidiaries </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Year ended December&nbsp;31, 2020 </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>with Report of the Independent Registered Public Accounting Firm </I></P>
<P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:120pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Contents </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Pages</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_1">Report of the Independent Registered Public Accounting
Firm</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">F-4</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_2">Consolidated statement of financial position</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">F-7</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_3">Consolidated statement of profit or loss</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_4">Consolidated statement of comprehensive income</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">F-9</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_5">Consolidated statement of changes in equity</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_6">Consolidated statement of cash flows</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_7">Corporate information</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_8">Basis of preparation</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_9">Significant accounting policies</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>(a)</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I><A HREF="#fin128959_10">Basis of consolidation</A></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>(b)</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I><A HREF="#fin128959_11">Current versus <FONT STYLE="white-space:nowrap">non-current</FONT> classification
</A></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>(c)</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I><A HREF="#fin128959_12">Foreign currencies</A></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>(d)</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I><A HREF="#fin128959_13">Revenue recognition</A></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>(e)</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I><A HREF="#fin128959_14">Cash and cash equivalents</A></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>(f)</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I><A HREF="#fin128959_15">Financial instruments</A></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>(g)</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I><A HREF="#fin128959_16">Impairment of non-financial assets</A></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>(h)</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I><A HREF="#fin128959_17">Senior convertible notes</A></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>(i)</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I><A HREF="#fin128959_18">Expendable parts and supplies</A></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>(j)</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I><A HREF="#fin128959_19">Passenger traffic commissions</A></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>(k)</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I><A HREF="#fin128959_20">Property and equipment</A></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>(l)</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I><A HREF="#fin128959_21">Leases</A></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>(m)</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I><A HREF="#fin128959_22">Intangible assets</A></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>(n)</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I><A HREF="#fin128959_23">Taxes</A></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>(o)</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I><A HREF="#fin128959_24">Borrowing costs</A></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>(p)</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I><A HREF="#fin128959_25">Provisions</A></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>(q)</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I><A HREF="#fin128959_26">Employee benefits</A></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>(r)</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I><A HREF="#fin128959_27"><FONT STYLE="white-space:nowrap">Non-current</FONT> assets held
 for sale and discontinued operations</A></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_28">Significant accounting judgments, estimates and
assumptions</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_29">Changes in disclosures</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_30">Adoption of new and amended standards and
interpretations</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_31">Change in presentation</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_32">Standards issued but not yet effective</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Contents </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Pages</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_33">Revenue from contract with customers</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">F-40</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_34">Revenue disaggregation</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_35">Contract balances</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_36">Segment reporting</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_37">Cash and cash equivalents</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_38">Investments</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_39">Accounts receivable</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_40">Expendable parts and supplies</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_41">Prepaid expenses</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_42">Property and equipment</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_43">Leases</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_44">Net employee defined benefit</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_45">Intangible assets</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_46">Other assets</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">18.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_47">Loans and borrowings</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">19.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_48">Trade, other payables and financial liabilities</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">20.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_49">Accrued expenses payable</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">21.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_50">Other long-term liabilities</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">22.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_51">Income taxes</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">23.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_52">Accounts and transactions with related parties</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">24.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_53">Equity</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">25.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_54">Share-based payments</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">26.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_55">Earnings per share</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">27.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_56">Commitments and contingencies</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">28.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_57">Financial instruments&#151;Risk management and fair value</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">28.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_58">Fuel price risk</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">28.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_59">Market risk</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">28.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_60">Credit risk</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">28.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_61">Interest rate and cash flow risk</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">28.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_62">Liquidity risk</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">28.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_63">Fair value measurement</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">29.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin128959_64">Subsequent events</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="fin128959_1"></A>Report of the Independent Registered Public Accounting Firm
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the Shareholders and the Board of Directors of </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Copa
Holdings, S.A. and subsidiaries </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Opinion on the Financial Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have audited the accompanying consolidated statements of financial position of Copa Holdings, S.A. and subsidiaries as of December&nbsp;31, 2020 and 2019,
the related consolidated statements of profit or loss, comprehensive income, changes in equity and cash flows for each of the three years in the period ended December&nbsp;31, 2020, and the related notes (collectively referred to as the consolidated
financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December&nbsp;31, 2020 and 2019, and the results of its operations and its cash flows for
each of the three years in the period ended December&nbsp;31, 2020, in conformity with International Financial Reporting Standards, as issued by the International Accounting Standards Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company&#146;s internal
control over financial reporting as of December&nbsp;31, 2020, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report
dated April&nbsp;23, 2021 expressed an unqualified opinion thereon. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Basis for Opinion </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These financial statements are the responsibility of the Company&#146;s management. Our responsibility is to express an opinion on the Company&#146;s financial
statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of
the Securities and Exchange Commission and the PCAOB. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable
basis for our opinion. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Critical Audit Matters </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1)&nbsp;relate to accounts or disclosures
that are material to the financial statements and (2)&nbsp;involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial
statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B></B><B><I>Impairment of aircraft fleet cash-generating unit</I></B><B></B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>Description of the Matter</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As described in Note 3 to the consolidated financial statements, the Company assesses at each reporting date whether there is an indication
that an asset or its cash-generating unit (CGU) may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset&#146;s or CGU&#146;s recoverable amount. The recoverable
amount is the higher of an asset&#146;s or its CGU&#146;s fair value less costs to sell and its value in use. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its
recoverable amount. As part of this analysis the Company identified one CGU which includes the aircraft fleet, right of use assets, goodwill and certain definitive useful life intangible assets.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2020 the Company performed a quantitative impairment test and estimated the
recoverable amount of the CGU by calculating the CGU value in use. As a result of this analysis, the Company determined the recoverable amount was in excess of the CGU book value and, therefore, no impairment was recorded.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Auditing management&#146;s impairment test was complex and highly judgmental due to the
significant estimation required to determine the value in use. In particular, the value in use estimate was sensitive to significant assumptions, such as changes in the discount rate and revenue growth rate, which are affected by expectations about
future market and economic conditions.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>How We Addressed the Matter in Our Audit</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the CGU impairment analysis
including controls over management&#146;s review of the significant assumptions described above.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To test the CGU&#146;s value in use, our audit procedures included, among others, evaluating the Company&#146;s use of the discounted cash flows method,
testing of the significant assumptions and inputs to the valuation model used to develop the projected financial information and testing the completeness and accuracy of the underlying data. We involved our valuation specialists to assist in our
evaluation of the Company&#146;s model, significant assumptions including the revenue growth rates and the discount rate.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">We compared the significant assumptions to current industry, market, analyst reports and economic trends, to the Company&#146;s historical results and those of
other guideline companies in the same industry. In addition, we assessed the accuracy of the Company&#146;s historical projections by comparing them to actual operating results and performed a sensitivity analysis of the significant assumptions to
evaluate the change in the recoverable amount of the CGU that would result from changes in the assumptions.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B></B><B><I>Provision for Return Conditions</I></B><B></B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>Description of the Matter</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">As described in Note 4 to the consolidated financial statements, the Company records a provision in accordance with IAS 37 &#150; Provisions,
Contingent Liabilities and Contingent Assets to accrue for the expected cost that will be incurred to return aircrafts to their lessors in an agreed-upon condition. These payments are generally owed at the end of the lease term and represent a
restoration obligation incurred over the lease term as the aircraft and engines are utilized. The provision is based on the net present value of the estimated costs of returning the aircraft and is accrued during the term of the lease. These costs
are reviewed annually and adjusted as appropriate. Changes in estimates between the provision balance and the expected costs are adjusted prospectively with any final difference recorded in the period when the aircraft is returned. As of
December&nbsp;31, 2020, the Company&#146;s provision for return conditions totaled US$183&nbsp;million.</P></TD></TR></TABLE>
</DIV></Center>


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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Auditing this provision is a Critical Audit Matter because of the
subjectivity and complexity of the required assumptions applied in the model used by the Company, including estimates of future maintenance costs, leases extension, determination of an appropriate discount rate and operational estimates of aircraft
utilization.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>How We Addressed the Matter in Our Audit</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company&#146;s return
condition estimation process. We tested controls over management&#146;s review of the expected return cost, leases extension, expected aircraft utilization and discount rate calculation.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our audit procedures included, among others, evaluating the methodology and the
significant assumptions used, the review of the accuracy and completeness of the lease contract population and underlying data used by Management to calculate the return cost. We tested the inputs used in the calculation, including historical return
costs incurred, and specified return conditions, discount rate and return condition requirements, including minimum flight hours and flight cycles (each established in the lease contracts), and the actual utilization reports from the Company&#146;s
aircraft maintenance system records. We involved a valuation specialist to assist in the review of the discount rate.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">We compared the assumptions used by management to historical data and evaluated the change in the provision for return conditions from prior years in relation
to changes in return costs and discount rates. In addition, we independently recalculated the discount rate as of December&nbsp;31, 2020 and we compared our results with the Company&#146;s calculations.</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ernst&nbsp;&amp; Young Limited Corp. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A member practice of Ernst&nbsp;&amp; Young Global Limited </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/
Ernst &amp; Young Limited Corp. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have served as the Company&#146;s auditor since 1999 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Panama City, Republic of Panama </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;23, 2021 </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Copa Holdings, S. A. and Subsidiaries </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="fin128959_2"></A>Consolidated statement of financial position </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>As of December, 31 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(In US$ thousands) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="79%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Notes</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019<BR>Restated*</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ASSETS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Current assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 119,065</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 158,732</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">770,816</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">692,403</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts receivable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">10,23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">64,635</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">129,781</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expendable parts and supplies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">74,319</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">69,100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepaid expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30,473</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">49,034</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepaid income tax</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16,716</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,181</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other currents assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7,805</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14,206</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,083,829</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,114,437</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Asset held for sale</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">135,542</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">120,006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,219,371</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,234,443</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-current</FONT> assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">119,617</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">134,347</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts receivable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,054</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,139</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepaid expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,066</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17,743</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Property and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,147,486</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,532,402</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Right of use assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">214,279</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">290,843</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net employee defined benefit assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">249</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Intangible assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">95,568</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">108,116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred tax assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35,595</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19,215</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other <FONT STYLE="white-space:nowrap">non-current</FONT> assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14,348</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17,881</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,634,013</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,122,935</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,853,384</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,357,378</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>LIABILITIES AND EQUITY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Current liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loans and borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 127,946</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 122,582</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current portion of lease liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83,605</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">97,732</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trade, other payables and financial liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">19,23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">66,683</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">133,502</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Air traffic liability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">7.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">470,695</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">497,374</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Frequent flyer deferred revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">7.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16,041</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35,120</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Taxes payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13,400</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">46,267</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accrued expenses payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33,995</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">55,373</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income tax payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,023</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9,683</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">813,388</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">997,633</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-current</FONT> liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loans and borrowings long-term</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,035,954</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">938,183</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Lease liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">146,905</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">206,832</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Frequent flyer deferred revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">7.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">75,172</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">45,206</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net employee defined benefit liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14,332</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Derivative financial instruments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">245,560</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred tax liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22,190</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43,397</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other long-term liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">216,325</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">191,221</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,756,438</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,424,839</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,569,826</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,422,472</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Equity</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issued capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;A common stock - 33,861,872 (2019 <FONT STYLE="white-space:nowrap">-33,835,747)</FONT>
shares issued 31,421,265 (2019 - 31,337,856) outstanding</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21,199</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21,142</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Class&nbsp;B common stock - 10,938,125 (2019 - 10,938,125) shares issued and outstanding, no par
value</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7,466</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7,466</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additional paid in capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">91,341</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">86,135</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Treasury stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(136,388</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(136,388</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Retained earnings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,324,022</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,965,179</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accumulated other comprehensive loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(24,082</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(8,628</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B></B>Total equity<B></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,283,558</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,934,906</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Commitments and contingencies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total liabilities and equity</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,853,384</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,357,378</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><I>*</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>See in note 5.2 </I></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The accompanying notes are an integral part of these consolidated financial statements.</I> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-7 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Copa Holdings, S. A. and Subsidiaries </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="fin128959_3"></A>Consolidated statement of profit or loss </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the year ended December, 31 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(In US$ thousands)
</B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="67%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Notes</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Operating revenue</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Passenger revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 760,594</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,612,605</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,587,389</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cargo and mail revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21,002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62,460</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62,483</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other operating revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19,407</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32,343</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27,755</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">801,003</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,707,408</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,677,627</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Operating expenses</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fuel</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">166,723</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">696,249</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">765,781</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Wages, salaries, benefits and other employees&#146; expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">256,327</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">450,439</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">443,287</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Passenger servicing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27,566</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">102,103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">104,346</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Airport facilities and handling charges</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">59,536</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">181,959</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">186,422</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sales and distribution</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">70,395</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">210,623</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">210,158</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Maintenance, materials and repairs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">76,948</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">127,562</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">110,710</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation and amortization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">13,14,16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">259,336</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">282,080</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">276,563</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Impairment of non financial assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">13,16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">243,097</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">89,344</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">188,624</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Flight operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30,028</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">102,806</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">108,437</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other operating and administrative expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">71,977</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">118,090</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">123,737</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,261,933</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,361,255</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,518,065</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating (loss) profit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(460,930</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">346,153</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">159,562</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-operating</FONT> (expense) income</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Finance cost</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">14,18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(73,045</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(57,432</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(50,825</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Finance income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19,963</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24,405</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23,628</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss on foreign currency fluctuations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(8,459</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(15,408</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(9,398</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net change in fair value of derivatives</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(107,139</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other <FONT STYLE="white-space:nowrap">non-operating</FONT> expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,169</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(4,279</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(239</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(169,849</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(52,714</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(36,834</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(Loss) profit before taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(630,779</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">293,439</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">122,728</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income tax expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23,717</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(46,437</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(34,530</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net (loss) profit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(607,062</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 247,002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 88,198</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>(Loss) earnings per share</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Basic and diluted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> (14.28</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 5.81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 2.08</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The accompanying notes are an integral part of these consolidated financial statements. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-8 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Copa Holdings, S. A. and Subsidiaries </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="fin128959_4"></A>Consolidated statement of comprehensive income </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the year ended December, 31 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(In US$ thousands)
</B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="78%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net (loss) profit</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(607,062</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">247,002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">88,198</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Other comprehensive loss</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other comprehensive loss not to be reclassified to profit or loss in subsequent periods -
Remeasurement of actuarial loss, net of amortization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(15,454</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(4,401</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(339</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total comprehensive (loss) income for the year</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(622,516</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">242,601</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">87,859</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The accompanying notes are an integral part of these consolidated financial statements. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-9 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Copa Holdings, S. A. and Subsidiaries </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="fin128959_5"></A>Consolidated statement of changes in equity </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the year ended December, 31 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(In US$ thousands)
</B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Accumulated</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>Common stock</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="6" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Additional</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>other</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(Non - par value)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>Issued capital</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>paid in</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Treasury</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Retained</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>comprehensive</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Notes</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Class&nbsp;A</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Class&nbsp;B</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Class&nbsp;A</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Class&nbsp;B</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>capital</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>stock</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>earnings</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>income (loss)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>equity</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At January&nbsp;1, 2018</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31,185,641</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10,938,125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21,038</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7,466</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">72,945</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(136,388</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,889,765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(3,888</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,850,938</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adjustment on initial application of IFRS 9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,744</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,744</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net profit</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">88,198</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">88,198</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other comprehensive loss</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(339</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(339</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issuance of stock for employee awards</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">72,045</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(49</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share-based compensation expense</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7,145</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7,145</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividends paid</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(147,604</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(147,604</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2018</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31,257,686</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10,938,125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21,087</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7,466</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">80,041</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(136,388</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,828,615</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(4,227</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,796,594</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net profit</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">247,002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">247,002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other comprehensive loss</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(4,401</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(4,401</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issuance of stock for employee awards</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">80,170</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(55</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share-based compensation expense</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividends paid</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(110,438</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(110,438</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2019</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31,337,856</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10,938,125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21,142</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7,466</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">86,135</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(136,388</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,965,179</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(8,628</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,934,906</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net loss</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(607,062</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(607,062</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other comprehensive loss</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(15,454</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(15,454</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issuance of stock for employee awards</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83,409</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(57</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share-based compensation expense</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,263</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,263</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividends paid</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(33,990</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(33,990</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(105</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(105</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2020</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31,421,265</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10,938,125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21,199</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7,466</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">91,341</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(136,388</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,324,022</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(24,082</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,283,558</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The accompanying notes are an integral part of these consolidated financial statements. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-10 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Copa Holdings, S. A. and Subsidiaries </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="fin128959_6"></A>Consolidated statement of cash flows </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For the year ended December, 31 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(In US$ thousands)
</B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="67%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Notes</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Operating activities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net (loss) profit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(607,062</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">247,002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">88,198</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adjustments for:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income tax expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(23,717</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">46,437</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34,530</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Finance cost</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">18</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">73,045</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57,432</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50,825</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Finance income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">18</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(19,963</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(24,405</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(23,628</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation and amortization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">13,14,16</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">259,336</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">282,080</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">276,563</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Impairment of non finacial assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">243,097</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">89,344</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">188,624</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Disposal of non financial assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,635</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,850</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,746</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Impairment of financial assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">9,10</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,570</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">483</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,409</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Allowance for obsolescence of expendable parts and supplies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">164</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">159</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share-based compensation expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">25</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,263</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7,145</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net change in fair value of derivatives</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">18</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">107,139</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net foreign exchange differences</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">44,328</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">45,086</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42,536</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Change in:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts receivable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">71,625</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(17,054</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(3,150</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts receivable from related parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">10</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,282</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">95</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other current assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11,148</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15,653</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(50,241</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,895</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20,678</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5,669</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(55,718</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,984</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,270</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts payable from related parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">19</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(11,116</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(587</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,584</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Air traffic liability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(26,679</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25,698</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5,492</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Frequent flyer deferred revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10,887</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12,512</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17,502</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other liability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(36,975</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">48,400</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(24,515</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash from operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">58,503</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">856,014</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">609,491</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income tax paid</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(37,631</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(42,999</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(38,698</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest paid</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(41,938</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(52,234</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(49,317</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest received</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26,343</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24,102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21,537</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash from operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,277</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">784,883</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">543,013</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Investing activities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Acquisition of investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(904,570</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(711,045</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(711,840</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Proceeds from redemption of investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">840,627</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">589,602</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">775,504</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Advance payments on aircraft purchase contracts and other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(75,428</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(216,732</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reimbursement of advance payments on aircraft purchase contracts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">48,262</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">152,651</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Acquisition of property and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(44,065</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(62,397</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(118,997</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Proceeds from sale of property and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30,666</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43,603</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Acquisition of intangible assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">16</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(16,419</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(25,465</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(30,182</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash used in investing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(93,761</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(192,868</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(149,596</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Financing activities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Proceeds from issue of convertible notes, net of costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">18</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">342,898</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Proceeds from new borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">18</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">145,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">95,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">225,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payments on loans and borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">18</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(267,086</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(426,827</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(401,333</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payment of lease liability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">14</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(93,213</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(103,069</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(106,254</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividends paid</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(33,990</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(110,438</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(147,604</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash from (used) in financing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">93,609</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(545,334</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(430,191</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net increase (decrease) in cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">46,681</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(36,774</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents at January&nbsp;1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">158,732</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">156,158</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">238,792</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Effect of exchange rate change on cash</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(44,792</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(44,107</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(45,860</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents at December&nbsp;31</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">119,065</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">158,732</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">156,158</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The accompanying notes are an integral part of these consolidated financial statements. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-11 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_7"></A>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Corporate information </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Copa Holdings, S. A. (&#147;the Company&#148;) was incorporated according to the laws of the Republic of Panama on May&nbsp;6, 1988 with an indefinite
duration. The Company is a public company listed in the New York Stock Exchange (NYSE) under the symbol CPA since December&nbsp;14, 2005. The address of its registered office is Boulevard Costa del Este, Avenida Principal y Avenida de la Rotonda,
Urbanizaci&oacute;n Costa del Este, Complejo Business Park, Torre Norte, Parque Lefevre, Panama City, Republic of Panama. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These consolidated financial
statements comprise the Company and its subsidiaries: Compa&ntilde;&iacute;a Paname&ntilde;a de Aviaci&oacute;n, S. A. (&#147;Copa Airlines&#148;), Oval Financial Leasing, Ltd. (&#147;OVAL&#148;), AeroRep&uacute;blica, S. A. (&#147;Copa
Colombia&#148;): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Copa Airlines: the Company&#146;s core operation is incorporated according to the laws of the Republic of Panama
and provides international air transportation for passengers, cargo and mail, operating from its Panama City hub in the Republic of Panama. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Copa Colombia: is a Colombian air carrier, incorporated according to the laws of the Republic of Colombia which
provides domestic and international air transportation for passengers, cargo, and mail. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Copa Colombia operates
&#147;Wingo&#148; a brand under a <FONT STYLE="white-space:nowrap">low-cost</FONT> business model. Wingo operates administratively and functionally under Copa Colombia, with an independent structure for its commercialization, distribution systems
and customer service. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">OVAL: incorporated according to the laws of the British Virgin Islands, it controls the special-purpose entities
that have a beneficial interest in the majority of the Company&#146;s fleet, which is leased to either Copa Airlines or Copa Colombia. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has a broad commercial alliance with United Airlines Holdings, Inc. (&#147;United&#148;), which was renewed during May 2016, for another five
years. This Alliance includes an extensive and expanding code-sharing and technology cooperation. In addition, the Company is part of Star Alliance, the leading global airline network since June 2012. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Copa Airlines has the loyalty program &#147;ConnectMiles&#148;, designed to strengthen the relationship with its frequent flyers and provide exclusive
attention. ConnectMiles members are eligible to earn and redeem miles to any of Star Alliance&#146;s 1,300 (unaudited) destinations in 195 countries within 26 airlines members (unaudited). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Situation of <FONT STYLE="white-space:nowrap">Covid-19</FONT> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The novel strain of coronavirus <FONT STYLE="white-space:nowrap">(&#147;Covid-19&#148;)</FONT> first identified in Wuhan, China in December 2019 has now spread
to nearly all regions around the world. The outbreak, and measures taken to contain or mitigate it, have had dramatic adverse consequences for the global economy, including on consumer demand, operations, supply chains and financial markets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In an effort to slow-down the <FONT STYLE="white-space:nowrap">Covid-19</FONT> outbreak in the region, Panama and several countries throughout Latin America
extended their restrictions on international travel. Due to this air travel restrictions, the Company did not provide scheduled commercial service from March&nbsp;22, 2020 until July 2020, and only operated a small number of charters and
humanitarian flights. On August 2020, the Panamanian Government authorized the establishment of a Controlled Operations Center for the interconnection of international commercial aviation in which, in a limited way, permitted air operations for
transit through the Tocumen Airport for the departure of passengers and the controlled entry of Panamanians or residents in Panama. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-12</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After the lifting of significant travel restrictions in October 2020, the Company began rebuilding its
network. As of December&nbsp;31, 2020, the Company offers approximately 104 daily scheduled flights to 54 destinations in 25 countries in North, Central and South America and the Caribbean, mainly from its Panama City Hub. Additionally, the Company
provides passengers with access to flights to more than 200 international destinations through codeshare agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has taken aggressive
actions, focusing on reducing fixed costs, further bolstering its liquidity position, and adjusting its size, for what it believes will be a weakened demand environment in the immediate future. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Capacity reduction </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In terms of capacity, and as a result of the uncertainty regarding the <FONT STYLE="white-space:nowrap">Covid-19</FONT> pandemic and including governments
restrictions and travel demand, among others, the Company&acute;s operations represented less than 70.9% of its 2019 capacity. As a consequence, the Company&#146;s revenues amounted to $801.0&nbsp;million, a decrease of 70.4% compared to last year,
with Passenger revenues decreasing by 70.9%, Cargo and mail revenue by 66.4% and Other operating revenue by 40.0% (see note 7). </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Fleet </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To better align the fleet with the lower passenger demand, the Company has decided to sell its Boeing <FONT STYLE="white-space:nowrap">737-700</FONT> fleet
(14 aircraft) over the next year. As of December&nbsp;31, 2020 the Boeing <FONT STYLE="white-space:nowrap">737-700</FONT> fleet was classified as &#147;Asset held for sale&#148; in the consolidated statement of financial position (see note 13). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, during July, the Company signed a contract for the sale of its 14 <FONT STYLE="white-space:nowrap">Embraer-190</FONT> aircraft, 6 spare engines,
spare parts and flight simulator. The decision to exit this fleet was made and announced in 2019, and these assets were already presented as &#147;Asset held for sale&#148; as of December&nbsp;31, 2019. During 2020, the Company has delivered 6
aircraft, and expects to deliver the remaining 8 within a year from the reporting date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These decisions will bring cost savings and efficiencies due to
operating a single aircraft type. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2020, the Company has a fleet (excluding aircraft available for sale) of 77 aircraft, and
consisting of 68 Boeing <FONT STYLE="white-space:nowrap">737-800</FONT> Next Generation aircraft, 2 Boeing <FONT STYLE="white-space:nowrap">737-700</FONT> Next Generation aircraft and 7 Boeing 737 MAX aircraft. Since June 2020, 9 aircraft were
grounded at desert storage facilities, and will remain there until returned to service if required. The average age of the operating fleet is 8.2 years </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">From March 2019 to November&nbsp;18, 2020, the Federal Aviation Administration (FAA) grounded all U.S. registered Boeing 737 MAX aircraft an action that was
followed by most of the world&#146;s aviation regulators, including Panamanian aviation regulators. As a consequence, during February 2021, the Company has reached an agreement with Boeing regarding compensation related to the damages that it has
suffered during this period. Terms remain confidential (see note 29). </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Liquidity position </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Following the suspension of its operations, the Company implemented certain initiatives to preserve cash and improve the liquidity position, including: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">In April 2020, the Company raised US$342.9&nbsp;million in cash through a senior convertible note offering (see
note 18). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company also has committed unsecured credit facilities of $200.0&nbsp;million, currently undrawn. In
addition, the Company closed a secured revolving credit facility for an initial aggregate amount of $105.0&nbsp;million. Including this facility, the Company has $305.0&nbsp;million in unutilized committed credit facilities as of December&nbsp;31,
2020 (see note 27). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-13</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Monthly cash consumption was reduced to approximately $20.0&nbsp;million during the second half of 2020. This
cash consumption includes Company&#146;s net operational cash flows (including its expectation for the cash reimbursement of passenger tickets), a revised capital expenditures plan and payments of financial obligations, reduction of labor-related
expenses, as well as the reduction of other costs as a result of contract renegotiations with suppliers. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">On December&nbsp;16, 2020 the Company received the final commitment for a guaranteed loan from the Export-Import
Bank of the United States (the &#147;EXIM Bank&#148;) to finance seven Boeing 737 MAX aircraft for a total amount up to $327.9&nbsp;million and expects to finalize this transaction during the first quarter of 2021. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company may also take additional actions to improve its financial position, including measures to improve
liquidity, such as the issuance of additional unsecured and secured debt securities, equity securities and equity-linked securities, the sale of assets and/or the entry into additional bilateral and syndicated secured and/or unsecured credit
facilities. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s continued access to sources of liquidity depends on multiple factors, including global economic
conditions, government regulation, the condition of global financial markets, the availability of sufficient amounts of financing, its operating performance and its credit ratings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2020, the Company has approximately $1.01&nbsp;billion in cash, cash equivalents, short-term and long-term investments (see notes 8
and 9). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based on the liquidity analysis for the next 12 months, recovery plan and measures taken since the inception of the <FONT
STYLE="white-space:nowrap">Covid-19</FONT> pandemic, the consolidated financial statements as of December&nbsp;31, 2020 have been prepared according to going concern basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The consolidated financial statements for the year ended December&nbsp;31, 2020 have been authorized for issuance by the Company&#146;s Chief Executive
Officer and Chief Financial Officer on April&nbsp;23, 2021. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_8"></A>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Basis of preparation </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman"><B><I>Statement of compliance </I></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">The Company&#146;s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards
(&#147;IFRS&#148;) as issued by the International Accounting Standards Board (&#147;IASB&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">As used in these notes to the
consolidated financial statements, the terms &#147;the Company&#148;, &#147;we&#148;, &#147;us&#148;, &#147;our&#148;, and similar terms refer to Copa Holdings, S. A. and, unless the context indicates otherwise, its consolidated subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman"><B><I>Basis of measurement</I></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">The consolidated financial statements have been prepared on a historical cost basis, except for the following: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">certain financial assets, certain classes of property, plant and equipment, investment property and derivative
financial instruments &#150; measured at fair value </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-14</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">assets held for sale &#150; measured at fair value less cost of disposal, and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">defined benefit pension plans &#150; plan assets measured at fair value. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman"><B><I>Functional and presentation currency</I></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">These consolidated financial statements are presented in United States dollars (U.S. dollars &#147;$&#148;), which is the Company&#146;s
functional currency and the legal tender of the Republic of Panama. The Republic of Panama does not issue its own paper currency; instead, the U.S. dollar is used as legal currency. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">All values are rounded to the nearest thousand in U.S. dollars ($000), except when otherwise indicated. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_9"></A>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Significant accounting policies </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_10"></A></B><B><I>(a)</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Basis of consolidation</I></B><B> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">These consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Control is achieved when the
Company is exposed to, or has right to, variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Company controls the investee, when it has: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">power over the investee, </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">exposure, or rights to, variable returns from its involvement with the investee, and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the ability to use its power over the investee to affect its returns. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the
three elements of control. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting
policies. All intercompany balances, transactions, and dividends are eliminated in full. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The following are the significant subsidiaries
included in these financial statements: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="65%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Name</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Country of</B><br><B>Incorporation</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Ownership<BR>interest</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Copa Airlines</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Panama</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">99.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">99.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Copa Colombia</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Colombia</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">99.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">99.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Oval</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>British&nbsp;Virgin&nbsp;Islands</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I><A NAME="fin128959_11"></A>(b)</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Current versus <FONT STYLE="white-space:nowrap">non-current</FONT> classification
</I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company presents assets and liabilities in the statement of financial position based on <FONT
STYLE="white-space:nowrap">current/non-current</FONT> classification. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">An asset is current when it is: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">expected to be realized or intended to be sold or consumed in the normal operating cycle </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">expected to be realized within twelve months after the reporting period, or </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-15</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">cash or cash equivalent, unless restricted. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">All other assets are classified as <FONT STYLE="white-space:nowrap">non-current.</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">A liability is current when: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">it is expected to be settled in the normal operating cycle </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">it is due to be settled within twelve months after the reporting period, or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">there is no unconditional right to defer the settlement of the liability for at least twelve months after the
reporting period. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company classifies all other liabilities as <FONT STYLE="white-space:nowrap">non-current.</FONT>
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Deferred tax assets and liabilities are classified as <FONT STYLE="white-space:nowrap">non-current</FONT> assets and liabilities. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I><A NAME="fin128959_12"></A>(c)</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Foreign currencies </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company&#146;s consolidated financial statements are presented in U.S. dollars, which is the Company&#146;s functional currency. The
Company determines the functional currency for each entity, and the items included in the financial statements of each entity are measured using that functional currency. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Transactions and balances </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Transactions in foreign currencies are initially recorded by the Company at the respective functional currency spot rates on the date when the
transaction first qualifies for recognition. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Monetary assets and liabilities denominated in foreign currencies are translated at the
functional currency spot exchange rate at the reporting date. <FONT STYLE="white-space:nowrap">Non-monetary</FONT> items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the
initial transactions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Foreign exchange gains and losses are included in the exchange rate difference line&nbsp;in the consolidated
statement of profit or loss for the year. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I><A NAME="fin128959_13"></A>(d)</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Revenue recognition </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Revenue is recognized when control of the goods or services is transferred to the customer at an amount that reflects the consideration to
which the Company expects to be entitled in exchange for those goods or services. The consideration received or receivable is measured taking into account contractually defined terms of payment and excluding taxes or duties. The following specific
recognition criteria must also be met before revenue is recognized: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Passenger revenue </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Passenger revenue is primarily composed of passenger ticket sales, frequent flyer miles redeemed and ancillaries revenues associated with a
passenger&#146;s flight. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Passenger tickets </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Passenger revenue from tickets is recognized when transportation is provided rather than when a ticket is sold. The amount of passenger ticket
sales, not yet recognized as revenue, is reflected under &#147;Air traffic liability&#148; in the consolidated statement of financial position. Refundable and nonrefundable tickets expire after one year from the date of issuance. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-16</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In addition, revenue is recognized for tickets that are expected not to be used, the Company
performs a monthly liability evaluation using its historical experience with refundable and nonrefundable expired tickets and other facts. A year after the sale is made, actual ticket breakage is removed from &#147;Air Traffic liability&#148; and
the provision is reversed. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Typically, unused tickets expire after one year, and any revenue associated with tickets sold for future travel
is recognized within 12 months. In response to <FONT STYLE="white-space:nowrap">Covid-19,</FONT> the Company is extending the ticket expiration date up to December 2021, only for tickets purchased on or before December&nbsp;31, 2020 and with
original travel dates ending on or before December&nbsp;31, 2020. As such, any revenue associated with these tickets will not be recognized until the new flight date. Additionally, given this change in travel schedule, the Company&#146;s estimates
of revenue from unused tickets may be subject to variability and may differ from historical averages. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company sells certain tickets
with connecting flights with one or more segments operated by its other airline partners. For segments operated by other airline partners, the Company has determined that it is acting as an agent on behalf of the other airlines as they are
responsible for their portion of the contract. The Company, as the agent, reduces its &#147;Air traffic liability&#148; when consideration is remitted to those airlines, and recognizes revenue for the net amount representing commission to be
retained by the Company for any segments flown by other airlines. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Denied boarding compensation made to customers for voluntarily or
involuntarily denied boarding reduces revenue when the voucher is issued to the passenger. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Frequent flyer program </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company&#146;s frequent flyer program objective, is to reward customer loyalty. Members in this program earn miles for travel on Copa
Airlines, Star Alliance partners&#146; airlines and also by purchasing the goods and services of the Company network of <FONT STYLE="white-space:nowrap">non-airline</FONT> partners and <FONT STYLE="white-space:nowrap">co-branded</FONT> credit cards.
The miles or points earned can be exchanged for flights on Copa or any of other Star Alliance partners&#146; airlines. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Passenger revenue
includes flights redeemed under our frequent flyer program. When a passenger elects to receive Copa&#146;s frequent flyer miles in connection with a flight, the Company recognizes a portion of the tickets sale as revenue when the air transportation
is provided and recognizes a deferred liability (Frequent flyer deferred revenue) for the portion of the ticket sale representing the value of the related miles as a separate performance obligation. To determine the amount of revenue to be deferred,
the Company estimates and allocates the fair value of the miles that were essentially sold along with the airfare, based on a weighted average ticket value, which incorporates the expected redemption of miles including factors such as redemption
pattern, cabin class and geographic region. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">A statistical model that estimates the percentages of points that will not be redeemed before
expiration is used to estimate breakage.&nbsp;The breakage and the fair value of the miles are reviewed at least annually, and any adjustments are reflected on a prospective basis to passenger revenues. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company calculates the short and long-term portion of the frequent flyer deferred revenue, using a model that includes estimates based on
the members&acute; redemption rates projected by management due to clients&#146; behavior. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-17</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Currently, when a member of another carrier frequent flyer program redeems miles on a Copa
Airlines flight, those carriers pay to the Company a per mile rate. The rates paid by them depend on the class of service, the flight length, and the availability of the reward and is included in passenger revenues. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Ancillaries revenues </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Primarily composed of services performed in conjunction with a passenger&#146;s flight, including administrative fees (such as ticket change
fees), baggage fees, and other ticket-related fees. These ancillary fees are part of the travel performance obligation and, as such, are recognized as passenger revenue when the travel occurs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Cargo and mail revenue </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Cargo and mail revenue is recognized when the Company provides and completes the shipping services as requested by the client and the risks on
the merchandise and goods are transferred. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Other operating revenue </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Other operating revenue includes revenue associated with the marketing component of the frequent flyer program. This revenue is comprised of
the marketing component of mileage sales to <FONT STYLE="white-space:nowrap">co-branded</FONT> card, other partners and other marketing related payments. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company sells miles to <FONT STYLE="white-space:nowrap">non-airline</FONT> businesses with which it has marketing agreements. The main
contracts to sell miles are related to <FONT STYLE="white-space:nowrap">co-branded</FONT> credit card relationships with major banks in the region. The Company determined the selling prices of miles according to a method which allocates
consideration based upon the relative selling price of the deliverables. The relative selling price of the deliverables is determined based upon the estimated standalone selling prices of each deliverable in the arrangement and is allocated between
the miles sold to the passenger (as described above) and the marketing elements. Revenue allocated to the performance obligations related to, marketing components, is recorded in other operating revenue when miles are delivered. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The remaining amounts included within other revenue are related to lease income, advertising and vacation-related services. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I><A NAME="fin128959_14"></A>(e)</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Cash and cash equivalents </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents in the statement of financial position, comprise cash on hand and in banks, money market accounts, and time deposits
with original maturities of three months or less from the date of purchase. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company evaluates the term and conditions relating to its
restricted cash to determine where it should be presented, as current assets in cash and cash equivalents or as <FONT STYLE="white-space:nowrap">non-current</FONT> assets in long-term investments. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash net of outstanding bank overdrafts, if
any. The Company has elected to present the statement of cash flows using the indirect method. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I><A NAME="fin128959_15"></A>(f)</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Financial instruments </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of
another entity. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-18</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Financial assets </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company&#146;s financial assets include cash and cash equivalents, short and long-term investments and accounts receivable. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Initial recognition and measurement </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive
income (OCI), and fair value through profit or loss. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The classification of financial assets at initial recognition depends on the
financial assets contractual cash flow characteristics and the Company&#146;s business model for managing them. With the exception of accounts receivables that do not contain a significant financing component or for which the Company has applied the
practical expedient, the Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Accounts receivable that do not contain a significant
financing component or for which the Company has applied the practical expedient are measured at the transaction price. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In order for a
financial asset to be classified and measured at amortized cost or fair value through OCI, it needs to give rise to cash flows that are &#145;solely payments of principal and interest&#146; (SPPI) on the principal amount outstanding. This assessment
is referred to as the SPPI test and is performed at an instrument level. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company&#146;s business model for managing financial assets
refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">All financial assets are recognized on the trade date, which is the date on which the Company becomes a party to the contractual provisions of
an instrument. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Subsequent measurement </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">For purposes of subsequent measurement, financial assets are classified in four categories: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Financial assets at amortized cost (debt instruments) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments)
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
derecognition (equity instruments) </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Financial assets at fair value through profit or loss </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I><U>Financial assets at amortized cost </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">This category is the most relevant to the Company. The Company measures financial assets at amortized cost if both of the following conditions
are met: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The financial asset is held within a business model with the objective to hold financial assets in order to
collect contractual cash flows; and </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-19</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
of principal and interest on the principal amount outstanding. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Financial assets at amortized cost are subsequently
measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company&#146;s financial assets at amortized cost includes the Company&#146;s investments and its receivables. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company invests in short-term deposits and bonds with original maturities of more than three months but less than one year, and invests in
long-term deposits and bonds with maturities greater than one year. These investments are classified as short and long-term investments, respectively, in the accompanying consolidated statement of financial position. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Accounts receivable are <FONT STYLE="white-space:nowrap">non-derivative</FONT> financial assets with fixed or determinable payments that are
not quoted in an active market. These financial instruments are initially recognized and carried at the original invoice amount since recognition of interest under the amortized cost would be immaterial less a provision for impairment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I><U>Financial assets at fair value through OCI </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company measures debt instruments at fair value through OCI if both of the following conditions are met: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The financial asset is held within a business model with the objective of both holding to collect contractual
cash flows and selling; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
of principal and interest on the principal amount outstanding </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">For debt instruments at fair value through OCI, interest
income, foreign exchange revaluation and impairment losses or reversals are recognized in the statement of profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are
recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recycled to profit or loss. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company
currently does not have assets classified under this category. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I><U>Financial assets designated at fair value through OCI </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Upon initial recognition, the Company may elect to classify irrevocably its equity investments as equity instruments designated at fair value
through OCI when they meet the definition of equity under IAS 32 <I>Financial Instruments: Presentation and are not held for trading</I>. The classification is determined on an
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">instrument-by-instrument</FONT></FONT> basis. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Gains and losses on these
financial assets are never recycled to profit or loss. Dividends are recognized as other income in the statement of profit or loss when the right of payment has been established, except when the Company benefits from such proceeds as a recovery of
part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company currently does not have assets classified under this category. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-20</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I><U>Financial assets at fair value through profit or loss </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial
recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near
term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest
are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortized cost or at fair value through OCI, as described above, debt
instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair
value recognized in the statement of profit or loss. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company currently does not have assets classified under this category. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Derecognition </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">A financial asset is derecognized when: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the rights to receive cash flows from the asset have expired, or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay
the received cash flows in full without material delay to a third party under a &#147;pass-through&#148; arrangement, and either (a)&nbsp;the Company has transferred substantially all the risks and rewards of the asset, or (b)&nbsp;the Company has
neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates,
if and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognized to the extent
of the Company&#146;s continuing involvement in the asset. In that case, the Company also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that
the Company has retained. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Impairment of financial assets </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company recognizes an allowance for expected credit losses (ECLs) on financial asset measured at amortized cost. Loss allowance for
financial assets are deducted from the gross carrying amount on the assets. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">ECLs are based on the difference between the contractual cash
flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial
recognition, ECLs are provided for credit losses that result from default events that are possible within the next <FONT STYLE="white-space:nowrap">12-months</FONT> (a <FONT STYLE="white-space:nowrap">12-month</FONT> ECL). For those credit exposures
for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-21</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Both, lifetime ECLs and <FONT STYLE="white-space:nowrap">12-month</FONT> ECLs, are calculated
on either an individual basis or a collective basis, depending on the nature of the underlying portfolio of financial instruments. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The
Company has established a policy to perform an assessment, at the end of each quarterly reporting period, of whether a financial instrument&#146;s credit risk has increased significantly since initial recognition, by considering the change in the
risk of default occurring over the remaining life of the financial instrument. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">For accounts receivables the Company applies a simplified
approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each quarterly reporting date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company has established a provision matrix to measure ECLs. Loss rates are calculated using a &#145;roll rate&#146; method based on the
probability of a receivable progressing through successive stages of delinquency to <FONT STYLE="white-space:nowrap">write-off.</FONT> To measure the ECLs, trade receivables have been grouped based on shared credit risk characteristics and the day
past due. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Loss rates are based on actual credit loss experience over the last 12 months and adjusted for forward-looking factors specific
to the debtors and the economic environment over the expected life of the receivables. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">A financial asset is written off when there is no
reasonable expectation of recovering the contractual cash flows. The Company considers that there are no realistic prospects of recovery of the asset if any of the following indicators are present: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the debtor is in a state of permanent disability </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Company has exhausted all legal and/or administrative recourse </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">where the account exceeds one year without decreases </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">when there are no documents that establishing the debt </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Losses arising from impairment are recognized under &#147;Other operating and administrative expenses&#148; in the consolidated statement of
profit or loss. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Financial liabilities </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Initial recognition and measurement </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and
borrowings, payables, or derivatives designated as hedging instruments in an effective hedge, as appropriate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">All financial liabilities
are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company&#146;s financial liabilities include trade and other payables and loans and borrowings including bank overdrafts, and derivative
financial instruments. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-22</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Subsequent measurement </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">For purposes of subsequent measurement, financial liabilities are classified in two categories: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Financial liabilities at fair value through profit or loss </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Financial liabilities at amortized cost (loans and borrowings) </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I><U>Financial liabilities at fair value through profit or loss </U></I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated
upon initial recognition as at fair value through profit or loss. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Financial liabilities are classified as held for trading if they are
incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Company that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated
embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Gains or losses
on liabilities held for trading are recognized in the statement of profit or loss. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><I><U>Financial liabilities at amortized cost (loans
and borrowings) </U></I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Subsequent to initial recognition, all borrowings and loans are measured at amortized cost using the EIR method.
Gains and losses are recognized in the consolidated statement of profit or loss when the liabilities are derecognized as well as through the EIR amortization process. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the
EIR. The EIR amortization is included under finance cost in the consolidated statement of profit or loss. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Derecognition </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Financial liabilities are derecognized when the obligation under the liability is discharged, cancelled, or expire. When an existing financial
liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and
the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statement of profit or loss. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Offsetting of financial instruments </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Financial assets and financial liabilities are offset and the net amount presented in the consolidated statement of financial position when,
and only when, the Company has a legally enforceable right to set off the recognized amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. The legally enforceable right must not
be contingent on future events and must be enforceable in the ordinary course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Derivative financial instruments and hedging activities </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Derivative instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently
remeasured at their fair value. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-23</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Derivatives are carried as financial assets when the fair value results in a right to the
Company and as financial liabilities when the fair value results in an obligation. The accounting for changes in value depends on whether the derivative is designated as a hedging instrument, and if so, the classification of the hedge. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">For hedge accounting purposes, hedges are classified into: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an
unrecognized firm commitment </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a
particular risk associated with a recognized asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognized firm commitment </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Hedges of a net investment in a foreign operation. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">At the inception of a hedge relationship, the Company formally designates and documents the hedge relationship to which it wishes to apply
hedge accounting and the risk management objective and strategy for undertaking the hedge. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The documentation includes identification of
the hedging instrument, the hedged item, the nature of the risk being hedged and how the Company will assess whether the hedging relationship meets the hedge effectiveness requirements. A hedging relationship qualifies for hedge accounting if it
meets all of the following effectiveness requirements: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">There is &#145;an economic relationship&#146; between the hedged item and the hedging instrument.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The effect of credit risk does not &#145;dominate the value changes&#146; that result from that economic
relationship. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item
that the Company actually hedges and the quantity of the hedging instrument that the Company actually uses to hedge that quantity of hedged item. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2020 and 2019, the Company does not have financial instruments designated under hedge accounting. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I><A NAME="fin128959_16"></A>(g)</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Impairment of non - financial assets </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company assesses at each reporting date whether there is an indication that an asset or its cash-generating unit (CGU) may be impaired. If
any such indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset&#146;s or CGU&#146;s recoverable amount. The recoverable amount is the higher of an asset&#146;s or its CGU&#146;s fair value
less costs to sell and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or group of assets. When the carrying
amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In assessing value in use, the estimated future cash flows are discounted to their present value using a
<FONT STYLE="white-space:nowrap">pre-tax</FONT> discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-24</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Impairment losses of continuing operations, including impairment on inventories, are
recognized under &#147;Impairment of <FONT STYLE="white-space:nowrap">non-financial</FONT> assets&#148; in the consolidated statement of profit or loss. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">For assets, excluding goodwill, an assessment is made at each reporting date to determine whether there is any indication that previously
recognized impairment losses no longer exist or may have decreased. If such indication exists, the Company estimates the asset&#146;s or CGU&#146;s recoverable amount. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset&#146;s
recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of
depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of profit or loss. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I><A NAME="fin128959_17"></A>(h)</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Senior convertible notes </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Senior convertible notes are classified as hybrid instruments that comprises a debt host contract for the interest and principal payments plus
a derivative instrument for the conversion option. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The initial carrying amount of the
<FONT STYLE="white-space:nowrap">non-derivative</FONT> host contract is the difference between the fair value minus transaction costs of the hybrid instrument and the fair value of the embedded derivative. Under this approach, all of the transaction
costs are always allocated to and deducted from the carrying amount of the <FONT STYLE="white-space:nowrap">non-derivative</FONT> host contract on initial recognition. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">After initial recognition, the debt host contract would be measured at amortized cost and the derivative liability, not being closely related
to the debt host contract, would be measured at fair value through profit or loss. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I><A NAME="fin128959_18"></A>(i)</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Expendable parts and supplies </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Expendable parts and supplies for flight equipment are carried at the lower of the average acquisition cost or replacement cost, and are
expensed when used in operations. The replacement cost is the estimated purchase price in the ordinary course of business. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I><A NAME="fin128959_19"></A>(j)</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Passenger traffic commissions </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Passenger traffic commissions are recognized as expense when transportation is provided and the related revenue is recognized. Passenger
traffic commissions paid but not yet recognized as expense are included under &#147;Prepaid expenses&#148; in the accompanying consolidated statement of financial position. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I><A NAME="fin128959_20"></A>(k)</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Property and equipment </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Property and equipment comprise mainly airframe, engines, and other related flight equipment. All property and equipment are stated at cost,
net of accumulated depreciation and accumulated impairment losses, if any. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">When a major maintenance inspection or overhaul cost is
embedded in the initial purchase cost of an aircraft, the Company estimates the carrying amount of the component. These initial <FONT STYLE="white-space:nowrap">built-in</FONT> maintenance assets are depreciated over the estimated time period until
the first maintenance event is performed. The cost of major maintenance events completed after the aircraft acquisition are capitalized and depreciated over the estimated time period until the next major maintenance event. The remaining value of the
previously capitalized component if any, is charged to expense upon completion of the subsequent maintenance event. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-25</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company recognizes the depreciation on a straight-line basis which for some aircraft
components is akin to depreciation based on use, over the estimated useful life of the assets. Depreciation is recognized in the consolidated statement of profit or loss from the date the property, and equipment is installed and ready for use. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="41%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="37%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="18%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Property and equipment</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Estimate&nbsp;useful life (years)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Residual Value</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Flight equipment (*)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Airframe and engines</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">27</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">15%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Major maintenance events</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="white-space:nowrap">3-16</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">&#151;&nbsp;&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ramp and miscellaneous</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ground equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">10</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">&#151;&nbsp;&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Furniture, fixture, equipment and other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="white-space:nowrap">5-10</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">&#151;&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Leasehold improvements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Lesser of remaining lease term and estimated useful<BR>life of the leasehold improvement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">&#151;&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">(*)&#8194;&#8201;&#8202;Excluding the Embraer 190 and
<FONT STYLE="white-space:nowrap">737-700</FONT> fleet, see note 13.</P></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">An item of property and equipment and any significant part initially recognized is derecognized upon disposal
or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in
the statement of profit or loss when the asset is derecognized. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The costs of major maintenance events for leased aircraft are capitalized
and depreciated over the shorter of the scheduled usage period to the next major inspection event or the remaining life of lease term (as appropriate), the remaining value of the previously capitalized maintenance or the <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> asset (&#147;ROU&#148;) component if any, is charged to expense upon completion of the subsequent maintenance event. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The residual values, useful lives, and methods of depreciation of property and equipment are reviewed at each financial <FONT
STYLE="white-space:nowrap">year-end</FONT> and adjusted prospectively, if appropriate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The land owned by the Company is recognized at cost
less any accumulated impairment. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I><A NAME="fin128959_21"></A>(l)</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Leases </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">At inception of a contract, the Company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract, conveys the right to control the use of an identified asset, the Company assesses whether: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company has the right to obtain substantially all of the economic benefits from use of the identified asset;
and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company has the right to direct the use of the identified asset. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-26</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>The</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Company as a lessee </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">At the commencement date, the Company recognizes a ROU and a lease liability. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The ROU is measured at cost and comprises: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the amount of the initial measurement of the lease liability, </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any lease payments made at or before the commencement date, less any lease incentives received;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any initial direct costs incurred by the lessee; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the
site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories. The Company incurs the obligation for those costs either at the
commencement date or as a consequence of having used the underlying asset during a particular period. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The ROU is
subsequently depreciated using the straight line method from the commencement date to the earlier of the end of the useful life of the ROU or component, or lease term. The estimated useful life of ROU is determined of the same basis of owned
property and equipment. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">At inception or on reassessment of a contract that contains a lease component, the Company allocates the
consideration in the contract to each lease component on the basis of their relative stand-alone prices. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The ROU assets are also subject
to impairment. Refer to the accounting policies in section (g)&nbsp;impairment of <FONT STYLE="white-space:nowrap">non-financial</FONT> assets. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In this regard, the Company applies the following, by class of underlying asset: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">for the leases of real estate, the Company has elected to separate
<FONT STYLE="white-space:nowrap">non-lease</FONT> components. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">for aircraft leases, the value of major maintenance inspection or overhaul embedded in the aircraft is recognized
as a separated component and is depreciated over the estimated time period until the first maintenance event is performed or the remaining life of lease term (as appropriate) which ever is shorter. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The lease liability, is initially measured at the present value of the lease payments that are not paid at that date, discounted using the
interest rate implicit in the lease, if that rate can be readily determined or the lessee&#146;s incremental borrowing rate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The lease
payments included in the measurement of the lease liability comprise: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">fixed payments (including <FONT STYLE="white-space:nowrap">in-substance</FONT> fixed payments), less any lease
incentives receivable; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the
commencement date; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">amounts expected to be payable by the lessee under residual value guarantees; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-27</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to
terminate the lease. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Variable lease payments that do not depend on an index or a rate are recognized as lease expenses
in the period in which the event or condition that triggers the payment occurs, under &#147;Other operating and administrative expenses&#148; in the consolidated statement of profit or loss. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease
payments arising from a change in an index or a rate, if there is a change in the Company&#146;s estimated amount expected to be payable under a residual value guarantee or if the Company changes its assessment of whether it will exercise a
purchase, extension or termination option. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">When the lease liability is remeasured in this way, a corresponding adjustment is made to the
carrying amount of the ROU, or is recorded in profit or loss if the carrying amount of ROU has been reduced to zero. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Financing
arrangements where is certain that the asset will be purchased at the end of the lease term, are &#147;in substance purchases&#148; and not leases, in those cases, the related liability is considered a financial liability under IFRS 9 and the asset,
as property and equipment, according to IAS 16. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company has elected not to recognize ROU and lease liabilities for short-term leases
that have a lease term of 12 months or less and leases of low value assets. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term as &#147;Other operating and administrative
expenses&#148; in the consolidated statement of profit or loss. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>The</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Company as lessor </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">When assets are leased under operating leases, the asset is included in the consolidated statement of financial position according to its
nature. Revenue from operating leases is recognized over the lease term on a straight-line basis as part of other operating revenue. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Initial direct costs incurred by the Company in negotiating and arranging an operating lease are added to the carrying amount of the leased
asset and recognized as an expense over the lease term on the same basis as the related lease income. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I><A NAME="fin128959_22"></A>(m)</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Intangible assets </I></B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Goodwill</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred over the net identifiable assets
acquired and liabilities assumed of the acquired subsidiary at the date of acquisition. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">After initial recognition, goodwill is measured at
cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Company&#146;s CGU or group of CGU&#146;s that are expected to
benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment
losses relating to goodwill cannot be reversed in future periods. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-28</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Other</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>intangible assets </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business
combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangible assets, excluding
capitalized development costs, are not capitalized and the expenditure is reflected in the consolidated statement of profit or loss in the year in which the expenditure is incurred. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The useful lives of intangible assets are assessed as either finite or indefinite. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Intangible assets with finite lives are amortized over their useful economic life and assessed for impairment whenever there is an indication
that the intangible asset may be impaired. The amortization period and amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the
expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible
assets with finite life is recognized in the consolidated statement of profit or loss as the expense category that is consistent with the function of the intangible assets. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Intangible assets with indefinite useful life are not amortized but are tested for impairment at least annually, either individually or at the
CGU level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Gains and losses arising from the derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the
carrying amount of the asset and are recognized in the consolidated statement of profit or loss when the asset is derecognized. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The
Company&#146;s intangible assets and the policies applied are summarized as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Licenses and software rights </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and bring to use the specific software. These
costs are amortized using the straight-line method over their estimated useful life (from three to eight years) and the amortization is recognized in the consolidated statement of profit or loss. Costs associated with maintaining computer software
programs are recognized as an expense as incurred. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Costs that are directly associated with the production of identifiable and unique
software products controlled by the Company and that are estimated to generate economic benefits exceeding costs beyond one year, are recognized as intangible assets. Direct costs include the software development employee costs and an appropriate
portion of relevant overheads. These costs are amortized using the straight-line method over their estimated useful life (from five to fifteen years). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-29</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I><A NAME="fin128959_23"></A>(n)</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Taxes </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Income tax expense </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Income
tax expense comprises current and deferred tax. It is recognized in profit or loss except when related to the items recognized directly in equity or in other comprehensive income (&#147;OCI&#148;). </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Current income tax </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company pays taxes in the Republic of Panama and in other countries in which it operates, based on regulations in effect in each respective
country. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Revenue arises principally from foreign operations, and according to the Panamanian Tax Code, these foreign operations are not
subject to income tax in Panama. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Panamanian tax code for the airline industry states that tax is based on net income earned for
passenger traffic with origin or final destination in the Republic of Panama. The applicable tax rate is currently 25.0%. Dividends from the Panamanian subsidiaries, are separately subject to a 10% withholding tax on the portion attributable to
Panamanian sourced income and a 5% withholding tax on the portion attributable to foreign sourced income. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company is also subject to
local tax regulations in each of the other jurisdictions where it operates, the great majority of which are related to income taxes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax
rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in the countries where the Company operates and generates taxable income. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject
to interpretation and establishes provisions when appropriate. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Deferred tax </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Deferred tax is calculated using the liability method on temporary differences between the tax bases of assets and liabilities and their
carrying amounts for financial reporting purposes at the reporting date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Deferred tax assets are recognized for all deductible temporary
differences, the carry forward of unused tax credits and unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry
forward of unused tax credits and unused tax losses can be utilized, except: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">when the deferred tax asset relating to the deductible temporary difference arises from initial recognition of an
asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit or loss. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">in respect of deductible temporary differences associated with investments in subsidiaries, associates, and
interests in joint ventures, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences
can be utilized. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-30</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to
the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the
extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Deferred tax liabilities
are recognized for all taxable temporary differences, except: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a
transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit or loss. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">in respect of taxable temporary differences associated with investments in subsidiaries, associates, and
interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the
liability settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Deferred tax
relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against
current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Ticket taxes
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company is required to charge certain taxes and fees on its passenger tickets. These taxes and fees include transportation taxes,
airport passenger facility charges, and certain governmentally imposed airport arrival and departure taxes. These taxes and fees are legal assessments on the customer. Since the Company has a legal obligation to act as a collection agent with
respect to these taxes and fees, such amounts are not included in passenger revenue. The Company records a liability when these amounts are collected and derecognizes the liability when payments are made to the applicable government agency or
operating carrier. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I><A NAME="fin128959_24"></A>(o)</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Borrowing costs </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Borrowing costs directly attributable to the acquisition, construction, or production of any qualifying asset, that necessarily takes a
substantial period of time to get ready for its intended use or sale, are capitalized as part of the cost of the asset during that period of time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs
in connection with the borrowing of funds. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-31</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I><A NAME="fin128959_25"></A>(p)</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Provisions </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Provisions for costs, including restitution, restructuring and legal claims and assessments are recognized when: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Company has a present legal or constructive obligation as a result of past events; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the amount of obligation can be reliably estimated. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">For aircraft leases, the Company is contractually obliged to return the aircraft in a defined condition. The Company accrues a provision for
return conditions which are based on the usage of leased aircraft throughout the duration of the lease. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Return conditions are based on the
net present value of the estimated costs of returning the aircraft and are recognized in the consolidated statement of profit or loss under &#147;Maintenance, materials and repairs&#148;. These costs are reviewed annually and adjustments, if any,
are recognized prospectively over the remaining lease term. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I><A NAME="fin128959_26"></A>(q)</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Employee benefits </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Defined benefit plan</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The
Company sponsors a defined benefit plan, which requires contributions to be made to a separately administered fund. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The calculation of the
defined benefit obligation is performed annually by a qualified actuary using the projected unit credit actuarial cost method (PUC). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Remeasurements of the net defined benefit liability, which comprises actuarial gains and losses, the return on plan assets and the effect of
the asset ceiling (if any), are recognized immediately in other comprehensive income. The Company determines the net interest by applying the discount rate to the net defined benefit liability or asset. The Company recognizes the following changes
in the net defined benefit obligation in the consolidated statement of profit or loss. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Share-based&nbsp;payments</FONT></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Employees (including senior executives) of the Company receive compensation in the form of share-based payment transactions, whereby employees
render services as consideration for equity instruments (equity-settled transactions). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The cost of equity-settled transactions is
recognized, together with a corresponding increase in additional paid in capital in equity, over the period in which the performance and/or service conditions are fulfilled. The cumulative expense recognized for equity-settled transactions at each
reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company&#146;s best estimate of the number of equity instruments that will ultimately vest. Expense or credit for a period represents the
movement in cumulative expense recognized as of the beginning and end of that period and is recognized under &#147;Wages, salaries, benefits and other employees&#146; expenses&#148; expense in the consolidated statement of profit or loss (note 25).
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="top" ALIGN="center">F-32</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Termination benefits</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Termination benefits are payable when employment is terminated by the Company before the normal retirement date, or whenever an employee
accepts voluntary redundancy in exchange for these benefits. The Company recognizes termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without
realistic possibility of withdrawal, or providing termination benefits as a result of an offer made to encourage voluntary redundancy. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I><A NAME="fin128959_27"></A>(r)</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I><FONT STYLE="white-space:nowrap">Non-current</FONT> assets held for sale and discontinued operations
</I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company classifies <FONT STYLE="white-space:nowrap">non-current</FONT> assets and disposal groups as held
for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. <FONT STYLE="white-space:nowrap">Non-current</FONT> assets and disposal groups classified as held for sale are measured
at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is
available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be
committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Property and equipment and intangible assets are not depreciated or amortized once classified as held for sale. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">All the financial statements include amounts for continuing operations. Additional disclosures about assets held for sale are provided in note
13. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_28"></A>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Significant accounting judgments, estimates and assumptions </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The preparation of the Company&#146;s consolidated financial statements requires management to make judgments, estimates, and assumptions that affect the
reported amounts of revenues, expenses, assets, and liabilities and the accompanying disclosures and the disclosure of contingent liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities
in future periods. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The consolidated financial statements have thus been established taking into consideration the current context of the <FONT
STYLE="white-space:nowrap">Covid-19</FONT> pandemic and on the basis of financial parameters available at the closing date. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Judgments </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the process of applying the Company&#146;s accounting policies, management has made judgments, which have the most significant effect on the amounts
recognized in the consolidated financial statements in the following area: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Leases </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company enters into contracts for the use of the aircraft and real estate which include, airport and terminal facilities, sales offices, maintenance
facilities, and general offices. The Company assesses, based on the terms and conditions of the arrangements, whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of
an identified asset for a period of time in exchange for consideration. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-33</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Lease term </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company determines the lease term as the <FONT STYLE="white-space:nowrap">non-cancellable</FONT> term of the lease, together with any periods covered by an
option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company applies judgement in evaluating whether it is reasonably certain or not to exercise the option to renew or terminate the lease. That is, it
considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that
is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (e.g., construction of significant leasehold improvements or significant customization to the leased asset). </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Assets held for sale </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has decided to sell its Boeing <FONT STYLE="white-space:nowrap">737-700</FONT> fleet (14 aircraft) over the next year. As of December&nbsp;31, 2020
the Boeing <FONT STYLE="white-space:nowrap">737-700</FONT> fleet was classified as &#147;Asset held for sale&#148; in the consolidated statement of financial position. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company considered the fleet to meet the criteria to be classified as held for sale for the following reasons: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The fleet is available for immediate sale and can be sold to the buyer in its current condition.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The actions to complete the sale were initiated and expected to be completed within one year from the date of
initial classification. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Board of Directors approved the plan to sell its Boeing <FONT STYLE="white-space:nowrap">737-700</FONT>
fleet. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For more details on assets held for sale refer to note 13. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Estimates and assumptions </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The key assumptions concerning
the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances
and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the Company&#146;s control. Such changes are reflected in the assumptions when they occur. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Impairment of financial assets </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The loss allowances for financial assets are based on assumptions about risk of default and expected loss rates. The Company uses judgement in making these
assumptions and selecting the inputs to the impairment calculation, based on the Company&#146;s past history, existing market conditions as well as forward looking estimates at the end of each quarterly reporting period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center">F-34</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Impairment of <FONT STYLE="white-space:nowrap">non-financial</FONT> assets </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Impairment exists when the carrying amount of an asset or CGU exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its
value in use. The fair value less costs to sell calculation is based on available data from binding sales transactions, conducted at arm&#146;s length, for similar assets or observable market prices less incremental costs for disposing of the asset.
The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Company is not yet committed to or significant future
investments that will enhance the asset&#146;s performance of the CGU being tested. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash-inflows and the growth rate
used for extrapolation purposes (see note 16). </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Property and equipment </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s management has determined that the residual value of the airframe, engines, and components (rotable parts) owned is 15% of the cost of the
asset, so the depreciation of flight equipment is made accordingly. Annually, management reviews the useful life and residual value of each of these assets (see note 13). </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Provision for return condition </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company records a provision to accrue for the cost that will be incurred in order to return the lease aircraft to their lessor in the agreed-upon
condition, excluded estimated dismantling costs not based on utilization of the aircraft which are included in the ROU asset and lease liability. The methodology applied to calculate the provision requires management to make assumptions, including
the future maintenance costs, discount rate, related inflation rates and aircraft utilization. The cash flows are discounted at a current <FONT STYLE="white-space:nowrap">pre-tax</FONT> rate that reflects the risks specific to the decommissioning.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any difference in the actual maintenance cost incurred and the amount of the provision is recorded under &#147;Maintenance, materials and repairs&#148;
in the consolidated statement of profit or loss. The effect of any changes in estimates, including those mentioned above, is also recognized under &#147;Maintenance, materials and repairs&#148; for the period (see note 21). </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Revenue recognition &#150; expired tickets </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company recognizes estimated fare revenue for tickets that are expected to expire based on departure date (unused tickets), based on historical data and
experience. Estimating the expected expiration rate requires management&#146;s judgment, among other things, the historical data and experience is an indication of the future customer behavior. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Typically, unused tickets expire after one year, and any revenue associated with tickets sold for future travel is recognized within 12 months. In response to
<FONT STYLE="white-space:nowrap">Covid-19,</FONT> the Company is extending the expiration date up to December 2021, only for tickets purchased on or before December&nbsp;31, 2020 and with original travel dates ending on or before December&nbsp;31,
2020. As such, any revenue associated with these tickets will not be recognized until the new flight date. Additionally, given this change in travel schedule, the Company&#146;s estimates of revenue from unused tickets may be subject to variability
and may differ from historical averages. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Multiple deliverable revenue arrangements - Frequent flyer program </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The frequent flyer program includes two major transactions that are considered revenue arrangements with multiple performance obligations: (i)&nbsp;mileage
credits earned with travel and (ii)&nbsp;mileage credits sold to <FONT STYLE="white-space:nowrap">co-branded</FONT> credit card partner and other partners. The Company estimates the fair value of the miles in those transactions using a blended
calculation of rates charged when miles are sold to other partners and the average value of a mile flown by a customer earned with travel, less an estimate of the miles that will expire unused (breakage). The Company engages a specialist to assist
in the performance of the breakage calculation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-35</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Taxes </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company believes that taken tax positions, including transfer pricing between entities, are reasonable. However, in the event of an audit by the tax
authorities, they may challenge the positions taken by the Company, resulting in additional taxes and interest liabilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The tax positions involve
considerable judgment by management and are reviewed and adjusted to account for changes in circumstances, such as lapsing of applicable statutes of limitations, conclusion of tax audits, additional exposures based on identification of new issues,
or court decisions affecting a particular tax issue. Actual results may differ from estimates (see note 22). </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Incremental borrowing rate for leases </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease
liabilities. The IBR is the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">right-of-use</FONT></FONT> asset in a similar economic environment. The Company estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific
estimates. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Fair value measurement </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company measures financial instruments such as derivatives at fair value at the date of each statement of financial position. Fair values of financial
instruments measured at amortized cost are disclosed in note 28.6. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fair value is the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The fair value measurement is based on the presumption that the
transaction to sell the asset or transfer the liability takes place either: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">in the principal market for the asset or liability, or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">in the absence of a principal market, in the most advantageous market for the asset or liability.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The principal or the most advantageous market must be accessible to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming
that market participants act in their economic best interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A fair value measurement of a <FONT STYLE="white-space:nowrap">non-financial</FONT> asset
takes into account a market participant&#146;s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing
the use of relevant observable inputs and minimizing the use of unobservable inputs. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-36</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All assets and liabilities for which fair value is measured or disclosed in the financial statements are
categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole (see note 28.6 for further disclosures): </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>i)</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I></I>Level 1&#151;Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>ii)</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I></I>Level 2&#151;Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>iii)</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I></I>Level 3&#151;Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. Judgments include considerations of inputs such
as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred
between levels in the hierarchy by <FONT STYLE="white-space:nowrap">re-assessing</FONT> categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_29"></A>5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Changes in disclosures </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_30"></A>5.1</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Adoption of new and amended standards and interpretations </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Amendment to IFRS 16 </B><B><I>Leases &#150; <FONT STYLE="white-space:nowrap">Covid-19</FONT> related rent concessions</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On May&nbsp;28, 2020, the IASB issued <I><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Covid-19-Related</FONT></FONT> Rent Concessions</I>
- amendment IFRS 16 <I>Leases</I>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The amendments provide relief to lessees from applying IFRS 16 guidance on lease modification accounting for rent
concessions arising as a direct consequence of the <FONT STYLE="white-space:nowrap">Covid-19</FONT> pandemic. As a practical expedient, a lessee may elect not to assess whether a <FONT STYLE="white-space:nowrap">Covid-19</FONT> related rent
concession from a lessor is a lease modification. A lessee that makes this election accounts for any change in lease payments resulting from the <FONT STYLE="white-space:nowrap">Covid-19</FONT> related rent concession the same way it would account
for the change under IFRS 16, if the change were not a lease modification. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The practical expedient applies only to rent concessions occurring as a direct
consequence of the <FONT STYLE="white-space:nowrap">Covid-19</FONT> pandemic and only if all of the following conditions described in IFRS 16 paragraph 46B are met: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The change in lease payments results in revised consideration for the lease that is substantially the same as, or
less than, the consideration for the lease immediately preceding the change. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Any reduction in lease payments affects only payments originally due on or before June&nbsp;30, 2021 (for
example, a rent concession would meet this condition if it results in reduced lease payments before June 30, 2021 and increased lease payments that extend beyond June&nbsp;30, 2021). </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">There is no substantive change to other terms and conditions of the lease. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The amendment is effective for annual reporting periods beginning on or after 1&nbsp;June 2020. Earlier application is permitted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company received rent concessions occurred as a direct consequence of the <FONT STYLE="white-space:nowrap">Covid-19</FONT> pandemic only for its real
estate leases, and applied the practical expedient, accounting the concession in the form of forgiveness or deferral of lease payments, as a negative variable lease payment to the concessions. (see note 14 &#150; <I>Leases</I>). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-37</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other standards issued </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following amendments and interpretations effective for annual periods beginning on or after January&nbsp;1, 2020, had no impact on the company&#146;s
financial statements: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Amendment to IFRS 3 <I>Definition of a business </I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Amendments to IAS 1 and IAS 8 <I>Definition of material</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Amendments to IFRS 9, IAS 39 and IFRS 7 &#150; <I>Interest rate benchmark reform </I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_31"></A>5.2</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Change in presentation </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As disclosed in the table below, a retrospective change in presentation has been made to the December&nbsp;31, 2019 consolidated statement of financial
position to conform to the 2020 presentation. The Company is changing the presentation of the interest payable, previously presented within taxes and interest payables in the consolidated statement of financial position. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table reconcile the changes in presentation in prior years for comparative effects on the consolidated statement of financial position: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="74%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As&nbsp;previosly</B><br><B>reported</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Reclasification</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B><br><B>(Restated)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loans and borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">117,238</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,344</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">122,582</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Taxes and interest payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">51,611</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5,344</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">46,267</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_32"></A>6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Standards issued but not yet effective </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company&#146;s financial statements
are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Amendments to IAS 1 </B><B><I>&#150;
Classification of Liabilities as Current or <FONT STYLE="white-space:nowrap">Non-current</FONT></I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In January 2020, the IASB issued amendments
to paragraphs 69 to 76 of IAS 1 <I>Presentation of Financial Statements </I>to specify the requirements for classifying liabilities as current or <FONT STYLE="white-space:nowrap">non-current.</FONT> The amendments clarify: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">What is meant by a right to defer settlement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">That a right to defer must exist at the end of the reporting period. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">That classification is unaffected by the likelihood that an entity will exercise its deferral right.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The amendments are effective for reporting periods beginning on or after January&nbsp;1, 2023 and must be applied retrospectively. The
Company does not expect that these amendments have a material impact on its consolidated financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-38</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Amendments to IFRS 3</B><B><I> &#150; Reference to the Conceptual Framework</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In May 2020, the IASB issued Amendments to IFRS 3 <I>Business Combinations&#151;Reference to the Conceptual Framework</I>. The amendments are intended to
replace a reference to the Framework for the Preparation and Presentation of Financial Statements, issued in 1989, with a reference to the Conceptual Framework for Financial Reporting issued in March 2018 without significantly changing its
requirements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board also added an exception to the recognition principle of IFRS 3 to avoid the issue of potential &#145;day 2&#146; gains or losses
arising for liabilities and contingent liabilities that would be within the scope of IAS 37 <I>Provisions, Contingent Liabilities and Contingent Assets</I> or IFRIC 21 <I>Levies</I>, if incurred separately. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At the same time, the Board decided to clarify existing guidance in IFRS 3 for contingent assets that would not be affected by replacing the reference to the
Framework for the Preparation and Presentation of Financial Statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The amendments are effective for annual reporting periods beginning on or after
January&nbsp;1, 2022 and apply prospectively. The Company does not expect that these amendments have a material impact on its consolidated financial statements. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Amendment to IAS 16 </B><B><I>&#150; Property, Plant and Equipment: Proceeds before Intended Use</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In May 2020, the IASB issued <I>Property, Plant and Equipment &#151; Proceeds before Intended Use</I>, which prohibits entities deducting from the cost of an
item of property, plant and equipment, any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes
the proceeds from selling such items, and the costs of producing those items, in profit or loss. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The amendment is effective for annual reporting periods
beginning on or after January&nbsp;1, 2022 and must be applied retrospectively to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The amendment is not expected to has a material impact on the Company. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Amendments to IAS 37 </B><B><I>&#150; Onerous Contracts &#150; Costs of Fulfilling a Contract</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In May 2020, the IASB issued amendments to IAS 37 to specify which costs an entity needs to include when assessing whether a contract is onerous or
loss-making. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The amendments apply a &#147;directly related cost approach&#148;. The costs that relate directly to a contract to provide goods or services
include both incremental costs and an allocation of costs directly related to contract activities. General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under
the contract. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The amendments are effective for annual reporting periods beginning on or after January&nbsp;1, 2022. The Company does not expect that
these amendments have a material impact on its consolidated financial statements. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Amendments to IFRS 7, IFRS 4 and IFRS 16 </B><B><I>&#150; Interest
rate benchmark reform &#150; Phase 2</I></B><B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In August 2020, the IASB has issued amendments to IFRS 7 <I>Financial Instruments: Disclosures,</I>
IFRS 4 and IFRS 16 that address issues arising during the reform of benchmark interest rates including the replacement of one benchmark rate with an alternative one. Given the pervasive nature of InterBank Offered Rate (IBOR)-based contracts, the
amendments could affect companies in all industries. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-39</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These amendments should be applied for annual periods beginning on or after January&nbsp;1, 2021. Earlier
application is permitted.<B> </B>At this stage, the Company is in process to estimate the impact of these amendments on the consolidated financial statements. The Company will continue with the assessment of the standard throughout 2021. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Amendment to IFRS 9 &#150; </B><B><I>Fees in the &#146;10 per cent&#146; test for derecognition of financial liabilities</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As part of its 2018-2020 annual improvements to IFRS standards process the IASB issued amendment to IFRS 9. The amendment clarifies the fees that an entity
includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender,
including fees paid or received by either the borrower or lender on the other&#146;s behalf. An entity applies the amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which
the entity first applies the amendment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The amendment is effective for annual reporting periods beginning on or after 1&nbsp;January 2022 with earlier
adoption permitted. The Company will apply the amendments to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The amendment is not expected to has a material impact on the Company. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_33"></A>7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Revenue from contract with customers </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_34"></A>7.1</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Revenue disaggregation </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Operating revenues are comprised of passenger revenues, cargo and mail, and other operating revenues. The following table shows disaggregated operating
revenues for the years ended as December&nbsp;31, 2020, 2019 and 2018. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="74%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Passenger revenue</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Passenger revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">752,050</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,581,179</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,567,316</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miles redeemed</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,544</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31,426</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20,073</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">760,594</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,612,605</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,587,389</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cargo and mail revenue</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21,002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62,460</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62,483</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Other operating revenue</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Frequent flyer program&#151;marketing services</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15,452</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22,170</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16,291</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other operating revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,955</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10,173</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11,464</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19,407</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32,343</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27,755</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">801,003</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,707,408</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,677,627</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_35"></A>7.2</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Contract balances </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The significant contract liabilities are comprised of ticket sales for transportation that has not yet been provided, recorded as &#147;Air traffic
liability&#148; and outstanding loyalty program miles that may be redeemed for future travel, recorded as &#147;Frequent flyer deferred revenue&#148;. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-40</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The table below presents the changes in air traffic liability: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Def.-Times; font-size:10pt" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">

<TD WIDTH="83%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT STYLE="font-family:Times New Roman; "><B>2020</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT STYLE="font-family:Times New Roman; "><B>2019</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at beginning of year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; "> 497,374</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; "> 471,676</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sales</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">887,004</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">2,878,814</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Revenue recognition</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">(700,406</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">(2,355,626</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">)&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tax recognition</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">(113,473</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">(404,732</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reimbursements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">(82,910</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">(45,396</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">)&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interline tickets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">(15,056</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">(35,272</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">(1,838</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">(12,090</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at end of year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; "> 470,695</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; "> 497,374</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The contract duration of passenger tickets is one year. Accordingly, any revenue associated with tickets sold for future
travel dates will be recognized within twelve months. In response to <FONT STYLE="white-space:nowrap">Covid-19,</FONT> the Company is extending the ticket expiration date up to December 2021, only for tickets purchased on or before December&nbsp;31,
2020 and with original travel dates ending on or before December&nbsp;31, 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The table below presents the activity of the current and <FONT
STYLE="white-space:nowrap">non-current</FONT> frequent flyer liability: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Def.-Times; font-size:10pt" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">

<TD WIDTH="86%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT STYLE="font-family:Times New Roman; "><B>2020</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT STYLE="font-family:Times New Roman; "><B>2019</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at beginning of year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">80,326</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; "> 67,814</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred of revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">19,431</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">43,938</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Recognition of revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">(8,544</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">(31,426</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at end of year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">91,213</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; "> 80,326</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">16,041</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">35,120</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-current</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">75,172</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">45,206</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">91,213</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; "> 80,326</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Contract assets are reflected as account receivable. See note 10. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_36"></A>7.3</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Segment reporting </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s business activities are conducted as one operating segment &#150; Air transportation (that includes cargo and mail revenue), the reporting
results of which are regularly reviewed by management for purposes of analyzing its performance and making decisions about resource allocations. Information concerning operating revenue by geographic area for the period ended December&nbsp;31 is as
follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Def.-Times; font-size:10pt" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">

<TD WIDTH="74%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD nowrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD nowrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD nowrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT STYLE="font-family:Times New Roman; "><B>2020</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT STYLE="font-family:Times New Roman; "><B>2019</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT STYLE="font-family:Times New Roman; "><B>2018</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">North America</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">233,039</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">857,002</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; "> 826,529</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">South America</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">281,008</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">975,530</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">1,076,507</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Central America</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">246,727</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">740,358</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">648,747</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Caribbean</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">20,822</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">102,175</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">98,089</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">781,596</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">2,675,065</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">2,649,872</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company attributes revenue to the geographic areas based on point of sales. Our tangible assets and capital expenditures
consist primarily of flight and related ground support equipment, which is mobile across geographic markets and, therefore, has not been allocated. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-41</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_37"></A>8.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Cash and cash equivalents </B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Checking and saving accounts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">99,286</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">118,367</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time deposits of no more than ninety days</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash on hand</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">279</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">365</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">119,065</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">158,732</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Time deposits earned interest based on rates determined by the banks in which the instruments are held, ranging between 0.24%
and 0.35% for U.S. dollars investments until December 2020 (2019: between 1.71% and 1.98% for U.S. dollars investments). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2020,
the cash and cash equivalents disclosed above and in the consolidated statement of cash flows include $5.9&nbsp;million that the Company has pledged from its checking and saving accounts to fulfill the collateral requirement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2020 and 2019, except for the cash pledged to fulfill collateral requirement,the Company&#146;s cash and cash equivalents are free of
restriction or charges that could limit its availability. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_38"></A>9.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Investments </B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="52%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Current</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Non&nbsp;Current</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Current</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Non&nbsp;Current</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time deposits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">430,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">80,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">510,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">640,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">60,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">700,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bonds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">341,854</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39,796</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">381,650</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52,573</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">74,634</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">127,207</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">771,854</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">119,796</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">891,650</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">693,073</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">134,634</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">827,707</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Allowance for expected credit losses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,038</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(179</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,217</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(670</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(287</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(957</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">770,816</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">119,617</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">890,433</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">692,403</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">134,347</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">826,750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Time deposits earned interest based on rates determined by the banks in which the instruments are held. The use of these
instruments depends on the cash requirements of the Company. Time deposits with a contractual maturity of less than 365 days, bear interest at rates ranging between 0.27% and 4.38% (2019: between 2.00% and 3.75%), and those with a contractual
maturity of more than 365 have rates ranging between 1.20% and 4.25% (2019: between 3.25% and 4.38%). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company acquired bonds with semiannual interest
payment, the effective interest rates of these investments ranging between 0.21% and 3.32% (2019: between 2.06% and 3.32%). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All of the investments at
amortized cost are denominated in U.S. dollar, as a result, there is no exposure to foreign currency risk. There is also no exposure to price risk as the investments will be held to maturity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information about the expected credit loss over these financial assets are disclosed in note 28.3. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-42</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_39"></A>10.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Accounts receivable </B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="86%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Credit cards</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35,882</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">64,595</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cargo and other travel agencies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10,052</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19,389</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Airlines and clearing house</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,156</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31,087</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Government</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,466</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,031</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trade receivables from related parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,429</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">147</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13,187</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14,250</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">72,172</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">137,499</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Allowance for expected credit losses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(6,483</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5,579</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">65,689</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">131,920</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">64,635</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">129,781</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-current</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,054</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,139</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">65,689</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">131,920</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trade receivables are <FONT STYLE="white-space:nowrap">non-interest</FONT> bearing and have maturities between 30 to 90 days.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">See detail of trade receivables from related parties in note 23. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2020, the Company maintains a <FONT STYLE="white-space:nowrap">non-current</FONT> account receivable with a government institution in
the amount of $1.0&nbsp;million net of the expected credit losses (2019: $2.1 million). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The category &#147;Other&#148; mainly includes receivables from
miles&#146; partners and employees accounts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The change in the allowance for expected credit losses in respect of accounts receivable during the year was
as follows. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="82%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at beginning of year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5,579</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5,057</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(3,673</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adjustment on initial application of IFRS 9</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(624</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at beginning of year under IFRS 9</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5,579</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5,057</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(4,297</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,310</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(744</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,311</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Write-offs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">406</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">222</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">551</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at end of year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(6,483</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5,579</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5,057</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information about the credit exposures is disclosed in note 28.3. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-43</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_40"></A>11.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Expendable parts and supplies </B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="86%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Material for repair and maintenance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">69,737</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">66,418</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other inventories</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,920</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,686</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">74,657</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">70,104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Allowance for obsolescence</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(338</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,004</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">74,319</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">69,100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Expendable parts and supplies recognized when used as an expense in the accompanying consolidated statement of profit or loss
under &#147;Maintenance, materials and repairs&#148; amount to $12.7&nbsp;million, $32.4&nbsp;million and $31.9&nbsp;million, for the years ended December&nbsp;31, 2020, 2019 and 2018, respectively. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_41"></A>12.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Prepaid expenses </B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="86%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepaid taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10,022</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26,164</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepaid commissions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,908</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,298</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepaid insurance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,385</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,231</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepaid to supplier</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17,224</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35,084</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36,539</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">66,777</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30,473</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">49,034</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-current</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,066</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17,743</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36,539</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">66,777</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Prepaid taxes include $4.0&nbsp;million of tax advance of VAT and withholdings taxes (2019: $8.4 million). The <FONT
STYLE="white-space:nowrap">non-current</FONT> portion of prepaid expenses corresponds to $1.6&nbsp;million (2019: $1.3 million) of advance payments of taxes which are credited to future payments from tax dividends in Panama and $4.5&nbsp;million in
tax credits (2019: $16.5 million). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During 2020, the Tax Authorities in Colombia recognized the return of credits of income tax in tax refund titles
equivalents to $14.8&nbsp;million. The Company sold these titles and recognized a loss in sale of $0.01&nbsp;million included under Other <FONT STYLE="white-space:nowrap">non-operating</FONT> expense on the consolidated statement of profit or loss.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Prepaid to supplier mainly includes operating expenses related to aircraft rent, fuel and maintenance services. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-44</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_42"></A>13.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Property and equipment </B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="41%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Land</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Flight<BR>equipment</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Purchase<BR>deposits&nbsp;for&nbsp;flight<BR>equipment</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Ramp and<BR>miscellaneous</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Furniture,<BR>fixtures,<BR>equipment&nbsp;a<BR>and&nbsp;other</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Leasehold<BR>improvements</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Construction<BR>in progress</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cost -</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance&nbsp;at&nbsp;January&nbsp;1,&nbsp;2018</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,301</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,252,229</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 413,633</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">48,353</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27,524</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50,043</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 5,778</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,803,861</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transfer of <FONT STYLE="white-space:nowrap">pre-delivery</FONT> payments</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">156,305</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(156,305</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additions</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">228,302</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">216,732</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,434</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,773</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,388</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10,795</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">468,424</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Disposals</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(20,737</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(128</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(393</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(6,246</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(10</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(27,514</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Assets held for sale</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(164,201</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(164,201</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reclassifications</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,371</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,219</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,310</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,371</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance&nbsp;at&nbsp;December&nbsp;31,&nbsp;2018</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,301</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,449,527</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 474,060</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53,736</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30,918</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">49,404</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 14,253</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,078,199</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transfer of <FONT STYLE="white-space:nowrap">pre-delivery</FONT> payments</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">78,143</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(78,143</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additions</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">109,286</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">67,357</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,693</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,450</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,269</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,436</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">189,491</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Disposals</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(184,685</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(102</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(570</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(134</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(340</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(185,831</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Assets held for sale</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(413,677</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(413,677</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reclassifications</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12,752</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(12,762</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at December&nbsp;31, 2019</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,301</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,038,594</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 463,274</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">56,337</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32,798</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">65,291</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 5,587</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,668,182</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transfer of <FONT STYLE="white-space:nowrap">pre-delivery</FONT> payments</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">49,860</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(49,860</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additions</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39,492</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">582</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">221</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">566</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,204</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">44,065</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Disposals</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(34,626</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(306</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(223</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(780</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(35,935</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Assets held for sale</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(554,790</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(554,790</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reclassifications</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">244</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5,600</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,382</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,626</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5,600</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at December&nbsp;31, 2020</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,301</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,538,774</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 407,814</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">56,613</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32,796</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">67,459</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 6,165</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,115,922</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Accumulated depreciation and impairment -</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at January&nbsp;1, 2018</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,097,751</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(37,016</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(22,959</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(31,919</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,189,645</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation for the year</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(147,980</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(3,783</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,506</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5,038</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(159,307</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Disposals</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16,876</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">118</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">379</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,396</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23,769</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Assets held for sale</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">75,556</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">75,556</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reclassifications</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">268</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">268</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Impairment</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(130,709</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(130,709</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at December&nbsp;31, 2018</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,283,740</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(40,681</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(25,086</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(30,561</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,380,068</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation for the year</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(148,832</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(3,292</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,938</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5,757</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(160,819</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Disposals</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">178,168</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">518</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">178,788</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Assets held for sale</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">226,319</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">226,319</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at December&nbsp;31, 2019</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,028,085</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(43,871</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(27,506</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(36,318</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,135,780</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation for the year</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(126,988</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(3,121</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(3,134</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5,759</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(139,002</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Disposals</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32,335</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">290</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">179</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">295</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33,099</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Impairment</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(4</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(4</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Assets held for sale</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">273,251</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">273,251</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at December&nbsp;31, 2020</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(849,487</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(46,702</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(30,461</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(41,782</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(4</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(968,436</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Carrying amounts -</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2018</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,301</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 2,165,787</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 474,060</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 13,055</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 5,832</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 18,843</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 14,253</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 2,698,131</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2019</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,301</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 2,010,509</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 463,274</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 12,466</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 5,292</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 28,973</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 5,587</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 2,532,402</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2020</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,301</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 1,689,287</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 407,814</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 9,911</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 2,335</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 25,677</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 6,161</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 2,147,486</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-45</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(Continued)</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Flight equipment </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Flight equipment comprises aircraft, engines, aircraft components and major maintenance of own and leased aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During December 2020, one Boeing 737 MAX aircraft was delivered, the Company expects to finalize the financing from the Export-Import Bank of the United
States (the &#147;EXIM Bank&#148;) of this aircraft, during the first quaeter of 2021. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has acquired aircraft through Japanese Operating
Leases with Call Option (JOLCO) arrangements. These arrangements establish semi-annual payments of obligations, and have a term of 10 years, with a purchase option at the end of the period. During 2019, 2 new aircraft Boeing 737 MAX 9 were acquired
through this type of arrangements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Aircraft with a carrying value of $1.3&nbsp;billion (include aircraft acquired through JOLCO) are pledged as
collateral for the obligation of the special purpose entities as of December&nbsp;31, 2020 (2019: $1.5 billion). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">From March 2019 to November 2020,
the&nbsp;Federal Aviation Administration&nbsp;(FAA) grounded all U.S. registered&nbsp;Boeing&nbsp;737 MAX aircraft. The Company&#146; fleet currently includes 7 Boeing&nbsp;737 MAX aircraft with an additional 64 aircraft on order (see note 27). The
Company is currently in negotiations with Boeing over compensation for the damages that it has suffered as a result of the MAX grounding and expect those to be satisfactory resolved in the near term. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During 2020, the Company identified indicators of impairment in its aircraft due the capacity reductions, the temporary grounding of part of its fleet,
following by the reduction in air traffic as a result of the <FONT STYLE="white-space:nowrap">Covid-19</FONT> pandemic. To determine whether impairment exists, the recoverable amount at the level of the CGU, was determined using cash flow
projections from financial forecasts approved by senior management covering a five-year period. The <FONT STYLE="white-space:nowrap">pre-tax</FONT> discount rate applied to cash flow projections was 13.1%. As a result of this analysis, the Company
determined the recoverable amount of the CGU was in excess of its book value and, therefore, no impairment was recorded (See note 16). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Purchase
deposits for flight equipment </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2020 there were no additions to purchase deposits. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2019 the additions for $67.3&nbsp;million include $75.4&nbsp;million of advance payments on aircraft and engines purchase contracts
made during 2019, which includes $1.4&nbsp;million of borrowing costs capitalized during the year ended December&nbsp;31, 2019, and $8.1&nbsp;million of credits received on aircraft acquisition. The rate used in 2019 to determine the amount of
borrowing costs eligible for capitalization was 3.40%, which is the interest rate of the specific borrowing (see note 18). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2020
the total amount of purchase deposits for flight equipment corresponds to the future purchase of MAX aircraft (see note 27). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other property and
equipment </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During 2020, the Company capitalized under &#147;Leasehold improvements&#148; $1.6&nbsp;million for improvements to the Training Center
located at the Ciudad del Saber, Panama City and $0.8&nbsp;million in other remodeling projects for airport facilities and offices. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During 2019, the
Company capitalized as &#147;Leasehold improvements&#148; $11.6&nbsp;million of a new hangar located at the Tocumen International Airport. As of December&nbsp;31, 2020 and 2019 construction in progress mainly comprises remodeling projects for
airport facilities and offices. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-46</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Assets held for sale </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In November 2019, the Company announced its decision to accelerate the exit of its Embraer 190 fleet and initiated an active program to locate a buyer to sell
the remaining 14 aircraft, spare engines, spare parts and inventory by 2020. As December&nbsp;31, 2019 this anticipated exit resulted in impairment losses of $89.3&nbsp;million to write down the assets to the lower of their carrying amount and the
fair value less cost to sell, which have been included under &#147;Impairment of <FONT STYLE="white-space:nowrap">non-financial</FONT> assets&#148; in the accompanying consolidated statement of profit or loss. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In June 2020, the Company updated the fair value less cost to sell of the Embraer 190 fleet and related assets and recognized additional impairment losses of
$49.5&nbsp;million. The fair value of the&nbsp;Embraer 190 fleet was determined considering the negotiated sales prices adjusted by the costs to disposal estimated by the Company, and therefore classifies as level 3 in the fair value hierarchy.
During the third quarter of 2020 the Company signed the contract for the sale of 14 <FONT STYLE="white-space:nowrap">EMB-190s,</FONT> 6 spare engines, expendables, spare parts and supplies, and an EMB 190 flight simulator. The Company has delivered
6 aircraft, and expects to deliver the remaining 8 and other related assets, within a year from the reporting date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In August 2020, motivated by the
decrease in demand as a consequence of <FONT STYLE="white-space:nowrap">Covid-19,</FONT> the Board of Directors of the Company approved the plan to sell fourteen aircraft Boeing <FONT STYLE="white-space:nowrap">737-700.</FONT> Efforts to sell the
aircraft have started and the sale is expected to be completed within a year from the reporting date. This anticipated exit results in impairment losses of $191.2&nbsp;million to write down the assets to the lower of its carrying amount and its fair
value less cost to sell, which have been included under &#147;Impairment of <FONT STYLE="white-space:nowrap">non-financial</FONT> assets&#148; in the accompanying consolidated statement of profit or loss. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The fair value of the Boeing <FONT STYLE="white-space:nowrap">737-700</FONT> fleet was determined considering purchase proposal adjusted by the costs to
disposal estimated by the Company, therefore classifies as level 3 in the fair value hierarchy (see note 28.6). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At 31&nbsp;December 2020, the assets held
for sale comprised the following assets: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Flight equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">129,443</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">91,252</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expendables, spare parts and other supplies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,099</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28,754</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">135,542</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">120,006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_43"></A>14.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Leases </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Company as a lessee </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company leases some aircraft
under long-term lease agreements with an average duration of 10 years. Aircraft under operating leases may be renewed in accordance with management&#146;s business plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Other leased assets include real estate, airport and terminal facilities, sales offices, maintenance facilities, and general offices. Most lease agreements
include renewal options; a few have escalation clauses, but no purchase options. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-47</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Information about leases for which the Company is a lessee is presented below: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Right of use assets </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="77%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Aircraft</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Real&nbsp;estate</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Balance at January&nbsp;1, 2018</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 350,517</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33,833</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 384,350</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83,389</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,381</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">84,770</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(100,857</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(6,270</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(107,127</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Balance at December&nbsp;31, 2018</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 333,049</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28,944</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 361,993</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23,162</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,512</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31,674</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(95,564</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(7,260</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(102,824</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Balance at December&nbsp;31, 2019</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 260,647</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30,196</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 290,843</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additions/(Terminations)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21,706</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,888</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19,818</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Impairment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,541</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,541</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(88,451</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(6,390</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(94,841</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Balance at December&nbsp;31, 2020</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 192,361</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21,918</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 214,279</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additions to the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets include
new leases, contract extensions, changes in discount rate and changes in rental payments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The impairment loss relates to leased aircraft grounded until
its redelivery due the capacity reductions a result of the <FONT STYLE="white-space:nowrap">Covid-19</FONT> pandemic. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Lease liabilities </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Current portion of lease liability</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">77,777</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">91,246</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Real estate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,828</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,486</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83,605</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">97,732</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Long-term lease liability</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">125,216</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">179,031</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Real estate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21,689</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27,801</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">146,905</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">206,832</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">230,510</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">304,564</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For leases under IFRS 16 the Company recognizes a provision to estimate the costs for work required to be performed just
before the redelivery of the aircraft to the lessors and which does not depend on the aircraft utilization. This provision is booked as a dismantling provision cost under &#147;long term liabilities&#148; in the consolidated statement of financial
position. As of December&nbsp;31, 2020 the total liability related to leases including the provision of dismantling amounts to $255.5&nbsp;million (2019: $328.9 million). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-48</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Total cash outflow for leases for the years ended as December&nbsp;31, 2020 and 2019: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">97,353</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">107,610</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Real estate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,039</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9,458</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">103,392</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">117,068</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2020 and 2019 the average incremental borrowing rate of leased aircraft is 3.37%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The maturity analysis of lease liabilities is disclosed in note 28.5. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Amounts recognized in the consolidated statement of profit or loss related to leases: </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="79%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Depreciation and amortization</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">88,451</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">95,564</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">100,857</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Real estate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,390</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7,260</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,270</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">94,841</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">102,824</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">107,127</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Impairment of non financial assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 1,541</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Other operating and administrative expenses</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Short-term leases</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 364</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 1,412</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Leases of <FONT STYLE="white-space:nowrap">low-value</FONT> assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">330</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">733</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">853</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Variable lease payments not include in the measurement of lease liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">827</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">706</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">611</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Variable lease payments by rental concessions received</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(489</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 758</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 1,803</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 2,876</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Finance cost</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,185</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11,221</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12,074</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Real estate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,717</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,073</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,105</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unwinding of discount and changes in the discount rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">832</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">846</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">796</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10,734</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14,140</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14,975</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">107,874</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">118,767</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">124,978</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Some property leases contain variable payment terms that are linked to the number of passengers or employees using the areas.
Additional, some aircraft leases contain variable payment terms that depend on the aircraft&#146;s flight hours. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The unwinding of discount and changes in
the discount rate over leased aircraft correspond to the interest expenses of the discounted dismantling provision. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-49</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Company as a lessor </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Since 2015, the Company is the lessor of two aircraft Boeing <FONT STYLE="white-space:nowrap">737-700,</FONT> as part of the strategy of fleet management, in
order to optimize the use of aircraft in relation to the routes scheduled for that year. Each lease is scheduled to expire in 2022. The carrying amount of the two aircraft under operating leases is up to $12.3&nbsp;million (2019: $37.7 million).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Total lease income amounts to $3.2&nbsp;million for the period ended December&nbsp;31, 2020 (2019: $3.5&nbsp;million and 2018: $3.5 million), included
under &#147;Other operating revenue&#148; in the accompanying consolidated statement of profit or loss. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table sets out a maturity analysis
of lease payments, showing the undiscounted lease payments to be received after the reporting date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The future minimum lease receivables under <FONT
STYLE="white-space:nowrap">non-cancellable</FONT> leases are as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Def.-Times; font-size:10pt" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">

<TD WIDTH="86%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT STYLE="font-family:Times New Roman; "><B>2020</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT STYLE="font-family:Times New Roman; "><B>2019</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Up to one year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">&nbsp;&nbsp;&nbsp;3,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">&nbsp;&nbsp;&nbsp;&nbsp;3,220</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">One to five years</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">2,875</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">5,875</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total minimum lease rental receivables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">5,875</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">9,095</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_44"></A>15.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Net employee defined benefit </B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Def.-Times; font-size:10pt" ALIGN="center">


<TR STYLE="visibility:hidden; line-height:0pt; color:white">

<TD WIDTH="86%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD nowrap >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT STYLE="font-family:Times New Roman; "><B>2020</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT STYLE="font-family:Times New Roman; "><B>2019</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fair value of plan assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; "> 25,783</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; "> 29,086</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Defined benefit obligation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">(39,466</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">(28,195</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other employee benefits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">(649</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">(642</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">(40,115</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">(28,837</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Def.-Times; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Benefit (liability) assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; ">(14,332</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">$</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman; "> 249</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In accordance with Panamanian law, the Company contributes to the following defined benefit plans: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Seniority premium plan: </I>is a contingent liability that companies must pay to their employees according to article 224 of Panama&acute;s Labor Code
according to the following: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="88%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Eligibility:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">All employees</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Benefit:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">One week of salary per years of service</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Salary:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Average of the 5 prior years of the monthly base salary</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Payment:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Lump sum</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Indemnity plan:</I> it covers all employees eligible for the indemnity plan as provided by the Company. The benefits
consist of 6.54% of eligible earnings accumulated for each year of service. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The actuarial liability is recognized for the legal obligation under the
formal terms of the plan, and for the implied projections as required under IAS 19R. These actuarial projections do not constitute a legal obligation for the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-50</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table summarizes the components of net benefit expense included under &#147;Wages, salaries,
benefits and other employees&acute; expenses&#148; in the accompanying consolidated statement of profit or loss: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="71%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Year ended December&nbsp;31,2020</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Defined&nbsp;benefit<BR>obligation</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fair&nbsp;value&nbsp;of<BR>assets</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Defined&nbsp;benefit<BR>assets&nbsp;(liability)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current service cost</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 2,393</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 2,393</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest cost on net benefit obligation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">706</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(731</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(25</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Past service cost</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">457</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">457</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Curtailment / Settlement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,026</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,026</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net benefit expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 1,530</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(731</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 799</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Year ended December&nbsp;31,2019</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Defined benefit<BR>obligation</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fair value of<BR>assets</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Defined benefit<BR>assets (liability)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current service cost</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,192</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,192</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest cost on net benefit obligation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">887</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(979</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(92</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net benefit expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 3,079</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(979</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 2,100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Year ended December&nbsp;31,2018</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Defined benefit<BR>obligation</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fair value of<BR>assets</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Defined benefit<BR>assets (liability)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current service cost</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,105</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,105</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest cost on net benefit obligation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">642</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(666</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(24</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net benefit expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 2,747</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(666</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 2,081</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-51</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table shows reconciliation from the opening balance to the closing balances for net employee
defined benefit liabilities and its components: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="62%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Defined&nbsp;benefit<BR>obligation</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fair&nbsp;value&nbsp;of<BR>assets</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Other&nbsp;employee<BR>benefits&nbsp;liability</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Defined&nbsp;benefit<BR>assets&nbsp;(liability)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At January&nbsp;1, 2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(19,997</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23,794</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(612</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 3,185</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current service cost</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,105</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,105</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest (cost) income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(642</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">666</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Return on plan assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">483</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">483</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Experience gain (loss)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,943</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,943</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Invesment return</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Actuarial changes arising from changes in financial assumptions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">877</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">877</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Employer contributions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,780</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,780</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Benefits paid</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,242</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,451</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(209</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adjustments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(68</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(68</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(22,568</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28,339</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(680</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 5,091</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current service cost</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,192</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,192</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest (cost) income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(887</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">979</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Experience gain (loss)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,681</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,681</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Invesment return</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">138</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">138</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Actuarial changes arising from changes in financial assumptions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,874</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,874</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Employer contributions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,903</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,903</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Benefits paid</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,086</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(79</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adjustments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,187</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,149</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(28,195</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">29,086</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(642</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 249</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current service cost</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,393</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,393</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest (cost) income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(706</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">731</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Past service cost</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(457</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(457</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Curtailment / Settlement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,026</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,026</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Return on plan assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">374</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">374</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Experience gain (loss)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(4,001</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(4,001</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Actuarial changes arising from changes in demographic assumptions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(11,285</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(11,285</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Actuarial changes arising from changes in financial assumptions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,028</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,028</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Employer contributions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,709</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,709</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Benefits paid</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,573</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(6,117</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">456</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adjustments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(7</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(7</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(39,466</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25,783</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(649</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(14,332</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2020 and 2019, plan assets are comprised totally by fixed term deposits. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the year ended December&nbsp;31, 2020 actuarial losses of $15.5&nbsp;million (2019: $4.4&nbsp;million and 2018: $0.3 million) were recognized in other
comprehensive income. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2020, employer contributions are a net amount of regular contributions by $2.8&nbsp;million (2019:
$4.4&nbsp;million and 2018: $4.8 million) and retirement of interest earned by $1.1&nbsp;million (2019: 2.5&nbsp;million and 2018: null). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-52</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following were the principal actuarial assumptions at the reporting date: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="54%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Economic assumptions - </P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Discount rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2.0%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">2.5%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">3.9%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Compensation - salary increase</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">4.0%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">4.0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">4.0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Demographic assumptions - </P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mortality</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Panama&nbsp;expirence</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center"><FONT STYLE="white-space:nowrap">RP&nbsp;-&nbsp;2000&nbsp;no&nbsp;collar</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">RP&nbsp;-2000&nbsp;no&nbsp;collar</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Termination</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2003&nbsp;SoA&nbsp;pension&nbsp;plan</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">13% all ages</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">13% all ages</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Retirement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Males</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="8" NOWRAP ALIGN="center">62 years</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Females</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="8" NOWRAP ALIGN="center">57 years</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions
constant, would have affected the defined benefit obligation by the amount shown below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="59%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;December,&nbsp;31&nbsp;2020&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;December,&nbsp;31&nbsp;2019&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;December,&nbsp;31&nbsp;2018&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Increase</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Decrease</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Increase</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Decrease</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Increase</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Decrease</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Discount rate (0.5% movement)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,318</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,554</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">709</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(751</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">538</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(569</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The sensitivity analyses above have been determined based on a method that extrapolates the impact on the defined benefit
obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. The sensitivity analyses are based on a change in a significant assumption, keeping all other assumptions constant. The sensitivity
analyses may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation from one another. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following payments are expected contributions to the defined benefit plan in future years: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="86%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Up to one year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 2,299</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 5,169</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">One to five years</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,777</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14,008</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Over five years</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14,112</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14,049</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total expected payments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25,188</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33,226</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The average duration of the defined benefit plan obligation at the end of the reporting period is 9.0 years. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-53</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_45"></A>16.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Intangible assets </B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="69%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Other intangibles assets</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>License&nbsp;and</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Intangible</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Goodwill</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>software&nbsp;rights</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>in process</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cost - </B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at January&nbsp;1, 2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20,380</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 74,683</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 30,891</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">125,954</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,711</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27,471</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30,182</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Disposals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reclassifications</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16,730</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(16,730</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at December&nbsp;31, 2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20,380</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 94,124</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 41,632</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">156,136</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,503</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16,962</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25,465</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Disposals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(86</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(86</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reclassifications</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40,660</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(40,660</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at December&nbsp;31, 2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20,380</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">143,201</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 17,934</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">181,515</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,378</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12,041</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16,419</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Disposals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5,546</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5,546</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reclassifications</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13,975</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(13,975</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at December&nbsp;31, 2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20,380</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">156,008</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 16,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">192,388</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Accumulated amortization and impairment - </B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at January&nbsp;1, 2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(44,839</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(44,839</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amortization for the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(10,129</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(10,129</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Disposals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at December&nbsp;31, 2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(54,968</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(54,968</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amortization for the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(18,437</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(18,437</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Disposals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at December&nbsp;31, 2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(73,399</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(73,399</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amortization for the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(25,493</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(25,493</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Impairment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,020</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,020</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Disposals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,092</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,092</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at December&nbsp;31, 2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(95,800</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,020</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(96,820</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Carrying amounts - </B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2018</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20,380</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 39,156</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 41,632</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">101,168</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2019</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20,380</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 69,802</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 17,934</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">108,116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>At December&nbsp;31, 2020</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20,380</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 60,208</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 14,980</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 95,568</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Goodwill </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For impairment
testing, goodwill acquired through business combinations is allocated to the air transportation CGU which is also the operating and reportable segment of the Company. Goodwill is tested for impairment annually as at September&nbsp;30 and when
circumstances indicate that the carrying value may be impaired. The Company considers the relationship between its market capitalization and its book value, among other factors, when reviewing for indicators of impairment. On December&nbsp;31, 2020,
the market capitalization of the Company was below the book value of its equity, indicating a potential impairment of goodwill and impairment of the assets of the operating segment. In addition, the overall decline in air transportation around the
world, as well as the ongoing economic uncertainty, have led to a decreased demand in the CGU. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The recoverable amount of the CGU of $2.5&nbsp;billion
(2019: $4.3 billion) has been determined based on a value in use calculation using cash flow projections from financial budgets approved by senior management covering a five-year period. The <FONT STYLE="white-space:nowrap">pre-tax</FONT> discount
rate applied to cash flow projections is 13.8% (2019: 13.5%) and the cash flows beyond the five-year period are extrapolated using a 4.5% (2019: 3.0%) growth rate. It was concluded that no impairment charge is necessary since the estimated
recoverable amount of the CGU exceed its carrying value. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-54</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The calculations of value in use of the CGU are sensitive to the following main assumptions: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Revenue &#150; the Company calculated the projected passenger revenue based on the current beliefs, expectations,
and projections about future events and financial trends affecting its business. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Cash flows&#151;determination of the terminal value is based on the present value of the Company&#146;s cash
flows in perpetuity. When estimating the cash flows for use in the residual value calculation, it is essential to clearly define the normalized cash flows level, the appropriate discount rate for the degree of risk inherent in that return stream,
and a constant future growth rate for the related cash flows. To estimate the value, the Gordon Growth Model was used. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Discount rates &#150; The selected <FONT STYLE="white-space:nowrap">pre-tax</FONT> rate of 13.8% represents the
current market assessment of the risks specific to the CGU, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is
based on the specific circumstances of the Company and its operating segment and is derived from its <FONT STYLE="white-space:nowrap">pre-tax</FONT> weighted average cost of capital (WACC). The WACC takes into account both debt and equity. The cost
of equity is derived from the expected return on investment by the Company&#146;s investors. The cost of debt is based on the interest-bearing borrowings the Company is obliged to service. Segment-specific risk is incorporated by applying individual
beta factors. The beta factors are evaluated annually based on publicly available market data. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">A rise in the discount
rate to 15.2% (i.e., +1.4%) would result in an impairment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other intangible assets </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Intangible assets in process </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Intangible assets in process
as of December&nbsp;31, 2020 and 2019 mainly comprise the development of operational systems. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During 2020, the Company capitalized $10.8&nbsp;million on
marketing, sales and human resources programs. During 2019, the Company capitalized $23.6&nbsp;million of the new tickets reservation system. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of
December&nbsp;31, 2020 the amount of $1.0&nbsp;million recognized as &#147;Impairment of <FONT STYLE="white-space:nowrap">non-financial</FONT> assets&#148;&nbsp;in the consolidated statement of profit or loss, is related to intangibles in process
that will not continue to develop as&nbsp;consequence of the <FONT STYLE="white-space:nowrap">Covid-19</FONT> pandemic. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, the Company
identified and <FONT STYLE="white-space:nowrap">wrote-off</FONT> $2.5&nbsp;million, net of amortization related to capitalized software that were discontinued as a result of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-55</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_46"></A>17.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Other assets </B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="86%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Current -</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest receivable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 6,457</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12,838</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,348</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,368</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7,805</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14,206</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-current</FONT> -</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Guarantee deposits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,010</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,121</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deposits for litigation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,126</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10,548</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,212</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,212</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14,348</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17,881</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22,153</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32,087</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Guarantee deposits are mainly amounts paid to fuel suppliers, as required at the inception of the agreements (see note 23).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deposit for litigation is cash deposited into the escrow account until the related dispute is settled (see note 21). </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_47"></A>18.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Loans and borrowings </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="70%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="8" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Due<BR>through</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective&nbsp;rates&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>ranged</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Carrying<BR>Amount</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long-term fixed rate debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">2029</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">1.49% to 4.45%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">663,293</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long-term variable rate debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">2029</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">0.42% to 1.66%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">279,778</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Senior convertible notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">2025</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">14.68%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">220,829</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,163,900</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current maturities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(127,946</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loans and borrowings long-term</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,035,954</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="10"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="8" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Due<BR>through</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Effective&nbsp;rates</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>ranged</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Carrying<BR>Amount</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long-term fixed rate debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">2029</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">1.49% to 4.90%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">736,790</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long-term variable rate debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">2029</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">2.15% to 3.50%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">323,975</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,060,765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current maturities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(122,582</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loans and borrowings long-term</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 938,183</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-56</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Maturities of the loans and borrowings for the next five years are as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="91%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Year ending December&nbsp;31, 2021</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">127,946</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2022</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">116,767</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2023</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">96,132</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">158,459</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">375,385</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Thereafter</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">289,211</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,163,900</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Senior convertible notes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In April 2020, the Company issued Senior Convertible Notes (&#147;notes&#148;) in the total principal amount of $350.0&nbsp;million maturing on April&nbsp;15,
2025, in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The notes are senior, unsecured obligations of the Company and will accrue interest at a rate of 4.50% per annum, payable semi-annually in arrears on
April&nbsp;15 and October&nbsp;15 of each year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Noteholders have the right to convert their notes only upon the occurrence of certain events. From and
after October&nbsp;15, 2024, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle conversions by paying or
delivering, as applicable, cash, shares of their Class&nbsp;A common stock or a combination of cash and shares of their Class&nbsp;A common stock, at the Company&#146;s election. The initial conversion rate is 19.3564 shares per $1,000 principal
amount of notes, which represents an initial conversion price of approximately $51.66 per share of Class&nbsp;A common stock and will be subject to adjustment upon the occurrence of certain events. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The net proceeds from the offering, after deducting the initial purchasers&#146; discounts, commissions and other transaction costs is as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="74%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Nominal<BR>issue</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Cost&nbsp;assigned&nbsp;to<BR>the debt host<BR>liability</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Net<BR>funding</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Date</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">April&nbsp;30, 2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">350,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(7,102</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">342,898</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company used the net proceeds from the offering for general corporate purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The notes are redeemable, in whole or in part, for cash at the Company&#146;s option at any time, and from time to time, on or after April&nbsp;17, 2023 and
on or before the 40th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of the Company&#146;s Class&nbsp;A common stock exceeds 130% of the conversion price for a specified period of time.
In addition, the notes are redeemable, in whole and not in part, at the Company&#146;s option in connection with certain changes in tax law at any time. The redemption price will be equal to the principal amount of the notes to be redeemed, plus
accrued and unpaid interest, if any, to, but excluding, the redemption date, plus a make-whole premium. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The component corresponding to the conversion
feature of the notes is recorded an embedded derivative under &#147;Derivative financial instruments&#148; in the consolidated statement of financial position. The fair value of the embedded derivative at initial recognition was $138.4&nbsp;million.
At December&nbsp;31, 2020, the fair value was $245.6&nbsp;million and the Company recorded an unrealized loss of $107.1 recorded as &#147;Net change in fair value of derivatives&#148; in the consolidated statement of profit or loss (see note 28.6).
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-57</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Long term debt and loan payable </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2020, long-term fixed rate debt included $579.7&nbsp;million (2019: $608.3 million) and long-term variable debt included
$202.6&nbsp;million corresponding to aircraft acquisitions using JOLCO arrangements (2019: $225.2 million). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2020 the Company had
$160.7&nbsp;million (2019: $227.3 million) of outstanding indebtedness that is owed to financial institutions under financing arrangements guaranteed by the Export-Import Bank of the United States.&nbsp;The Export-Import Bank guarantees support 80%
of the net purchase price of the aircraft and are secured with a first priority mortgage on the aircraft in favor of a security trustee on behalf of Export-Import Bank. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s Export-Import Bank supported financings are amortized on a quarterly basis, are denominated in U.S. dollars, and originally bear interest
at a floating rate linked to LIBOR.&nbsp;The Export-Import Bank guaranteed facilities typically offer an option to fix the applicable interest rate.&nbsp;The Company has exercised this option with respect to $83.6&nbsp;million as of
December&nbsp;31, 2020 (2019: $128.1 million). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The detail of finance cost and income is as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="76%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Finance income - </P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest income on short-term bank deposits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 543</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 1,432</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 1,670</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest income on investment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19,420</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22,973</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21,958</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$ 19,963</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$ 24,405</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$ 23,628</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Finance cost - </P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interests expense on bank loans</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(29,711</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(36,676</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(34,687</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interests expense on senior convertible notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(23,571</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest on factoring</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(256</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,316</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,163</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest on lease liabilities (see note 14)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(10,734</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(14,140</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(14,975</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other finace cost</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(8,773</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5,300</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$(73,045)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$(57,432)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$(50,825)</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-58</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Changes in liabilities arising from financing activities: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="44%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">Non-cash</FONT> movements</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Cash flows</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Foreign<BR>exchange<BR>movement</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Leases</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Concession<BR><FONT STYLE="white-space:nowrap">Covid-19</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Other</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loans and borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,060,765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 220,812</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(117,677</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,163,900</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Lease liability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">304,564</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(93,213</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(347</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19,995</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(489</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">230,510</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividends payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(33,990</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(33,990</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total liabilities from financing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,365,329</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 93,609</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(347</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19,995</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(489</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(117,677</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,360,420</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="20"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">Non-cash</FONT> movements</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Cash flows</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Foreign<BR>exchange<BR>movement</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Leases</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Concession<BR><FONT STYLE="white-space:nowrap">Covid-19</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Other</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loans and borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,293,541</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(331,827</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 99,051</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,060,765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Lease liability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">375,683</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(103,069</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(84</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32,034</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">304,564</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividends payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(110,438</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(110,438</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total liabilities from financing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,669,224</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(545,334</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(84</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32,034</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 99,051</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,254,891</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The column &#147;Leases&#148; includes the <FONT STYLE="white-space:nowrap">non-cash</FONT> additions to <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets and lease liabilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The &#147;Concession <FONT
STYLE="white-space:nowrap">Covid-19&#148;</FONT> column disclose the reduction or absence of cash outflows that arise from rent concessions to which the Company has applied the practical expedient. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the year ended December&nbsp;31, 2020 the column &#147;Other&#148; includes the recognition of the embedded derivative of the Notes recorded at its fair
value at the inception of the transaction and the effect of accrued but not yet paid interest on loans and borrowings. For the year ended December&nbsp;31, 2019, also includes the <FONT STYLE="white-space:nowrap">non-cash</FONT> investing and
financing transactions related to the acquisition of new aircraft financed using the JOLCO structure. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company classifies interest paid as cash flows
from operating activities. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_48"></A>19.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Trade, other payables and financial liabilities </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="85%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Account payables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">63,461</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">119,332</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Account payables to related parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,970</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14,086</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">66,431</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">133,418</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Others</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">252</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$66,683</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$133,502</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">See details of the account due to related parties in note 23. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_49"></A>20.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Accrued expenses payable </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="86%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accruals and estimations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23,589</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 4,616</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Labor related provisions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,541</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">44,401</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Liability for social security contributions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,275</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,617</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">590</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">739</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$33,995</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$55,373</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-59</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2020 and 2019, accruals and estimations include the estimated balance of the current
portion of the long term provisions (see&nbsp;note&nbsp;21). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Labor related provisions include a profit-sharing program for both management and <FONT
STYLE="white-space:nowrap">non-management</FONT> staff. For members of management, profit-sharing is based on a combination of the Company&#146;s performance as a whole and the achievement of individual goals. Profit-sharing for <FONT
STYLE="white-space:nowrap">non-management</FONT> employees is based solely on the Company&#146;s performance. The accrual at <FONT STYLE="white-space:nowrap">year-end</FONT> represents the amount expensed for the current year, which is expected to
be settled within 12 months. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_50"></A>21.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Other long-term liabilities </B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="55%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Provision<BR>for&nbsp;litigations</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Provision&nbsp;for<BR>return&nbsp;condition</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Dismantling<BR>provision</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Other&nbsp;long-term<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liabilities&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at January&nbsp;1, 2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12,961</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">133,014</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24,327</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25,535</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">195,837</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Increases</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">41,051</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">685</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">41,795</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Used</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(4,047</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(4,047</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adjustment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(178</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(178</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Effect of movements in exchange rates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,108</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,108</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unused amounts reversed</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(990</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(990</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unwinding of discount and changes in the discount rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,773</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">832</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9,605</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at December&nbsp;31, 2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 9,922</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">182,838</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24,981</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22,173</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">239,914</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17,283</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,931</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,375</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23,589</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-current</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9,922</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">165,555</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23,050</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17,798</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">216,325</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 9,922</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">182,838</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24,981</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22,173</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">239,914</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Provision for litigation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Provisions for litigation in process and expected payments related to labor legal cases. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company is the plaintiff in an action in October 2003 against Empresa Brasileira de Infraestrutura Aeroportu&aacute;ria (&#147;INFRAERO&#148;),
Brazil&#146;s airport operator, the legality of the Additional Airport Tariffs (<I>Adicional das Tarifas Aeroportu&aacute;rias</I>, or ATAERO), which is a 50% surcharge imposed on all airlines which fly to Brazil. Similar suits have been filed
against INFRAERO by other major airline carriers. In this case, the court of first instance ruled in favor of INFRAERO and the Company has appealed the judgment. While the litigation is still pending, the Company continues to pay the ATAERO amounts
due into an escrow account and as of December&nbsp;31, 2020, the aggregate amount in such account totaled $8.1&nbsp;million (2019: $10.4 million). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the
event that the Company receives a final unfavorable judgment it will be required to release the escrowed fund to INFRAERO and will not be able to recover such amounts. The Company does not, however, expect the release of such amounts to have a
material impact on its financial results since these amounts already had been expensed. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Provision for return condition </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For operating leases, the Company is contractually obliged to return aircraft in an agreed-upon condition. The Company accrues for return conditions related to
aircraft held under operating leases throughout the duration of the lease. As of December&nbsp;31, 2020, the estimated balance of the current portion of this provision amounts to $17.4&nbsp;million, presented as &#147;Accrued expenses payable&#148;
in the consolidated statement of financial position (see note 20). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The unwinding of the discount and changes in the discount rate is expensed as incurred
and recognized in the statement of profit or loss as a finance cost. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-60</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dismantling provision </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For leases under IFRS 16 the Company recognizes a dismantling provision to estimate the costs for work required to be performed just before the redelivery of
the aircraft to the lessors and which does not depend of the aircraft utilization. As of December&nbsp;31, 2020, the estimated balance of the current portion of this provision amounts to $1.9&nbsp;million, presented as &#147;Accrued expenses
payable&#148; in the consolidated statement of financial position (see note 20). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other long-term liabilities </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Other long-term liabilities include principally the provision for maintenance which mainly include the accrual of formal agreements with third parties for
operational maintenance events. The cost of these agreements is billed by power by the hour and charged to the consolidated statement of profit or loss. As of December&nbsp;31, 2020, the provision for maintenance amounts to $19.0&nbsp;million (2019:
$22.4 million) and the Company has presented the estimated balance of the current portion of this provision as &#147;Accrued expenses payable&#148; in the consolidated statement of financial position (see&nbsp;note&nbsp;20). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Other long-term liabilities also include the provision for the <FONT STYLE="white-space:nowrap">non-compete</FONT> agreement created for payment to senior
management related to covenants not to compete with the Company in the future (relative to the $3.0&nbsp;million trust fund). This provision is accounted for as &#147;Other long-term employee benefits&#148; under IAS 19R <I>Employee benefits</I>.
The accrued amount is revalued annually using the projected benefit method as required by IAS 19R (see note 23 - Compensation of key management personnel). </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_51"></A>22.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Income taxes </B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="76%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Current taxes expense -</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current period</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(14,032</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(55,847</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(35,258</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adjustment for prior period</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">162</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">693</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">261</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$(13,870)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$(55,154)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$(34,997)</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Deferred taxes expenses -</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Origination and reversal of temporary differences</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37,587</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,717</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">467</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total income tax</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 23,717</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(46,437</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(34,530</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During the year 2018, the deferred tax balances have been <FONT STYLE="white-space:nowrap">re-measured</FONT> as a result of
the change in Colombia&#146;s income tax rate, 31% and 30% for the taxable year 2021 and 2022, respectively according to the law N&deg;1943 published on December&nbsp;28, 2018. Deferred tax expected to reverse in the year 2021, has been measured
using the effective rate that will apply for Copa Airlines (25%), Copa Colombia (31%) and OVAL (21%) </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-61</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The balances of deferred taxes are as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="67%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Statement of financial<BR>position</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Statement of</B><br><B>profit or loss</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Deferred tax liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Maintenance deposits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(23,891</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(29,863</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5,972</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,277</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepaid dividend tax</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(7,403</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(7,403</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,456</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5,244</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Property and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,108</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,896</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5,004</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(4,500</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,136</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,500</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(4,690</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(3,190</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">641</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Set off tax</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,093</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,455</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">362</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">414</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(63</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(22,190</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(43,397</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(21,207</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5,543</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(3,525</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Deferred tax assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provision for return conditions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12,665</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10,095</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,570</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,959</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">723</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Air traffic liability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,486</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,039</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(447</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(247</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(511</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other provisions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">624</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,826</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,202</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,139</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(271</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tax loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20,913</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,710</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(19,203</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,585</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,054</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Set off tax</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,093</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,455</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(362</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(414</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35,595</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19,215</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(16,380</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(3,174</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,058</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13,405</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(24,182</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(37,587</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(8,717</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(467</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2020 the deferred tax assets include tax losses carried forward of $11.8&nbsp;million in Copa Airlines
and $9.1&nbsp;million in Copa Colombia ($1.7&nbsp;million at December 2019). The Company has concluded that the deferred assets will be recoverable using the estimated future taxable income based on the approved business plans for the subsidiary.
The Company expects to use the tax losses of Copa Airlines from 2023 for 3 years and the tax losses of Copa Colombia within the next 7 years beginning from 2022. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At December&nbsp;31, 2020 the company does not have aggregate amount of temporary differences associated with investments in subsidiaries, for which deferred
tax liabilities have not been recognized for the tax losses of the year (2019: $272.5 million). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Reconciliation of the effective tax rate is as follows:
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="60%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Tax&nbsp;rate</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Tax&nbsp;rate</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Tax&nbsp;rate</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(607,062</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">247,002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 88,198</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total income tax expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(23,717</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">46,437</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34,530</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Profit excluding income tax</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(630,779</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">293,439</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">122,728</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income taxes at Panamanian statutory rates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(157,695</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">73,360</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30,682</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Stations - Taxable / Panama</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(13.2</TD>
<TD NOWRAP VALIGN="bottom">%)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83,071</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(13.7</TD>
<TD NOWRAP VALIGN="bottom">%)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(40,205</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(19.3</TD>
<TD NOWRAP VALIGN="bottom">%)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(23,745</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Stations - Taxable / Non Panama</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1.5</TD>
<TD NOWRAP VALIGN="bottom">%)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9,850</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7,043</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11,052</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Stations - Non Taxable / Non Panama</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5.3</TD>
<TD NOWRAP VALIGN="bottom">%)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33,728</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(4.9</TD>
<TD NOWRAP VALIGN="bottom">%)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(14,444</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividend tax</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1.2</TD>
<TD NOWRAP VALIGN="bottom">%)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7,491</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21,376</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12,696</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(Over) under provided in prior periods</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(162</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(0.2</TD>
<TD NOWRAP VALIGN="bottom">%)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(693</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(0.2</TD>
<TD NOWRAP VALIGN="bottom">%)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(261</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provision for income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(23,717</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 46,437</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 34,530</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-62</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_52"></A>23.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Accounts and transactions with related parties </B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="87%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Account receivable -</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Banco General, S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,231</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Panama Air Cargo Terminal</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">186</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Petr&oacute;leos Delta, S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,429</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 147</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Account payable -</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Petr&oacute;leos Delta, S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,476</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13,330</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Assa Compa&ntilde;&iacute;a de Seguros, S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">358</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">283</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Desarrollos Inmobiliarios del Este, S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Panama Air Cargo Terminal</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">250</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Galindo, Arias&nbsp;&amp; L&oacute;pez</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cable Onda, S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Banco General, S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">151</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Motta International, S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$2,970</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$14,086</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Transactions with related parties for the year ended December&nbsp;31 are as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="40%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="38%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Amount of<BR>transaction</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Amount of<BR>transaction</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Amount of<BR>transaction</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Related party</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Transaction</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Petr&oacute;leos Delta, S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Purchase of jet fuel</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">102,702</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">376,765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">398,733</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ASSA Compa&ntilde;&iacute;a de Seguros, S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Insurance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7,147</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11,215</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9,735</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Desarrollo Inmobiliario del Este, S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Property leasing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,301</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,017</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,838</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Profuturo Administradora de Fondos</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">de Pensi&oacute;n y Cesant&iacute;a</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Payments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,839</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,145</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,716</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Panama Air Cargo Terminal</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Handling</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,037</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,522</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,849</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Motta International</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Purchase</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">550</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,854</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,585</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cable Onda, S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Communications</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">703</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,396</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,687</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Galindo, Arias&nbsp;&amp; L&oacute;pez</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Legal services</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">236</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">309</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">490</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">GBM International, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Technological support</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">146</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">240</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">231</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Global Brands, S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Purchase</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">108</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Televisora Nacional, S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Communications</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Banco General, S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Interest income</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,657</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(4,181</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(3,781</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Banco General, S.A.:</I> The Company&#146;s controlling shareholders have a vote and a decision within the board of
directors of BG Financial Group, which is the controlling company of Banco General. Likewise, Banco General, S. A. owns ProFuturo Administradora de Fondos de Pensi&oacute;n y Cesant&iacute;a S.A., which manages the Company&#146;s reserves for
pension purposes. Also the Company has interest receivable by $1.0&nbsp;million (2019: $2.1 million) due to short and long term time deposits in this financial institution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Petr&oacute;leos Delta, S.A.: </I>Since 2005, the fuel company entered into a contract with the Company to meet its jet fuel needs. The contract&#146;s
term is two years, and the last contract subscribed was on June, 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While the Company&#146;s controlling shareholders do not hold a controlling equity
interest in Petr&oacute;leos Delta, S.A., various members of the Company&#146;s Board of Directors are also board members of Petr&oacute;leos Delta, S. A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>ASSA Compa&ntilde;&iacute;a de Seguros, S. A.: </I>An insurance that provide substantially all of the Company&#146;s insurance policies. While the
Company&#146;s controlling shareholders do not hold a controlling equity interest in ASSA<I> </I>Compa&ntilde;&iacute;a de Seguros, S. A<I>.</I>, various members of the Company&#146;s Board of Directors are also board members of ASSA
Compa&ntilde;&iacute;a de Seguros, S. A. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-63</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Desarrollo Inmobiliario del Este, S. A.:</I> The Company leases five floors consisting of approximately
105,981<B> </B>square feet of the building from Desarrollo Inmobiliario, an entity controlled by the same group of investors that controls Corporaci&oacute;n de Inversiones A&eacute;reas, S. A. (&#147;CIASA&#148;). CIASA owns 100% of the class B
shares of the Company. This contract is a lease contract under IFRS 16. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Panama Air Cargo Terminal:</I> Provides cargo and courier services in Panama,
an entity controlled by the same group of investors that controls CIASA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Motta Internacional, S.A. &amp; Global Brands, S. A.:</I> The Company
purchases most of the alcohol and other beverages served on its aircraft from Motta Internacional, S. A. and Global Brands, S. A., both of which are controlled by the Company&#146;s controlling shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Cable Onda, S.A.:</I> The Company is responsible for providing television and internet broadcasting services in Panama. A member of the Company&#146;s
Board of Directors is shareholder of Cable Onda, S. A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Galindo, Arias</I><I></I><I>&nbsp;&amp; L&oacute;pez:</I> Certain partners of Galindo,
Arias&nbsp;&amp; L&oacute;pez (a law firm) are indirect shareholders of CIASA and serve on the Company&#146;s Board of Directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>GBM International,
Inc.: </I>Provides systems integration and computer services, as well as technical services and enterprise management. A member of the Company&#146;s Board of Directors is shareholder of GBM International, Inc.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Televisora Nacional, S.A.:</I> This Panamanian television channel provide broadcasting services. A member of the Company&#146;s Board of Directors is
shareholder of Televisora Nacional, S. A<I>.</I> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Compensation of key management personnel </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Key management personnel compensation is as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="82%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Short-term employee benefits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,177</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,969</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Post-employment pension</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">95</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">117</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share-based payments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,362</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,246</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5,092</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$5,600</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$8,310</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$11,313</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has not set aside any additional funds for future payments to executive officers, other than one pursuant to a <FONT
STYLE="white-space:nowrap">non-compete</FONT> agreement for $3.0&nbsp;million established in 2006 (see note 21). </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_53"></A>24.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Equity </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Common stock </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The authorized capital stock consists of
80&nbsp;million shares of common stock without par value, divided into Class&nbsp;A shares, Class&nbsp;B shares, and Class&nbsp;C shares. As of December&nbsp;31, 2020, the Company had 33,861,872 Class&nbsp;A shares issued (2019: 33,835,747) and
31,421,265 shares outstanding (2019: 31,337,856), 10,938,125 Class&nbsp;B shares issued and outstanding (2019: 10,938,125) and no Class&nbsp;C shares outstanding. Class&nbsp;A and Class&nbsp;B shares have the same economic rights and privileges,
including the right to receive dividends. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-64</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Class&nbsp;A shares </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The holders of the Class&nbsp;A shares are not entitled to vote at our shareholders&#146; meetings, except in connection with the following specific matters:
(i)&nbsp;a transformation of the Company into another corporate type; (ii)&nbsp;a merger, consolidation, or <FONT STYLE="white-space:nowrap">spin-off</FONT> of the Company, (iii)&nbsp;a change of corporate purpose; (iv)&nbsp;voluntarily delisting
Class&nbsp;A shares from the NYSE; (v)&nbsp;and any amendment to the foregoing special voting provisions adversely affecting the rights and privileges of the Class&nbsp;A shares. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Class&nbsp;B shares </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Every holder of Class&nbsp;B shares is entitled to one vote per share on all matters for which shareholders are entitled to vote. The Class&nbsp;B shares may
only be held by Panamanians, and upon registration of any transfer of a Class&nbsp;B share to a holder that does not certify that it is Panamanian, such Class&nbsp;B share shall automatically convert into a Class&nbsp;A share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Transferees of Class&nbsp;B shares will be required to deliver to the Company a written certification of their status as Panamanian as a condition to
registering the transfer to them of Class&nbsp;B shares. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Class&nbsp;C shares </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Independent Directors Committee of the Board of Directors, or the Board of Directors as a whole if applicable, is authorized to issue Class&nbsp;C shares
to the Class&nbsp;B holders pro rata in proportion to such Class&nbsp;B holders&#146; ownership of Copa Holdings. The Class&nbsp;C shares will have no economic value and will not be transferable except to Class&nbsp;B holders, but will possess such
voting rights as the Independent Directors Committee shall deem necessary to ensure the effective control of the Company by Panamanians. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Class&nbsp;C
shares will be redeemable by the Company at such time as the Independent Directors Committee determines that such a triggering event shall no longer be in effect. The Class&nbsp;C shares will not be entitled to any dividends or any other economic
rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Class&nbsp;A shares are listed on the NYSE under the symbol &#147;CPA.&#148; The Class&nbsp;B shares and Class&nbsp;C shares will not be listed
on any stock exchange unless the Board of Directors determines that it is in the best interest of the Company to list the Class&nbsp;B shares on the Panama Stock Exchange. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dividends </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The payment of dividends on shares is subject
to the discretion of the Board of Directors. Under Panamanian law, the Company may pay dividends only out of retained earnings and capital surplus. The Articles of Incorporation provides that all dividends declared by the Board of Directors will be
paid equally with respect to all of the Class&nbsp;A and Class&nbsp;B shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In February 2016, the Board of Directors of the Company approved to change
the dividend policy to base the calculation of the payment of yearly dividends to shareholders in an amount of up to 40% of the prior year&#146;s annual consolidated underlying net income, distributed in equal quarterly installments upon board
ratifications. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During the first quarter of 2020, the Company paid dividends in the amount of $80 cents per share. Given the uncertainty related to the <FONT
STYLE="white-space:nowrap">Covid-19</FONT> pandemic, including the effect on future air travel demand, on April&nbsp;26, 2020 the Board of Directors postponed dividend payments for the remaining quarters of 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2019, the Company paid quarterly dividends in the amount of $65 cents per share. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-65</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Treasury stock </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When shares recognized as equity are repurchased, the amount of the consideration paid, which includes directly attributable cost net of any tax effects, is
recognized as a deduction from equity and presented separately in the balance sheet. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the
transaction is presented within share premium. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Since treasury stock is not considered outstanding for share count purposes, it is excluded from average
common shares outstanding for basic and diluted earnings per share. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In November, 2014, the Board of Directors of the Company approved a $250&nbsp;million
share repurchase program. Purchases will be made from time to time, subject to market and economic conditions, applicable legal requirements, and other relevant factors. Between November 2014 and September 2015, the Company repurchased 2,310,492
shares for a total amount of $136.4&nbsp;million. As of December&nbsp;31, 2019, the Company had $113.6&nbsp;million remaining to purchase shares under its share repurchase program. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_54"></A>25.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Share-based payments </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has established equity compensation plans under which it administers restricted stock, stock options, and certain other equity-based awards to
attract, retain, and motivate executive officers, certain key employees, and <FONT STYLE="white-space:nowrap">non-employee</FONT> directors to compensate them for their contributions to the growth and profitability of the Company. Shares delivered
under this award program may be sourced from treasury stock, or authorized unissued shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s equity compensation plans are accounted
for under IFRS 2 <I>Share-Based Payment</I> (&#147;IFRS 2&#148;). IFRS 2 requires companies to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award or at fair
value of the award at each reporting date, depending on the type of award granted. The resulting cost is recognized over the period during which an employee is required to provide service in exchange for the award, which is usually the vesting
period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The total compensation cost recognized for <FONT STYLE="white-space:nowrap">non-vested</FONT> stock and options awards amounts to
$5.3&nbsp;million, $6.1&nbsp;million, and $7.1&nbsp;million in 2020, 2019, and 2018, respectively, and was recorded as a component of &#147;Wages, salaries, benefits and other employees&#146; expenses&#148; within operating expenses. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><FONT STYLE="white-space:nowrap">Non-vested</FONT> Stock </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company approved a <FONT STYLE="white-space:nowrap">non-vested</FONT> stock bonus award for certain executive officers of the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-66</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A summary of the terms and conditions, properly approved by the Compensation Committee of our Board of
Directors, relating to the grants of the <FONT STYLE="white-space:nowrap">non-vested</FONT> stock award under the equity compensation plan is as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="71%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Grant date</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number of<BR>instruments</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Vesting conditions</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Contractual<BR>life</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">April, 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4,915</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">15% first three anniversaries</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">25% fourth</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">30% fifth anniversary</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">5&nbsp;years</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June, 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">5,839</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">15% first three anniversaries</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">25% fourth</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">30% fifth anniversary</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">5 years</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February,&nbsp;2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">147,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">15% first three anniversaries</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">25% fourth</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">30% fifth anniversary</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">5 years</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">63,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fifth anniversary</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">5 years</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">May, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">7,899</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">15% first three anniversaries</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">25% fourth</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">30% fifth anniversary</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">5 years</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">22,012</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">One-third</FONT> every anniversary</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">3 years</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">11,980</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">One-third</FONT> every anniversary</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">3 years</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February, 2017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">2,237</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Third anniversary</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">3 years</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February, 2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">21,556</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7% first month</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">31% first three
anniversaries</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">3 years</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February, 2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">14,379</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">33% first three anniversaries</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">3 years</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February, 2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">1,316</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">15% first three anniversaries</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">25% fourth</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">30% fifth anniversary</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">5 years</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">July, 2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">6,104</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Third anniversary</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">3 years</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February, 2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">15,951</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1% first month</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">33% first three
anniversaries</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">3 years</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June, 2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">9,256</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">33% first three anniversaries</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">3 years</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June, 2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">977</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">33% first three anniversaries</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">3 years</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">August, 2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">1,039</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">33% first three anniversaries</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">3 years</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December, 2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">1,724</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">100% first anniversary</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">1 year</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February, 2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">24,650</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1% first month</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">33% first three
anniversaries</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">3 years</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December,&nbsp;2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">3,551</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">100% first anniversary</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">1 year</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-vested</FONT> stock awards were measured at their fair value on the grant date. For the
2020 grants, the fair value of these <FONT STYLE="white-space:nowrap">non-vested</FONT> stock awards amounts to $93.99 per share (2019: $96.46). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-67</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A summary of the <FONT STYLE="white-space:nowrap">non-vested</FONT> stock award activity under the plan as of
December&nbsp;31, 2020, 2019 and 2018 with changes during these years is as follows (in number of shares): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="79%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-vested</FONT> as of January&nbsp;1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">211,205</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">271,904</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">304,153</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Granted</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28,201</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28,947</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43,355</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vested</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(83,409</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(80,170</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(72,045</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Forfeited</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,076</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(9,476</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(3,559</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-vested</FONT> as of December&nbsp;31</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">153,921</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">211,205</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">271,904</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company uses the accelerated attribution method to recognize the compensation cost for awards with graded vesting periods.
The Company estimates that the remaining compensation cost, not yet recognized for the <FONT STYLE="white-space:nowrap">non-vested</FONT> stock awards, amounts to $1.9<B></B>&nbsp;million (2019: $4.0 million), with a weighted average remaining
contractual life of 1.6 years (2019: 2.1 years). Additionally, the Company estimates that the 2021 compensation cost related to these plans amounts to $1.4&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company plans to make additional equity-based awards under the plan from time to time, including additional
<FONT STYLE="white-space:nowrap">non-vested</FONT> stock and stock option awards. The Company anticipates that future employee <FONT STYLE="white-space:nowrap">non-vested</FONT> stock and stock option awards granted pursuant to the plan will
generally vest over a three to five-year period and the stock options will carry a <FONT STYLE="white-space:nowrap">ten-year</FONT> term. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_55"></A>26.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Earnings per share </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Basic earnings per share amounts are calculated by dividing the net profit (loss) for the year attributable to ordinary equity holders of the parent by the
weighted average number of shares outstanding during the year, increased by the number of <FONT STYLE="white-space:nowrap">non-vested</FONT> dividend participating share-based payment awards outstanding during the period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Diluted earnings per share amounts are calculated by dividing the net profit (loss) attributable to ordinary equity holders of the parent by the weighted
average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares, when the effect of their
inclusion is dilutive (decreases earnings per share or increases loss per share). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The computation of the (losses) income and share data used in the basic
and diluted (loss) earnings per share is as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="79%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Basic earnings per share - </B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net (loss) income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(607,062</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">247,002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">88,198</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weighted-average shares outstanding</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42,338</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42,258</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42,182</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-vested</FONT> dividend participating awards</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">170</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">225</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">274</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42,508</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42,483</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42,456</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(14.28</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.08</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-68</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_56"></A>27.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Commitments and contingencies </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Purchase contracts </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2020, the
Company had one purchase contract with Boeing entailing sixty- (60)&nbsp;firm orders of Boeing 737 MAX aircraft, agreed to be delivered between 2021 and 2027. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The aircraft and engines contractual obligations net of discounts and <FONT STYLE="white-space:nowrap">pre-delivery</FONT> payments, including estimated
amounts for contractual price escalation, are as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="91%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Year ending December&nbsp;31, 2021</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">560,914</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2022</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">201,544</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2023</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">408,145</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">439,433</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">514,549</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Thereafter</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">850,823</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$2,975,408</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31,2020 the Company has paid $410.9&nbsp;million (2019: $468.8 million) in predelivery deposits related to
the purchase contract with Boeing for the 737 MAX aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">From March 2019 to November&nbsp;18, 2020, the Federal Aviation Administration (FAA) grounded
all U.S. registered Boeing 737 MAX aircraft an action that was followed by most of the world&#146;s aviation regulators, including Panamanian aviation regulators. As a consequence, during February 2021, the Company has reached an agreement with
Boeing regarding compensation related to the damages that it has suffered during this period. Terms remain confidential (see note 29). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Labor unions
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Approximately 66.3% of the Company&#146;s 5,667 employees are unionized. There are currently nine (9)&nbsp;union organizations, five (5)&nbsp;covering
employees in Panama and four (4)&nbsp;covering employees in Colombia. The Company traditionally had good relations with its employees and with all the unions and expects to continue to enjoy good relations with its employees and the unions in the
future. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The five (5)&nbsp;unions covering employees in Panama include the pilots&#146; union (UNPAC); the flight attendants&#146; union (SIPANAB); the
mechanics&#146; union (SITECMAP), the industry union (SIELAS), which represents ground personnel, messengers, drivers, passenger service agents, counter agents, and other <FONT STYLE="white-space:nowrap">non-executive</FONT> administrative staff,
and other industry union named UGETRACA which represents ground personnel and flight attendants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Copa entered into collective bargaining agreements with
the pilot&#146;s union in July 2017, the industry union in December 2017, the mechanics&#146; union in June 2018 and the flight attendants&#146; union in October 2018. Copa does not have a collective bargain agreement negotiated with UGETRACA
because they do not have the eligible amount of employees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Collective bargaining agreements in Panama typically have terms of four years. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The four (4)&nbsp;unions covering employees in Colombia are: the pilots&#146; union (ACDAC), the flight attendants&#146; union (ACAV), the industry union
(SINTRATAC), and the Mechanics Union (ACMA), approximately 39.0% of the Company&#146;s 418 employees are unionized. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-69</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
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<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Copa entered into collective bargaining with ACDAC and ACAV in January 2018. ACDAC has not yet resolved and
ACAV ended with a new arbitration collective document for two years that expired in September 2020. This new arbitration was authomatically extended until March 2021. Additionally, SINTRATAC and Copa entered into collective bargaining agreement in
December 2017 for terms of four years until December 2021. Negotiations with ACMA were resolved by arbitration on December&nbsp;31, 2015, extending the validation every 6 months from this date, until June&nbsp;30, 2018. ACMA has not presented a new
bill of petition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Typically, collective bargaining agreements in Colombia have terms of two to three years. Although Copa Colombia usually settles many
of its collective bargaining agreement negotiations through arbitration proceedings, it has traditionally experienced good relations with its unions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In
addition to unions in Panama and Colombia, the Company&#146;s employees in Brazil are covered by industry union agreements that cover all airline industry employees in the country and airport employees in Argentina are affiliated to an industry
union (UPADEP). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Lines of credit for working capital and letters of credit </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company maintained letters of credit with several banks with a value of $44.3&nbsp;million as of December&nbsp;31, 2020 (2019: $25.8 million). These
letters of credit are pledged mainly for International Air Transport Association (IATA) settlement systems, operating lessors, maintenance providers and airport operators. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has committed unsecured credit facilities of $200.0&nbsp;million, currently undrawn. In addition, the Company closed a secured revolving credit
facility for an initial aggregate amount of $105.0&nbsp;million. Including this facility, the Company has $305.0&nbsp;million in unutilized committed credit facilities as of December&nbsp;31, 2020 (2019: $305.0 million). These credit facilities have
been put in place for contingency and working capital purposes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Tax audit </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company received notifications from the tax authorities in Panama on February 2020 and in Colombia on November 2020 and March 2016. The Company, along with
its tax advisors, has concluded that it is not probable that an outflow of resources embodying economic benefits will be required to settle them, especially considering that the Company has enough arguments to support its position and also taking
into consideration that both cases are in the preliminary stages. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In February 2020, the Company received two notifications from the tax authority in
Panama related to a tax audit process that began in 2019. The notification includes potentially significant adjustments to the reported dividend tax for the years 2012 to 2016 and income tax 2016. The Company has filed an administrative appeal which
is the first legal stage under Panamanian laws. The Company, along with its tax advisors, has concluded that is probable that the Company&#146;s tax position will be upheld. As a result, is not probable that the Company will incur any significant
additional tax as result. According to Panamanian laws, the statute of limitations is 3 and 15 years for income tax and dividend tax, respectively. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_57"></A>28.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financial instruments - Risk management and fair value </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the normal course of its operations, the Company is exposed to a variety of financial risks: market risk (especially cash flow, currency, commodity prices
and interest rate risk), credit risks and liquidity risk. The Company has established risk management policies to minimize potential adverse effects on the Company&#146;s financial performance: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-70</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_58"></A>28.1</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Fuel price risk </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has risks that are common in its industry, related to the price level of aircraft fuel, which can significantly affect its operations, financial
position and liquidity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the past the Company has entered into financial derivative contracts in an effort to mitigate this risk, but with inconsistent
results. The Company has not entered into new fuel hedge contracts, and has adopted a new strategy of remaining unhedged, while regularly reviewing its policies based on market conditions and others factors. As of December&nbsp;31, 2020 and 2019 ,
the Company did not have any outstanding fuel hedge contracts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fuel price risk is estimated as a hypothetical 10% increase in the December&nbsp;31, 2020
cost per gallon of fuel. Based on projected 2021 fuel consumption, such an increase would result in an increase to aircraft fuel expense of approximately $21.3&nbsp;million in 2021 (unaudited). There are no hedged contracts for 2021. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_59"></A>28.2</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Market risk </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Foreign currency risk </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Foreign exchange risk is originated
when the Company performs transactions and maintains monetary assets and liabilities in currencies that are different from the functional currency of the Company. Assets and liabilities in foreign currency are translated using the exchange rates at
the end of the period, except for <FONT STYLE="white-space:nowrap">non-monetary</FONT> assets and liabilities that are translated at the equivalent cost of the U.S. dollar at the acquisition date and maintained at the historical rate. The results of
foreign operations are translated using the average exchange rates that were in place during the period. Gains and losses deriving from exchange rates are included within &#147;(Loss) Gain on foreign currency fluctuations&#148; in the consolidated
statement of profit or loss. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The majority of the Company&#146;s obligations are denominated in U.S. dollars. Since Panama uses the U.S. dollar as legal
tender, the majority of the Company&#146;s operating expenses are also denominated in U.S. dollars, approximately 65.7% of revenues and 86.0% of expenses. A significant part of our revenue is denominated in foreign currencies, including the
Brazilian real, Colombian peso and Argentinian peso, which represented 9.5%, 9.1% and 4.0%, respectively (2019: 8.7%, 8.3% and 4.8% respectively). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD WIDTH="22%"></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-71</TD>
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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Generally, the Company&#146;s exposure to most of these foreign currencies, is limited to the period of up to
two weeks between the completion of a sale and the conversion to U.S. dollar. The following chart summarizes the Company&#146;s foreign currency risk exposure (assets and liabilities denominated in foreign currency) as of December 31: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="85%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12,322</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22,818</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts receivable, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27,670</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">73,018</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18,942</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15,726</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">58,934</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">111,562</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20,142</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">51,313</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Taxes payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13,757</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37,137</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11,387</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18,513</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">45,286</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">106,963</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net position</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13,648</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 4,599</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">From time to time the, Company enters into factoring agreements on receivables outstanding on credit card sales in certain
countries. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_60"></A>28.3</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Credit risk </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The
Company is exposed to credit risk from its financing activities, including deposits with banks and investments in financial instruments and from its accounts receivable. IFRS 9 requires the Company to recognize an allowance for ECLs for all
financial assets not held at fair value through profit or loss. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The carrying amounts of financial assets represent the maximum credit risk. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Short and long-term investments </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To mitigate the credit
risk arising from deposits in bank, the Company only conducts business with financial institutions that have an investment grade above <FONT STYLE="white-space:nowrap">BBB-</FONT> from Standard&nbsp;&amp; Poor&#146;s and liquidity indicators
aligning with or above the market average. For the investments in financial instruments, different from deposits in bank, the Company requires a grade above <FONT STYLE="white-space:nowrap">A-</FONT> from Standard&nbsp;&amp; Poor&#146;s. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has established a policy to perform an assessment, at the end of each quarterly reporting period, of whether a financial instrument&#146;s credit
risk has increased significantly since initial recognition, by monitoring changes in credit risk ratings published by Standard&nbsp;&amp; Poor&#146;s. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As
the financial instruments are considered to be low risk, the impairment provision is determined at <FONT STYLE="white-space:nowrap">12-month</FONT> ECLs using the general approach as prescribed by IFRS 9. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-72</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The movement in the allowance for impairment for short and long-term investments at amortized cost for the
year ended December&nbsp;31 was as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="88%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at beginning of year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(957</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,218</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(Additions)/Reversal</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(260</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">261</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at end of year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1,217</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(957</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Accounts receivable </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Regarding credit risk originating from commercial accounts receivable, the Company does not consider it significant since most of the accounts receivable can
be easily converted into cash, usually in periods no longer than one month. The risk is managed by each business unit subject to the Company&#146;s established policy, procedures and control relating to customer credit risk management. Specific
credit limits and payment terms have been established according to periodic analysis of the client&#146;s payment capacity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A considerable amount of the
Company&#146;s tickets sales are processed through major credit cards, resulting in accounts receivable that are generally short-term and usually collected before revenue is recognized. The Company considers that the credit risk associated with
these accounts receivable is controllable based on the industry&#146;s trends and strong policies and procedures established and followed by the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a result of the previously explained, the Company evaluates the concentration of risk with respect to trade receivables as low. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">An impairment analysis is performed at each quarterly reporting date using a provision matrix to measure expected credit losses. Loss rates are calculated
using a &#145;roll rate&#146; method based on the probability of a receivable progressing through successive stages of delinquency to <FONT STYLE="white-space:nowrap">write-off.</FONT> To measure the ECLs, trade receivables have been grouped based
on shared credit risk characteristics and the day past due. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Loss rates are based on actual credit loss experience over the last 12 months and adjusted
for forward-looking factors specific to the debtors and the economic environment over the expected life of the receivables. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although the Company
evaluates the concentration of risk with respect to trade receivables as low, and its customers are located in several jurisdictions and operate in largely independent markets, some of them have been affected by
<FONT STYLE="white-space:nowrap">Covid-19</FONT> to a greater degree than others and therefore be exposed to different risks of default. As a consequence, forward-looking information includes one or more downside scenarios related to the spread of
Covid 19, specifically with respect to the categories &#147;Government&#148; and &#147;Cargo and other travel agencies&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Set out below is the
information about the credit risk exposure on the Company&#146;s trade receivables using a provision matrix as of December 31: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="65%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="22" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Days past due</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Current</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&lt;30</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">30-60</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">60-90</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&gt;90</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected credit loss rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">41.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gross carrying amount</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 72,172</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 50,180</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,554</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,867</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,228</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15,343</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected credit loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 6,483</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 6,368</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="24"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="22" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Days past due</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Current</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&lt;30</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">30-60</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">60-90</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&gt;90</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected credit loss rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gross carrying amount</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">137,499</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">111,778</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,170</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,786</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,636</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15,129</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected credit loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 5,579</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 141</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 196</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 5,039</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-73</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_61"></A>28.4</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Interest rate and cash flow risk </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The income and operating cash flows of the Company are substantially independent of changes in interest rates, because the Company does not have significant
assets that generate interest except for surplus cash and cash equivalents and short and long-term investments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Interest rate risk originates mainly from
long-term debt related to aircraft financing. These long-term lease payments at variable interest rates expose the Company to cash flow risk. The Company mitigates this risk by entering into fixed rate financing agreements in at least half of its
outstanding debt. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2020 and 2019, fixed interest rates range from 1.49% to 4.45%, and the main floating rate is LIBOR. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s earnings are affected by changes in interest rates primarily due to the impact of those changes on interest expenses from variable-rate
debt instruments. As of December 31st, 2020 we had $663.3&nbsp;million of fixed-rated debt and $279.8&nbsp;million of variable-rated debt. If the interest rate average is 100 basis points more in 2020, the variable-rate debt interest expense would
increase by approximately $2.8&nbsp;million and the estimated fair value of the fixed-rate debt would decreased&#150; by approximately $1.5&nbsp;million. These amounts are determined by considering the impact of the hypothetical interest rates on
the variable-rate debt and marketable securities equivalent balances at December&nbsp;31, 2020. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_62"></A>28.5</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Liquidity risk </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s policy requires having sufficient cash to fulfill its obligations. The Company maintains sufficient cash on hand and in banks or cash
equivalents that are highly liquid. The Company also has credit lines in financial institutions that allow it to withstand potential cash shortages to fulfill its short-term commitments (see note 27). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The table below summarizes the Company&#146;s financial liabilities according to their maturity date. The amounts in the table are the contractual
undiscounted cash flows. Balances due within twelve months equal their carrying balances as the impact of discounting is not significant. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>December&nbsp;31, 2020 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="54%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Note</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Carrying<BR>amount</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Contractual<BR>cash flow</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Less than<BR>twelve<BR>months</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Between 1<BR>and 4<BR>years</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>More than<BR>4 years</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-derivative</FONT> financial liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loans and borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,163,900</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,287,203</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">155,902</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">834,145</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">297,156</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Lease liabitity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">230,510</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">246,495</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">90,244</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">147,530</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,720</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Account payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">63,461</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">63,461</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">63,461</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Account payable to related parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,970</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,970</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,970</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$1,460,841</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$1,600,129</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$312,577</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$981,675</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$305,876</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>December&nbsp;31, 2019 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="54%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Note</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Carrying<BR>amount</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Contractual<BR>cash flow</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Less than<BR>twelve<BR>months</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Between 1<BR>and 4<BR>years</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>More than<BR>4 years</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-derivative</FONT> financial liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loans and borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,060,765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,197,635</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">146,434</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">556,257</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">494,944</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Lease liabitity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">304,564</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">329,029</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">107,556</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">212,408</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9,065</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Account payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">119,332</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">119,332</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">119,332</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Account payable to related parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14,086</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14,086</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14,086</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$1,498,747</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$1,660,082</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$387,408</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$768,665</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$504,009</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-74</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_63"></A>28.6</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Fair value measurement </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Set out below is a comparison, by class, of the carrying amounts and fair values of the Company&#146;s financial instruments, other than those with carrying
amounts that are reasonable approximations of fair values: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="65%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Carrying amount</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fair Value</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Note</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Financial assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long-term investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">119,617</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">134,347</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">120,938</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">155,051</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Financial liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loans and borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,163,900</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,060,765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,327,282</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,068,961</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The fair value of the financial assets and liabilities is the amount at which the instrument could be exchanged in a current
transaction between willing parties, other than in a forced or liquidation sale. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The management assessed that the fair values of cash and short-term
investments, accounts receivables, account payable and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following methods and assumptions were used to estimate the fair values: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Long-term investments in bonds are based on published price quotations in an active market at the reporting date.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Debt obligations, financial assets, and financial liabilities are estimated by discounting future cash flows
using the Company&#146;s current incremental borrowing for a similar liability. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Asset held for sale was determined considering observable quoted prices, in active markets adjusted by the costs
to disposal estimated by the Company. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Derivative financial instruments is valued by the Company, using a Least Square Monte Carlo pricing method by
modelling the different triggers under which the notes can be converted. The market data used to calibrate the model are historical volatility measures based on stock prices of the Company obtained from Bloomberg and a
<FONT STYLE="white-space:nowrap">zero-coupon</FONT> interest rate curve in US$ (US$ Libor 3m Swap curve). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-75</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following chart summarizes the Company&#146;s financial instruments measured at fair value, classified
according to the valuation method: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="67%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
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<TD VALIGN="bottom" WIDTH="3%"></TD>
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<TD VALIGN="bottom" WIDTH="3%"></TD>
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<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fair value measurement as of reporting date</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Quoted&nbsp;prices<BR>in active<BR>markets<BR>(Level 1)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Significant<BR>observable<BR>inputs<BR>(Level 2)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Significant<BR>unobservable<BR>inputs<BR>(Level 3)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Non - recurring fair value measurements</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Asset held for sale</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">135,542</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">135,542</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">135,542</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">135,542</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Recurring fair value measurements</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Derivative financial instruments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">245,560</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">245,560</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">245,560</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">245,560</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Company&#146;s approach and the key assumptions used to determine the fair value less costs of disposal of the assets held for
sale were as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="60%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Unobservable<BR>input</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Value&nbsp;assigned<BR>to key<BR>assumption</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Approach&nbsp;to&nbsp;determining key
assumption</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" ROWSPAN="2"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Asset held for sale</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Sales price</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">145,399</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Average of purchase proposals received</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Cost&nbsp;of&nbsp;disposal</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(9,857</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Estimated based on the Company&#146;s experience with disposal of similar assets.</P></TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><A NAME="fin128959_64"></A>29.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Subsequent events </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Stock Grants </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During the first quarter of 2021, the
Compensation Committee of the Company&#146;s Board of Directors approved two awards. Awards under these plans will grant approximately 136,654 shares of <FONT STYLE="white-space:nowrap">non-vested</FONT> stock, which will vest over a period of three
to five years. The Company estimates the fair value of these awards to be approximately $11.5&nbsp;million and the 2021 compensation cost for these plans will be $5.7&nbsp;million. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Compensation Boeing </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During the first quarter of 2021,
the Company reached an agreement with Boeing regarding compensation related to the Boeing 737 MAX grounding. As part of the agreement, the Company will receive compensation in the form of certain credits concurrent with future aircraft deliveries
and other considerations, including a revised delivery stream. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-76</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S. A. AND SUBSIDIARIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes to the consolidated financial statements </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The updated aircraft contractual obligations net of discounts and
<FONT STYLE="white-space:nowrap">pre-delivery</FONT> payments, including estimated amounts for contractual price escalation as March,31 2021, are as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="91%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Year ending December&nbsp;31, 2021</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">49,800</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2022</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">187,882</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2023</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">383,231</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">421,271</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">487,348</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Thereafter</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,893,442</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right">$3,422,974</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During the first quarter of 2021, six Boeing 737 MAX aircraft were delivered. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">F-77</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>d128959dex21.htm
<DESCRIPTION>EX-2.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-2.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 2.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DESCRIPTION OF SECURITIES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following
is a summary of the material terms of Copa Holding&#146;s capital stock and a brief summary of certain significant provisions of Copa Holding&#146;s Articles of Incorporation. This description contains all material information concerning the common
stock but does not purport to be complete. For additional information regarding the common stock, reference is made to the Articles of Incorporation, a copy of which has been attached as an exhibit to our annual report on Form <FONT
STYLE="white-space:nowrap">20-F.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of this section only, reference to &#147;our&#148; or &#147;the Company&#148; shall refer only to
Copa Holdings and references to &#147;Panamanians&#148; shall refer to those entities or natural persons that are considered Panamanian nationals under the Panamanian Aviation Act, as it may be amended or interpreted. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Common Stock </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our authorized capital stock consists of
80&nbsp;million shares of common stock without par value, divided into Class&nbsp;A shares, Class&nbsp;B shares and Class&nbsp;C shares. As of December&nbsp;31, 2019, we had 33,835,747 Class&nbsp;A shares issued and 31,337,856 Class&nbsp;A shares
outstanding; 10,938,125 Class&nbsp;B shares issued and outstanding, and no Class&nbsp;C shares outstanding. Class&nbsp;A and Class&nbsp;B shares have the same economic rights and privileges, including the right to receive dividends, except as
described in this section. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Class&nbsp;A Shares </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The holders of the Class&nbsp;A shares are not entitled to vote at our shareholders&#146; meetings, except in connection with the </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">following specific matters: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a transformation of Copa Holdings into another corporate type; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a merger, consolidation or <FONT STYLE="white-space:nowrap">spin-off</FONT> of Copa Holdings;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a change of corporate purpose; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">voluntarily delisting Class&nbsp;A shares from the NYSE; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">approving the nomination of Independent Directors nominated by our board of director&#146;s Nominating and
Corporate Governance Committee; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any amendment to the foregoing special voting provisions adversely affecting the rights and privileges of the
Class&nbsp;A shares. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At least 30 days prior to taking any of the actions listed above, we must give notice to the Class&nbsp;A and
Class&nbsp;B shareholders of our intention to do so. If requested by shareholders representing at least 5% of our outstanding shares, the Board of Directors shall call an extraordinary shareholders&#146; meeting to approve such action. At the
extraordinary shareholders&#146; meeting, shareholders representing a majority of all of the outstanding shares must approve a resolution authorizing the proposed action. For such purpose, every holder of our shares is entitled to one vote per
share. See below under &#147;&#151;Shareholders Meetings&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Class&nbsp;A shareholders will acquire full voting rights, entitled to one vote per
Class&nbsp;A share on all matters upon which shareholders are entitled to vote, if in the future our Class&nbsp;B shares ever represent fewer than 10% of the total number of shares of our common stock and the Independent Directors Committee shall
have determined that such additional voting rights of Class&nbsp;A shareholders would not cause a triggering event referred to below. In such event, the right of the Class&nbsp;A shareholders to vote on the specific matters described in the
preceding paragraph will no longer be applicable. The 10% threshold described in the first sentence of this paragraph will be calculated without giving effect to any newly issued shares sold with the approval of the Independent Directors Committee.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At such time, if any, as the Class&nbsp;A shareholders acquire full voting rights, the Board of Directors
shall call an extraordinary shareholders&#146; meeting to be held within 90 days following the date as of which the Class&nbsp;A shares are entitled to vote on all matters at our shareholders&#146; meetings. At the extraordinary shareholders&#146;
meeting, the shareholders shall vote to elect all 11 members of the Board of Directors in a slate recommended by the Nominating and Governance Committee. The terms of office of the directors that were serving prior to the extraordinary
shareholders&#146; meeting shall terminate upon the election held at that meeting. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Class&nbsp;B Shares </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Every holder of Class&nbsp;B shares is entitled to one vote per share on all matters for which shareholders are entitled to vote. Class&nbsp;B shares will be
automatically converted into Class&nbsp;A shares upon the registration of transfer of such shares to holders which are not Panamanian as described below under &#147;&#151;Restrictions on Transfer of Common Stock; Conversion of Class&nbsp;B
Shares&#148;. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Class&nbsp;C Shares </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon the
occurrence and during the continuance of a triggering event described below in &#147;&#151;Aviation Rights Protections&#148;, the Independent Directors Committee of our Board of Directors, or the Board of Directors as a whole if applicable, are
authorized to issue Class&nbsp;C shares to the Class&nbsp;B holders pro rata in proportion to such Class&nbsp;B holders&#146; ownership of Copa Holdings. The Class&nbsp;C shares will have no economic value and will not be transferable except to
Class&nbsp;B holders, but will possess such voting rights as the Independent Directors Committee shall deem necessary to ensure the effective control of the Company by Panamanians. The Class&nbsp;C shares will be redeemable by the Company at such
time as the Independent Directors Committee determines that such a triggering event shall no longer be in effect. The Class&nbsp;C shares will not be entitled to any dividends or any other economic rights. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Restrictions on Transfer of Common Stock; Conversion of Class&nbsp;B Shares </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Class&nbsp;B shares may only be held by Panamanians, and upon registration of any transfer of a Class&nbsp;B share to a holder that does not certify that
it is Panamanian, such Class&nbsp;B share shall automatically convert into a Class&nbsp;A share. Transferees of Class&nbsp;B shares will be required to deliver to us written certification of their status as a Panamanian as a condition to registering
the transfer to them of Class&nbsp;B shares. Class&nbsp;A shareholders will not be required or entitled to provide such certification. If a Class&nbsp;B shareholder intends to sell any Class&nbsp;B shares to a person that has not delivered a
certification as to Panamanian nationality and immediately after giving effect to such proposed transfer the outstanding Class&nbsp;B shares would represent less than 10% of our outstanding stock (excluding newly issued shares sold with the approval
of our Independent Directors Committee), the selling shareholder must inform the Board of Directors at least ten days prior to such transfer. The Independent Directors Committee may determine to refuse to register the transfer if the Committee
reasonably concludes, on the basis of the advice of a reputable external aeronautical counsel, that such transfer would be reasonably likely to cause a triggering event as described below. After the first shareholders&#146; meeting at which the
Class&nbsp;A shareholders are entitled to vote for the election of our directors, the role of the Independent Directors described in the preceding sentence shall be exercised by the entire Board of Directors acting as a whole. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Also, the Board of Directors may refuse to register a transfer of stock if the transfer violates any provision of the Articles of Incorporation. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><FONT STYLE="white-space:nowrap">Tag-along</FONT> Rights </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Board of Directors shall refuse to register any transfer of shares in which CIASA proposes to sell Class&nbsp;B shares pursuant to a sale at a price per
share that is greater than the average public trading price per share of the Class&nbsp;A shares for the preceding 30 days to an unrelated third-party that would, after giving effect to such sale, have the right to elect a majority of the Board of
Directors and direct our management and policies, unless the proposed purchaser agrees to make, as promptly as possible, a public offer for the purchase of all outstanding Class&nbsp;A shares and Class&nbsp;B shares at a price per share equal to the
price per share paid for the shares being sold by CIASA. While our Articles of Incorporation provide limited rights to holders of our Class&nbsp;A shares to sell their shares at the same price as CIASA
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
in the event that a sale of Class&nbsp;B shares by CIASA results in the purchaser having the right to elect a majority of our board, there are other change of control transactions in which
holders of our Class&nbsp;A shares would not have the right to participate, including the sale of interests by a party that had previously acquired Class&nbsp;B shares from CIASA, the sale of interests by another party in conjunction with a sale by
CIASA, the sale by CIASA of control to more than one party, or the sale of controlling interests in CIASA itself. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Aviation Rights Protections
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Panamanian Aviation Act, including the related decrees and regulations, and the bilateral treaties between Panama and other countries that
allow us to fly to those countries require that Panamanians exercise &#147;effective control&#148; of Copa and maintain &#147;significant ownership&#148; of the airline. The Independent Directors Committee has certain powers under our Articles of
Incorporation to ensure that certain levels of ownership and control of Copa Holdings remain in the hands of Panamanians upon the occurrence of certain triggering events referred to below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the event that the Class&nbsp;B shareholders represent less than 10% of the total share capital of the Company (excluding newly issued shares sold with the
approval of our Independent Directors Committee) and the Independent Directors Committee determines that it is reasonably likely that Copa&#146;s or Copa Holdings&#146; legal ability to engage in the aviation business or to exercise its
international route rights will be revoked, suspended or materially inhibited in a manner that would materially and adversely affect the Company, in each case as a result of such <FONT STYLE="white-space:nowrap">non-Panamanian</FONT> ownership (each
a triggering event), the Independent Directors Committee may take either or both of the following actions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">authorize the issuance of additional Class&nbsp;B shares to Panamanians at a price determined by the Independent
Directors to reflect the current market value of such shares or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">authorize the issuance to Class&nbsp;B shareholders such number of Class&nbsp;C shares as the Independent
Directors Committee, or the Board of Directors if applicable, deems necessary and with such other terms and conditions established by the Independent Directors Committee that do not confer economic rights on the Class&nbsp;C shares.
</P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Dividends </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The payment of
dividends on our shares is subject to the discretion of our Board of Directors. Under Panamanian law, we may pay dividends only out of retained earnings and capital surplus. Our Articles of Incorporation provide that all dividends declared by our
Board of Directors will be paid equally with respect to all of the Class&nbsp;A and Class&nbsp;B shares. Our Board of Directors has adopted a dividend policy that provides for the payment of equal quarterly dividends, which amounts up to 40% of the
previous year&#146;s consolidated underlying net income to Class&nbsp;A and Class&nbsp;B shareholders. Our Board of Directors may, in its sole discretion and for any reason, amend or discontinue the dividend policy. Our Board of Directors may change
the level of dividends provided for in this dividend policy or entirely discontinue the payment of dividends. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Shareholder Meetings </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Ordinary Meetings </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Articles of Incorporation
require us to hold an ordinary annual meeting of shareholders within the first five months of each fiscal year. The ordinary annual meeting of shareholders is the corporate body that elects the Board of Directors, approves the annual financial
statements of Copa Holdings and approves any other matter that does not require an extraordinary shareholders&#146; meeting. Shareholders representing at least 5% of the issued and outstanding common stock entitled to vote may submit proposals to be
included in such ordinary shareholders meeting, provided the proposal is submitted at least 45 days prior to the meeting. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Extraordinary Meetings
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Extraordinary meetings may be called by the Board of Directors when deemed appropriate. Ordinary and extraordinary meetings must be called by the
Board of Directors when requested by shareholders representing at least 5% of the issued shares entitled to vote at such meeting. Only matters that have been described in the notice of an extraordinary meeting may be dealt with at that extraordinary
meeting. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Vote required </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Resolutions are passed at shareholders&#146; meetings by the affirmative vote of a majority of those shares entitled to vote at such meeting and present or
represented at the meeting. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Notice and Location </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notice to convene the ordinary annual meeting or extraordinary meeting is given by publication in at least one national newspaper in Panama and at least one
national newspaper widely read in New York City not less than 30 days in advance of the meeting. We intend to publish such official notices in a national journal recognized by the NYSE. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shareholders&#146; meetings are to be held in Panama City, Panama unless otherwise specified by the Board of Directors. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Quorum </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Generally, a quorum for a
shareholders&#146; meeting is established by the presence, in person or by proxy, of shareholders representing a simple majority of the issued shares eligible to vote on any actions to be considered at such meeting. If a quorum is not present at the
first meeting and the original notice for such meeting so provides, the meeting can be immediately reconvened on the same day and, upon the meeting being reconvened, shareholders present or represented at the reconvened meeting are deemed to
constitute a quorum regardless of the percentage of the shares represented. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Proxy Representation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Articles of Incorporation provide that, for so long as the Class&nbsp;A shares do not have full voting rights, each holder, by owning our Class&nbsp;A
shares, grants a general proxy to the Chairman of our Board of Directors or any person designated by our Chairman to represent them and vote their shares on their behalf at any shareholders&#146; meeting, provided that due notice was made of such
meeting and that no specific proxy revoking or replacing the general proxy has been received from such holder prior to the meeting in accordance with the instructions provided by the notice. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Other Shareholder Rights </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a general principle,
Panamanian law bars the majority of a corporation&#146;s shareholders from imposing resolutions which violate its articles of incorporation or the law, and grants any shareholder the right to challenge, within 30 days, any shareholders&#146;
resolution that is illegal or that violates its articles of incorporation or <FONT STYLE="white-space:nowrap">by-laws,</FONT> by requesting the annulment of said resolution and/or the injunction thereof pending judicial decision. Minority
shareholders representing at least 5% of all issued and outstanding shares have the right to require a judge to call a shareholders&#146; meeting and to appoint an independent auditor to examine the corporate accounting books, the background of the
Company&#146;s incorporation or its operation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shareholders have no <FONT STYLE="white-space:nowrap">pre-emptive</FONT> rights on the issue of new
shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Articles of Incorporation provide that directors will be elected in staggered <FONT STYLE="white-space:nowrap">two-year</FONT> terms, which
may have the effect of discouraging certain changes of control. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Listing </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Class&nbsp;A shares have been listed on the NYSE under the symbol &#147;CPA&#148; since December&nbsp;14,2005. The Class&nbsp;B shares and Class&nbsp;C
shares will not be listed on any exchange unless the Board of Directors determines that it is in the best interest of the Company to list the Class&nbsp;B shares on the Panama Stock Exchange. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Transfer Agent and Registrar </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The transfer agent and registrar for our Class&nbsp;A shares is Computershare Inc. Until the Board of Directors otherwise provides, the transfer agent for our
Class&nbsp;B shares and any Class&nbsp;C shares is Galindo, Arias&nbsp;&amp; Lopez, who maintains the share register for each class in Panama. Transfers of Class&nbsp;B shares must be accompanied by a certification of the transferee that such
transferee is Panamanian. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Summary of Significant Differences between Shareholders&#146; Rights and Other Corporate Governance Matters Under
Panamanian Corporation Law and Delaware Corporation Law </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Copa Holdings is a Panamanian corporation (<I>sociedad an&oacute;nima</I>). The Panamanian
corporation law was originally modeled after the Delaware General Corporation Law. As such, many of the provisions applicable to Panamanian and Delaware corporations are substantially similar, including (1)&nbsp;a director&#146;s fiduciary duties of
care and loyalty to the corporation, (2)&nbsp;a lack of limits on the number of terms a person may serve on the board of directors, (3)&nbsp;provisions allowing shareholders to vote by proxy and (4)&nbsp;cumulative voting if provided for in the
articles of incorporation. The following table highlights the most significant provisions that materially differ between Panamanian corporation law and Delaware corporation law. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center"><B>Panama</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Delaware</B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>Directors</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>Conflict of Interest Transactions</I>. Transactions involving a Panamanian corporation and an interested director or officer are initially subject to the approval of the board of directors.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Conflict of Interest Transactions</I>. Transactions involving a Delaware corporation and an interested director of that corporation are generally permitted if:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">At the next shareholders&#146; meeting, shareholders will then have the right to disapprove the board of directors&#146; decision and to decide to take legal actions against the directors or officers who voted in favor of the
transaction.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(1) the material facts as to the interested director&#146;s relationship or interest are disclosed and a majority of disinterested directors
approve the transaction;</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(2) the material facts are disclosed as to the interested
director&#146;s relationship or interest and the stockholders approve the transaction; or</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(3) the transaction is fair to the corporation at the time it is authorized by the board of directors, a committee of the board of directors or the stockholders.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>Terms</I>. Panamanian law does not set limits on the length of the terms that a director may serve. Staggered terms are allowed but not required.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Terms</I>. The Delaware General Corporation Law generally provides for a <FONT STYLE="white-space:nowrap">one-year</FONT> term for directors. However, the directorships may be divided into up to three classes with up to
three-year terms, with the years for each class expiring in different years, if permitted by the articles of incorporation, an initial <FONT STYLE="white-space:nowrap">by-law</FONT> or a <FONT STYLE="white-space:nowrap">by-law</FONT> adopted by the
shareholders.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>Number</I>. The board of directors must consist of a minimum of three members, which could be natural persons or legal entities.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Number</I>. The board of directors must consist of a minimum of one member.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>Authority to Take Actions</I>. In general, a simple majority of the board of directors is necessary and sufficient to take any action on behalf of the board of directors.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Authority to Take Actions</I>. The articles of incorporation or <FONT STYLE="white-space:nowrap">by-laws</FONT> can establish certain actions that require the approval of more than a majority of directors.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>Shareholder Meetings and Voting Rights</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>Quorum</I>. The quorum for shareholder meetings must be set by the articles of incorporation or the <FONT STYLE="white-space:nowrap">by-laws.</FONT> If the articles of incorporation and the notice for a given meeting so provide,
if a quorum is not met a new meeting can be immediately called and a quorum shall consist of those present at such new meeting.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Quorum</I>. For stock corporations, the articles of incorporation or bylaws may specify the number to constitute a quorum but in no event shall a quorum consist of less than <FONT STYLE="white-space:nowrap">one-third</FONT> of
shares entitled to vote at a meeting. In the absence of such specifications, a majority of shares entitled to vote shall constitute a quorum.</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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<TD WIDTH="48%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center"><B>Panama</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Delaware</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>Action by Written Consent</I>. Panamanian law does not permit shareholder action without formally calling a meeting.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Action by Written Consent</I>. Unless otherwise provided in the articles of incorporation, any action required or permitted to be taken at any annual meeting or special meeting of stockholders of a corporation may be taken
without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action to be so taken, is signed by the holders of outstanding shares having not less than the minimum number of votes that would be
necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and noted.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>Other Shareholder Rights</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>Shareholder Proposals</I>. Shareholders representing 5% of the issued and outstanding capital of the corporation have the right to require a judge to call a general shareholders&#146; meeting and to propose the matters for
vote.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Shareholder Proposals</I>. Delaware law does not specifically grant shareholders the right to bring business before an annual or special meeting. If a Delaware corporation is subject to the SEC&#146;s proxy rules, a shareholder
who has continuously owned at least $2,000 in market value, or 1% of the corporation&#146;s securities entitled to vote for at least one year, may propose a matter for a vote at an annual or special meeting in accordance with those rules.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>Appraisal Rights</I>. Shareholders of a Panamanian corporation do not have the right to demand payment in cash of the judicially determined fair value of their shares in connection with a merger or consolidation involving the
corporation. Nevertheless, in a merger, the majority of shareholders could approve the total or partial distribution of cash, instead of shares, of the surviving entity.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Appraisal Rights</I>. Delaware law affords shareholders in certain cases the right to demand payment in cash of the judicially-determined fair value of their shares in connection with a merger or consolidation involving their
corporation. However, no appraisal rights are available if, among other things and subject to certain exceptions, such shares were listed on a national securities exchange or such shares were held of record by more than 2,000 holders.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>Shareholder Derivative Actions</I>. Any shareholder, with the consent of the majority of the shareholders, can sue on behalf of the corporation, the directors of the corporation for a breach of their duties of care and loyalty to
the corporation or a violation of the law, the articles of incorporation or the <FONT STYLE="white-space:nowrap">by-laws.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Shareholder Derivative Actions</I>. Subject to certain requirements that a shareholder make prior demand on the board of directors or have an excuse not to make such demand, a shareholder may bring a derivative action on behalf
of the corporation to enforce the rights of the corporation against officers, directors and third parties. An individual may also commence a class action suit on behalf of himself and other similarly-situated stockholders if the requirements for
maintaining a class action under the Delaware General Corporation Law have been met. Subject to equitable principles, a three-year period of limitations generally applies to such shareholder suits against officers and directors.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>Inspection of Corporate Records</I>. Shareholders representing at least 5% of the issued and outstanding shares of the corporation have the right to require a judge to appoint an independent auditor to examine the corporate
accounting books, the background of the Company&#146;s incorporation or its operation.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Inspection of Corporate Records</I>. A shareholder may inspect or obtain copies of a corporation&#146;s shareholder list and its other books and records for any purpose reasonably related to a person&#146;s interest as a
shareholder.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>Anti-Takeover Provisions</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Panamanian corporations may include in their articles of incorporation or <FONT STYLE="white-space:nowrap">by-laws</FONT> classified board and super-majority provisions.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware corporations may have a classified board, super-majority voting and shareholders&#146; rights plan.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Panamanian corporation law&#146;s anti-takeover provisions apply only to companies that are:</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(1) registered with the Superintendence of the Securities Market
(<I>Superintendencia</I><I> del Mercado de </I><I>Valores</I><I>, or </I><I>SMV</I>) for a period of six months before the public offering,</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(2) have over 3,000 shareholders, and</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Unless Delaware corporations specifically elect otherwise, Delaware corporations may not enter into a &#147;business combination&#148;, including mergers, sales and leases of assets, issuances of securities and similar transactions,
with an &#147;interested stockholder&#148;, or one that beneficially owns 15% or more of a corporation&#146;s voting stock, within three years of such person becoming an interested shareholder
unless:</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="48%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center"><B>Panama</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Delaware</B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(3) have a permanent office in Panama with full time employees and investments in the country for more than $1,000,000.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These provisions are triggered when a buyer makes a public offer to acquire 5% or more of any class of shares with a market value of at least
$5,000,000. In sum, the buyer must deliver to the corporation a complete and accurate statement that includes</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(1) the name of the Company, the number of the shares that the buyer intends to acquire and the purchase price;</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(2) the identity and background of the person acquiring the shares;</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(3) the source and amount of the funds or other goods that will be used to pay the
purchase price;</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(4) the plans or project the buyer has once it has acquired the
control of the Company;</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(5) the number of shares of the Company that the buyer
already has or is a beneficiary of and those owned by any of its directors, officers, subsidiaries, or partners or the same, and any transactions made regarding the shares in the last 60 days;</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(6) contracts, agreements, business relations or negotiations regarding securities
issued by the Company in which the buyer is a party;</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(7) contracts, agreements,
business relations or negotiations between the buyer and any director, officer or beneficiary of the securities; and</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(8) any other significant information. This declaration will be accompanied by, among other things, a copy of the buyer&#146;s financial statements.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(1) the transaction that will cause the person to become an interested shareholder is approved by the board of directors of the target prior
to the transactions;</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(2) after the completion of the transaction in which the person
becomes an interested shareholder, the interested shareholder holds at least 85% of the voting stock of the corporation not including shares owned by persons who are directors and also officers of interested shareholders and shares owned by
specified employee benefit plans; or</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(3) after the person becomes an interested
shareholder, the business combination is approved by the board of directors of the corporation and holders of at least 66.67% of the outstanding voting stock, excluding shares held by the interested shareholder.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">If the board of directors believes that the statement does not contain all required information or that the statement is inaccurate, the board of directors must send the statement to the SMV within 45 days from the buyer&#146;s
initial delivery of the statement to the SMV. The SMV may then hold a public hearing to determine if the information is accurate and complete and if the buyer has complied with the legal requirements. The SMV may also start an inquiry into the case,
having the power to decide whether or not the offer may be made.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Regardless of the above, the board of directors has the authority to submit the offer to the consideration of the shareholders. The board should only convene a shareholders&#146; meeting when it deems the statement delivered by the
offeror to be complete and accurate. If convened, the shareholders&#146; meeting should take place within the next 30 days. At the shareholders&#146; meeting, <FONT STYLE="white-space:nowrap">two-thirds</FONT> of the holders of the issued and
outstanding shares of each class of shares of the corporation with a right to vote must approve the offer and the offer is to be executed within 60 days from the shareholders&#146; approval. If the board decides not to convene the shareholders&#146;
meeting within 15 days following the receipt of a complete and accurate statement from the offeror, shares may then be purchased. In all cases, the purchase of shares can take place only if it is not prohibited by an administrative or judicial order
or injunction.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="48%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center"><B>Panama</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Delaware</B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">The law also establishes some actions or recourses of the sellers against the buyer in cases the offer is made in contravention of the law.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>Previously Acquired Rights</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">In no event can the vote of the majority shareholders deprive the shareholders of a corporation of previously-acquired rights. Panamanian jurisprudence and doctrine has established that the majority shareholders cannot amend the
articles of incorporation and deprive minority shareholders of previously-acquired rights nor impose upon them an agreement that is contrary to those articles of incorporation.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">No comparable provisions exist under Delaware law.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Once a share is issued, the shareholders become entitled to the rights established in the articles of incorporation and such rights cannot be taken away, diminished or extinguished without the express consent of the shareholders
entitled to such rights. If by amending the articles of incorporation, the rights granted to a class of shareholders is somehow altered or modified to their disadvantage, those shareholders will need to approve the amendment unanimously.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>d128959dex41.htm
<DESCRIPTION>EX-4.1
<TEXT>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 4.1 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SUPPLEMENTAL AGREEMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
Supplemental Agreement (this &#147;Agreement&#148;) dated as of May&nbsp;13, 2008, by and among Copa Holdings, S.A., a corporation (sociedad anonima) duly organized and validly existing under the laws of Panama (the &#147;Company&#148;), Corporacion
de Inversiones Aereas, S.A., a corporation (sociedad anonima) duly organized and validly existing under the laws of Panama (&#147;CIASA&#148;), and Continental Airlines, Inc., a corporation duly organized and validly existing under the laws of the
State of Delaware (&#147;Continental&#148; and together with CIASA, the &#147;Current Shareholders&#148;). Each of the Company, CIASA and Continental may be referred to as a &#147;Party,&#148; and collectively, the &#147;Parties.&#148; </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RECITALS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company
owns, directly or indirectly, substantially all of the issued and outstanding capital stock of Compania Panamena de Aviacion, S.A., a corporation (sociedad anonima) duly organized and validly existing under the laws of Panama (&#147;COPA&#148;),
Oval Financial Leasing, Ltd., a corporation duly organized and validly existing under the laws of the British Virgin Islands (&#147;Oval&#148;) and AeroRepublica S.A., a corporation (sociedad anonima) duly organized and validly existing under the
laws of Colombia (&#147;AeroRepublica&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, as of the date hereof, Continental owns 4,375,000 Class&nbsp;A Shares of the
Company (the &#147;Continental Shares&#148;), which do not have voting rights except in certain circumstances described in the Company&#146;s Pacto Social, as amended, and CIASA owns 12,778,125 Class&nbsp;B shares, entitled to one vote per share
(the &#147;CIASA Shares&#148; and together with the Continental Shares, the &#147;Shares&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Parties entered into a
Second Amended and Restated Shareholders Agreement (the &#147;Shareholders Agreement&#148;) and an Amended and Restated Registration Rights Agreement with respect to the Class&nbsp;A Shares held by Continental and the Class&nbsp;B Shares held by
CIASA (the &#147;Registration Rights Agreement&#148;), each dated as of June&nbsp;28, 2006; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, COPA and Continental have entered
into an Amended and Restated Services Agreement (the &#147;Services Agreement&#148;) and an Amended and Restated Alliance Agreement (the &#147;Alliance Agreement&#148;), each dated as of November&nbsp;23, 2005, pursuant to which COPA and Continental
agreed to cooperate with each other in connection with certain aspects of COPA&#146;s and Continental&#146;s air transportation businesses; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Current Shareholders believe it to be in the best interests of themselves and the Company that the agreements contained herein be
adopted in order to supplement and amend the Shareholders Agreement and the Registration Rights Agreement to facilitate a potential sale of up to all of the Continental Shares in a single underwritten offering registered with the U.S. Securities and
Exchange Commission and the Comision Nacional de Valores of the Republic of Panama (the &#147;Continental Offering&#148;) with sales pursuant to Rule&nbsp;144 of the Securities Act of 1933, as amended, of Continental Shares that are not sold in the
Continental Offering; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the foregoing and of the mutual agreements and covenants
contained herein, and intending to be legally bound hereby, the Parties agree as follows: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION 1. GOVERNANCE AND REGISTRATION RIGHTS. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.1. Definitions. Each capitalized term used and not otherwise defined herein shall have the meaning assigned to such term in the Registration
Rights Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.2. Waiver of Continental <FONT STYLE="white-space:nowrap">Lock-Up.</FONT> CIASA hereby waives the restrictions set
forth in Section&nbsp;2.5 of the Shareholders Agreement with respect to (i)&nbsp;a Continental Offering and (ii)&nbsp;any sales pursuant to Rule&nbsp;144 of the Securities Act of 1933, as amended, of Continental Shares that are not sold in the
Continental Offering, in each case occurring during the remainder of the <FONT STYLE="white-space:nowrap">two-year</FONT> period set forth therein (the &#147;Waiver Period&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.3. Termination of the Shareholders Agreement. The Shareholders Agreement shall terminate in accordance with its terms upon a sale by
Continental of all of the Continental Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.4. Board of Directors. (a)&nbsp;Notwithstanding any termination of the Shareholders
Agreement, Continental shall be entitled to nominate a member of its senior management team to the Board of Directors of the Company (the &#147;Continental Director&#148;) in accordance with this Section&nbsp;1.4 until such time as the Alliance
Agreement has expired or has been terminated. Each of the Current Shareholders agrees to vote, or act by written consent with respect to, any Shares beneficially owned by it that are entitled to vote, at each annual or special meeting of
stockholders of the Company at which directors are to be elected or to take all actions by written consent in lieu of any such meeting as are necessary, to cause the Continental Director to be elected to the Board of Directors as provided in this
Section&nbsp;1.4, for so long as Continental is entitled to appoint a member of the Board of Directors. Each of the Current Shareholders agrees to use its best efforts to cause the election of each such designee to the Board of Directors, including
nominating such individual to be elected as members of the Board of Directors, for so long as Continental is entitled to appoint a member of the Board of Directors. Further, the Company agrees that, for so long as Continental is entitled to appoint
a member of the Board of Directors, if at any time there is a vacancy on the Board of Directors and as a result thereof the Board of Directors does not contain a Continental Director, then the Company shall nominate or appoint, as the case may be,
the person designated by Continental, to fill such vacancy and, in the event of a shareholders vote, shall recommend to shareholders such individual&#146;s election to the Board for so long as Continental is entitled to appoint a member of the Board
of Directors. In addition, at any time when there is no Continental Director on the Board of Directors and Continental is entitled to appoint a member of the Board of Directors, at Continental&#146;s request, the Company shall invite a member of
Continental&#146;s senior management designated by Continental at such time to attend all board meetings (including telephonic meetings) as a <FONT STYLE="white-space:nowrap">non-voting</FONT> observer and review all actions taken by the Board of
Directors without a meeting, and shall provide such individual, at the same time as provided to directors, all materials provided to directors in connection with such meetings or actions taken without a meeting. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;Unless the Continental Director otherwise agrees or waives such requirement or
unless a fixed date is established for regular meetings, notice in writing of any meeting of the Board of Directors must be received by the Continental Director no less than fourteen (14)&nbsp;days prior to the date on which such meeting is
scheduled (or to the extent the Company determines that it is necessary to provide a shorter period notice, such shorter period as shall be practicable in light of the circumstances) to occur for so long as Continental is entitled to appoint a
member of the Board of Directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;Continental may dismiss the Continental Director with or without cause, and, upon the
occurrence of any such dismissal, the Current Shareholders shall vote accordingly in favor of, and shall use all reasonable efforts to implement promptly, such dismissal. In addition, the Continental Director may resign at any time by giving written
notice to Continental and to the Secretary of the Board of Directors and filing such notice with the Public Registry in Panama. The Secretary of the Board of Directors shall provide notice of any such resignation to the other Current Shareholders
and the other directors within two days of receiving such resignation. Such resignation shall take effect on the date shown on or specified in such notice or, if such notice is not dated, at the date of the receipt of such notice by the Secretary of
the Board of Directors. No acceptance of such resignation shall be necessary to make it effective. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;If the position of the
Continental Director becomes vacant for any reason (including dismissal by the Current Shareholder nominating such director), for so long as Continental is entitled to appoint a member of the Board of Directors, the Current Shareholders shall
exercise commercially reasonable efforts to cause the remaining directors designated by them to vote (and if necessary the Current Shareholders shall cause their Shares to be voted) to elect as Director a person nominated by Continental entitled to
fill such vacant position and to replace the departed director on any committees on which he served. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.5. Registrable Securities.
Notwithstanding the provisions of the Registration Rights Agreement, during the Waiver Period, the Continental Shares shall constitute Registrable Securities and Continental shall be entitled to its demand right pursuant to Section&nbsp;2.1(b) of
the Registration Rights Agreement with respect thereto. Upon the consummation of the Continental Offering, Continental shall not have any rights and the Company and CIASA shall not have any obligations, in each case with respect to the Continental
Shares under the Registration Rights Agreement except with respect to the indemnification and contribution rights and obligations set forth therein and other rights provided therein that survive the consummation of a sale of all of the Continental
Shares by Continental. The demand right is hereby exercised by Continental in connection with the Continental Offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.6. Registration
Expenses. Continental shall pay the Company&#146;s reasonable out of pocket expenses incident to the Company&#146;s performance of, or compliance with, this Agreement and the Registration Rights Agreement in connection with the Continental Offering
(but not with respect to the indemnification or contribution obligations related thereto). For the avoidance of doubt, the expenses incident to the Company&#146;s obligations include, without limitation, (i)&nbsp;all of the expenses listed in the
third sentence of Section&nbsp;2.9 of the Registration Rights Agreement the payment of which is requested by the Company in writing, (ii)&nbsp;the underwriting discount on the Continental Shares sold in the Continental Offering and (iii)&nbsp;the
reasonable costs and expenses of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
the Company relating to investor presentations on any &#147;road show&#148; undertaken in connection with the marketing of the offering of the Shares, including, without limitation, reasonable
expenses associated with the preparation or dissemination of any electronic road show, reasonable expenses associated with the production of road show slides and graphics, fees and reasonable expenses of any consultants engaged in connection with
the road show presentations with the prior approval of Continental, reasonable lodging expenses of the representatives and officers of the Company and any such consultants, and the Company&#146;s reasonable travel expenses. The Company shall have no
responsibility for any fees or disbursements of the Underwriters. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION 2. MISCELLANEOUS. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.1. Termination. This Agreement shall terminate without further action: (i)&nbsp;on the dissolution and liquidation of the Company;
(ii)&nbsp;by mutual written consent of CIASA and Continental; and (iii)&nbsp;at the option of the Company following any Change of Control (as defined below) involving Continental. For purposes of the foregoing sentence &#147;Change of Control&#148;
shall have the meaning set forth in the Alliance Agreement, except that, notwithstanding the definition set forth in the Alliance Agreement, &#147;Competing Carrier&#148; shall mean any air carrier and any Person that is a Holding Company or
Subsidiary of any air carrier (with each of Person, Holding Company and Subsidiary defined as set forth in the Alliance Agreement). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.2.
Successors and Assigns. The provisions of this Agreement shall be binding upon, and shall inure to the benefit of, the respective successors and assigns of the Parties; provided that the benefit of this Agreement may not be assigned or transferred
in whole or in part by any Party without the prior written consent of the other Parties except by Continental to a person owning a majority of the voting power of Continental&#146;s capital stock; <U>provided</U> that Continental agrees in writing
to remain bound by the terms of this Agreement and such person agrees in writing to be bound by the terms of this Agreement. Nothing in this Agreement, express or implied, is intended to confer upon any person other than the Parties and their
respective permitted successors and assigns any rights, remedies or obligations under or by reason of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.3. Entire
Agreement. This Agreement, taken together with the Pacto Social of the Company, the Services Agreement, the Alliance Agreement, the Shareholders Agreement and the Registration Rights Agreement embodies the entire agreement and understanding between
the Parties with respect to the subject matter hereof and thereof and supersedes all prior agreements and understandings relating to such subject matter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.4. Severability. Should any part of this Agreement for any reason be declared invalid, such decision shall not affect the validity of any
remaining portion, which remaining portion shall remain in full force and effect as if this Agreement had been executed with the invalid portion thereof eliminated, and it is hereby declared the intention of the Parties hereto that they would have
executed, or agreed to abide or be governed by, the remaining portion of the Agreement without including therein any such part, parts, or portion which may, for any reason, be hereafter declared invalid. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.5. Language. The English language version of this Agreement shall be the official version
thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.6. Governing Law. This Agreement shall be construed and enforced in accordance with, and governed by, the laws of Panama. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.7. Arbitration. (a)&nbsp;Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by
arbitration administered by the International Chamber of Commerce Court of International Arbitration (the &#147;ICC&#148;) in accordance with the International Arbitration Rules of the ICC. Judgment on the award rendered by the arbitrators may be
entered in any court having jurisdiction thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;The number of arbitrators shall be three, one of whom shall be appointed by
each of the Parties and the third of whom shall be selected by mutual agreement, if possible, within 30&nbsp;days of the selection of the second arbitrator and thereafter by the ICC (in which case the third arbitrator shall not be a citizen of
Panama or the United States) and the place of arbitration shall be Panama City, Panama. The language of the arbitration shall be English, but documents or testimony may be submitted in any other language if a translation is provided. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;The arbitrators will have no authority to award punitive damages or any other damages not measured by the prevailing Party&#146;s
actual damages, and may not, in any event, make any ruling, finding or award that does not conform to the terms of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;Either Party may make an application to the arbitrators seeking injunctive relief to maintain the status quo until such time as the
arbitration award is rendered or the controversy is otherwise resolved. Either Party may apply to any court having jurisdiction hereof and seek injunctive relief in order to maintain the status quo until such time as the arbitration award is
rendered or the controversy is otherwise resolved. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.8. Notices. Any notice, request, instruction or other document to be given hereunder
by any Party to the other shall be in writing and shall be deemed to have been duly given on the date of delivery (i)&nbsp;if delivered personally, (ii)&nbsp;if delivered by Federal Express or other <FONT STYLE="white-space:nowrap">next-day</FONT>
courier service, (iii)&nbsp;if delivered by registered or certified mail, return receipt requested, postage prepaid, or (iv)&nbsp;if sent by telecopier (with written confirmation of receipt) or electronic mail; provided that a copy is mailed by <FONT
STYLE="white-space:nowrap">next-day</FONT> courier, registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered as set forth below, or to such other person or at such other address and telecopier
numbers as may be designated in writing by the Party to receive such notice. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If to the Company or CIASA: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Corporacion de Inversiones Aereas, S.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">c/o Campania Panamena de Aviacion, S.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Complejo Business Park, Torre Norte </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Urbanizaci&oacute;n Costa del Este </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Parque Lefevre </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Panama City, Panama </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention: Pedro Heilbron </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Facsimile No.: +507 <FONT STYLE="white-space:nowrap">304-2696</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">with copies to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Galindo, Arias y
Lopez </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Edif. Scotia Plaza, Pisos <FONT STYLE="white-space:nowrap">9-11</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Ave. Federico Boyd No.18 y Calle 51 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Panama City, Panama </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attention:
Jaime A. Arias C. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Facsimile No.: + 507 <FONT STYLE="white-space:nowrap">303-0434</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Cleary Gottlieb
Steen&nbsp;&amp; Hamilton LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One Liberty Plaza </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, New York 10006 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">United
States of America </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn: Duane McLaughlin, Francesca L. Odell </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Facsimile No.: <FONT STYLE="white-space:nowrap">(212)&nbsp;225-2222</FONT> </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If to Continental: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Continental Airlines, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">1600
Smith Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Houston, Texas 77002 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">United States of America </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn:
Senior Vice President &#151; Asia/Pacific and Corporate Development </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Facsimile No.:
<FONT STYLE="white-space:nowrap">(713)&nbsp;324-3099</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">with copies to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Continental Airlines, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">1600
Smith Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Houston, Texas 77002 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">United States of America </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Attn:
Senior Vice President and General Counsel </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Facsimile No.: <FONT STYLE="white-space:nowrap">(713)&nbsp;324-5161</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.9. Headings. The section and paragraph headings herein and table of contents hereto are for convenience of reference only, do not constitute
part of this Agreement and shall not be deemed to limit or otherwise affect any of the provisions hereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.10. Modification, Amendment or Clarification. At any time, the Parties may modify, amend
or clarify the intent of this Agreement, by written agreement executed and delivered by duly authorized officers of the respective Parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.11. Counterparts. For the convenience of the Parties, this Agreement may be executed in any number of counterparts, each such counterpart
being deemed to be an original instrument, and all such counterparts shall together constitute the same agreement. Each Party hereto shall adhere any necessary stamp taxes to its respective counterpart. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Parties have duly executed the Agreement as of the date first
written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A.</P></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ P<SMALL>EDRO</SMALL> H<SMALL>EILBRON</SMALL></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Pedro Heilbron</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CORPORACION DE INVERSIONES AEREAS, S.A.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ S <SMALL>TANLEY</SMALL> M<SMALL>OTTA</SMALL></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Stanley Motta</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CONTINENTAL AIRLINES, INC.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ G<SMALL>ERALD</SMALL> L<SMALL>ADERMAN</SMALL> </P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Gerald Laderman</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Senior Vice President</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On the <U>&nbsp;&nbsp;&nbsp;&nbsp;</U> day of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2008, before me the undersigned, personally appeared
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within
instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature the individual executed the instrument. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="30%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notary Public</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">My Commission Expires:</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="right"><I>Supplemental Agreement</I></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="right"><I>Signature Page</I></TD></TR>
</TABLE></DIV>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>4
<FILENAME>d128959dex42.htm
<DESCRIPTION>EX-4.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TREATS AS PRIVATE OR CONFIDENTIAL </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit 4.2 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AIRCRAFT LEASE AGREEMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Dated
as of March&nbsp;4, 2004 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BETWEEN </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COMPANIA PANAMENA DE AVIACION, S.A. (COPA) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as LESSEE </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">INTERNATIONAL LEASE FINANCE CORPORATION </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as LESSOR </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Aircraft Make and Model:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">New B737-700 or 800</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Aircraft Manufacturer&#146;s Serial Number:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">32800</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Aircraft Registration Mark:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Per Estoppel and Acceptance Certificate</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Make and Model of Engines:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Per Estoppel and Acceptance Certificate</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Serial Numbers of Engines:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Per Estoppel and Acceptance Certificate</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">NEW AIRCRAFT NO. 2 </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="91%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">PAGE</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE&nbsp;1 SUMMARY OF TRANSACTION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">1.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Description of Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">1.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Scheduled Delivery Date and Location</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">1.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Initial Lease Term</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">1.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">1.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Security Deposit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">1.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Transaction Fee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">1.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Rent During Initial Lease Term</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">1.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">1.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Reserves</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">1.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Additional Rent for Excess Airframe and Engine Cycles</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">1.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Country of Aircraft Registration</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">1.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Maintenance Program</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">1.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Agreed Value of Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">1.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">LESSOR&#146;s Bank Account</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE&nbsp;2 DEFINITIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">2.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">General Definitions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">2.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Specific Definitions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE&nbsp;3 Place and Date of Delivery</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">3.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Place of Delivery</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">3.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Scheduled Delivery Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">3.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Delivery subject to Manufacturer Delivery</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">3.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">No LESSOR Liability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">3.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Total Loss of Aircraft prior to Delivery</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">3.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Cancellation for Delay</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE&nbsp;4 LEASE TERM **Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">4.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Initial Lease Term</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">4.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">4.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">&#147;Lease Term&#148; and &#147;Expiration Date&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">4.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">&#147;Termination Date&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE&nbsp;5 SECURITY DEPOSIT, TRANSACTION FEE, RENT, RESERVES AND OTHER PAYMENTS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">5.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Security Deposit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">5.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Transaction Fee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">5.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Rent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">5.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Reserves</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">5.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Additional Rent for Excess Cycles</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">5.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">LESSOR&#146;s Bank Account</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">5.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Default Interest</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">5.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">No Deductions or Withholdings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">5.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Net Lease</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">5.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Currency Indemnity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">5.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">LESSOR Performance of LESSEE Obligation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">5.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Consideration for Rent and other Amounts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE&nbsp;6 INVOLVEMENT WITH AIRCRAFT MANUFACTURER</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">6.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">LESSEE Selection of Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">6.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Agency Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">6.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Procurement of BFE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">6.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Assignment of Training</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">6.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">LESSEE Inspection of Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">6.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Aircraft at Delivery</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">6.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Delivery of the Aircraft to LESSEE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">6.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">LESSEE Acceptance of Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE&nbsp;7 PRE-DELIVERY, DELIVERY AND POST-DELIVERY DOCUMENTARY AND OTHER REQUIREMENTS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">7.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Pre-Delivery Requirements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">7.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Delivery Requirements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">7.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Post-Delivery Requirements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE&nbsp;8 DISCLAIMERS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">8.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">&#147;As Is, Where Is&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">8.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Waiver of Warranty of Description</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">8.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">LESSEE Waiver</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">8.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Conclusive Proof</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">8.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">No LESSOR Liability for Losses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">8.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">No Liability to Repair or Replace</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">8.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">No Waiver</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE&nbsp;9 MANUFACTURERS&#146; AND VENDORS&#146; WARRANTIES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">9.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Warranties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">9.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Reassignment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">9.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Warranty Claims</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE&nbsp;10 OPERATION OF AIRCRAFT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">10.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Costs of Operation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">10.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Compliance with Laws</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">10.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Training</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">10.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">No Violation of Insurance Policies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">10.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Flight and Airport Charges</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE&nbsp;11 SUBLEASES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">11.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">No Sublease without LESSOR Consent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">11.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">LESSOR Costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">11.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Any Approved Sublease</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">11.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Assignment of Sublease</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">11.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Wet Leases</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">11.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Continued Responsibility of LESSEE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE&nbsp;12 MAINTENANCE OF AIRCRAFT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">12.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">General Obligation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">12.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Specific Engine Requirements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">12.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Specific Obligations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">12.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Replacement of Parts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">12.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Removal of Engines</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">12.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Removal of APU</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">12.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Pooling of Engines, APU and Parts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">12.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Installation of Engines on other aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">12.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Engine Thrust Rating</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">12.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Modifications</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">12.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Performance of Work by Third Parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">12.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Reporting Requirements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">12.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Information Regarding Maintenance Program</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">12.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">LESSOR Rights to Inspect Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE&nbsp;13 USE OF RESERVES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">13.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Airframe Reserves</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">13.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Engine Performance Restoration Reserves</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">13.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Engine LLP Reserves</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">13.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Reimbursement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">13.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Reimbursement Adjustment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">13.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Costs in Excess of Reserves</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">13.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Reimbursement after Termination Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE&nbsp;14 TITLE AND REGISTRATION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">14.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Title to the Aircraft During Lease Term</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">14.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Registration of Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">14.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Filing of Otis Lease</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">14.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Evidence of Registration and Filings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE&nbsp;15 IDENTIFICATION PLATES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">15.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Airframe Identification Plates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">15.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Engine Identification Plates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">15.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">APU Identification Plate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE&nbsp;16 TAXES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">16.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">General Obligation of LESSEE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">16.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Exceptions to Indemnity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">16.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">After-Tax Basis</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">16.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Timing of Payment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">16.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Contests</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">16.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Refunds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iii </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">16.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Cooperation in Filing Tax Returns</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">16.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Tax Restructuring</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">16.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Survival of Obligations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE 17 INDEMNITIES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">17.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">General Indemnity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">17.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Exceptions to General Indemnities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">17.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">After-Tax Basis</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">17.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Timing of Payment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">17.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Subrogation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">17.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Notice</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">17.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Refunds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">17.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Defense of Claims</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">17.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Survival of Obligation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE 18 INSURANCE</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">18.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Categories of Insurance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">18.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Write-back of any Date Recognition Exclusion</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">18.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Installation of Third Party Engine</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">18.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Insurance for Indemnities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">18.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Insurance required by Manufacturer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">18.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Renewal</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">18.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Assignment of Rights by LESSOR</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">18.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Deductibles</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">18.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Insurance for Wet Lease Operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">18.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Other Insurance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">18.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Information</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">18.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Currency</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">18.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Grounding of Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">18.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Failure to Insure</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">18.15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Reinsurance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">18.16</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Limit on Hull in favor of LESSEE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE 19 LOSS, DAMAGE AND REQUISITION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">19.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Definitions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">19.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Notice of Total Loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">19.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Total Loss of Aircraft or Airframe</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">19.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Surviving Engine(s)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">19.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Total Loss of Engine and not Airframe</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">19.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Total Loss of APU</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">19.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Other Loss or Damage</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">19.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Copy of Insurance Policy</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">19.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Government Requisition</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">19.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">LESSOR Retention of Reserves</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iv </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE 20 REPRESENTATIONS, WARRANTIES AND COVENANTS OF LESSEE</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">20.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Representations and Warranties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">20.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Covenants</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE 21 REPRESENTATIONS, WARRANTIES AND COVENANTS OF LESSOR</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">21.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Representations and Warranties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">21.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Covenant of Quiet Enjoyment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE 22 FINANCIAL AND OTHER INFORMATION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE 23 RETURN OF AIRCRAFT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">23.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Date of Return</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">23.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Last Engine Shop Visits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">23.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Technical Report</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">23.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Return Location</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">23.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Full Aircraft Documentation Review</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">23.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Copy of LESSEE&#146;s Maintenance Program</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">23.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Aircraft Inspection</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">23.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Certificate of Airworthiness Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">23.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">General Condition of Aircraft at Return</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">23.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Checks Prior to Return</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">23.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Part Lives</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">23.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Export and Deregistration of Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">23.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">LESSEE&#146;s Continuing Obligations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">23.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Airport and Navigation Charges</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">23.15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Return Acceptance Receipt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">23.16</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Indemnities and Insurance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">23.17</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Storage</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE 24 ASSIGNMENT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">24.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">No Assignment by LESSEE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">24.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Sale or Assignment by LESSOR</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">24.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">LESSOR&#146;s Lender</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">24.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">LESSEE Cooperation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">24.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Protections</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE 25 DEFAULT OF LESSEE</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">25.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">LESSEE Notice to LESSOR</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">25.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Events of Default</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">25.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">LESSOR&#146;s General Rights</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">25.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Deregistration and Export of Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">25.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">LESSEE Liability for Damages</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">25.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Waiver of Default</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">25.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Present Value of Payments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">25.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Use of &#147;Termination Date&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">v </P>

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<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
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<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE 26 NOTICES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">26.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Manner of Sending Notices</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">26.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Notice Information</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE 27 GOVERNING LAW AND JURISDICTION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">27.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">California Law</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">27.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Non-Exclusive Jurisdiction in California</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">27.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Service of Process</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">27.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Prevailing Party in Dispute</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">27.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Waiver</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE 28 MISCELLANEOUS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">28.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Press Releases</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">28.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Power of Attorney</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">28.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">LESSOR Performance for LESSEE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">28.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">LESSOR&#146;s Payment Obligations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">28.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Application of Payments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">28.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Usury Laws</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">28.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Delegation of Authority by LESSOR</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">28.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Confidentiality</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">28.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Rights of Parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">28.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Further Assurances</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">28.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Translations of Lease</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">28.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Use of Word &#147;including&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">28.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Headings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">28.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Invalidity of any Provision</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">28.15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Negotiation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">28.16</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Time is of the Essence</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">28.17</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Amendments in Writing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">28.18</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Counterparts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">28.19</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Delivery of Documents by Fax</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">28.20</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Entire Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">28.21</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">vi </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="96%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EXHIBIT A AIRCRAFT DESCRIPTION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EXHIBIT B AGENCY AGREEMENT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EXHIBIT C CERTIFICATE OF INSURANCE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">110</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EXHIBIT D BROKERS&#146; LETTER OF UNDERTAKING</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">117</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EXHIBIT E ESTOPPEL AND ACCEPTANCE CERTIFICATE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">119</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EXHIBIT F OPINION OF COUNSEL</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">126</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EXHIBIT G FORM OF POWER OF ATTORNEY</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">131</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EXHIBIT H ASSIGNMENT OF RIGHTS (AIRFRAME)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">133</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EXHIBIT I ASSIGNMENT OF RIGHTS (ENGINES)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">138</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EXHIBIT J RETURN ACCEPTANCE RECEIPT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">141</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EXHIBIT K MONTHLY REPORT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">154</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EXHIBIT L AIRCRAFT DOCUMENTATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">157</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EXHIBIT M TECHNICAL EVALUATION REPORT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">159</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">vii </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AIRCRAFT LEASE AGREEMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS AIRCRAFT LEASE AGREEMENT is made and entered into as of March&nbsp;4, 2004. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">BETWEEN: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">COMPANIA PANAMENA DE
AVIACION, S.A. (COPA), a Panamanian corporation whose address and principal place of business is at Avenida Justo Arosemena y Calle 39, Apartado 1572, Panama 1, Panama (&#147;LESSEE&#148;) and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">INTERNATIONAL LEASE FINANCE CORPORATION, a California corporation whose address and principal place of business is at 1999 Avenue of the
Stars, 39th Floor, Los Angeles, California 90067, United States of America (&#147;LESSOR&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The subject matter of this Lease is one
(1)&nbsp;new B737 - 700 or B737 - 800 aircraft (election to be made by LESSEE in accordance with the terms of this Lease). In consideration of and subject to the mutual covenants, terms and conditions contained in this Lease, LESSOR hereby agrees to
lease to LESSEE and LESSEE hereby agrees to lease from LESSOR the aircraft and the parties further agree as follows: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 1 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SUMMARY OF TRANSACTION </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
following is a summary of the lease transaction between LESSEE and LESSOR. It is set forth for the convenience of the parties only and will not be deemed in any way to amend, detract from or simplify the other provisions of this Lease. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.1 DESCRIPTION OF AIRCRAFT </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">One new <FONT
STYLE="white-space:nowrap">B737-700</FONT> or <FONT STYLE="white-space:nowrap">B737-800</FONT> aircraft (LESSEE must elect model type on or before March&nbsp;1, 2004) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.2 SCHEDULED DELIVERY DATE AND LOCATION </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the
month of February 2005 at Seattle, Washington </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.3 INITIAL LEASE TERM </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The term of leasing of the Aircraft will commence on the delivery date and continue for twelve (12)&nbsp;months with six (6)&nbsp;successive,
automatic twelve (12) month extensions and one (1)&nbsp;automatic three (3)&nbsp;month extension </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.4 **MATERIAL REDACTED** </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">**Material Redacted** </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.5 SECURITY DEPOSIT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">**Material Redacted**, payable as follows (in U.S. Dollars) to be held, returned, applied and/or refunded in accordance with the terms of this
Lease: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="79%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PAYMENT DATE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AMOUNT</P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">2 business days following LOI Execution</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">**Material&nbsp;Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">2 business days following Lease execution</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">On or before March 15, 2004</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">On or before August&nbsp;2, 2004</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">**Material Redacted**</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.6 TRANSACTION FEE </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">**Material Redacted**, payable within 2 business days after execution of this Lease </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.7 RENT DURING INITIAL LEASE TERM </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Payable
monthly in advance and equal to the sum of: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(a) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Month 1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">**Material&nbsp;Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">**Material&nbsp;Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Month 2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">**Material&nbsp;Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">**Material&nbsp;Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Remainder of initial lease term</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">**Material&nbsp;Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">**Material&nbsp;Redacted**</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">All amounts in the table above are per month expressed in January 2004 U.S. Dollars* </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">*The above base rent is expressed in January 2004 U.S. Dollars and will increase in accordance with Boeing&#146;s announced escalation rates
for the period from and including the 1st day of January 2004 through and including the delivery date of the Aircraft; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">plus </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(b)
**Material Redacted** per month of the incremental cost (net of Manufacturer charges) of (i)&nbsp;all BFE approved by LESSOR (whether buyer-furnished equipment or seller-purchased equipment) paid for by LESSOR in place of or in addition to
LESSEE&#146;s specification BFE for the Aircraft as specified in LESSEE&#146;s specification for the Aircraft and (ii)&nbsp;all other <FONT STYLE="white-space:nowrap">agreed-to</FONT> changes to LESSEE&#146;s specification for the Aircraft paid for
by LESSOR. **Material Redacted** </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">*The election of <FONT STYLE="white-space:nowrap">-700</FONT> or <FONT
STYLE="white-space:nowrap">-800</FONT> will be made by giving written notice to LESSOR on or before March&nbsp;1, 2004. In the event that LESSEE makes no election, the Aircraft will be a <FONT STYLE="white-space:nowrap">-700.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.8 **MATERIAL REDACTED** </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">**Material Redacted**
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.9 RESERVES </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Payable as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="22%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="75%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">TYPE OF RESERVES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AMOUNT OF RESERVES</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Airframe Reserves:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">Year 1: **Material Redacted** * per airframe flight hour</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">Year 2: **Material Redacted** * per airframe flight hour</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">Year 3: **Material Redacted** * per airframe flight hour</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">Year 4: **Material Redacted** * per airframe flight hour</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">Years 5 - 8: **Material Redacted** * per airframe flight hour</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">*Each of the airframe reserves amounts will be increased by</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">**Material Redacted** per airframe flight hour in the event that LESSEE elects the <FONT STYLE="white-space:nowrap">-800</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Engine&nbsp;Performance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Each of the figures below is per engine flight hour for each engine*:</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Restoration&nbsp;Reserves: *</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Year 1: **Material Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Year 2: **Material Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Year 3: **Material Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Year 4: **Material Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Years 5 - 8: **Material Redacted**</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Engine LLP Reserves:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">**Material Redacted** per engine cycle for each engine</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">*Engine reserves will be paid each month at the applicable rate based on the thrust rating at which a
particular Engine is operated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.10 ADDITIONAL RENT FOR EXCESS AIRFRAME AND ENGINE CYCLES </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">**Material Redacted** for each cycle the airframe and **Material Redacted** for each cycle an engine operated during a calendar year in excess
of the maximum number of cycles which would result from an average hour/cycle ratio of **Material Redacted** hours to **Material Redacted** cycle </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.11 COUNTRY OF AIRCRAFT REGISTRATION </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Republic of Panama or at LESSEE&#146;s request, the United States (if permitted by law) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.12 MAINTENANCE PROGRAM </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">LESSEE&#146;s
Maintenance Program </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.13 AGREED VALUE OF AIRCRAFT </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">**Material Redacted** </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">**Material
Redacted** </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">*The agreed value is expressed in January 2004 U.S. Dollars and will increase in accordance with Boeing&#146;s announced
escalation rates for the period from and including the 1st day of January 2004 through and including the delivery date of the Aircraft. **Material Redacted** </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.14 LESSOR&#146;S BANK ACCOUNT </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">International
Lease Finance Corporation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">JPMorgan Chase Bank </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">270 Park Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">New York, New
York 10017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ABA# 021000021 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 2 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">DEFINITIONS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except where the
context otherwise requires, the following words have the following meanings for all purposes of this Lease. The definitions are equally applicable to the singular and plural forms of the words. Any agreement defined below includes each amendment,
modification, supplement and waiver thereto in effect from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.1 GENERAL DEFINITIONS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;AIRCRAFT&#148; means the Airframe, two (2)&nbsp;Engines, APU, Parts and as the context permits, Aircraft Documentation, collectively. As
the context requires, &#147;Aircraft&#148; may also mean the Airframe, any Engine, the APU, any Part, the Aircraft Documentation or any part thereof individually. For example, in the context of return to LESSOR the term &#147;Aircraft&#148; means
the Airframe, Engines, APU, Parts and Aircraft Documentation collectively, yet in the context of LESSEE not creating any Security Interests other than Permitted Liens on the Aircraft, the term &#147;Aircraft&#148; means any of the Airframe, any
Engine, the APU, any Part or the Aircraft Documentation individually. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;AIRCRAFT DOCUMENTATION&#148; means all (a)&nbsp;log books,
Aircraft records, manuals and other documents provided to LESSEE in connection with the Aircraft, (b) documents listed in the Estoppel and Acceptance Certificate and Exhibit L and (c)&nbsp;any other documents required to be maintained during the
Lease Term and until the Termination Date by the Aviation Authority, LESSEE&#146;s Maintenance Program and this Lease. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;AIRFRAME&#148; means the airframe listed in the Estoppel and Acceptance Certificate executed at Delivery together with all Parts
relating thereto (except Engines or engines and the APU). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;AIRWORTHINESS DIRECTIVES&#148; or &#147;ADS&#148; means all airworthiness
directives (or equivalent) applicable to the Aircraft issued either by the Aviation Authority or the aviation authority of the country of manufacture of the Aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;APU&#148; means (a)&nbsp;the auxiliary power unit of the Aircraft listed in the Estoppel and Acceptance Certificate executed at
Delivery, (b)&nbsp;any replacement auxiliary power unit acquired by LESSOR and leased to LESSEE pursuant to Article 19.6 following a Total Loss of the APU; and (c)&nbsp;all Parts installed in or on such APU at Delivery (or substituted, renewed or
replacement Parts in accordance with this Lease) so long as title thereto is or remains vested in LESSOR in accordance with the terms of Article 12.4. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;AVIATION AUTHORITY&#148; means the Authoridad de Aeronautica Civil of the Republic of Panama or any Government Entity which under the
Laws of the Republic of Panama from time to time has control over civil aviation or the registration, airworthiness or operation of aircraft in the Republic of Panama. If the Aircraft is registered in a country other than the Republic of Panama,
&#147;Aviation Authority&#148; means the agency which regulates civil aviation in such other country. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;AVIATION DOCUMENTS&#148; means any or all of the following which at any time may be
obtainable from the Aviation Authority: (a)&nbsp;if required, a temporary certificate of airworthiness from the Aviation Authority allowing the Aircraft to be flown after Delivery to the State of Registration, (b)&nbsp;an application for
registration of the Aircraft with the appropriate authority in the State of Registration, (c)&nbsp;the certificate of registration for the Aircraft issued by the State of Registration, (d)&nbsp;a full certificate of airworthiness for the Aircraft
specifying transport category (passenger), (e) an air transport license, (f)&nbsp;an air operator&#146;s certificate, (g)&nbsp;such recordation of LESSOR&#146;s title to the Aircraft and interest in this Lease as may be available in the State of
Registration and (h)&nbsp;all such other authorizations, approvals, consents and certificates in the State of Registration as may be required to enable LESSEE lawfully to operate the Aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;BASIC ENGINE&#148; means those units and components of the Engine which are used to induce and convert fuel/air mixture into
thrust/power; to transmit power to the fan and accessory drives; to supplement the function of other defined systems external to the Engine; and to control and direct the flow of internal lubrication, plus all essential accessories as supplied by
the Engine manufacturer. The nacelle, installed components related to the Aircraft systems, thrust reversers, QEC and the primary exhaust nozzle are excluded. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;BEE&#148; means any equipment which is to be provided by the purchaser of the Aircraft (whether actually provided by LESSOR as
buyer-furnished equipment or Manufacturer as seller-purchased equipment). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;BUSINESS DAY&#148; means a day other than a Saturday or
Sunday on which the banks in the Republic of Panama and the city where LESSOR&#146;s Bank is located are open for the transaction of business of the type required by this Lease. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;CREDITOR&#148; means any lessor, owner, bank, lender, mortgagee or other Person which is the owner of or has any interest in an aircraft
engine or aircraft operated by LESSEE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;CREDITOR AGREEMENT&#148; means the applicable agreement between a Creditor and LESSEE or
between Creditors pursuant to which such Creditor owns, leases or has an interest in either a Boeing <FONT STYLE="white-space:nowrap">B737-NG</FONT> aircraft operated by LESSEE on which an Engine may be installed or in an aircraft engine which may
be installed on the Airframe. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;DEFAULT&#148; means any event which, upon the giving of notice, the lapse of time and/or a relevant
determination, would constitute an Event of Default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;DELIVERY&#148; means the delivery of the Aircraft from LESSOR to LESSEE
pursuant to Articles 3 and 6. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;DELIVERY DATE&#148; means the date on which Delivery takes place. &#147;DOLLARS,&#148; and
&#147;$&#148; means the lawful currency of the U.S. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;ENGINE&#148; means (a)&nbsp;each of the engines listed on the Estoppel and
Acceptance Certificate; (b)&nbsp;any replacement engine acquired by LESSOR and leased to LESSEE pursuant to Article 19.5 following a Total Loss of an Engine; and (c) all Parts installed in or on any of such engines at Delivery (or substituted,
renewed or replacement Parts in accordance with this Lease) so long as title thereto is or remains vested in LESSOR in accordance with the terms of Article 12.4. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;EUROCONTROL&#148; means the European Organization for the Safety of Air Navigation
established by the Convention related to the <FONT STYLE="white-space:nowrap">Co-operation</FONT> for the Safety of Air Navigation (Eurocontrol) signed on December&nbsp;13, 1960, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;EVENT OF DEFAULT&#148; means any of the events referred to in Article 25.2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;FAA&#148; means the Federal Aviation Administration of the Department of Transportation or any successor thereto under the Laws of the
U.S. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;FARS&#148; means the U.S. Federal Aviation Regulations embodied in Title 14 of the U.S. Code of Federal Regulations, as
amended from time to time, or any successor regulations thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;GENEVA CONVENTION&#148; means the Convention on the International
Recognition of Rights in Aircraft signed in Geneva, Switzerland on June&nbsp;19, 1948. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;GOVERNMENT ENTITY&#148; means any
(a)&nbsp;national, state or local government, (b)&nbsp;board, commission, department, division, instrumentality, court, agency or political subdivision thereof and (c)&nbsp;association, organization or institution of which any of the entities listed
in (a)&nbsp;or (b) is a member or to whose jurisdiction any such entity is subject. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;LANDING GEAR&#148; means the installed main and
nose landing gear, components and their associated actuators, side braces and parts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;LAW&#148; means any (a)&nbsp;statute, decree,
constitution; regulation, order or any directive of any Government Entity, (b)&nbsp;treaty, pact, compact or other agreement to which any Government Entity is a signatory or party, (c)&nbsp;judicial or administrative interpretation or application of
any of the foregoing or (d) any binding judicial precedent having the force of law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;LEASE&#148; means this Aircraft Lease
Agreement, together with all Exhibits hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;LESSOR&#146;S LIEN&#148; means any Security Interest created by LESSOR. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;MAINTENANCE PROGRAM&#148; means LESSEE&#146;s maintenance program as approved by the Aviation Authority or such other maintenance
program as LESSOR may, in its discretion, accept in writing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;MANUFACTURER&#148; means The Boeing Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;MPD&#148; means the Maintenance Planning Document published by Manufacturer and applicable to the Aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;OVERHAUL&#148; means the full reconditioning of the Aircraft, an Engine, the APU, Landing Gear, module or Part, as the case may be, in
which such equipment has been fully disassembled; cleaned; thoroughly inspected; and returned to such condition specified by the applicable manufacturer&#146;s manual as shall permit the operation of such Engine, APU, Part, Landing Gear, etc. for
the maximum period of time, hours or cycles, as applicable, as specified by the relevant manufacturer&#146;s Overhaul manual. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;PART&#148; means any part, component, appliance, system module, engine module,
accessory, material, instrument, communications equipment, furnishing, LESSEE-furnished or LESSOR-purchased equipment or other item of equipment (other than complete Engines or engines or the APU) for the time being installed in or attached to the
Airframe, any Engine or the APU or which, having been removed from the Airframe, any Engine or the APU, remains the property of LESSOR. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;PDM&#148; means the post Delivery modification during which the installation of a blended winglet system and LESSEE&#146;s in flight
entertainment system will be installed. Scheduling, arranging and coordinating the arrival at the PDM location of the Aircraft, BFE, material and parts will be LESSEE&#146;s responsibility. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;PERMITTED LIEN&#148; means (a)&nbsp;LESSOR&#146;s Liens; (b)&nbsp;Security Interests arising in the ordinary course of LESSEE&#146;s
business for Taxes either not yet assessed or, if assessed, not yet due or being contested in good faith in accordance with Article 16.5; (c) materialmen&#146;s, mechanics&#146;, workmen&#146;s, repairmen&#146;s, employees&#146; liens or similar
Security Interests (including liens for airport and navigation facility fees) arising by operation of Law after the Delivery Date in the ordinary course of LESSEE&#146;s business for amounts which are either not yet due or are being contested in
good faith by appropriate proceedings (and for which adequate reserves have been made or, when required in order to pursue such proceedings, an adequate bond has been provided) so long as such proceedings do not involve any danger of sale,
forfeiture or loss of the Aircraft; or liens on LESSEE&#146;s interest arising out of judgments or awards against LESSOR. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;PERSON&#148; means any individual, firm, partnership, joint venture, trust, corporation, company, Government Entity, committee,
department, authority or any body, incorporated or unincorporated, whether having distinct legal personality or not. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;PRIME
RATE&#148; means the rate of interest from time to time announced by JPMorgan Chase Bank in New York as its prime commercial lending rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;PROHIBITED COUNTRY&#148; means any country to which the export and/or use (as applicable) of a
<FONT STYLE="white-space:nowrap">B737-700</FONT> / 800 aircraft with <FONT STYLE="white-space:nowrap">CFM56-7B</FONT> engines attached thereto is not permitted under (a)&nbsp;any United Nations sanctions, (b)&nbsp;the Council Regulation (EC)
No.&nbsp;149/2003 which updates and amends Council Regulation (EC) 1334/2000, (c) the United States Export Administration Act 1979 (as amended) or any successor legislation and/or the Export Administration Regulations promulgated thereunder,
(d)&nbsp;where applicable, the various regulations administered from time to time by the Office of Foreign Assets Control of the U.S. Treasury Department, (e)&nbsp;any similar or corresponding legislation then in effect in the U.S., the United
Kingdom, France, Spain or Germany or (f)&nbsp;any subsequent United Nations Sanctions Orders the effect of which prohibits or restricts the export and/or use of <FONT STYLE="white-space:nowrap">B737-700</FONT> / 800 aircraft with <FONT
STYLE="white-space:nowrap">CFM56-7B</FONT> engines attached thereto to such country. For purposes of this Lease, Prohibited Country will be defined by applicable regulations listed above which are updated, amended and superseded from time to time,
the violation of which may reasonably be expected to result in civil, criminal or seizure liability for LESSEE, LESSOR or the Aircraft. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;QEC&#148; means all interface parts which are installed between the Engine pylon and
the Basic Engine. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;RETURN CHECK&#148; means the accomplishment of all work cards specified in the Maintenance Program and the MPD
which (a)&nbsp;are necessary to clear the Aircraft of all such tasks **Material Redacted**, or (b)&nbsp;are required to be performed at lesser intervals than **Material Redacted**. If pursuant to the then-current MPD, the performance interval for a
task is shorter than every **Material Redacted**, then such task will also be performed. All <FONT STYLE="white-space:nowrap">non-routine</FONT> tasks generated as a result of the performance of these work cards must also be performed. For avoidance
of doubt, if the inspection interval pursuant to the then-current MPD for a particular work card only refers to one or two of the three measurement tests, then the most restrictive measurement test or tests referred to in the then-current MPD will
be utilized in determining whether the task must be performed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;SECURITY INTEREST&#148; means any encumbrance or security interest,
however and wherever created or arising including (without prejudice to the generality of the foregoing) any right of ownership, security, mortgage, pledge, charge, encumbrance, lease, lien, statutory or other right in rem, hypothecation, title
retention, attachment, levy, claim or right of possession or detention. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;STATE OF REGISTRATION&#148; means the Republic of Panama,
the United States of America at LESSEE&#146;s request (if permitted by Law) or such other country or state of registration of the Aircraft as LESSOR may, in its sole, but reasonable discretion, approve in writing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;U.S.&#148; means the United States of America. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.2 SPECIFIC DEFINITIONS. The following terms are defined in the Articles referenced below: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="91%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>TERMS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>ARTICLE</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Agreed Value</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Airframe Reserves</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.4.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Default Interest</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Delivery Location</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Engine LLP Reserves</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.4.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Engine Performance Restoration</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.4.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reserves</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expiration Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4.2.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Indemnitees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Initial Lease Term</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Lease Term</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">LESSOR&#146;s Assignee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24.2.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="93%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">LESSOR&#146;s Bank</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">LESSOR&#146;s Lender</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Manufacturer&#146;s Escalation Rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.3.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Modification</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.10.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Total Loss Proceeds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operative Documents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20.1.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.3.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reserves</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.4.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Scheduled Delivery Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Security Deposit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.1.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Termination Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Loss Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Loss Proceeds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transaction Fee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 3 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PLACE AND DATE OF DELIVERY </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.1 PLACE OF
DELIVERY. Delivery of the Aircraft by LESSOR to LESSEE will occur at Manufacturer&#146;s facility in Seattle, Washington or such other place as may be agreed in writing between the parties (the &#147;DELIVERY LOCATION&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.2 SCHEDULED DELIVERY DATE. As of the date of this Lease, Delivery of the Aircraft from Manufacturer to LESSOR and LESSOR to LESSEE is scheduled to occur in
the month of February 2005. LESSOR will notify LESSEE in writing (or other method so long as LESSEE acknowledges such notice) from time to time and in a timely manner of the exact date on which LESSOR expects Delivery to take place (the
&#147;SCHEDULED DELIVERY DATE&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.3 DELIVERY SUBJECT TO MANUFACTURER DELIVERY. LESSOR and LESSEE expressly acknowledge that Delivery of the
Aircraft to by LESSOR to LESSEE is subject to and conditioned upon delivery of the Aircraft by Manufacturer to LESSOR. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.4 NO LESSOR LIABILITY. LESSOR
will not be liable for any loss or expense, or any loss of profit, arising from any delay or failure in Delivery to LESSEE unless such delay or failure arises as a direct consequence of the willful misconduct of LESSOR, and in no event will LESSOR
be liable for any delay or failure which is caused by any breach or delay on the part of Manufacturer or any BFE supplier. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.5 TOTAL LOSS OF AIRCRAFT
PRIOR TO DELIVERY. If a Total Loss of the Aircraft occurs prior to Delivery, neither party will have any further liability to the other except that LESSOR will return to LESSEE the Security Deposit in accordance with Article 5.1.3 and any prepaid
Rent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.6 CANCELLATION FOR DELAY. Promptly after LESSOR becomes aware that in Manufacturer&#146;s opinion a delay will cause Delivery to be delayed
beyond December 31, 2005, LESSOR will promptly notify LESSEE in writing (or other method so long as LESSEE acknowledges such notice). By written notice given within ten (10) Business Days after LESSEE&#146;s receipt of such LESSOR notice, LESSEE may
by written notice to LESSOR terminate this Lease and this Lease will terminate on the date of receipt of such notice. In the event of such termination, neither party will have any further liability to the other party except that LESSOR will promptly
return to LESSEE the Security Deposit in accordance with Article 5.1.3 and any prepaid Rent. If LESSEE does not give notice of termination within such ten (10)&nbsp;Business Days, LESSEE loses all right to terminate under this Article 3.6 unless
otherwise agreed in writing by the parties. **Material Redacted** </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 4 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">LEASE TERM AND **MATERIAL REDACTED** </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.1 INITIAL
LEASE TERM. The term of leasing of the Aircraft will commence on the Delivery Date and continue for twelve (12)&nbsp;months with six (6)&nbsp;successive, automatic twelve (12)&nbsp;month extensions and one (1)&nbsp;automatic three (3)&nbsp;month
extension (the &#147;INITIAL LEASE TERM&#148;) unless this Lease shall be earlier terminated or extended pursuant to the provisions of Article 4.2.1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, LESSOR and LESSEE will cooperate to modify the return date to allow LESSEE to perform the return C-check as near as possible to
the expiration of the prior C-check without unduly prejudicing the marketing of the Aircraft to a follow-on operator. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.2 **MATERIAL REDACTED** </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">4.2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">4.2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.3 &#147;LEASE TERM&#148; AND &#147;EXPIRATION DATE&#148;. &#147;LEASE TERM&#148; means the term of leasing commencing on the Delivery Date and terminating
on the Expiration Date. &#147;EXPIRATION DATE&#148; means the date on which LESSEE is required to redeliver the Aircraft to LESSOR in the condition required by this Lease on the last day of the Initial Lease Term **Material Redacted**. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.4 &#147;TERMINATION DATE&#148;. If LESSEE returns the Aircraft to LESSOR on the Expiration Date in the condition required by Article 23, then
&#147;TERMINATION DATE&#148; has the same meaning as &#147;Expiration Date&#148;, If LESSEE does not do so, then &#147;TERMINATION DATE&#148; means the date on which the first of the following events occurs: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(a) there is a Total Loss of the Aircraft prior to Delivery pursuant to Article 3.5; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(b) cancellation of this Lease occurs pursuant to Article 3.6; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(c) there is a Total Loss of the Aircraft and payment is made to LESSOR in accordance with Article 19.3; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(d) an Event of Default occurs and LESSOR repossesses the Aircraft or otherwise terminates this Lease pursuant to Article 25.3 prior to the
Expiration Date and recovers possession and control of the Aircraft; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(e) an Event of Default occurs hereunder by LESSEE returning the
Aircraft in the condition required by this Lease after the Expiration Date; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(f) an Event of Default occurs and LESSOR repossesses the
Aircraft or otherwise terminates this Lease pursuant to Article 25.3 after the Expiration Date and recovers possession and control of the Aircraft. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 5 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SECURITY DEPOSIT, TRANSACTION FEE, RENT, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RESERVES AND OTHER PAYMENTS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.1 SECURITY
DEPOSIT. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">5.1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LESSEE will pay LESSOR a security deposit of **Material Redacted** for its lease of the Aircraft (the
&#147;SECURITY DEPOSIT&#148;). The Security Deposit is payable as follows (in US$): </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">PAYMENT DATE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">AMOUNT (-700)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">AMOUNT (-800)</P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Two (2)&nbsp;Business Days following LOI Execution **Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Two (2)&nbsp;Business Days following Lease execution **Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">On or before March&nbsp;15, 2004 **Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">On or before August&nbsp;2, 2004 **Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">TOTAL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">5.1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Security Deposit may be commingled with LESSOR&#146;s general funds and any interest earned on such
Security Deposit will be for LESSOR&#146;s account. If the Security Deposit is reduced below the required amount by application to meet LESSEE&#146;s unperformed obligations under this Lease, LESSEE will replenish the Security Deposit within ten
(10)&nbsp;days after LESSOR&#146;s demand therefor. The Security Deposit will serve as security for the performance by LESSEE of its obligations under this Lease and any other agreements between LESSEE and LESSOR relating to aircraft, engines,
aircraft equipment or the extension of credit and may be applied by LESSOR upon the occurrence of an Event of Default hereunder or of a default by LESSEE under any such other agreements. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">5.1.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Upon termination of this Lease in accordance with Article 4.4, LESSOR will promptly return to LESSEE the amount
of the Security Deposit then held by LESSOR (so long as no default by LESSEE exists under any other agreement between LESSEE and LESSOR relating to aircraft, engines or aircraft equipment or the extension of credit by LESSOR to LESSEE), without
interest, less an amount determined by LESSOR to be a reasonable estimate of the costs, if any, which LESSOR will incur to remedy any Default or Event of Default which has occurred and is continuing under this Lease, including the correction of any
discrepancies from the required condition of the Aircraft on return of the Aircraft. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.2 TRANSACTION FEE. Within two (2)&nbsp;Business Days after execution of this Lease, LESSEE will pay LESSOR
a nonrefundable transaction fee of **Material Redacted** (the &#147;TRANSACTION FEE&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.3 RENT. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">5.3.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LESSEE will pay LESSOR the following amounts monthly in advance as rent for the Aircraft (the
&#147;RENT&#148;): </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">INITIAL LEASE TERM: Payable monthly in advance and equal to the sum of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">(a) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Months 1 and 2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">**Material Redacted** (in the event that LESSEE elects -700)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">**Material Redacted** (in the event that LESSEE elects -800)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Remainder of Initial Lease Term</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">**Material Redacted** (in the event that LESSEE elects -700)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">**Material Redacted** (in the event that LESSEE elects - 800)</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">All amounts in the table above are per month expressed in January 2004 U.S. Dollars* (prorated for any partial
month during the Lease Term or during the first and last calendar month of the Lease Term if such month is less than a full month) </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">*The
above base rent is expressed in January 2004 U.S. Dollars and will increase in accordance with Boeing&#146;s announced escalation rates for the period from and including the 1st of January 2004 through and including the Delivery Date of the Aircraft
(the &#147;MANUFACTURER&#146;S ESCALATION RATE&#148;); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">plus </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">(b) **Material Redacted** per month of the incremental cost (net of Manufacturer charges) of (i)&nbsp;all BFE approved by LESSOR (whether
buyer-furnished equipment or seller-purchased equipment) paid for by LESSOR in place of or in addition to LESSEE&#146;s Specification BFE for the Aircraft as specified in LESSEE&#146;s Specification for the Aircraft and (ii)&nbsp;all other agreed-to
changes to LESSEE&#146;s Specification for the Aircraft paid for by LESSOR. **Material Redacted**. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">Any increases to the above base rent
during the Lease Term will be calculated immediately prior to Delivery. **Material Redacted** </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">**Material Redacted**: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">**Material Redacted**. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">5.3.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The first payment of Rent during the Lease Term will be paid no later than three (3)&nbsp;Business Days prior
to the Scheduled Delivery Date. Each subsequent payment of Rent will be due monthly thereafter no later than the same day of the month as the Delivery Date of the Aircraft except that, if such day is not a Business Day, the Rent will be due on the
immediately preceding Business Day. If Delivery occurred on the 29th, 30th or 31st of the month and in any given month during the Lease Term there is no such corresponding date, Rent will be payable on the last Business Day of such month. In the
event that after LESSEE has paid the Rent three days prior to the Scheduled Delivery Date and then prior to Delivery the Delivery is delayed by more than seven (7)&nbsp;days, LESSOR will refund the Rent to LESSEE and LESSEE will repay the Rent prior
to the Delivery Date. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.4 RESERVES. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">5.4.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LESSEE will pay to LESSOR supplemental Rent, based on LESSEE&#146;s use of the Aircraft during the Lease Term,
in the form of the following reserves in the following amounts (individually, &#147;AIRFRAME RESERVES&#148;, &#147;ENGINE PERFORMANCE RESTORATION RESERVES&#148; and &#147;ENGINE LLP RESERVES&#148; and collectively &#147;RESERVES&#148;):
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">TYPE OF RESERVES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">AMOUNT OF RESERVES</P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Airframe Reserves:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Year 1: **Material Redacted** * per Airframe flight hour</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Year 2: **Material Redacted** * per Airframe flight hour</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Year 3: **Material Redacted** * per Airframe flight hour</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Year 4: **Material Redacted** * per Airframe flight hour</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Years 5 - 8: **Material Redacted** * per Airframe flight hour</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">*Each of the Airframe Reserves amounts will be increased by **Material Redacted** per Airframe flight hour in the event that LESSEE elects the - 800.</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Engine Performance Restoration Reserves*:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Each of the figures below is per Engine flight hour for each Engine (payable when the Engine is utilized on the Aircraft or another aircraft)*:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Year 1: **Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Year 2: **Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Year 3: **Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Year 4: **Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Years 5 - 8: **Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Engine LLP Reserves:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">**Material Redacted** per Engine cycle for each Engine (payable when the Engine is utilized on the Aircraft or another aircraft)</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">*Engine Reserves will be paid each month at the applicable rate based on the thrust rating at which a
particular Engine is operated during such month. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">5.4.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The amount of the Engine Performance Restoration Reserves and Engine LLP Reserves set forth in Article 5.4.1
will be increased by LESSOR in the event of an increase in the thrust rating of an Engine in accordance with Article 12.9. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">5.4.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Such Reserves will be paid on or before the 10th day of the calendar month next following the month in which
the Delivery Date occurs and on or before the 10th day of each succeeding calendar month for flying performed during the calendar month prior to payment. All Reserves for flying performed during the month in which the Termination Date occurs will be
paid on the Termination Date, unless otherwise agreed by the parties. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">5.4.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No interest will accrue or be paid at any time to LESSEE on such Reserves and, subject to LESSOR&#146;s
obligations under Article 13, LESSOR may commingle the Reserves with LESSOR&#146;S general funds. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.5 ADDITIONAL RENT FOR EXCESS
CYCLES. If in any calendar year (or portion thereof) of the Lease Term the Airframe or any Engine operated more cycles than the maximum number of cycles which would result from an average hour/cycle ratio of **Material Redacted** hours to **Material
Redacted** cycle, LESSEE will pay LESSOR as additional Rent **Material Redacted** for each Airframe cycle and **Material Redacted** **Material Redacted** for each Engine cycle the Airframe and any Engine actually operated during such calendar year
(or portion thereof) in excess of the number of cycles which result from an average hour/cycle ratio of **Material Redacted** hours to **Material Redacted** cycle. A calculation will be made as of December&nbsp;31 of each year and such additional
Rent will be due and payable by LESSEE on the date on which the next Reserves payment is due (in accordance with Article 5.4.3) following such hour/cycle calculation period. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Example: If the Airframe operated **Material Redacted** hours in a calendar year, it would have **Material Redacted** cycles resulting from an
average hour/cycle ratio of **Material Redacted** hours to **Material Redacted** cycle. If in fact the Airframe operated **Material Redacted** cycles in such calendar year, the Airframe operated **Material Redacted** excess cycles in such calendar
year and LESSEE will pay LESSOR **Material Redacted** (**Material Redacted** excess cycles x **Material Redacted** = **Material Redacted**). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Similarly, if an Engine which is rated at **Material Redacted** thrust operated **Material
Redacted** cycles in such calendar year, such Engine operated **Material Redacted** excess cycles in such calendar year and LESSEE will pay LESSOR **Material Redacted** (**Material Redacted** excess cycles x **Material Redacted** = **Material
Redacted**). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Alternatively, if an Engine which is rated at **Material Redacted** thrust operated **Material Redacted** cycles in such
calendar year, such Engine operated **Material Redacted** excess cycles in such calendar year and LESSEE will pay LESSOR **Material Redacted** (**Material Redacted** excess cycles x **Material Redacted** = **Material Redacted**). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.6 LESSOR&#146;S BANK ACCOUNT. The Security Deposit, Transaction Fee, Rent, Reserves and any other payment due under this Lease will be paid by wire transfer
of immediately available U.S.&nbsp;Dollar funds to LESSOR&#146;s bank account at: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">International Lease Finance Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">JPMorgan Chase Bank </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">270 Park
Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">New York, New York 10017 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">ABA# 021000021 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or to such other bank account in
the United States (or such other jurisdiction as may be agreed) as LESSOR may from time to time designate by at least three (3)&nbsp;days prior written notice (&#147;LESSOR&#146;S BANK&#148;). When it is stated in this Lease that an installment of
the Security Deposit, the monthly Rent, Reserves or any other payment is due or must be paid or made by LESSEE by a specific date, then such payment actually must be received by LESSOR&#146;s Bank on or before such specific date on or before close
of business (local time), even if, in order for such payment to be received by LESSOR&#146;s Bank by such specific date, LESSEE must initiate the wire transfer prior to such specific date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.7 DEFAULT INTEREST. If LESSOR&#146;s Bank does not receive the Rent or any other amount on or before the specific date when due, LESSOR will suffer loss and
damage the exact nature and amount of which are difficult or impossible to ascertain. LESSEE will pay LESSOR as supplemental Rent (by way of agreed compensation and not as a penalty) interest on any due and unpaid amounts payable by LESSEE under
this Lease. Interest will be calculated at a per annum rate (based on a 360 day year) which is equal to **Material Redacted** plus the Prime Rate in effect on the date on which the amount was originally due for the period from the date the amount
originally was due through the date the amount actually is received at LESSOR&#146;s Bank or, in the case of LESSOR&#146;s performance of LESSEE&#146;s obligations hereunder, from the date of payment by LESSOR through the date of LESSEE&#146;s
repayment to LESSOR (&#147;DEFAULT Interest&#148;). Default Interest will accrue on a day-to-day basis and be compounded monthly. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.8 NO DEDUCTIONS OR WITHHOLDINGS. Subject to Article 16 of this Lease, All payments by LESSEE under this
Lease, including the Security Deposit, Transaction Fee, Rent, Reserves, Default Interest, fees, indemnities or any other item, will be made in full without any deduction or withholding whether in respect of set-off, counterclaim, duties, or Taxes
(in accordance with Article 16) imposed in the State of Registration or any jurisdiction from which such payments are made unless LESSEE is prohibited by Law from doing so, in which event LESSEE will gross up the payment amount such that the net
payment received by LESSOR after any deduction or withholding equals the amounts called for under this Lease. LESSEE will also do all of the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(a) Ensure that the deduction or withholding does not exceed the minimum amount legally required; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(b) Pay to the relevant Government Entities within the period for payment permitted by applicable Law the full amount of the deduction or
withholding (including the full amount of any deduction or withholding from any additional amount paid pursuant hereto); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(c) Furnish
to LESSOR within thirty (30)&nbsp;days after each payment an official receipt of the relevant Government Entities involved for all amounts so deducted or withheld. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.9 NET LEASE. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">5.9.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This Lease is a net lease and LESSEE&#146;s obligation to pay Rent and make other payments in accordance with
this Lease will be absolute and unconditional under any and all circumstances and regardless of other events, including the following: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">(a) any right of set-off, counterclaim, recoupment, defense or other right (including any right of reimbursement) which LESSEE may have
against LESSOR, Manufacturer, the Engine manufacturer or any other person for any reason, including any claim LESSEE may have for the foregoing; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">(b) unavailability or interruption in use of the Aircraft for any reason, including a requisition thereof or any prohibition or interference
with or other restriction against LESSEE&#146;s use, operation or possession of the Aircraft (whether by Law or otherwise), any defect in title, airworthiness, merchantability, fitness for any purpose, condition, design, specification or operation
of any kind or nature of the Aircraft, the ineligibility of the Aircraft for any particular use or trade or for registration under the Laws of any jurisdiction or Total Loss of the Aircraft in accordance with Article 19.3; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">(c) insolvency, bankruptcy, reorganization, arrangement, readjustment of debt, dissolution, liquidation, receivership, administration or
similar proceedings by or against LESSOR, LESSEE, Manufacturer, the Engine manufacturer or any other Person; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">(d) invalidity or unenforceability or lack of due authorization of or other defect in this
Lease; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">(e) failure or delay on the part of any party to perform its obligations under this Lease; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">(f) any other circumstance which but for this provision would or might have the effect of terminating or in any other way affecting any
obligation of LESSEE hereunder. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">5.9.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Nothing in Article 5.9 will be construed to limit LESSEE&#146;s rights and remedies in the event of
LESSOR&#146;s breach of its warranty of quiet enjoyment set forth in Article 21.2 or to limit LESSEE&#146;s rights and remedies to pursue in a court of law any claim it may have against LESSOR or any other Person. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.10 CURRENCY INDEMNITY. If under any applicable Law, whether as a result of a judgment against LESSEE or the liquidation of LESSEE or for any other reason,
any payment hereunder is required to be made or recovered in a currency other than Dollars then, to the extent that the payment (when converted into Dollars at the &#147;rate of exchange&#148; on the date of payment or, in the case of a liquidation,
the latest date for the determination of liabilities permitted by the applicable Law) falls short of the amount payable under this Lease, LESSEE will as a separate and independent obligation, fully indemnify LESSOR against the amount of the
shortfall. If the amount received by LESSOR upon converting the payment into Dollars exceeds the amount payable under this Lease, LESSOR will remit such excess to LESSEE. For the purposes of this paragraph &#147;rate of exchange&#148; means the rate
at which LESSOR is able on the relevant date to purchase Dollars in New York or London (at LESSOR&#146;s option) with such other currency. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.11 LESSOR
PERFORMANCE OF LESSEE OBLIGATION. If LESSEE fails to make any payment under this Lease to a third party in connection with the Aircraft or fails to perform any other obligation required under this Lease, LESSOR may (but is not required to) at its
election and without waiver of its rights perform such obligation and/or pay such amount. Within five (5)&nbsp;Business Days after written notice to LESSEE of the amount paid by LESSOR on behalf of LESSEE, LESSEE will repay such amount to LESSOR
together with Default Interest. Such payment to LESSOR will constitute additional Rent payable by LESSEE to LESSOR hereunder. Any payment, performance or compliance by LESSOR of a LESSEE obligation hereunder will not affect the occurrence or
continuance of a Default or Event of Default, as the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.12 CONSIDERATION FOR RENT AND OTHER AMOUNTS. The amount of the Rent and other
payments contained herein are in consideration of LESSEE&#146;s waiver of warranties and indemnities set forth in Articles 8 and 17, respectively, and the other provisions of this Lease. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 6 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">INVOLVEMENT WITH AIRCRAFT MANUFACTURER </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.1
LESSEE SELECTION OF AIRCRAFT. LESSEE ACKNOWLEDGES THAT THE DESCRIPTION OF THE AIRCRAFT SET FORTH IN THIS LEASE IS BASED UPON INFORMATION SUPPLIED BY MANUFACTURER. LESSEE COVENANTS TO LESSOR THAT LESSEE HAS USED ITS OWN JUDGMENT IN SELECTING THE
AIRCRAFT AND HAS DONE SO BASED ON ITS SIZE, DESIGN AND TYPE. LESSEE ACKNOWLEDGES THAT LESSOR IS NOT A MANUFACTURER, REPAIRER OR SERVICING AGENT OF THE AIRCRAFT. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.2 AGENCY AGREEMENT. Certain obligations remain to be performed by LESSOR in connection with the manufacture, fabrication and completion of the Aircraft by
Manufacturer which will be performed by LESSEE (as provided in the Agency Agreement). LESSEE will act as LESSOR&#146;s agent with respect to some of these matters pursuant to the terms of an Agency Agreement to be entered into between LESSEE and
LESSOR in the form set forth in Exhibit B. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.3 PROCUREMENT OF BFE. Unless otherwise agreed, LESSOR will procure all BFE for the Aircraft in accordance
with the Aircraft specification. In respect of any additional BFE not part of LESSEE&#146;s Specification as of the date hereof, LESSOR and LESSEE shall use reasonable efforts to purchase such BFE under the supplier contract which provides the most
favorable pricing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.4 ASSIGNMENT OF TRAINING. LESSOR hereby assigns to LESSEE all rights to training to which LESSOR is entitled as a result of
LESSOR&#146;s purchase of the Aircraft and lease of the Aircraft to LESSEE. If LESSEE fails to take Delivery of the Aircraft when tendered in accordance with Article 6.7, LESSEE will immediately pay to LESSOR an amount equal to the Dollar value of
such training based on what the training would have cost LESSEE had LESSEE purchased such training directly from Manufacturer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.5 LESSEE INSPECTION OF
AIRCRAFT. During the course of final assembly of the Aircraft, and at Delivery, LESSEE will have its own representative present to inspect the Aircraft and to ensure its conformity with LESSEE&#146;s needs and the terms of this Lease. LESSEE will
have ground inspection and acceptance flight rights with respect to the Aircraft. LESSEE acknowledges that, as between LESSEE and LESSOR, in accepting the Aircraft LESSEE is relying on its own inspection and knowledge of the Aircraft in determining
whether the Aircraft meets the requirements of this Lease. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.6 AIRCRAFT AT DELIVERY. At Delivery, the Aircraft will be as set forth in Exhibit A, as such
description may be modified by any change requests agreed to among LESSEE, LESSOR and Manufacturer (which will be reflected in amendment(s) to this Lease). In the event of any discrepancies, LESSEE and LESSOR will cooperate in good faith with one
another and with Manufacturer and the Engine manufacturer, as applicable, in order to arrive at a mutually acceptable resolution of any such discrepancies. LESSOR will use commercially reasonable efforts to cause Manufacturer to correct any
discrepancies prior to Delivery or will cause Manufacturer to provide a commitment letter which will provide that any discrepancies which exist at Delivery will be corrected at no cost to LESSEE. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.7 DELIVERY OF THE AIRCRAFT TO LESSEE. Subject to LESSEE and LESSOR having performed all of the conditions
precedent to Delivery set forth herein, immediately following delivery of the Aircraft from Manufacturer to LESSOR, LESSOR will deliver the Aircraft to LESSEE at the Delivery Location. Provided that the Aircraft is in the condition required by
Article 6.6, upon the tender of the Aircraft by LESSOR to LESSEE, LESSEE will accept the Aircraft and the date of tender by LESSOR to LESSEE will be deemed to be the Delivery Date for all purposes under this Lease, including, but not limited to, the
commencement of LESSEE&#146;s obligation to pay Rent hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.8 LESSEE ACCEPTANCE OF AIRCRAFT. If LESSEE fails to (a)&nbsp;comply with its
obligations set forth in Article 6.2 (other than as a direct result of a failure by LESSOR to comply with LESSOR&#146;s obligations hereunder or under the Agency Agreement), (b)&nbsp;comply with the conditions contained in Articles 7.1 and 7.2 so as
to allow Delivery to take place immediately following delivery of the Aircraft by Manufacturer to LESSOR or (c)&nbsp;take delivery of the Aircraft when properly tendered for delivery by LESSOR in the condition required hereunder, LESSEE will
indemnify LESSOR for all costs and expenses incurred by LESSOR as a direct result thereof including (without limitation) any payments other than the purchase price which LESSOR becomes obliged to make to Manufacturer. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 7 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PRE-DELIVERY, DELIVERY AND POST-DELIVERY </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">DOCUMENTARY AND OTHER REQUIREMENTS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.1
PRE-DELIVERY REQUIREMENTS. LESSEE will do each of the following prior to the Scheduled Delivery Date of the Aircraft within the time frames set forth below: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">7.1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Within one (1)&nbsp;month after execution of this Lease, LESSEE will deliver to LESSOR each of the following:
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;copies of resolutions of the Board of Directors of LESSEE or other written evidence of appropriate corporate
action, duly certifying and authorizing the lease of the Aircraft hereunder and the execution, delivery and performance of this Lease, together with an incumbency certificate as to the person or persons authorized to execute and deliver documents on
behalf of LESSEE hereunder; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">(b) an opinion of counsel in the form and substance of Exhibit F. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">7.1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">At least ten (10)&nbsp;days prior to the Scheduled Delivery Date, LESSEE will have delivered to LESSOR a
Certificate of Insurance and Brokers&#146; Letter of Undertaking in the form and substance of Exhibits C and D, respectively, (or other form reasonably satisfactory to LESSOR) from LESSEE&#146;s insurance brokers evidencing insurance of the Aircraft
in accordance with this Lease from the Delivery Date. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">7.1.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">At least three (3)&nbsp;Business Days prior to the Scheduled Delivery Date, LESSEE will do each of the
following: </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;pay to LESSOR the first monthly installment of Rent in accordance with Article 5.3.2; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;provide LESSOR with a copy of such Aviation Documents as may be available prior to the Scheduled Delivery Date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;provide LESSOR with a power of attorney empowering LESSEE&#146;s representative, who may be an officer or employee of LESSEE, to
accept the Aircraft on behalf of LESSEE; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;provide LESSOR with a power of attorney in the form of Exhibit G; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;provide LESSOR with such other documents as LESSOR may reasonably request. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.2 DELIVERY REQUIREMENTS. On the Delivery Date of the Aircraft, each of the following will occur: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">7.2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LESSEE will execute and deliver to LESSOR an Estoppel and Acceptance Certificate in the form of Exhibit E
covering the Aircraft and effective as of the Delivery Date. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">7.2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">if not previously done, LESSEE and LESSOR will sign an amendment or supplement to Exhibit A evidencing all
agreed-to changes to the specification of the Aircraft. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">7.2.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LESSEE will deliver a certificate signed by an officer of LESSEE stating all of the following:
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">(a) the representations and warranties contained in Article 20 are true and accurate on and as of the Delivery Date as
though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">(b)
no Default or Event of Default has occurred and is continuing or will result from LESSEE&#146;s lease of the Aircraft hereunder; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">(c)
to the extent applicable, such officer has examined the Creditor Agreements between LESSEE and the other Creditors and such Creditor Agreements contain terms pursuant to which, subject to reciprocal rights, such Creditors have agreed that they will
not obtain any right, title or interest in an Engine which is installed on another aircraft (or, if this is not the case, such officer will identify in the certificate the parties, the aircraft and the Creditor Agreements for which this statement is
untrue). </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">7.2.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LESSEE&#146;s counsel will deliver an opinion confirming the matters set forth in the opinion of counsel
described in Article 7.1 and advising that all filing and other requirements described in the earlier opinion of counsel have been met to the extent the same may be met prior to Delivery of the Aircraft. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">7.2.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If any Creditor Agreement provides or contemplates that such Creditor will obtain any right, title or interest
in an Engine which is installed on such Creditor&#146;s aircraft, LESSEE will deliver (if reasonably available) to LESSOR an engines cooperation agreement in form and substance acceptable to LESSOR which is executed by LESSEE and LESSEE&#146;s
Creditors (as defined therein); provided, however, to the extent such agreement has not been so delivered, LESSEE hereby agrees that LESSEE will not install an Engine on such Aircraft until such agreement shall have been delivered.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">7.2.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LESSOR will deliver to LESSEE an assignment of Manufacturer and Engine manufacturer rights in the form and
substance of Exhibits H and I, respectively, and concurrently therewith LESSOR, to the extent it has not previously done so, will be deemed to have assigned all product assurance and product support applicable to the owner or operator of the
Aircraft to LESSEE during the Lease Term. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">7.2.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LESSEE will deliver to LESSOR a copy of such Aviation Documents as have not been previously delivered which are
available. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.3 POST-DELIVERY REQUIREMENTS. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">7.3.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">As soon as reasonably practicable after Delivery but not later than thirty (30)&nbsp;days after arrival of the
Aircraft in Panama, if not previously provided, LESSEE will do each of the following: </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">(a) procure registration of the
Aircraft in the register of aircraft of the State of Registration showing LESSOR as the owner and provide evidence of the same to LESSOR; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">(b) provide LESSOR with copies of all Aviation Documents not previously delivered; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">(c) if the Aircraft could not be registered at Delivery, provide LESSOR with a <FONT STYLE="white-space:nowrap">follow-up</FONT> opinion of
counsel advising that the Aircraft has been registered in the State of Registration and that all necessary filings have been made. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">7.3.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Within forty five (45)&nbsp;days after Delivery, LESSEE will provide LESSOR with a Technical Evaluation Report
for the Aircraft in the form and substance of Exhibit M, as revised. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 8 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">DISCLAIMERS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">LESSOR HAS COMMITTED TO LESSEE THAT
ON THE DELIVERY DATE THE AIRCRAFT WILL BE IN THE CONDITION REQUIRED BY ARTICLE 6. SUCH COMMITMENT OR COVENANT ON THE PART OF LESSOR EXPIRES AND THE DISCLAIMERS SET FORTH IN THIS ARTICLE 8 APPLY UPON LESSEE&#146;S ACCEPTANCE OF THE AIRCRAFT AND
EXECUTION OF THE ESTOPPEL AND ACCEPTANCE CERTIFICATE. AFTER SUCH TIME, THEN AS BETWEEN LESSOR AND LESSEE: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.1 &#147;AS IS, WHERE IS&#148;. LESSEE AGREES
THAT IT IS LEASING THE AIRCRAFT &#147;AS IS, WHERE IS&#148;. LESSEE UNCONDITIONALLY ACKNOWLEDGES AND AGREES THAT NEITHER LESSOR NOR ANY OF ITS OFFICERS, DIRECTORS, EMPLOYEES OR REPRESENTATIVES HAVE MADE OR WILL BE DEEMED TO HAVE MADE ANY TERM,
CONDITION, REPRESENTATION, WARRANTY OR COVENANT EXPRESS OR IMPLIED (WHETHER STATUTORY OR OTHERWISE) AS TO (a)&nbsp;THE CAPACITY, AGE, AIRWORTHINESS, VALUE, QUALITY, DURABILITY, CONFORMITY TO THE PROVISIONS OF THIS LEASE, DESCRIPTION, CONDITION
(WHETHER OF THE AIRCRAFT, ANY ENGINE, ANY PART THEREOF OR THE AIRCRAFT DOCUMENTATION), DESIGN, WORKMANSHIP, MATERIALS, MANUFACTURE, CONSTRUCTION, OPERATION, DESCRIPTION, STATE, MERCHANTABILITY, PERFORMANCE, FITNESS FOR ANY PARTICULAR USE OR PURPOSE
(INCLUDING THE ABILITY TO OPERATE OR REGISTER THE AIRCRAFT OR USE THE AIRCRAFT DOCUMENTATION IN ANY OR ALL JURISDICTIONS) OR SUITABILITY OF THE AIRCRAFT OR ANY PART THEREOF, OR THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE,
KNOWN OR UNKNOWN, APPARENT OR CONCEALED, EXTERIOR OR INTERIOR, (b) THE ABSENCE OF ANY INFRINGEMENT OF ANY PATENT, TRADEMARK, COPYRIGHT OR OTHER INTELLECTUAL PROPERTY RIGHTS, (c)&nbsp;ANY IMPLIED WARRANTY ARISING FROM COURSE OF PERFORMANCE, COURSE OF
DEALING OR USAGE OF TRADE OR (d)&nbsp;ANY OTHER REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, WITH RESPECT TO THE AIRCRAFT OR ANY PART THEREOF, ALL OF WHICH ARE HEREBY EXPRESSLY EXCLUDED AND EXTINGUISHED. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.2 WAIVER OF WARRANTY OF DESCRIPTION. IN CONSIDERATION OF (a)&nbsp;LESSEE&#146;S RIGHTS HEREUNDER TO INSPECT THE AIRCRAFT AND (b)&nbsp;LESSOR&#146;S
ASSIGNMENT TO LESSEE OF ANY EXISTING AND ASSIGNABLE WARRANTIES OF MANUFACTURER AND THE ENGINE MANUFACTURER, LESSEE HEREBY AGREES THAT ITS ACCEPTANCE OF THE AIRCRAFT AT DELIVERY AND ITS EXECUTION AND DELIVERY OF THE ESTOPPEL AND ACCEPTANCE
CERTIFICATE CONSTITUTE LESSEE&#146;S WAIVER OF THE WARRANTY OF DESCRIPTION, ANY CLAIMS LESSEE MAY HAVE AGAINST LESSOR BASED UPON THE FAILURE OF THE AIRCRAFT TO CONFORM WITH SUCH DESCRIPTION AND ANY AND ALL RIGHTS IT MAY HAVE TO THE REMEDIES SET
FORTH IN SECTIONS 10508 THROUGH 10522 OF THE CALIFORNIA COMMERCIAL CODE. EVEN IF AT ANY TIME THE FAILURE OF THE AIRCRAFT TO CONFORM TO SUCH DESCRIPTION SUBSTANTIALLY IMPAIRS THE </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
VALUE AND UTILITY OF THE AIRCRAFT AND EITHER (i)&nbsp;LESSEE ACCEPTED THE AIRCRAFT BASED ON A REASONABLE ASSUMPTION THAT THE NONCONFORMITY WOULD BE CURED AND IT WAS NOT SEASONABLY CURED OR
(ii)&nbsp;LESSEE ACCEPTED THE AIRCRAFT WITHOUT DISCOVERING THE NONCONFORMITY BUT LESSEE&#146;S ACCEPTANCE OF THE AIRCRAFT WAS REASONABLY INDUCED EITHER BY LESSOR&#146;S ASSURANCES OR BY THE DIFFICULTY OF DISCOVERING ANY DEFECT PRIOR TO ACCEPTANCE,
LESSEE AGREES NOT TO LOOK TO LESSOR FOR DAMAGES OR RELIEF ARISING OUT OF THE FAILURE OF THE AIRCRAFT TO CONFORM TO SUCH DESCRIPTION. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.3 LESSEE WAIVER.
LESSEE hereby waives as between itself and LESSOR and agrees not to seek to establish or enforce any rights and remedies, express or implied (whether statutory or otherwise) against LESSOR or the Aircraft relating to any of the matters mentioned in
Articles 8.1 or 8.2 and the leasing thereof by LESSOR to LESSEE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.4 CONCLUSIVE PROOF. DELIVERY BY LESSEE TO LESSOR OF THE ESTOPPEL AND ACCEPTANCE
CERTIFICATE WILL BE CONCLUSIVE PROOF AS BETWEEN LESSOR AND LESSEE THAT LESSEE&#146;S TECHNICAL EXPERTS HAVE EXAMINED AND INVESTIGATED THE AIRCRAFT AND ENGINES AND (a)&nbsp;EACH IS AIRWORTHY AND IN GOOD WORKING ORDER AND REPAIR AND (b) THE AIRCRAFT
AND ENGINES AND THE AIRCRAFT DOCUMENTATION ARE WITHOUT DEFECT (WHETHER OR NOT DISCOVERABLE AT DELIVERY) AND IN EVERY WAY SATISFACTORY TO LESSEE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.5 NO
LESSOR LIABILITY FOR LOSSES. LESSEE agrees that LESSOR will not be liable to LESSEE, any sublessee or any Person, whether in contract or tort and however arising, for any cost, loss or damage (consequential or otherwise) arising out of the condition
of the Aircraft, whether or not due in whole or in part to an act or omission or the active or passive negligence of LESSOR but excluding acts resulting from the willful misconduct of LESSOR. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.6 NO LIABILITY TO REPAIR OR REPLACE. LESSOR will not be liable for any expense in repairing or replacing any item of the Aircraft or be liable to supply
another aircraft or any item in lieu of the Aircraft or any Part thereof if the same is lost, confiscated, damaged, destroyed or otherwise rendered unfit for use. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.7 NO WAIVER. Nothing in this Article 8 or elsewhere in this Lease will be deemed to be a waiver by LESSEE of any rights it may have against Manufacturer,
the Engine manufacturer or any other Person including, without limitation, rights LESSEE may have under Article 9 of this Lease. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 9 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MANUFACTURERS&#146; AND VENDORS&#146; WARRANTIES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.1 WARRANTIES. As set forth in Article 7.2.5, at Delivery LESSOR will assign to LESSEE for the duration of the Lease Term the benefit of all warranties and
indemnities given to LESSOR by Manufacturer and the Engine manufacturer. Effective on the Delivery Date, all other vendor warranties with respect to the Aircraft are hereby assigned by LESSOR to LESSEE. Additionally, LESSOR will cooperate in a
commercially reasonable manner with LESSEE in order to enforce any material warranty claims and take all other actions reasonably necessary to effectively assign to LESSEE and to secure the benefits for LESSEE of such warranties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.2 REASSIGNMENT. On the Termination Date, the benefit of any warranty assigned by LESSOR to LESSEE pursuant to Articles 7.2.5 and 9.1 will be reassigned
automatically to LESSOR or its designee (with the exception of any claims and rights of payment to LESSEE arising prior to the Termination Date). LESSEE&#146;S rights under such warranties (including LESSEE&#146;s claims and rights to payment
thereunder) will revert to LESSOR during any period in which an Event of Default is continuing. Similarly, any additional warranties received by LESSEE from Manufacturer, Engine manufacturer and any other vendor or repair facility for work performed
on the Aircraft, Engine or any Part during the Lease Term will be automatically assigned by LESSEE to LESSOR or its designee on the Termination Date (with the exception of any claims and rights of payment to LESSEE arising prior to the Termination
Date). LESSEE at its own cost and expense will do all such things and execute such documents as may be required for these purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.3 WARRANTY CLAIMS.
LESSEE will diligently and: promptly pursue any valid claims it may have against Manufacturer and others under such warranties with respect to the Aircraft. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 10 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">OPERATION OF AIRCRAFT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10.1 COSTS OF OPERATION.
LESSEE will pay all costs incurred in the operation of the Aircraft during the Lease Term and until the Termination Date, for profit or otherwise, including the costs of flight crews, cabin personnel, fuel, oil, lubricants, maintenance, insurance,
storage, landing and navigation fees, airport charges, passenger service and any and all other expenses of any kind or nature, directly or indirectly, in connection with or related to the use, movement and operation of the Aircraft. The obligations,
covenants and liabilities of LESSEE under this paragraph arising prior to return of the Aircraft to LESSOR will continue in full force and effect, notwithstanding the termination of this Lease or expiration of the Lease Term. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10.2 COMPLIANCE WITH LAWS. Except as otherwise provided in this Lease, LESSEE agrees throughout the Lease Term and until the Termination Date to maintain
operational control of the Aircraft and use the Aircraft in accordance with applicable Laws of the State of Registration and of any country, state, territory or municipality into or over which LESSEE may operate. LESSEE will not employ, suffer or
cause the Aircraft to be used in any business which is forbidden by Law or in any manner which may reasonably be expected to render it liable to condemnation, destruction, seizure, or confiscation by any authority. LESSEE will not permit the
Aircraft to fly to any airport or country if so doing would cause LESSEE or LESSOR to be in violation of any Law applicable to either of them or the Aircraft except as may be necessary to preserve the Aircraft or the safety, well being or life of
passengers or crew, provided, however, that in such event LESSEE will take reasonable actions to remove the Aircraft from such airport or country as soon as reasonably practical. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10.3 TRAINING. LESSEE will not use the Aircraft for testing or for training of flight crew members other than LESSEE crew members and will not use the
Aircraft for training any more than it utilizes for training the other aircraft in its fleet. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10.4 NO VIOLATION OF INSURANCE POLICIES. LESSEE will not
use or permit the Aircraft to be used in any manner or for any purpose which is not covered by the insurance policies LESSEE is required to carry and maintain as set forth in this Lease. LESSEE will not carry any goods of any description excepted or
exempted from such policies or do any other act or permit to be done anything which may reasonably be expected to invalidate or limit any such insurance policy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10.5 FLIGHT AND AIRPORT CHARGES. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">10.5.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LESSEE will pay promptly when due all airport or enroute navigation charges (including Eurocontrol charges if
and when applicable), navigation service charges, landing fees and all charges payable by LESSEE for the use of or for services provided at any airport, whether in respect of the Aircraft or any other aircraft of LESSEE which, if unpaid, may
reasonably be expected to subject the Aircraft to any lien, and will indemnify and hold LESSOR harmless in respect of the same. This indemnity will continue in full force and effect notwithstanding the termination or expiration of the Lease Term for
any reason or the return of the Aircraft. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">10.5.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If requested by LESSOR (but not more often than each six (6)&nbsp;months unless a Default or Event of Default
shall have occurred and be continuing), LESSEE will provide LESSOR with a list of the airports to which LESSEE regularly operates the Aircraft or its other aircraft (in the event that the operation of such other aircraft may reasonably be expected
to give rise to a lien on the Aircraft for navigation, landing, parking, storage or other similar charges). LESSEE hereby authorizes Eurocontrol (if and when applicable) or another aviation authority or airport or creditor claiming rights on the
Aircraft to confirm the status of LESSEE&#146;S payments to such creditor for the Aircraft and its other aircraft, as and when requested by LESSOR. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 11 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SUBLEASES </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11.1 NO SUBLEASE WITHOUT LESSOR
CONSENT. LESSEE WILL NOT SUBLEASE OR PART WITH POSSESSION OF THE AIRCRAFT (EXCEPT FOR MODIFICATION, MAINTENANCE, TESTING, SERVICE AND/OR REPAIR) AT ANY TIME WITHOUT THE PRIOR WRITTEN CONSENT OF LESSOR (NOT TO BE UNREASONABLY WITHHELD OR DELAYED) AND
IN ACCORDANCE WITH SUCH REQUIREMENTS AS MAY FROM TIME TO TIME BE AGREED IN WRITING BETWEEN LESSOR AND LESSEE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11.2 LESSOR COSTS. LESSEE will indemnify
LESSOR on demand for all <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses (including reasonable legal fees) incurred in connection with LESSOR&#146;s assessment of the subleasing proposal
(whether or not LESSOR&#146;s consent to such sublease is ultimately given) and implementation of the sublease. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11.3 ANY APPROVED SUBLEASE. Any sublease
approved by LESSOR will be for a term no greater than the remaining Lease Term. The applicable sublease agreement will contain provisions consistent with this Lease protecting LESSOR&#146;s title to the Aircraft, providing appropriate LESSOR
disclaimers and indemnities, regarding the maintenance and repair standards for the Aircraft and concerning the insurances which will be carried by the sublessee and the circumstances which constitute a Total Loss of the Aircraft. Any such sublease
will be subject and subordinate to this Lease. LESSOR will have an opportunity to review the proposed sublease agreement reasonably in advance in order to determine that it meets the requirements of this Article 11.3. In its sole and reasonable
discretion, LESSOR may require an opinion of counsel in connection with such sublease, including LESSOR&#146;s right to repossess the Aircraft in the event of an Event of Default hereunder or under the sublease. LESSEE will not amend the terms of
any approved sublease agreement without the prior written consent of LESSOR, which consent will not be unreasonably withheld. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11.4 ASSIGNMENT OF
SUBLEASE. Any approved sublease will be assigned to LESSOR as security. LESSEE will deliver the original counterpart of the sublease to LESSOR and make any filings necessary to protect LESSOR&#146;s security interest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11.5 WET LEASES. The wet leasing of the Aircraft during the Lease Term (in which LESSEE and its crews retain operational control of the Aircraft) will not be
considered a sublease of the Aircraft and will be permitted without LESSOR&#146;s consent, provided that (a)&nbsp;the Aircraft remains registered in the State of Registration, (b)&nbsp;the Aircraft will be operated in accordance with applicable
rules related to any Prohibited Country, (c)&nbsp;LESSEE provides LESSOR with either a certified copy of the applicable provisions from the wet lease agreement or an officer&#146;s certificate indicating whether LESSEE or the wet lessee will be
responsible for maintaining the primary passenger, baggage and cargo liability insurance relating to operation under the wet lease and (d)&nbsp;LESSEE complies with Article 18.9. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11.6 CONTINUED RESPONSIBILITY OF LESSEE. LESSEE will continue to be responsible for performance of its obligations under this Lease during any period of
sublease or wet lease. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 12 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MAINTENANCE OF AIRCRAFT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.1 GENERAL OBLIGATION.
During the Lease Term and until the Termination Date, LESSEE alone has the obligation, at its expense, to maintain and repair the Aircraft, Engines, APU and all of the Parts (a)&nbsp;in accordance with the Maintenance Program, (b)&nbsp;in accordance
with the rules and regulations of the Aviation Authority, (c)&nbsp;in accordance with Manufacturer&#146;s type design, (d)&nbsp;in accordance with any other regulations or requirements necessary in order to maintain a valid Certificate of
Airworthiness for the Aircraft and meet the requirements at all times during the Lease Term and upon return of the Aircraft to LESSOR for issuance of a Standard Certificate of Airworthiness for transport category aircraft issued by the FAA in
accordance with FAR Part 21 (except during those periods when the Aircraft is undergoing maintenance, Modification or repairs as required or permitted by this Lease and to the extent in conflict with the requirements of the Aviation Authority) and
(e)&nbsp;in the same manner and with the same care as used by LESSEE with respect to aircraft and engines of like make and model operated by LESSEE and without in any way discriminating against the Aircraft as compared to such other aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.2 SPECIFIC ENGINE REQUIREMENTS. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">12.2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No Engine will remain in an unserviceable condition for more than three (3)&nbsp;months unless engine
restoration is ongoing and has not been suspended or delayed without reasonable technical cause and LESSEE uses commercially reasonable efforts to cause such Engine to be returned to service. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">12.2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">When replacing Parts in the Engines, LESSEE will utilize only original equipment manufacturer parts (OEM
parts). The foregoing will not apply to QEC and thrust reverser Parts. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">12.2.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LESSEE will not discriminate against the Engines with respect to Overhaul build standards and life-limited Part
replacements and, in any event, at each performance restoration shop visit on an Engine, LESSEE will (a)&nbsp;build the Engine life-limited Parts to at least **Material Redacted** cycles remaining and (b)&nbsp;perform, at a minimum, a performance
restoration workscope sufficient to allow such Engine to achieve at least **Material Redacted** hours and **Material Redacted** cycles of operation following such shop visit. Notwithstanding the foregoing, LESSOR agrees that the performance
restoration workscope contained in the maintenance cost per flight hour when agreed to among LESSEE, LESSOR and LESSEE&#146;s engine maintenance provider will be substituted for the performance restoration workscope described above. Failing the
foregoing, LESSOR and LESSEE agree to negotiate in good faith and agree on a performance restoration workscope for the last engine shop visit which is reasonable in view of the age and condition of the Engine, the required condition at return and
the cost of such restoration to LESSEE and LESSOR. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">12.2.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">With respect to the last Engine shop visit of an Engine prior to return of the Aircraft, LESSEE will submit to
LESSOR in advance the intended workscope of such shop visit. If LESSOR requests, LESSEE will perform additional work at such shop visit at LESSOR&#146;s cost provided that if the same shall result in delay in redelivery, extension of the Lease Term
or cause the Engine to be removed from service for a period in excess of the period the Engine would have been removed to revenue service absent such additional work, no Rent or other costs will be payable by LESSEE for the period which is
attributable solely to LESSOR&#146;s requested work (unless and to the extent LESSOR and LESSEE shall have otherwise agreed in writing). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">12.2.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Except as otherwise agreed by the parties (including, pursuant to any side letter) LESSEE will not enter into
any Engine maintenance cost per flight hour, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">power-by-the-hour</FONT></FONT></FONT> or similar agreement with the Engine manufacturer or any other
Engine maintenance facility or organization without LESSOR&#146;s prior written consent which consent shall not be unreasonably withheld or delayed. LESSEE will at its cost be responsible for performing all work necessary to meet the return
conditions with respect to the Engines set forth in Article 23 even if such work is not covered by LESSEE&#146;s Engine maintenance agreement. Without limiting the foregoing, any such Engine maintenance agreement will provide that:
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(a) LESSOR will receive and retain the monthly Engine Performance Restoration Reserves paid by LESSEE until an Engine
shop visit has been completed; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(b) LESSEE will pay the Engine maintenance facility directly for any Engine Overhaul and repair costs in
excess of the Engine Performance Restoration Reserves, including any differential between the hourly Engine Performance Restoration Reserves payable by LESSEE to LESSOR and the hourly rates charged by the Engine maintenance facility; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(c) LESSEE will pay the Engine maintenance facility directly for any services provided by the Engine maintenance facility over and above repair
of the Engines, such as trend monitoring, spare engines or spare parts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.3 SPECIFIC OBLIGATIONS. Without limiting Article 12.1, LESSEE agrees that such
maintenance and repairs will include but will not be limited to each of the following specific items: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(a) performance in accordance with
the Maintenance Program of all routine and <FONT STYLE="white-space:nowrap">non-routine</FONT> maintenance work; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(b) incorporation in the
Aircraft of all Airworthiness Directives, all mandatory service bulletins of Manufacturer, the Engine manufacturer and other vendors or manufacturers of Parts incorporated on the Aircraft and any service bulletins which must be performed in order to
maintain the warranties on the Aircraft, Engines, APU and Parts; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(c) incorporation in the Aircraft of all other service bulletins of Manufacturer, the Engine
manufacturer and other vendors which LESSEE schedules to adopt within the Lease Term for the rest of its <FONT STYLE="white-space:nowrap">B737-700</FONT> / 800 aircraft fleet. It is the intent of the parties that the Aircraft will not be
discriminated from the rest of LESSEE&#146;s fleet in service bulletin compliance (including method of compliance) or other maintenance matters unless LESSEE&#146;s exclusion of the such modification is reasonable giving consideration to the
remaining Lease Term and industry practice; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(d) incorporation in the Maintenance Program for the Aircraft of a corrosion prevention and
control program as recommended by Manufacturer and the correction of any discrepancies in accordance with the recommendations of Manufacturer and the Structural Repair Manual. In addition, all inspected areas will be properly treated with corrosion
inhibitor as recommended by Manufacturer; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(e) maintaining in English and keeping in an <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">up-to-date</FONT></FONT> status the records and historical documents set forth in Attachment 1 of Exhibit J; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(f) maintaining historical records, in English, for on condition, condition-monitored, hard time and life-limited Parts (including an FAA Form
8130 or JAA Form 1) from the manufacturer of such Part or a repair facility which evidence that such Part is new or overhauled and establish authenticity, total time in service and time since overhaul for such Part), the hours and cycles the
Aircraft and Engines operate and all maintenance and repairs performed on the Aircraft; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(g) properly documenting all repairs,
Modifications and alterations and the addition, removal or replacement of equipment, systems or components in accordance with the rules and regulations of the Aviation Authority and reflecting such items in the Aircraft Documentation, including
Manufacturer&#146;s manuals, as required by such rules and regulations. In addition, all repairs to the Aircraft will be accomplished in accordance with Manufacturer&#146;s Structural Repair Manual (or
<FONT STYLE="white-space:nowrap">FAA-approved</FONT> data supported by an FAA Form <FONT STYLE="white-space:nowrap">8110-3</FONT> or equivalent). All Modifications and alterations will also be accomplished in accordance with <FONT
STYLE="white-space:nowrap">FAA-approved</FONT> data supported by FAA Form <FONT STYLE="white-space:nowrap">8110-3</FONT> or equivalent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.4 REPLACEMENT
OF PARTS. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">12.4.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LESSEE, at its own cost and expense, will promptly replace all Parts which may from time to time become worn
out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair or rendered unfit or beyond economical repair (BER) for use for any reason. In the ordinary course of maintenance, service, repair, overhaul or testing, LESSEE may remove any
Part provided that LESSEE replaces such Part as promptly as reasonably practicable. All replacement Parts will (a)&nbsp;be owned by LESSEE free and clear of all Security Interests (except Permitted Liens) of any kind or description (or, if not owned
by LESSEE, LESSEE guarantees to LESSOR such title and clearance of all Security Interests), (b) be in airworthy condition, and of at least equivalent model, service bulletin and modification status and have a value and utility at least
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="14%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
equal to the Parts replaced, assuming such replaced Parts were in the condition and repair required to be maintained by the terms hereof and (c)&nbsp;have a current &#147;serviceable tag&#148;
(an FAA Form 8130 or JAA Form 1) of the manufacturer or maintenance facility providing such items to LESSEE, indicating that such Parts are new, serviceable or Overhauled. So long as a substitution meets the requirements of the Maintenance Program
and Aviation Authority, LESSEE may substitute for any Part a part that does not meet the requirements of the foregoing sentence if a complying Part cannot be procured or installed within the available ground time of the Aircraft and as soon as
practicable the noncomplying part is removed and replaced by a complying Part. With respect to replacement modules in an Engine, the replacement module will not have been previously operated at a higher thrust rating than the replaced module. As set
forth in Article 12.2.2, LESSEE may not replace any Part in the Engines, excluding QEC and thrust reversers, with a part other than an original equipment manufacturer part (an OEM part). With respect to replacement modules in an Engine, the
replacement module will not have been previously operated at a higher thrust rating than the replaced module. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">12.4.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">All Parts removed from the Airframe, any Engine or the APU will remain the property of LESSOR and subject to
this Lease no matter where located, until such time as such Parts have been replaced by Parts (which have been incorporated or installed in or attached to the Airframe, such Engine or the APU) which meet the requirements for replacement Parts
specified above and title to such replacement Parts has passed to LESSOR under the Laws of the State of Registration and the lex situs. To the extent permitted by the Laws of the State of Registration and the lex situs it is the intent of LESSOR and
LESSEE that without further act and immediately upon any replacement Part becoming incorporated, installed or attached to the Airframe, an Engine or the APU as above provided, (a)&nbsp;title to the removed Part will thereupon vest in LESSEE, free
and clear of all rights of LESSOR and LESSOR Liens and LESSOR will, upon LESSEE&#146;s reasonable request, provide LESSEE with a bill of sale thereto, (b) title to the replacement Part will thereupon vest in LESSOR free and clear of all rights of
LESSEE free and clear of all rights of LESSEE and liens (other than LESSOR Liens) and LESSEE will, upon LESSOR&#146;s reasonable request, provide LESSOR with a bill of sale thereto and (c) such replacement Part will become subject to this Lease and
be deemed to be a Part hereunder to the same extent as the Parts originally incorporated or installed in or attached to the Airframe, such Engine or the APU. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.5 REMOVAL OF ENGINES. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">12.5.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If an Engine is removed for testing, service, repair, maintenance, Overhaul work, alterations or modifications,
title to such Engine will at all times remain vested in LESSOR. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">12.5.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LESSEE will be entitled to remove any of the Engines from the Aircraft and install another engine or engines on
the Aircraft, provided that LESSEE complies with each of the following obligations: </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(a) the insurance requirements set
forth in Article 18 and Exhibit C are in place; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(b) LESSEE ensures that the identification plates referred to in Article 15 are not
removed from any Engine upon such Engine being detached from the Aircraft; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(c) title to the Engine remains with LESSOR free from all
Security Interests (except Permitted Liens) regardless of the location of the Engine or its attachment to or detachment from the Aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.6 REMOVAL
OF APU. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">12.6.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If the APU is removed for testing, service, repair, maintenance, Overhaul work, alterations or modifications,
title to the APU will at all times remain vested in LESSOR. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">12.6.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LESSEE will be entitled to remove the APU from the Aircraft and install another auxiliary power unit on the
Aircraft, provided that LESSEE complies with each of the following obligations: </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(a) the insurance requirements set forth
in Article 18 and Exhibit C are in place; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(b) LESSEE ensures that the identification plates referred to in Article 15 are not removed from
the APU; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(c) title to the APU remains with LESSOR free from all Security Interests (except Permitted Liens) regardless of the location
of the APU or its attachment to or detachment from the Aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.7 POOLING OF ENGINES, APU AND PARTS. With LESSOR&#146;s prior written consent, not to
be unreasonably withheld or delayed, LESSEE may subject the Engines, APU and Parts to normal interchange or pooling agreements with responsible international scheduled commercial air carriers customary in the airline industry and entered into by
LESSEE in the ordinary course of its business with respect to its entire <FONT STYLE="white-space:nowrap">B737-700</FONT> / 800 fleet so long as (a)&nbsp;in the case of pooling of an Engine or APU, such Engine or APU is returned to LESSEE within one
hundred eighty (180)&nbsp;days, (b) no transfer of title to the Engine or APU occurs, (c)&nbsp;all other terms of this Lease continue to be observed with respect to the Engines, APU or Parts, including but not limited to Articles 8, 10, 12, 14, 15,
16, 17, 18 and 19 and (d)&nbsp;LESSEE continues to be fully responsible to LESSOR for the performance of all of its obligations hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.8
INSTALLATION OF ENGINES ON OTHER AIRCRAFT. Any Engine removed from the Aircraft may be installed on another aircraft in LESSEE&#146;s fleet which utilizes engines of the same type as the Engine only if one of the situations described in this Article
12.8 exists: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">12.8.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LESSEE or LESSOR has title to such other aircraft free and clear of all Security Interests (except Permitted
Liens). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">12.8.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LESSEE, LESSOR and all of the Creditors of LESSEE of such aircraft enter into an engines cooperation agreement
in form and substance acceptable to LESSOR in which each party agrees to recognize one another&#146;s rights in the engines. LESSEE will reimburse LESSOR and LESSOR&#146;s Lender for their reasonable attorneys&#146; fees and costs in negotiating and
finalizing engine cooperation agreement arrangements with LESSEE and its Creditors. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">12.8.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Such other aircraft is subject to a Creditor Agreement (but no other Security Interests except Permitted Liens)
which by its terms expressly or effectively states that such Creditor and its successors and assigns will not acquire any right, title or interest in any Engine by reason of such Engine being installed on such aircraft provided the owner of such
Engine provides reciprocal title recognition provisions. To evidence the foregoing, at or before Delivery, LESSEE will provide LESSOR with an officer&#146;s certificate as to this matter (and, officer&#146;s certificate will be provided during the
Lease Term with respect to other Creditor Agreements regarding aircraft entering LESSEE&#146;s operating fleet subsequent to Delivery). LESSEE hereby agrees that if LESSOR&#146;s title to an Engine is in fact impaired under any such Creditor
Agreement, such impairment will be a Total Loss of such Engine and the provisions of Article 19.5 will apply. To the extent another Creditor Agreement contains such provisions, then LESSOR hereby agrees for the benefit of the Creditor of such
Creditor Agreement that neither LESSOR nor its successors or assigns will acquire or claim any right, title or interest in any engine in which LESSEE or another Creditor has an interest as a result of such engine being installed on the Airframe.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.9 ENGINE THRUST RATING. If an Engine is utilized by LESSEE on the Aircraft or on any other airframe (or if the Engine is utilized by
any sublessee or user under a pooling arrangement in accordance with this Lease) at a thrust rating greater than the thrust rating set forth in Exhibit A, LESSEE will promptly notify LESSOR and the amounts of Engine Performance Restoration Reserves
and, if applicable, Engine LLP Reserves, set forth in Article 5.4.1 will be increased in an amount consistent with Engine manufacturer&#146;s published data. Notwithstanding anything to the contrary herein, Engine Performance Restoration Reserves
shall be calculated with respect to any relevant period based on the thrust rating at which the Engine is actually operated, from time to time, during such period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.10 MODIFICATIONS. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">12.10.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No modification, alteration, addition or removal to the Aircraft (&#147;MODIFICATION&#148;) expected to cost
over **Material Redacted** **Material Redacted** or deviation from the Aircraft&#146;s original type design or configuration will be made without the prior written consent of LESSOR, which consent will not be unreasonably withheld or delayed. The
term Modification does not include Airworthiness Directives or Manufacturer&#146;s recommended service bulletins, for which LESSOR&#146;s consent is not required. **Material Redacted**. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">12.10.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LESSOR may review LESSEE&#146;s proposed designs, plans, engineering drawings and diagrams, and flight and
maintenance manual revisions for any proposed Modification. If requested by LESSOR, LESSEE will furnish LESSOR (at LESSEE&#146;s expense) with such documents in final form and any other documents required by Law, as a result of such Modification.
All Modifications incorporated on the Aircraft will be properly documented in the Aircraft Documentation and be fully approved by the Aviation Authority. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">12.10.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Notwithstanding any other provision of this Lease, no Modification will be made which has the effect of
decreasing the utility or value of the Aircraft or invalidating any warranty applicable to the Aircraft. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">12.10.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No Modification will be made by LESSEE if an Event of Default exists and is continuing hereunder.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">12.10.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Unless otherwise agreed by LESSOR in writing, all permanent or structural Modifications will promptly become a
part of the Aircraft and LESSEE relinquishes to LESSOR all rights and title thereto. However, all temporary and <FONT STYLE="white-space:nowrap">non-structural</FONT> Modifications will remain the property of LESSEE and, at LESSOR&#146;s request and
LESSEE&#146;s cost, will be removed from the Aircraft prior to return of the Aircraft, with LESSEE restoring the Aircraft to the condition it was in prior to the Modification in a manner cosmetically acceptable to LESSOR (considering international
passenger airline standards). Notwithstanding the foregoing, no such removal will be permitted without LESSOR&#146;s permission after the occurrence of an Event of Default hereunder and immediately upon the occurrence of an Event of Default
hereunder, without the requirement of any further act or notice, all right, title and interest in such Modifications will immediately vest in LESSOR. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">12.10.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LESSOR will bear no liability for the cost of Modifications of the Aircraft whether in the event of grounding
or suspensions of certification, or for any other cause. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.11 PERFORMANCE OF WORK BY THIRD PARTIES. Whenever maintenance and repair
work on the Aircraft or Engines will be regularly performed by a Person other than LESSEE, such Person will be an <FONT STYLE="white-space:nowrap">FAA-authorized</FONT> repair station. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.12 REPORTING REQUIREMENTS. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">12.12.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Commencing with a report furnished ten (10)&nbsp;days after the end of the calendar month in which Delivery
occurs, LESSEE will furnish to LESSOR a Monthly Report in English in the form attached hereto as Exhibit K. Each Monthly Report will be furnished within ten (10) days after the end of each calendar month, except that the Monthly Report pertaining to
the last month (or any portion thereof) of this Lease will be furnished to LESSOR on the Termination Date. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">12.12.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Once each eighteen months during the Lease Term, LESSEE will provide LESSOR with an updated Technical
Evaluation Report for the Aircraft in the form and substance of Exhibit M, as revised. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">12.12.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">From time to time, LESSEE will provide LESSOR with such other technical information or documents as LESSOR may
reasonably request. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.13 INFORMATION REGARDING MAINTENANCE PROGRAM. Upon reasonable notice to LESSEE, LESSEE will provide LESSOR with
access to the Maintenance Program for the Aircraft, as reasonably requested by LESSOR. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.14 LESSOR RIGHTS TO INSPECT AIRCRAFT. On reasonable notice,
LESSOR and/or its authorized agents or representatives will have the right to inspect the Aircraft and Aircraft Documentation. LESSOR agrees that such requests will be coordinated with LESSEE so as to cause the minimum practical disturbance to
LESSEE&#146;s operation or its personnel. LESSEE agrees to cooperate with LESSOR in making the Aircraft and Aircraft Documentation available to such authorized technical teams. LESSOR will have no duty to make any such inspection and will not incur
any liability or obligation by reason of (and LESSEE&#146;s indemnity obligations pursuant to Article 17 will apply notwithstanding) making or not making any such inspection or by reason of any reports it receives or any reviews it may make of the
Aircraft records. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 13 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">USE OF RESERVES </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">13.1 AIRFRAME RESERVES. LESSOR
will reimburse LESSEE from the Airframe Reserves for the actual cost of performing all task as described in the MPD (including systems, zonal, CPCP, SID, structural and lubrication) performed during the Airframe heavy checks (performed at **Material
Redacted** and **Material Redacted** years) any non routine tasks and the rectification of and deficiencies resulting from such inspection (including materials), with work performed for all other causes excluded, including those causes set forth in
Article 13.5. Subject to Article 16.1 and excluding exchange fees and handling, packaging and shipping charges, reimbursement will be made up to the amount in the Airframe Reserves on the commencement date of the structural check. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">13.2 ENGINE PERFORMANCE RESTORATION RESERVES. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">13.2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Restoration LESSOR will reimburse LESSEE from the Engine Performance Restoration Reserves for the actual cost
associated with performance restoration of the Basic Engine during completed Engine shop visits (i.e. heavy maintenance visits) requiring <FONT STYLE="white-space:nowrap">off-wing</FONT> teardown and/or disassembly as described in Article 12.2.3,
with work performed for all other causes excluded, including those causes set forth in Article 13.5. Subject to Article 16.1 and excluding exchange fees and handling, packaging and shipping charges, reimbursement for an Engine will be made up to the
amount in the Engine Performance Restoration Reserves applicable to such Engine at the time of removal of such Engine. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">13.2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Reimbursement from the Engine Performance Restoration Reserves will be limited as to each module of such Engine
in accordance with the following percentages of the remaining total amount in the Engine Performance Restoration Reserves for such Engine: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:18%; font-size:10pt; font-family:Times New Roman">**Material Redacted** % Fan and Accessory Gearbox Module </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:18%; font-size:10pt; font-family:Times New Roman">**Material Redacted** % High Pressure Compressor </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:18%; font-size:10pt; font-family:Times New Roman">**Material Redacted** % High Pressure Turbine </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:18%; font-size:10pt; font-family:Times New Roman">**Material Redacted** % Low Pressure Turbine </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">13.2.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LESSEE will not enter into any Engine maintenance cost per flight hour, <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">power-by-the-hour</FONT></FONT></FONT> or similar agreement for the Engines with the Engine manufacturer or any other Engine maintenance facility or organization without LESSOR&#146;s
consent. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">13.3 ENGINE LLP RESERVES. LESSOR will reimburse LESSEE from the Engine LLP Reserves for an Engine for the actual <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> materials cost without overhead, LESSEE <FONT STYLE="white-space:nowrap">mark-up</FONT> or profit factor associated with the replacement of life-limited Parts in
such Engine during completed Engine shop visits (i.e. heavy maintenance visits) requiring <FONT STYLE="white-space:nowrap">off-wing</FONT> teardown and/or disassembly as described in Article 1.2.2.3, with work performed for all other causes
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
excluded, including those causes set forth in Article 13.5. Subject to Article 16.1 and excluding exchange fees and handling, packaging and shipping charges, reimbursement for replacement of
life-limited Parts in an Engine will be made up to the amount in the Engine LLP Reserves applicable to such Engine at the time of removal of such Engine. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">13.4 REIMBURSEMENT. LESSEE will be entitled to reimbursement from the Reserves after the work is completed and the Airframe or Engine has left the repair
agency, by submitting invoices and proper documentation within six (6)&nbsp;months after completion of the work. LESSOR shall reimburse LESSEE from the Reserves promptly and in any event within thirty (30)&nbsp;days after LESSEE has delivered to
LESSOR such invoices and proper documentation. LESSEE may only seek reimbursement from the Airframe Reserves one time in any calendar year. For the Airframe, proper documentation includes a list of all routine and
<FONT STYLE="white-space:nowrap">non-routine</FONT> work cards with corresponding references to the MPD and an itemized labor and materials report. For the Engine, proper documentation includes a description of the reason for removal, a shop
teardown report, a shop findings report, a full description of the workscope and complete disk records for the Engine both prior to and after the shop visit. Both the invoice supplied by the Engine repair facility and that submitted by LESSEE to
LESSOR with respect to an Engine will state whether or not credits were provided due to life remaining on any removed Engine Parts and the amount of any such credits will be itemized. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">13.5 REIMBURSEMENT ADJUSTMENT. By way of example, among the exclusions from reimbursement are those items resulting from repairs covered by LESSEE&#146;s or a
third party&#146;s insurance, (deductibles being for the account of LESSEE) or warranties or required as a result of an Airworthiness Directive, manufacturer&#146;s service bulletin, negligent maintenance or installation, improper operations,
misuse, neglect, accident, incident, ingestion, or other accidental cause. Reimbursement from the Reserves will not be available for the quick engine change (QEC) Parts, thrust reversers or any of their associated components. All invoices subject to
reimbursement from LESSOR will be reduced (by adjustment between LESSEE and LESSOR retroactively if necessary) by the actual amounts received by LESSEE on account of such work from responsible third parties or other sources, such as insurance
proceeds, manufacturer&#146;s warranties, guarantees, concessions and credits (including, with respect to Engines, credits due to life remaining on any removed Engine Parts). Notwithstanding the foregoing, in the event that accident, incident or
other accidental cause necessitates a repair and during the course of such repair the workscope results in performance restoration to, the Engine or installation of LLPs with more life remaining, the performance restoration portion or LLP life
betterment of such repair workscope may be claimed by LESSEE from Engine Performance Restoration Reserves or Engine LLP Reserves (as applicable). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">13.6
COSTS IN EXCESS OF RESERVES. LESSEE will be responsible for payment of all costs in excess of the amounts reimbursed hereunder. If on any occasion the balance in the Airframe Reserves, Engine Performance Restoration Reserves for a particular Engine
or Engine LLP Reserves for a particular Engine (at the time of the structural check, in the case of the Airframe, or at the time of removal, in the case of an Engine, the Landing Gear and the APU) is insufficient to satisfy a claim for reimbursement
in respect of the Airframe or such Engine, as applicable, the shortfall may not be carried forward or made the subject of any further claim for reimbursement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">13.7 REIMBURSEMENT AFTER TERMINATION DATE. LESSEE may not submit any invoice for reimbursement from the
Reserves after the Termination Date unless on or prior to such date LESSEE has notified LESSOR in writing that such outstanding invoice will be submitted after the Termination Date and the anticipated amount of such invoice. So long as LESSEE has
provided such notice to LESSOR, LESSEE may then submit outstanding invoices at any time within six (6)&nbsp;months after the Termination Date. Subject to the foregoing, any balance remaining in the Reserves on the Termination Date will be retained
by LESSOR, **Material Redacted**. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 14 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TITLE AND REGISTRATION </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">14.1 TITLE TO THE
AIRCRAFT DURING LEASE TERM. Title to the Aircraft will be and remain vested in LESSOR. LESSOR and LESSEE intend this Lease to be a &#147;true lease&#148;. LESSEE will have no right, title or interest in the Aircraft except as provided in this Lease.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">14.2 REGISTRATION OF AIRCRAFT. LESSEE at its sole cost and expense will (a) register and maintain registration of the Aircraft in the name of LESSOR at
the register of aircraft in the State of Registration and (b)&nbsp;from time to time take all other steps then required by Law (including the Geneva Convention if applicable) or by practice, custom or understanding or as LESSOR may reasonably
request to protect and perfect LESSOR&#146;s interest in the Aircraft and this Lease in the State of Registration or in any other jurisdictions in or over which LESSEE may operate the Aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">14.3 FILING OF OTIS LEASE. To the extent permitted by Law and in accordance with the requirements of the Law from time to time, LESSEE at its sole cost and
expense will cause this Lease to be kept, filed, recorded and refilled or rerecorded in the State of Registration and in any other offices necessary to protect LESSOR&#146;s rights hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">14.4 EVIDENCE OF REGISTRATION AND FILINGS. As LESSOR may reasonably request from time to time (but not more often than once annually unless a Default or Event
of Default shall have occurred and be continuing), LESSEE will furnish to LESSOR an opinion of counsel or other evidence reasonably satisfactory to LESSOR of the registrations and filings required hereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 15 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">IDENTIFICATION PLATES </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">LESSOR
will affix and LESSEE will at all times maintain on the Airframe, each Engine and the APU the identification plates containing the following legends or any other legend requested by LESSOR in writing: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">15.1 AIRFRAME IDENTIFICATION PLATES. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Location:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">One to be affixed to the Aircraft structure above the forward entry door adjacent to and not less prominent than that of Manufacturer&#146;s data plate and another in a prominent place on the flight deck.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Size:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">No smaller than 2&#148; x 3&#148;.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Legend:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;THIS AIRCRAFT IS OWNED BY INTERNATIONAL LEASE FINANCE CORPORATION AND IS OPERATED UNDER LEASE BY COMPANIA PANAMENA DE AVIACION,
S.A.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MANUFACTURER&#146;S SERIAL NO: 32800</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">OWNER&#146;S ADDRESS:</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">INTERNATIONAL LEASE FINANCE CORPORATION</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10250 Constellation Boulevard, 34th Floor</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Los Angeles, California
90067, U.S.A.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Fax: (310) <FONT STYLE="white-space:nowrap">788-1990</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">15.2 ENGINE IDENTIFICATION PLATES. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Location:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The legend on the plate must be no less prominent than the Engine data plate and must be visible.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Size:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">No smaller than 1&#148; x 4&#148;.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Legend:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#147;THIS ENGINE IS OWNED BY INTERNATIONAL LEASE FINANCE CORPORATION, LOS ANGELES, CALIFORNIA, USA AND IS OPERATED UNDER LEASE BY COMPANIA PANAMENA DE AVIACION, S.A.&#148;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">15.3 APU IDENTIFICATION PLATE. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Location:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The legend on the plate must be visible.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Size:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">No smaller than 1&#148; x 3&#148;.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Legend:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#147;THIS APU IS OWNED BY INTERNATIONAL LEASE FINANCE CORPORATION, LOS ANGELES, CALIFORNIA, USA AND IS OPERATED UNDER LEASE BY COMPANIA PANAMENA DE AVIACION, S.A.&#148;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">43 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 16 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TAXES </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16.1 GENERAL OBLIGATION OF LESSEE. Except
as set forth in Article 16.2, LESSEE agrees to pay promptly when due, and to indemnify and hold harmless LESSOR on a full indemnity basis from, all license and registration fees and all taxes, fees, levies, imposts, duties, charges, deductions or
withholdings of any nature (including without limitation any value added, franchise, transfer, sales, gross receipts, use, business, excise, turnover, personal property, stamp or other tax) together with any assessments, penalties, fines, additions
to tax or interest thereon, however or wherever imposed (whether imposed upon LESSEE, LESSOR, on all or part of the Aircraft, the Engines or otherwise), by any Government Entity or taxing authority in the U.S., Panama or any foreign country or by
any international taxing authority (including the City or County of Los Angeles), upon or with respect to, based upon or measured by any of the following (collectively, &#147;TAXES&#148;): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(a) the Aircraft, Engines, APU or any Parts; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(b) the use, operation or maintenance of the Aircraft or carriage of passengers or freight during the Lease Term and until the Termination
Date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(c) this Lease, the payments due hereunder and the terms and conditions hereof; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(d) the ownership, financing, delivery, import or export, return, sale, payment of Total Loss Proceeds or other disposition of the Aircraft.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16.2 EXCEPTIONS TO INDEMNITY. The indemnity provided for in Article 16.1 does not extend to any of the following Taxes: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(a) Taxes imposed by the U.S. or the State of California on the net income, gross receipts, capital, turnover or net worth and franchise taxes
of LESSOR; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(b) Taxes in jurisdictions in which LESSOR would have been subject to Tax to the extent that the parties had not consummated
this transaction; provided, however, that if LESSEE&#146;s operation of the Aircraft to a jurisdiction and the operation of other aircraft owned by LESSOR to such jurisdiction causes LESSOR to be liable for any tax, then LESSEE will pay the portion
of such Tax attributed to LESSEE&#146;s operations in such jurisdiction; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(c) Taxes imposed in connection with a LESSOR&#146;s voluntary
transfer or other disposition of all or any part of its interest in the Aircraft (or any part thereof) or this Lease other than resulting from an Event of Default which shall have occurred and be continuing or other foreclosure, seizure or sale of
the Aircraft resulting from LESSEE&#146;s action or inaction; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(d) Taxes imposed as a direct result of any LESSOR Lien; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">44 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(e) any additional or incremental tax which arise solely as a result of LESSOR&#146;s
failure to provide information necessary, for LESSEE to properly complete and file any tax return or request an otherwise legally available exemption; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(f) Taxes solely attributable a sale or transfer of the Aircraft not resulting from an act or omission of LESSEE; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(g) Taxes attributable to the period prior to Delivery or after the Termination Date; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(h) Taxes attributable to LESSOR&#146;s gross negligence, willful misconduct or breach of this Lease. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16.3 <FONT STYLE="white-space:nowrap">AFTER-TAX</FONT> BASIS. The amount which LESSEE is required to pay with respect to any Taxes indemnified against under
Article 16.1 is an amount sufficient to restore LESSOR on an <FONT STYLE="white-space:nowrap">after-tax</FONT> basis to the same position LESSOR would have been in had such Taxes not been incurred. LESSEE may satisfy its obligations under this
Article 16 by paying and indemnifying LESSOR for Taxes payable by LESSEE hereunder or grossing up payments made pursuant to this Lease in an amount sufficient to allow LESSOR to pay such Taxes and receive the full benefit of this Lease provided
LESSEE will not be obligated to pay such Tax obligations twice as a result of <FONT STYLE="white-space:nowrap">gross-up</FONT> and indemnity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16.4 TIMING
OF PAYMENT. Any amount payable to LESSOR pursuant to this Article 16 will be paid within thirty (30)&nbsp;days after receipt of a written demand therefor from LESSOR accompanied by a written statement describing in reasonable detail the basis for
such indemnity and the computation of the amount so payable; provided, however, that such amount need not be paid by LESSEE prior to the earlier of (a)&nbsp;the date any Tax is payable to the appropriate Government Entity or taxing authority or
(b)&nbsp;in the case of amounts which are being contested by LESSEE in good faith or by LESSOR pursuant to Article 16.5, the date such contest is finally resolved. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16.5 CONTESTS. If a claim is made against LESSOR for Taxes with respect to which LESSEE is liable for a payment or indemnity under this Lease, LESSOR will
promptly give LESSEE notice in writing of such claim; provided, however, that LESSOR&#146;s failure to give notice will not relieve LESSEE of its obligations hereunder except to the extent such failure impairs or precludes LESSEE&#146;s ability to
contest the claim or to the extent such failure results in additional liability to LESSEE. So long as (a)&nbsp;a contest of such Taxes does not involve any danger of the sale, forfeiture or loss of the Aircraft or any interest therein, (b) if LESSOR
so requests, LESSEE has provided LESSOR with an opinion of independent tax counsel that a reasonable basis exists for contesting such claim and (c)&nbsp;adequate reserves have been made for such Taxes or, if required, an adequate bond has been
posted, then LESSOR at LESSEE&#146;s written request will in good faith, with due diligence and at LESSEE&#146;s expense, contest (or permit LESSEE to contest in the name of LESSEE or LESSOR) the validity, applicability or amount of such Taxes. </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">45 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16.6 REFUNDS. Upon receipt by LESSOR of a refund of all or any part of any Taxes (including any deductions
or withholdings referred to in Article 5.8) which LESSEE has paid, LESSOR will pay to LESSEE the net amount of such Taxes refunded. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16.7 COOPERATION IN
FILING TAX RETURNS. LESSEE and LESSOR will cooperate with one another in providing information which may be reasonably required to fulfill each party&#146;s tax filing requirements and any audit information request arising from such filing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16.8 TAX RESTRUCTURING. In the event that any withholding, value added tax or similar tax or duty is payable in the State of Registration or any jurisdiction
from which such payments originate in respect of any Rent, Reserves or other amounts payable pursuant to this Lease, LESSEE and LESSOR will cooperate in good faith to restructure this Lease in a manner which minimizes or eliminates any such tax
including a synthetic lease through another country which has favorable tax treatment of such payments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16.9 SURVIVAL OF OBLIGATIONS. The
representations, warranties, indemnities and agreements of LESSEE provided for in this Article 16 will survive the Termination Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">46 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 17 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">INDEMNITIES </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">17.1 GENERAL INDEMNITY. Except as
set forth in Article 17.2, LESSEE agrees to indemnify and hold harmless LESSOR and its officers, directors, employees, agents and shareholders (individually an &#147;INDEMNITEE&#148; and collectively &#147;INDEMNITEES&#148;) from any and all
liabilities, obligations, losses, damages, penalties, claims, actions, suits, costs, disbursements and expenses (including legal fees, costs and related expenses) of every kind and nature, whether or not any of the transactions contemplated by this
Lease are consummated (collectively &#147;EXPENSES&#148;), which are imposed on, incurred by or asserted against any Indemnitee and which are in any way relating to, based on or arising out of any of the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(a) this Lease or any transactions contemplated hereby; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(b) the operation, possession, use, <FONT STYLE="white-space:nowrap">non-use,</FONT> control, leasing, subleasing, maintenance, storage,
overhaul, testing or inspections of the Aircraft, any Engine, the APU or any Part (whether by LESSEE, any sublessee or any other Person other than LESSOR or any Person claiming by or through LESSOR in violation of LESSOR&#146;s covenant of quiet
enjoyment contained in Article 21.2) during the Lease Term and until the Termination Date or the acceptance flights at return, whether or not the same is in compliance with the terms of this Lease, including without limitation claims for death,
personal injury, property damage, other loss or harm to any Person and claims relating to any Laws, including without limitation environmental control, noise and pollution laws, rules or regulations; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(c) the manufacture, design, acceptance, improper rejection, delivery, return, sale after an Event of Default, import, export, condition,
repair, modification, servicing, customer, product support, information or training provided by Manufacturer and other vendors, airworthiness, registration, reregistration, performance, sublease, merchantability, fitness for use, substitution or
replacement of an Engine, APU or any Part by LESSEE under this Lease or other transfer of use or possession of the Aircraft, an Engine, the APU or any Part, including under a pooling or interchange arrangement, including without limitation latent
and other defects, whether or not discoverable and patent, trademark or copyright infringement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(d) the prevention or attempt to prevent
the arrest, confiscation, seizure, taking in execution, impounding, forfeiture or detention of the Aircraft, or in securing the release of the Aircraft; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(e) as a consequence of any Default or Event of Default by LESSEE. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing indemnity by LESSEE is intended to include and cover any Expense to which an Indemnitee may be subject (in contract, tort, strict liability or
under any other theory) regardless of the negligence, active or passive or any other type, of such Indemnitee, so long as such Expense does not fall within any of the exceptions listed in Article 17.2. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">47 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">17.2 EXCEPTIONS TO GENERAL INDEMNITIES. The indemnity provided for in Article 17.1 will not extend to
Expenses of any Indemnitee to the extent resulting from or arising out of any of the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(a) Expenses which have resulted from the
willful misconduct of such Indemnitee; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(b) Expenses which are attributable to acts or events which occur after the Termination Date and
return of the Aircraft to LESSOR in the condition required hereunder, but in any such case only to the extent not attributable to acts or omissions of LESSEE; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(c) **Material Redacted**; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(d)
**Material Redacted**; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(e) **Material Redacted**; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(f) Expenses solely attributable a sale or transfer of the Aircraft not resulting from an act or omission of LESSEE; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(g) Expenses representing Taxes, it being acknowledged that the terms of Article 16 apply exclusively to LESSEE&#146;s indemnity obligations
with respect to Taxes; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(h) Expenses due to the breach by LESSOR (or any person lawfully claiming through LESSOR) of its covenant of
quiet enjoyment pursuant to Article 21.2 (except to the extent covered by the insurances LESSEE is required to carry pursuant to Article 18 or other LESSEE insurances). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">17.3 <FONT STYLE="white-space:nowrap">AFTER-TAX</FONT> BASIS. The amount which LESSEE will be required to pay with respect to any Expense indemnified against
under Article 17.1 will be an amount sufficient to restore the Indemnitee, on an <FONT STYLE="white-space:nowrap">after-tax</FONT> basis, to the same position such Indemnitee would have been in had such Expense not been incurred after taking into
account the amount of any credits, deductions or other Tax benefits or savings realized by such Indemnitee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">17.4 TIMING OF PAYMENT. It is the intent of
the parties that each Indemnitee will have the right to indemnification for Expenses hereunder as soon as a claim is made and as soon as an Expense is incurred, whether or not such claim is meritorious and whether or not liability is established
(but subject to Article 17.8). LESSEE will pay an Indemnitee for Expenses pursuant to this Article 17 within thirty (30)&nbsp;days after receipt of a written demand therefor from such Indemnitee accompanied by a written statement describing in
reasonable detail the basis for such indemnity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">17.5 SUBROGATION. Upon the payment in full of any indemnity pursuant to this Article 17 by LESSEE, LESSEE
will be subrogated to any right of the Indemnitee in respect of the matter against which such indemnity has been made. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">48 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">17.6 NOTICE. Each Indemnitee and LESSEE will give prompt written notice one to the other of any liability of
which such party has knowledge for which LESSEE is, or may be, liable under Article 17.1; provided, however, that failure to give such notice will not terminate any of the rights of Indemnitees under this Article 17 except to the extent that LESSEE
has been prejudiced by the failure to provide such notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">17.7 REFUNDS. If any Indemnitee obtains a recovery of all or any part of any amount which
LESSEE has paid to such Indemnitee, such Indemnitee will pay to LESSEE the net amount recovered by such Indemnitee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">17.8 DEFENSE OF CLAIMS. Unless an
Event of Default has occurred and is continuing, LESSEE and its insurers will have the right (in each such case at LESSEE&#146;s sole expense) to investigate or, provided that LESSEE or its insurers have not reserved the right to dispute liability
with respect to any insurance policies pursuant to which coverage is sought, defend or compromise any claim covered by insurance for which indemnification is sought pursuant to Article 17.1 and each Indemnitee will cooperate with LESSEE or its
insurers with respect thereto. If LESSEE or its insurers are retaining attorneys to handle such claim, such counsel must be reasonably satisfactory to the Indemnitees. If not, the Indemnitees will have the right to retain counsel of their choice at
LESSEE&#146;s expense. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">17.9 SURVIVAL OF OBLIGATION. Notwithstanding anything in this Lease to the contrary, the provisions of this Article 17 will
survive the Termination Date and continue in full force and effect notwithstanding any breach by LESSOR or LESSEE of the terms of this Lease, the termination of the lease of the Aircraft to LESSEE under this Lease or the repudiation by LESSOR or
LESSEE of this Lease. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">49 </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">INSURANCE </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.1 CATEGORIES OF INSURANCE.
Throughout the Lease Term and until the Termination Date, LESSEE will, at its own expense, effect and maintain in full <FONT STYLE="white-space:nowrap">force-and</FONT> effect the types of insurance and amounts of insurance (including deductibles)
described in Exhibit C through such brokers and with such insurers as may be approved by LESSOR (acting reasonably and in consultation with the other providers of LESSEE&#146;s aircraft), such approval not to be unreasonably withheld, in London or
New York or such other insurance markets as mutually agreed upon by the parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.2 WRITE-BACK OF ANY DATE RECOGNITION EXCLUSION. In the event any of
LESSEE&#146;s insurances (either the primary insurance or the reinsurance) contain any date recognition exclusion clause or similar clause excluding from such insurance coverage damage to any property (including the Aircraft) or death or injury to
any person on account of accidents, incidents or occurrences caused by date recognition or other Year 2000-related problems, LESSEE at its cost will obtain for the benefit of itself and LESSOR the broadest write-back available in the insurance
market where Lessee places its insurance with respect to such exclusion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.3 INSTALLATION OF THIRD PARTY ENGINE. If LESSEE installs an engine not owned
by LESSOR on the Aircraft, either (a)&nbsp;LESSEE&#146;s hull insurance on the Aircraft will automatically increase to such higher amount as is necessary in order to satisfy both LESSOR&#146;s requirement to receive the Agreed Value in the event of
a Total Loss and the amount required by the third party engine owner or (b) separate additional insurance on such engine will attach in order to satisfy separately the requirements of the LESSEE to such third party engine owner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.4 INSURANCE FOR INDEMNITIES. The insurance referred to in Article 18.1 will in each case include and insure (to the extent of the risks covered by the
policies) the indemnity provisions of Article 17 and LESSEE will maintain such insurance of the indemnities for a minimum of two (2)&nbsp;years following the Termination Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.5 INSURANCE REQUIRED BY MANUFACTURER. During the Lease Term, LESSEE will carry such insurance as may be required by Manufacturer in connection with
LESSOR&#146;s assignment of Manufacturer&#146;s warranties and product support to LESSEE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.6 RENEWAL. Prior to the expiration or termination date of
any insurance required hereunder, LESSEE will provide LESSOR with fax confirmation from LESSEE&#146;s insurance brokers that renewed certificates of insurance evidencing the renewal or replacement of such insurance and complying with Exhibit C will
be issued on the termination date of the prior certificate. Within seven (7)&nbsp;days after such renewal, LESSEE will furnish its brokers&#146; certificates of insurance to LESSOR. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.7 ASSIGNMENT OF RIGHTS BY LESSOR. If LESSOR assigns all or any of its rights under this Lease as permitted by this Lease or otherwise disposes of any
interest in the Aircraft to any other Person as permitted by this Lease, LESSEE will, upon request, procure that such Person hereunder be substituted as loss payee for LESSOR (without duplication in respect of hull, all risks, hull war and allied
perils risk coverage) and/or be added as an additional assured in the policies effected hereunder and enjoy the same rights and insurance enjoyed by LESSOR under such policies. LESSOR will nevertheless continue to be covered by such policies. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">50 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.8 DEDUCTIBLES. If there is a material adverse change in the financial condition of LESSEE which LESSOR
reasonably believes will cause LESSEE to be unable to pay the deductible upon the occurrence of a partial loss of the Aircraft or an Engine, then LESSOR (acting reasonably and in consultation with the other providers of LESSEE&#146;s aircraft) may
require LESSEE at LESSEE&#146;s expense to lower its deductibles on the insurance maintained hereunder to a level which is available on commercially reasonable terms in the insurance market. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.9 INSURANCE FOR WET LEASE OPERATIONS. In the event LESSEE is performing wet lease operations with the Aircraft pursuant to Article 11.5 and the wet lessee
is carrying the primary passenger, baggage and cargo liability insurance with respect to the flights, then such insurance must meet the requirements of Exhibit C, including with respect to the amounts of coverage, naming of LESSOR as an additional
insured and inclusion of the other endorsements set forth in Exhibit C. Moreover, LESSEE will at such times carry contingent passenger, baggage and cargo liability insurances for such flights. Prior to commencement of wet lease operations for a
particular wet lessee where wet lessee will provide such coverage, LESSOR will receive certificates of insurance from the insurance brokers for LESSEE and, if applicable, the wet lessee evidencing such coverages. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.10 OTHER INSURANCE. LESSOR may (acting reasonably and in consultation with the other providers of LESSEE&#146;s aircraft) from time to time by notice to
LESSEE require LESSEE at LESSEE&#146;s expense to effect such other insurance or such variations to the terms of the existing insurance as may then be customary in the airline industry for aircraft of the same type as the Aircraft operated by
similarly situated operators and at the time commonly available in the insurance market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.11 INFORMATION. LESSEE will provide LESSOR with any
information reasonably requested by LESSOR from time to time concerning the insurance maintained with respect to the Aircraft or in connection with any claim being made or proposed to be made thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.12 CURRENCY. All proceeds of insurance pursuant to this Lease will be payable in Dollars except as may be otherwise agreed by LESSOR except that third
party liability coverage may be payable in the currency of the claim. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.13 GROUNDING OF AIRCRAFT. If at any time any of the insurance required pursuant
to this Lease will cease to be in full force and effect, LESSEE will promptly ground the Aircraft and keep the Aircraft grounded until such time as such insurance is in full force and effect again. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.14 FAILURE TO INSURE. If at any time LESSEE fails to maintain insurance in compliance with this Article 18, LESSOR will be entitled but not bound to do any
of the following (without prejudice to any other rights which it may have under this Lease by reason of such failure): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(a) to pay any
premiums due or to effect or maintain insurance meeting the requirements hereof or otherwise remedy such failure in such manner as LESSOR considers appropriate (and LESSEE will upon demand reimburse LESSOR in full for any amount so expended in that
connection); or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">51 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(b) at any time while such failure is continuing, to require the Aircraft to remain at any
airport or (as the case may be), proceed to and remain at any airport designated by LESSOR, until such failure is remedied. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.15 REINSURANCE. Any
reinsurance will be maintained with reinsurers and brokers approved by LESSOR (acting reasonably and in consultation with the other providers of LESSEE&#146;s aircraft). Such reinsurance will contain each of the following terms and will in all other
respects (including amount) be satisfactory to LESSOR: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(a) the same terms as the original insurance; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(b) a <FONT STYLE="white-space:nowrap">cut-through</FONT> and assignment clause satisfactory to LESSOR (acting reasonably and in consultation
with the other providers of LESSEE&#146;s aircraft) and in accordance with industry practice; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(c) payment will be made notwithstanding
(i)&nbsp;any bankruptcy, insolvency, liquidation or dissolution of any of the original insurers and/or (ii) that the original insurers have made no payment under the original insurance policies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18.16 LIMIT ON HULL IN FAVOR OF LESSEE. LESSEE may carry hull all risks or hull war and allied perils on the Aircraft in excess of the Agreed Value (which is
payable to LESSOR) only to the extent such excess insurance which would be payable to LESSEE in the event of a Total Loss does not exceed **Material Redacted** of the Agreed Value and only to the extent that such additional insurance will not
prejudice the insurances required herein or the recovery by LESSOR thereunder. LESSEE agrees that it will not create or permit to exist any liens or encumbrances over the insurances, or its interest therein, except as constituted by this Lease. </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">52 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 19 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">LOSS, DAMAGE AND REQUISITION </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Throughout the Lease Term and until the Termination Date, LESSEE will bear all risk of loss, theft, damage and destruction to the Aircraft.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">19.1 DEFINITIONS. In this Article 19 and this Lease: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;AGREED VALUE&#148; means an amount equal to **Material Redacted** is expressed in January 2004 U.S. Dollars which amount will increase in
accordance with Manufacturer&#146;s Escalation Rate. **Material Redacted**. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;NET TOTAL LOSS PROCEEDS&#148; means the Total Loss
Proceeds actually received by LESSOR following a Total Loss, less any legal and other <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses, taxes or duties incurred by LESSOR in connection with the
collection of such proceeds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;TOTAL LOSS&#148; means any of the following in relation to the Aircraft, Airframe, any Engine or the
APU and &#147;TOTAL LOSS DATE&#148; means the date set forth in parenthesis after each Total Loss: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(a) destruction, damage beyond repair
or being rendered permanently unfit for normal use for any reason (the date such event occurs or, if not known, the date on which the Aircraft, Airframe, Engine or APU was last heard of); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(b) actual, constructive, compromised, arranged or agreed total loss (the earlier of the date on which the loss is agreed or compromised by the
insurers or forty five (45)&nbsp;days after the date of notice to LESSEE&#146;s brokers or insurers claiming such total loss); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(c)
requisition of title, confiscation, forfeiture or any compulsory acquisition or other similar event (the date on which the same takes effect); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(d) sequestration, detention, seizure or any similar event for more than forty-five (45)&nbsp;consecutive days (the earlier of the date on
which insurers make payment on the basis of a total loss or the date of expiration of such period); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(e) requisition for use for more than
one hundred eighty (180)&nbsp;consecutive days, except as set forth in Article 19.9 (the earlier of the date on which the insurers make payment on the basis of a total loss or the date of expiration of such period); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(f) in the case of an Engine, the event described in Article 12.8.3 (the date on which the same takes effect); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(g) a proper, lawful sale of the Aircraft in connection with Eurocontrol charges owed by LESSEE (the date on which the sale occurs); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">53 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(h) any sale of the Aircraft in connection with a LESSEE bankruptcy, whether by an
administrator, trustee or court (the date on which the intent to sell the Aircraft becomes known); or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(i) any other occurrence not
permitted under this Lease (including a violation of the covenant of quiet enjoyment contained in Article 21.2) which deprives LESSEE of use or possession for a period of ninety (90) consecutive days or longer (the 90th day of such period) except
where full insurance on the Aircraft is in effect or a full indemnity acceptable to LESSOR in lieu thereof exists and all other provisions of this Lease are being complied with (the ninetieth (90th) day of such period). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;TOTAL LOSS PROCEEDS&#148; means the proceeds of any insurance or any compensation or similar payment arising in respect of a Total Loss.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">19.2 NOTICE OF TOTAL LOSS. LESSEE will notify LESSOR in writing within three (3) Business Days after a Total Loss Date of the Aircraft, Airframe, any
Engine or the APU. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">19.3 TOTAL LOSS OF AIRCRAFT OR AIRFRAME. If the Total Loss of the Aircraft or Airframe occurs during the Lease Term, the following
will occur: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">19.3.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">After the Total Loss Date and until receipt by LESSOR of the Agreed Value and all other amounts then due under
this Lease, LESSEE will continue to pay Rent and the parties will perform all of their other obligations under this Lease. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">19.3.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">On the date which is the earlier of the following dates: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(a) the date on which the Total Loss Proceeds of the Aircraft or the Airframe are paid by LESSEE&#146;s insurance underwriters or brokers and
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(b) the date which falls forty (45)&nbsp;days after the Total Loss Date, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">LESSEE will pay to LESSOR an amount equal to the sum of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(c) the Agreed Value and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(d) all
other amounts then accrued under this Lease, less an amount equal to the Net Total Loss Proceeds received by LESSOR by such date. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">19.3.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LESSOR will apply the Net Total Loss Proceeds and any amounts received from LESSEE pursuant to Article 19.3.2
as follows: </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(a) first, in discharge of any unpaid Rent and any other amounts accrued and unpaid up to the date of
LESSOR&#146;s receipt of the Agreed Value; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(b) second, in discharge of the Agreed Value; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(c) third, payment of the balance, if any, to LESSEE. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">54 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">19.3.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Upon receipt by LESSOR of all monies payable by LESSEE in Article&nbsp;19.3, provided no Default or Event of
Default has occurred and is continuing, this Lease will terminate except for LESSEE&#146;s obligations under Articles 10.5, 16 and 17 which survive the Termination Date. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FOR AVOIDANCE OF DOUBT, THE AGREED VALUE OF THE AIRCRAFT WILL BE PAYABLE TO LESSOR PURSUANT TO THIS ARTICLE 19.3 WHEN A TOTAL LOSS OF THE AIRFRAME OCCURS EVEN
IF THERE HAS NOT BEEN A TOTAL LOSS OF AN ENGINE, ENGINES OR THE APU. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">19.4 SURVIVING ENGINE(S). If a Total Loss of the Airframe occurs and there has not
been a Total Loss of an Engine or Engines, then, provided no Default or Event of Default has occurred and is continuing, at the request of LESSEE (subject to agreement of relevant insurers) and on receipt of all monies due under Article 19.3 and
payment by LESSEE of all airport, navigation and other charges on the Aircraft then due and owing, if any, LESSOR will transfer all its right, title and interest in the surviving Engine(s) to LESSEE, but without any responsibility, condition or
warranty on the part of LESSOR other than as to freedom from any LESSOR&#146;s Liens. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">19.5 TOTAL LOSS OF ENGINE AND NOT AIRFRAME. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">19.5.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Upon a Total Loss of any Engine not installed on the Airframe or a Total Loss of an Engine installed on the
Airframe not involving a Total Loss of the Airframe, LESSEE will replace such Engine as soon as reasonably possible by duly conveying or causing to be conveyed to LESSOR title to another engine from LESSEE (or another Person with reasonable net
worth or a guarantee from LESSEE)&nbsp;(a) free and clear of all Security Interests (except Permitted Liens) of any kind or description, (b)&nbsp;in airworthy condition and of the same or improved model, service bulletin and modification status and
having a value and utility at least equal to the Engine which sustained the Total Loss, (c)&nbsp;not older (by reference to serial number or manufacture date) than the older of the two Engines delivered by LESSOR to LESSEE with the Aircraft on the
Delivery Date and (d)&nbsp;in the same or better operating condition as the Engine which sustained a Total Loss, including time in service, hours and cycles since new and hours and cycles available to the next inspection, Overhaul or scheduled or
anticipated removal. Such replacement engine will be an &#147;Engine&#148; as defined herein and the Engine which sustained such Total Loss will cease to be an &#147;Engine&#148;. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">19.5.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LESSEE agrees at its own expense to take such action as LESSOR may reasonably request in order that any such
replacement Engine becomes the property of LESSOR and is leased hereunder on the same terms as the destroyed Engine. LESSEE&#146;s obligation to pay Rent will continue in full force and effect, but an amount equal to the Net Total Loss Proceeds
received by LESSOR with respect to such destroyed Engine will, subject to LESSOR&#146;s right to deduct therefrom any amounts then due and payable by LESSEE under this Lease, be promptly paid to LESSEE. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">55 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">19.5.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Notwithstanding Articles 19.5.1 and 19.5.2, if at the time of a Total Loss of an Engine not installed on the
Aircraft or a Total Loss of an Engine installed on the Airframe not involving a Total Loss of the Airframe, LESSOR and LESSEE are parties to a spare engine lease pursuant to which LESSOR is leasing a spare engine to LESSEE of the same model and type
as the Engine which has suffered such Total Loss, LESSOR will receive from LESSEE the replacement cost of the Engine instead of accepting a replacement engine. One (1) of such LESSOR spare engines will then be substituted under this Lease for the
Engine which suffered such Total Loss and the applicable spare engine lease will terminate. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">19.6 TOTAL LOSS OF APU. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">19.6.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Upon a Total Loss of the APU when not installed on the Airframe or a Total Loss of the APU while installed on
the Airframe not involving a Total Loss of the Airframe, LESSEE will replace such APU as soon as reasonably possible by duly conveying or causing to be conveyed to LESSOR title to another auxiliary power unit (a)&nbsp;free and clear of all Security
Interests (except Permitted Liens) of any kind or description, (b)&nbsp;in airworthy condition and of the same or improved model, service bulletin and modification status and having a value and utility at least equal to the APU which sustained the
Total Loss, (c)&nbsp;not older (by reference to serial number or manufacture date) than the APU delivered by LESSOR to LESSEE with the Aircraft on the Delivery Date and (d)&nbsp;in the same or better operating condition as the APU which sustained
the Total Loss, including time in service, hours and cycles since new and hours and cycles available to the next inspection, Overhaul or scheduled or anticipated removal. Such replacement auxiliary power unit will be the &#147;APU&#148; as defined
herein and the auxiliary power unit which sustained such Total Loss will cease to be the &#147;APU&#148;. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">19.6.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LESSEE agrees at its own expense to take such action as LESSOR may reasonably request in order that any such
replacement APU becomes the property of LESSOR and is leased hereunder on the same terms as the destroyed APU. LESSEE&#146;s obligation to pay Rent will continue in full force and effect, but an amount equal to the Net Total Loss Proceeds received
by LESSOR with respect to such destroyed APU will, subject to LESSOR&#146;s right to deduct therefrom any amounts then due and payable by LESSEE under this Lease, promptly be paid to LESSEE. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">19.7 OTHER LOSS OR DAMAGE. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">19.7.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If the Aircraft or any Part thereof suffers loss or damage not constituting a Total Loss of the Aircraft or the
Airframe or any Engine or the APU, all the obligations of LESSEE under this Lease (including payment of Rent) will continue in full force. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">19.7.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In the event of any loss or damage to the Aircraft or Airframe which does not constitute a Total Loss of the
Aircraft or the Airframe, or any loss or damage to </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">56 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="14%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
an Engine or the APU which does not constitute a Total Loss of such Engine or the APU, LESSEE will at its sole cost and expense fully repair the Aircraft, Engine or APU in order that the
Aircraft, Engine or APU is placed in an airworthy condition and substantially the same condition as it was prior to such loss or damage. All repairs will be performed in a manner which preserves and maintains all warranties and service life policies
to the same extent as they existed prior to such loss or damage. LESSEE will notify LESSOR promptly of any loss, theft or damage to the Aircraft for which the cost of repairs is estimated to exceed **Material Redacted**, together with LESSEE&#146;s
proposal for carrying out the repair. In the event that LESSOR does not agree with LESSEE&#146;s proposals for repair, LESSOR will so notify LESSEE within two (2)&nbsp;Business Days after its receipt of such proposal. LESSEE and LESSOR will then
consult with Manufacturer and LESSEE and LESSOR agree to accept as conclusive, and be bound by, Manufacturer&#146;s directions or recommendations as to the manner in which to carry out such repairs. If Manufacturer declines to give directions or
recommendations, LESSEE will carry out the repairs in accordance with the reasonable directions of LESSOR. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">19.8 COPY OF INSURANCE POLICY.
Promptly after the occurrence of a partial loss or Total Loss of the Aircraft, an Engine or the APU, LESSEE will provide LESSOR with all reasonable assistance in determining coverage under LESSEE&#146;s insurance policy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">19.9 GOVERNMENT REQUISITION. If the Aircraft, Airframe, any Engine or the APU is requisitioned for use by any Goverment Entity, LESSEE will promptly notify
LESSOR of such requisition. All of LESSEE&#146;s obligations hereunder will continue as if such requisition had not occurred. So long as no Default or Event of Default has occurred and is continuing, all payments received by LESSOR or LESSEE from
such Government Entity will be paid over to or retained by LESSEE. If a Default or Event of Default has occurred and is continuing, all payments received by LESSEE or LESSOR from such Government Entity may be used by LESSOR to satisfy any
obligations owing by LESSEE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">19.10 LESSOR RETENTION OF RESERVES. **Material Redacted**. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">57 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 20 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">REPRESENTATIONS, WARRANTIES AND </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COVENANTS OF LESSEE </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">20.1 REPRESENTATIONS AND
WARRANTIES. LESSEE represents and warrants the following to LESSOR as of the date of execution of this Lease and as of the Delivery Date: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">20.1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Corporate Status. LESSEE is a corporation duly incorporated, validly existing and in good standing under the
Laws of Panama. It has the corporate power and authority to carry on its business as presently conducted and to perform its obligations hereunder. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">20.1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Governmental Approvals. No authorization, approval, consent, license or order of, or registration with, or the
giving of notice to the Aviation Authority or any other Government Entity is required for the valid authorization, execution, delivery and performance by LESSEE of this Lease, except as will have been duly effected as of the Delivery Date.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">20.1.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Binding. LESSEE&#146;s Board of Directors has authorized LESSEE to enter into this Lease, any Side Letters
hereto and any other documentation in connection with the leasing of the Aircraft from LESSOR (collectively, the &#147;OPERATIVE DOCUMENTS&#148;) and perform its obligations under the Operative Documents. This Lease and the other Operative Documents
have been duly executed and delivered by LESSEE and represent the valid and binding obligations of LESSEE, enforceable in accordance with their terms except as enforceability may be limited by bankruptcy, insolvency, reorganization or other Laws of
general application affecting creditors&#146; rights and except by general principles of equity. When executed by LESSEE at Delivery, the same will apply to the Estoppel and Acceptance Certificate. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">20.1.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No Breach. The execution and delivery of the Operative Documents, the consummation by LESSEE of the
transactions contemplated herein and compliance by LESSEE with the terms and provisions hereof do not and will not contravene any Law applicable to LESSEE, or result in any breach of or constitute any default under or result in the creation of any
Security Interest upon any property of LESSEE, pursuant to any indenture, mortgage, chattel mortgage, deed of trust, conditional sales contract, bank loan or credit agreement, corporate charter, <FONT STYLE="white-space:nowrap">by-law</FONT> or
other agreement or instrument to which LESSEE is a party or by which LESSEE or its properties or assets may be bound or affected. When executed by LESSEE at Delivery, the same will apply to the Estoppel and Acceptance Certificate.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">20.1.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Filings. Except for any filing or recording that may be required by the Aviation Authority, no filing or
recording of any instrument or document (including the filing of any financial statement) is necessary under the Laws of the State of Registration and any applicable states in order for this Lease to constitute a valid and perfected lease of record
relating to the Aircraft. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">58 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">20.1.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Translation or Notarization. None of the Lease or any other Operative Document needs to be translated,
notarized, legalized, apostilled or consularized as a condition to the legality, validity, filing, enforceability or admissibility in evidence thereof. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">20.1.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Licenses. LESSEE holds all required licenses, certificates and permits from applicable Government Entities in
Panama for the conduct of its business as a certificated air carrier as presently conducted and performance of its obligations under this Lease. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">20.1.8</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No Suits. To the knowledge of LESSEE after reasonable inquiry, there are no suits, arbitrations or other
proceedings pending or threatened before any court or administrative agency against or affecting LESSEE which, if adversely determined, would have a material adverse effect on LESSEE&#146;s ability to perform under this Lease, except as described in
the financial statements provided to LESSOR pursuant to Article 22. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">20.1.9</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No Withholding. Under the Laws of Panama currently in effect, LESSEE will not be required to deduct any
withholding or other Tax from any payment it may make under this Lease. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">20.1.10</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No Restrictions on Payments. Under the Laws of Panama, there are no present restrictions on LESSEE making the
payments required by this Lease. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">20.1.11</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">General Obligations. The obligations of LESSEE under this Lease are direct, general and unconditional
obligations of LESSEE and rank or will rank at least pari passu with all other present and future unsecured and unsubordinated obligations (including contingent obligations) of LESSEE, with the exception of such obligations as are mandatorily
preferred by law and not by reason of any contract. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">20.1.12</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No Sovereign Immunity. LESSEE, under the Laws of Panama or of any other jurisdiction affecting LESSEE, is
subject to private commercial law and suit. Neither LESSEE nor its properties or assets is entitled to sovereign immunity under any such Laws. LESSEE&#146;s performance of its obligations hereunder constitute commercial acts done for commercial
purposes. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">20.1.13</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Tax Returns. All necessary returns have been delivered by LESSEE to all relevant taxation authorities in the
jurisdiction of its incorporation and all taxes due and payable by LESSEE (other than such Taxes the amount or imposition of which are being contested by LESSEE by appropriate proceedings) have been paid. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">20.1.14</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No Material Adverse Effect. LESSEE is not in default under any agreement to which it is a party or by which it
may be bound which default would have a material adverse effect on LESSEE&#146;s ability to perform under this Lease. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">59 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">20.1.15</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No Default or Event of Default under this Lease. At the time of execution of this Lease, no Default or Event of
Default has occurred and is continuing and the financial statements provided to LESSOR pursuant to Article 22 fairly present the financial condition of LESSEE as of the date referenced therein. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">20.2 COVENANTS. LESSEE covenants to LESSOR that it will comply with the following throughout the entire Lease Tenn: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">20.2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Licensing. LESSEE will hold all required licenses, certificates and permits from applicable Government Entities
in Panama for the conduct of its business as a certificated air carrier and performance of its obligations under this Lease. LESSEE will advise LESSOR promptly in the event any such licenses, certificates or permits are cancelled, terminated,
revoked or not renewed. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">20.2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Payments. If at any time any such restrictions may be applicable, LESSEE will obtain all certificates,
licenses, permits, exemptions and other authorizations which are from time to time required for the making of the payments required by this Lease on the dates and in the amounts and currency which are stipulated herein, and will maintain the same in
full force and effect for so long as the same will be required. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">20.2.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Sovereign Immunity. LESSEE, under the Laws of Panama or of any other jurisdiction affecting LESSEE, will
continue to be subject to private commercial law and suit. Neither LESSEE nor its properties or assets are currently entitled to sovereign immunity under any such Laws. LESSEE&#146;s performance of its obligations hereunder will constitute
commercial acts done for commercial purposes. LESSEE will advise LESSOR promptly of any change in the foregoing. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">20.2.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Information about Suits. LESSEE will promptly give to LESSOR a notice in writing of any suit, arbitration or
proceeding before any court, administrative agency or Government Entity which, if adversely determined, would materially adversely affect LESSEE&#146;s ability to perform under this Lease. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">20.2.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Restrictions on Mergers. LESSEE will not sell or convey substantially all of its property and assets (except
capital asset replacement in the normal course of business) or merge or consolidate with or into any other corporation unless (a)&nbsp;LESSEE is the surviving entity and, as such, has a net worth equivalent to its net worth as of the date hereof, or
(b)&nbsp;LESSEE has obtained LESSOR&#146;s prior written consent which will not be unreasonably withheld or delayed. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">20.2.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Restriction on Relinquishment of Possession. LESSEE will not, without the prior consent of LESSOR, deliver,
transfer or relinquish possession of the Aircraft except in accordance with Articles 11 and 12. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">20.2.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No Security Interests. LESSEE will not create or agree to or permit to arise any Security Interest (other than
Permitted Liens) on or with respect to the Aircraft, title thereto or any interest therein. LESSEE will promptly, at its own expense, take all action as may be necessary to discharge or remove any such Security Interest if it exists at any time.
LESSEE will within promptly after becoming aware of the existence of any such Security Interest give written notice thereof to LESSOR. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">20.2.8</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Representations to Other Parties. LESSEE will not represent or hold out LESSOR as carrying goods or passengers
on the Aircraft or as being in any way connected or associated with any operation of the Aircraft. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">60 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 21 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">REPRESENTATIONS, WARRANTIES AND </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COVENANTS OF LESSOR </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">21.1 REPRESENTATIONS AND
WARRANTIES. LESSOR represents and warrants the following to LESSEE as of the date of execution of the Lease and as of the Delivery Date and ALL OTHER WARRANTIES, EXPRESS OR IMPLIED HAVE BEEN WAIVED IN ACCORDANCE WITH ARTICLE 8: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">21.1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Corporate Status. LESSOR is a corporation duly incorporated, validly existing and in good standing under the
Laws of the State of California. It has the corporate power and authority to carry on its business as presently conducted and to perform its obligations hereunder. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">21.1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No Suits. To the knowledge of LESSOR after reasonable inquiry, there are no suits, arbitrations or other
proceedings pending or threatened before any court or administrative agency against or affecting LESSOR which, if adversely determined, would have a material adverse effect on LESSOR&#146;s ability to perform under this Lease. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">21.1.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Governmental Approvals. No authorization, approval, consent, license or order of, or registration with, or the
giving of notice to any U.S. Government Entity is required for the valid authorization, execution, delivery and performance by LESSOR of this Lease. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">21.1.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Binding. This Lease and the other Operative Documents have been duly authorized, executed and delivered by
LESSOR and represent the valid and binding obligations of LESSOR, enforceable in accordance with their terms except as enforceability may be limited by bankruptcy, insolvency, reorganization or other Laws of general application affecting the
enforcement of creditors&#146; rights or general principles of equity. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">21.1.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No Breach. The execution and delivery of the Operative Documents, the consummation by LESSOR of the
transactions contemplated herein and compliance by LESSOR with the terms and provisions hereof do not and will not contravene any Law applicable to LESSOR, or result in any breach of or constitute any default under any indenture, mortgage, chattel
mortgage, deed of trust, conditional sales contract, bank loan or credit agreement, corporate charter, <FONT STYLE="white-space:nowrap">by-law</FONT> or other agreement or instrument to which LESSOR is a party or by which LESSOR or its properties or
assets may be bound or affected. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">21.1.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Title to Aircraft. On the Delivery Date LESSOR will have good and valid title to the Aircraft.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">21.1.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Consents. LESSOR has obtained or will obtain all necessary consents with respect to the entry into or
performance of its obligations under this Lease. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">61 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">21.1.8</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No Default. At the time of execution of this Lease, LESSOR is not in default under any agreement to which it is
a party or by which it may be bound which default would have a material adverse effect on LESSOR&#146;s ability to perform under this Lease. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">21.2 COVENANT OF QUIET ENJOYMENT. So long as no Default or Event of Default has occurred and is continuing hereunder, LESSOR covenants that neither LESSOR nor
any person lawfully claiming by or through LESSOR will interfere with or otherwise disturb LESSEE&#146;s quiet, peaceful use and enjoyment of the Aircraft. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">62 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 22 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FINANCIAL AND OTHER INFORMATION </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">LESSEE agrees to furnish each of the following to LESSOR: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) within sixty (60)&nbsp;days after the end of each fiscal quarter of LESSEE, three (3) copies of the unaudited consolidated financial statements (including
a balance sheet and profit and loss statement) prepared for such quarter in accordance with international generally accepted accounting principles; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b)
within one hundred twenty (120)&nbsp;days after the end of each fiscal year of LESSEE, three (3)&nbsp;copies of the audited consolidated financial statements (including a balance sheet and profit and loss statement) prepared as of the close of such
fiscal year in accordance with international generally accepted accounting principles. LESSEE&#146;s chief financial officer will also provide a certificate stating that no Default or Event of Default exists under this Lease or, if a Default or
Event of Default does exist, then such officer will describe both the nature of the Default or Event of Default and measures being taken by LESSEE to remedy the same; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) promptly after distribution, three (3)&nbsp;copies of all reports and financial statements which LESSEE sends or makes available to other aircraft
lessors; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) from time to time, such other reasonable information as LESSOR or LESSOR&#146;s Lender (subject to the confidentiality restrictions set
forth in Article 28.8) may reasonably request concerning the location, condition, use and operation of the Aircraft or the financial condition of LESSEE. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">63 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 23 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RETURN OF AIRCRAFT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">23.1 DATE OF RETURN. LESSEE
is obligated to return the Aircraft, Engines, APU, Parts and Aircraft Documentation to LESSOR on the Expiration Date, unless a Total Loss of the Aircraft occurred prior to the Expiration Date and this Lease was terminated early in accordance with
Article 19.3. If an Event of Default occurs hereunder by LESSEE failing to return the Aircraft on the Expiration Date or if an Event of Default occurs prior to or after the Expiration Date and LESSOR repossesses the Aircraft, the return requirements
set forth in this Article 23 nonetheless must be met on the date the Aircraft is actually returned to LESSOR or repossessed by LESSOR. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">23.2 LAST ENGINE
SHOP VISITS. With respect to the last Engine shop visit of an Engine prior to return of the Aircraft, LESSEE will submit to LESSOR in advance the intended workscope of such shop visit. If LESSOR requests, LESSEE will perform additional work at such
shop visit at LESSOR&#146;s cost provided that if the same shall result in delay in redelivery, extension of the Lease Term or cause the Engine to be removed from service early or for a period in excess of the period the Engine would have been
removed from revenue service absent such additional work, no Rent or other costs will be payable by LESSEE for the period which is attributable solely to LESSOR&#146;s requested work (unless and to the extent LESSEE shall have otherwise agreed in
writing). In the event that LESSOR requests LESSEE to remove an Engine from service for additional work, LESSOR will use reasonable efforts to provide a spare engine or will reimburse LESSEE for the cost of any spare engine provided or procured by
LESSEE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">23.3 TECHNICAL REPORT. Six (6)&nbsp;months prior to the Expiration Date (and in an updated form at return of the Aircraft), LESSEE will provide
LESSOR with a Technical Evaluation Report in the form and substance of Exhibit M, as revised, and, in addition upon LESSOR&#146;s request, will make <FONT STYLE="white-space:nowrap">cc-pies</FONT> available of (a) drawings of the interior
configuration of the Aircraft both as it presently exists and as it will exist at return, (b)&nbsp;an Airworthiness Directive status list, (c)&nbsp;a service bulletin incorporation list, (d)&nbsp;rotable tracked, hard-time and life-limited component
listings, (e)&nbsp;a list of LESSEE-initiated modifications and alterations, (f)&nbsp;interior material burn certificates, (g) access to the Aircraft Maintenance Program, (h)&nbsp;the complete workscope for the checks, inspections and other work to
be performed prior to return, (i)&nbsp;a forecast of the checks, inspections and other work to be performed within 18 months after return of the Aircraft, (j)&nbsp;a list of all <FONT STYLE="white-space:nowrap">no-charge</FONT> service bulletin kits
with respect to the Aircraft which were ordered by LESSEE from Manufacturer or the Engine manufacturer, (k)&nbsp;current Engine disk sheets and a description of the last shop visit for each Engine and (1)&nbsp;any other data which is reasonably
requested by LESSOR. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">23.4 RETURN LOCATION. LESSEE at its expense will return the Aircraft, Engines, APU, Parts and Aircraft Documentation to LESSOR at
Los Angeles, California or to such other airport as may be mutually agreed to by LESSEE and LESSOR. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">23.5 FULL AIRCRAFT DOCUMENTATION REVIEW. For the
period commencing at least ten (10) Business Days prior to the proposed redelivery date and continuing until the date on which the Aircraft is returned to LESSOR in the condition required by this Lease, LESSEE will provide for the review of LESSOR
and/or its representative all of the Aircraft records and historical documents described in Exhibit L in one central room with access to telephone, photocopy, fax and interne connections at the Aircraft return location. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">64 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">23.6 COPY OF LESSEE&#146;S MAINTENANCE PROGRAM. At return of the Aircraft and for use by LESSOR only for the
purpose of bridging the Aircraft from LESSEE&#146;s Maintenance Program to the maintenance program of the next operator, LESSEE will provide LESSOR with a copy of LESSEE&#146;s Maintenance Program. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">23.7 AIRCRAFT INSPECTION. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.7.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">During the maintenance checks performed immediately prior to the proposed redelivery and at the actual return
of the Aircraft, LESSOR and/or its representatives will have an opportunity to conduct a systems functional and operational inspection of the Aircraft (and other types of reasonable inspections based upon the Aircraft type, age, use and other known
factors with respect to the Aircraft) and a full inspection of the Aircraft Documentation (including records and manuals), all to LESSOR&#146;s reasonable satisfaction. Any deficiencies from the Aircraft return condition requirements set forth in
this Article 23 will be corrected by LESSEE at its cost prior to the acceptance flight described in Article 23.7.2. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.7.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Immediately prior to the proposed redelivery of the Aircraft, LESSEE will carry out for LESSOR and/or
LESSOR&#146;s representatives an Aircraft acceptance flight in accordance with Manufacturer&#146;s standard flight operation check flight procedures or, if agreed to in writing by LESSOR, in accordance with an airline acceptance flight procedure,
either of which will be for the duration necessary to perform such check flight procedures but in any event not less than two (2)&nbsp;hours. Flight costs and fuel will be furnished by and at the expense of LESSEE, Any deficiencies from the Aircraft
return condition requirements set forth in this Article 23 will be corrected by LESSEE at its cost prior to return of the Aircraft. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.7.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To the extent that the ground inspection and acceptance flight extend beyond the Expiration Date, the Lease
Term will be deemed to have been automatically extended and the obligations of LESSEE hereunder (including Article 23.13.3) will continue on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> basis until the
Aircraft is accepted by LESSOR executing the Return Acceptance Receipt in the form of Exhibit J. In the event the Lease is extended solely as a result of work performed at LESSOR&#146;s request pursuant to Article 23.10.1, LESSEE will perform such
additional work at LESSOR&#146;s cost provided that if the same shall result in delay in redelivery, extension of the Lease Term or cause the Aircraft to be removed from service for a period in excess of the period the Aircraft would have been
removed to revenue service absent such additional work, no Rent or other costs will be payable by LESSEE for the period which is attributable solely to LESSOR&#146;s requested work (unless and to the extent LESSEE shall have otherwise agreed in
writing). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">65 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">23.8 CERTIFICATE OF AIRWORTHINESS MATTERS. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.8.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Aircraft will possess a current Certificate of Airworthiness issued by the Aviation Authority (although
this Certificate of Airworthiness may later be substituted by the Export Certificate of Airworthiness or equivalent if requested by LESSOR pursuant to Article 23.12). In addition, even if LESSEE must perform engineering, maintenance and repair work
on the Aircraft beyond the requirements of Article 12, the Aircraft at return must be in the condition required in order to meet the requirements for issuance of a U.S. Standard Certificate of Airworthiness for transport category aircraft issued by
the FAA in accordance with FAR Part 21 and, in addition, to meet the operating requirements of FAR Part 121 with no restrictions imposed. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.8.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">At LESSOR&#146;s request, LESSEE at its cost will demonstrate that the Aircraft meets the requirements for
issuance of the U.S. Standard Certificate of Airworthiness for transport category aircraft specified in Article 23.8.1 by delivering to LESSOR at LESSOR&#146;s option either an actual U.S. Standard Certificate of Airworthiness (if the Aircraft is to
be registered in the U.S.) or a letter acceptable to LESSOR signed by an FAA Designated Airworthiness Representative (DAR) or another Person acceptable to LESSOR stating that the DAR or such Person has inspected the Aircraft and Aircraft
Documentation (including records and manuals) and has found that the Aircraft meets the requirements for issuance of a U.S. Standard Certificate of Airworthiness for transport category aircraft in accordance with FAR Part 21 and, in addition, meets
the operating requirements of FAR Part 121 with no restrictions imposed. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.8.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If the Aircraft is to be registered in a country other than in the U.S. after return from LESSEE, LESSOR may in
its sole discretion waive the requirements of Article 23.8.2 and instead require that LESSEE at its expense (to the extent such expense is no greater than that which LESSEE would have incurred pursuant to Articles 23.8.1 and 23.8.2, with any
additional expenses being for LESSOR&#146;s account) put the Aircraft in a condition to meet the requirements for issuance of a Certificate of Airworthiness of the aviation authority of the next country of register. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">23.9 GENERAL CONDITION OF AIRCRAFT AT RETURN. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.9.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Aircraft, Engines, APU and Parts will have been maintained and repaired in accordance with the Maintenance
Program, the rules and regulations of the Aviation Authority and this Lease. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.9.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Aircraft Documentation (including records and manuals) will have been maintained in an <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">up-to-date</FONT></FONT> status, in accordance with the rules and regulations of the Aviation Authority and the FAA and this Lease and in a form necessary in order to meet the requirements
of Article 23.8.1. The records and historical documents set forth in Attachment 1 of Exhibit J will be in English. If LESSEE subscribes to Manufacturer&#146;s <FONT STYLE="white-space:nowrap">on-line</FONT> data access services, LESSEE must
nonetheless return the Aircraft manuals with all current revisions provided by Manufacturer in CD, microfilm or other format acceptable to LESSOR. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">66 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.9.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Aircraft will be in the same working order and condition as at Delivery (subject to the other provisions of
this Article 23, reasonable wear and tear from normal flight operations excepted), with all pilot discrepancies and deferred maintenance items cleared on a terminating action basis. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.9.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Aircraft will be airworthy (conform to type design and be in a condition for safe operation), with all
Aircraft equipment, components and systems operating in accordance with their intended use and within limits approved by Manufacturer, the Aviation Authority and the FAA. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.9.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Aircraft interior (including cabin and windows) and exterior will be clean and cosmetically acceptable to
LESSOR, with all compartments free of foreign objects, dirt, grease, fluids, stains, grime, cracks, tears and rips and ready to be placed into immediate commercial airline operations. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.9.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No special or unique Manufacturer, Engine manufacturer or Aviation Authority inspection or check requirements
which are specific to the Aircraft or Engines (as opposed to all aircraft or engines of their types) will exist with respect to the Airframe, Engines and Aircraft equipment, components and systems. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.9.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">All repairs to the Aircraft will have been accomplished in accordance with Manufacturer&#146;s Structural
Repair Manual (or <FONT STYLE="white-space:nowrap">FAA-approved</FONT> data supported by FAA Form <FONT STYLE="white-space:nowrap">8110-3)</FONT> for the Aircraft. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.9.8</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">All modifications and alterations to the Aircraft will have been accomplished in accordance with <FONT
STYLE="white-space:nowrap">FAA-approved</FONT> data supported by FAA Form <FONT STYLE="white-space:nowrap">8110-3.</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.9.9</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Aircraft will be returned with LESSOR&#146;s Engines and APU installed and with the same equipment as at
Delivery, subject only to those replacements, additions and Modifications permitted under this Lease. To the extent LESSEE performed a Modification which cost in excess of **Material Redacted** and LESSOR did not approve such Modification in
accordance with Article 12.10.1, LESSOR may require LESSEE to return the Aircraft in its original condition prior to such Modification. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.9.10</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">All Airworthiness Directives which are issued prior to the date of return of the Aircraft and require
compliance (either by means of repetitive inspections, modifications or terminating action) prior to return of the Aircraft to LESSOR or within **Material Redacted** after the Termination Date will have been complied with on the Aircraft on a
terminating action basis at LESSEE&#146;s cost. Airworthiness Directives which do not have a terminating action will be accomplished at the highest level of inspection or modification possible. If, after using best efforts, LESSEE is unable to
acquire the material, parts or components necessary to accomplish such Airworthiness Directive, LESSEE will pay to LESSOR upon return of the Aircraft the estimated cost of terminating such Airworthiness Directive. If the estimated cost cannot be
mutually agreed upon by LESSEE and LESSOR, LESSEE and LESSOR will each obtain an estimate from a reputable FAA approved maintenance facility (unaffiliated with LESSEE or LESSOR) and the estimated cost will be the average of the two estimates.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">67 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.9.11</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">All modifications which must be performed prior to the date of return of the Aircraft or within **Material
Redacted** after the Termination Date in order to meet the FAA requirements for FAR Part 121 operations will have been incorporated on the Aircraft at LESSEE&#146;s cost. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.9.12</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Aircraft will be in compliance with Manufacturer&#146;s Corrosion Prevention and Control Program (CPCP)
specified for the model type by Manufacturer. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.9.13</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If any waivers, deviations, dispensations, alternate means of compliance, extensions or carry-overs with
respect to maintenance or operating requirements, repairs or Airworthiness Directives are granted by the Aviation Authority or permitted by the Maintenance Program, LESSEE at its sole cost and expense will nonetheless perform such maintenance or
operating requirements, repairs or Airworthiness Directives as if such waivers, deviations, dispensations, alternate means of compliance, or extensions or carry-overs did not exist. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.9.14</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Aircraft will be free from any Security Interest except LESSOR&#146;s Liens and no circumstance will have
so arisen whereby the Aircraft is or could become subject to any Security Interest or right of detention or sale in favor of the Aviation Authority, any airport authority, or any other authority. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.9.15</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">All <FONT STYLE="white-space:nowrap">no-charge</FONT> vendor and Manufacturer&#146;s service bulletin kits
received by LESSEE for the Aircraft but not installed thereon will be on board the Aircraft as cargo. All <FONT STYLE="white-space:nowrap">no-charge</FONT> vendor and Manufacturer&#146;s service bulletin kits ordered by LESSEE but not yet received
will, upon receipt by LESSEE, be forwarded as instructed by LESSOR. At LESSOR&#146;s request, any other service bulletin kit which LESSEE paid for will also be delivered to LESSOR on board the Aircraft, but LESSOR will reimburse LESSEE for its
actual <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs for such kit, unless LESSEE purchased such kit as part of its implementation of a service bulletin on its fleet of aircraft of the same type
as the Aircraft but had not yet installed such kit on the Aircraft, in which case such kit will be furnished free of charge to LESSOR. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.9.16</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Aircraft will be free of any leaks found to by outside of maintenance manual limits and any damage
resulting therefrom. All repairs will have been performed on a permanent basis in accordance with the applicable manufacturer&#146;s instructions. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">68 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.9.17</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Aircraft fluid reservoirs (including oil, oxygen, hydraulic and water) will be serviced to full and the
waste tank serviced in accordance with Manufacturer&#146;s instructions. Fuel tanks will be at least as full as at Delivery. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">23.10
CHECKS PRIOR TO RETURN. Immediately prior to return of the Aircraft to LESSOR, LESSEE at its expense will do each of the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.10.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Have performed, by an <FONT STYLE="white-space:nowrap">FAA-approved</FONT> repair station, a Return Check
(&#147;RETURN CHECK&#148;) means the accomplishment of all work cards specified in the Maintenance Program and the MPD which (a)&nbsp;are necessary to clear the Aircraft of all such tasks for **Material Redacted**, or (b)&nbsp;are required to be
performed at lesser intervals than **Material Redacted**. If pursuant to the then-current MPD, the performance interval for a task is shorter than every **Material Redacted**, then such task will also be performed. All
<FONT STYLE="white-space:nowrap">non-routine</FONT> tasks generated as a result of the performance of these work cards must also be performed. For avoidance of doubt, if the inspection interval pursuant to the then-current MPD for a particular work
card only refers to one or two of the three measurement tests, then the most restrictive measurement test or tests referred to in the then-current MPD will be utilized in determining whether the task must be performed.). LESSEE will also weigh the
Aircraft. Any discrepancies revealed during such inspection will be corrected in accordance with Manufacturer&#146;s maintenance and repair manuals or <FONT STYLE="white-space:nowrap">FAA-approved</FONT> data. LESSEE agrees to perform during such
check any other work reasonably required by LESSOR (and not otherwise required under this Lease) and LESSOR will reimburse LESSEE for such work at LESSEE&#146;s preferred customer rates. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.10.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Perform an internal and external corrosion inspection and correct any discrepancies in accordance with the
recommendations of Manufacturer and the Structural Repair Manual. In addition, all inspected areas will be properly treated with corrosion inhibitor as recommended by Manufacturer. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.10.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Remove LESSEE&#146;s exterior markings, including all exterior paint, by pneumatically scuff sanding (or
stripping, if reasonably determined by LESSOR taking into account the condition of the exterior paint) the paint from the fuselage, empennage and Engine cowlings, and clean, reseal, refinish, prepare (including application of alodine or another
corrosion inhibitor) and prime the surfaces to be painted, all in accordance with Manufacturer&#146;s and paint manufacturer&#146;s recommendations. LESSEE will then repaint the fuselage, empennage and Engine cowlings in the colors and logo
specified by LESSOR. Such painting will be accomplished in such a manner as to result in a uniformly smooth and cosmetically acceptable aerodynamic surface. All external placards, signs and markings will be properly attached, free from damage, clean
and legible. **Material Redacted**. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.10.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Clean the exterior and interior of the Aircraft. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">69 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.10.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If reasonably required by LESSOR, apply <FONT STYLE="white-space:nowrap">touch-up</FONT> paint to the interior
of the Aircraft, including flight deck, and replace missing, broken or illegible placards. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.10.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In accordance with Article 23.9.7, permanently repair damage to the Aircraft that exceeds Manufacturer&#146;s
limits and replace any <FONT STYLE="white-space:nowrap">non-flush</FONT> structural patch repairs installed on the Aircraft with flush-type repairs unless a flush-type repair is unavailable. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.10.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">With LESSOR and/or its representatives present, perform a full and complete hot and cold section videotape
borescope on each Engine and its modules in accordance with the Engine manufacturer&#146;s maintenance manual. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.10.8</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If the Engine historical and technical records and/or condition trend monitoring data of any Engine indicate an
acceleration in the rate of deterioration in the performance of an Engine, LESSEE will correct, to LESSOR&#146;s reasonable satisfaction, such conditions which are determined to be causing such accelerated rate of deterioration.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.10.9</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">With LESSOR and/or its representatives present, accomplish a power assurance run on the Engines. LESSEE will
evaluate the Engine performance and record the Engine power assurance test conditions and results on the Return Acceptance Receipt. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.10.10</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LESSEE will provide evidence to LESSOR&#146;s reasonable satisfaction that the Engine historical and technical
records, borescope inspection, trend monitoring and other checks specified in Article 23.10.9 do not reveal any condition which would cause the Engines or any module to be unserviceable, beyond serviceable limits or serviceable with an increased
frequency of inspection or with calendar time, flight hour or flight cycle restrictions under the Engine manufacturer&#146;s maintenance manual. LESSEE will correct any discrepancies in accordance with the guidelines set out by the Engine
manufacturer which may be discovered during such inspection. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.10.11</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In the event the Engine historical and technical records, borescope inspection, trend monitoring and other
checks specified in Article 23.10.9 result in a dispute regarding the conformity of an Engine with the requirements of this Article 23, LESSEE and LESSOR will consult with the Engine manufacturer and follow the Engine manufacturer&#146;s
recommendations (including the accomplishment of an Engine test cell operational check) with regard to determining if such Engine complies with the requirements of this Article 23 and the manner in which any discrepancies from the requirements of
this Article 23 will be rectified. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.10.12</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If the APU historical and technical records and/or condition trend monitoring data indicate an acceleration in
the rate of deterioration in the performance of the APU, LESSEE will correct, to LESSOR&#146;s reasonable satisfaction, such conditions which are determined to be causing such accelerated rate of deterioration. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">70 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.10.13</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">With LESSOR and/or its representatives present, perform a full and complete hot and cold section videotape
borescope on the APU in accordance with the APU manufacturer&#146;s procedures. LESSEE will provide evidence to LESSOR&#146;s satisfaction that the borescope inspection does not reveal any condition which would cause the APU to be unserviceable,
beyond serviceable limits or serviceable with an increased frequency of inspection or with calendar time, flight hour or flight cycle restrictions. LESSEE will correct any discrepancies in accordance with the guidelines set out by the APU
manufacturer which may be discovered during such inspection. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">23.11 PART LIVES. At return, the condition of the Aircraft will be as
follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.11.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Aircraft will have zero (0)&nbsp;hours consumed since the last Return Check or equivalent check per the MPD
(excluding hours consumed on the acceptance flight and any ferry flight) sufficient to clear the Aircraft for **Material Redacted** of operation. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.11.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each Engine will meet all of the following: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(a) Each Engine will have **Material Redacted** remaining until its next anticipated removal (based upon the Engine manufacturer&#146;s
estimated mean time between removals for engines of the same type as the Engines). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(b) Each Engine will have a remaining EGT margin
sufficient to permit the operation of such Engine for the hours and cycles set forth in the preceding subparagraph, based upon the historical experience of LESSEE. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(c) Each Part of an Engine which has a hard time limit will have **Material Redacted** of such Part&#146;s full allotment of hours and cycles
remaining to operate until its next scheduled Overhaul or removal. However, if **Material Redacted** of such hard time Part&#146;s full allotment of hours and cycles remaining is less than **Material Redacted**, then such hard time Part will be
returned with at least **Material Redacted** remaining. If such hard time Part&#146;s full allotment of hours and cycles is less than 4,000 hours or 4,000 cycles (whichever is applicable), then such hard time Part will be returned with zero
(0)&nbsp;hours and cycles since its last Overhaul or refurbishment, as applicable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(d) Each Part of an Engine which has a life-limit will
have at least **Material Redacted** remaining until removal. If such life-limited Part&#146;s full allotment of hours and cycles is less than **Material Redacted**, then such life-limited Part will be returned new. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(e) No life-limited Part of an Engine or APU will have more hours or cycles consumed than such Engine&#146;s data plate. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.11.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The APU will have no more than **Material Redacted** consumed since the last hot section refurbishment
(excluding hours consumed on the acceptance flight and any ferry flight). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">71 </P>

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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">In addition, at return LESSEE will pay LESSOR an amount equal to the number of hours
consumed on the APU at return since the last hot section refurbishment multiplied by an APU hot section refurbishment calculated as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">such APU hot section refurbishment cost price per hour will be the quotient obtained by dividing (a)&nbsp;the expected cost of the next APU
hot section refurbishment cost by (b)&nbsp;the full allotment of hours between hot section refurbishments as approved by the MPD. If LESSEE and LESSOR are unable to agree on the expected cost of the next scheduled APU hot section refurbishment, such
cost will be established by taking the average of the price quotes submitted by two (2)&nbsp;reputable <FONT STYLE="white-space:nowrap">FAA-approved</FONT> APU hot section refurbishment cost facilities (unaffiliated with LESSEE or LESSOR), one
selected by LESSEE and the other selected by LESSOR. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.11.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Landing Gear will have **Material Redacted** of hours/cycles/calendar time (whichever is the more limiting
factor) pursuant to the MPD remaining until the next Overhaul or scheduled removal. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">In addition, at return LESSEE will
pay LESSOR an amount equal to the number of hours/cycles/days (whichever is the more limiting factor) consumed on each Landing Gear at return since the last Overhaul multiplied by a Landing Gear Overhaul cost per hour/cycle/day calculated as
follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">such Landing Gear Overhaul cost price per hour/cycle/day will be the quotient obtained by dividing (a)&nbsp;the expected cost of
the next Landing Gear Overhaul by (b)&nbsp;the full allotment of hours/cycles/days between scheduled Overhauls for such Landing Gear as approved by the MPD. If LESSEE and LESSOR are unable to agree on the expected cost of the next scheduled Landing
Gear Overhaul, such cost will be established by taking the average of the price quotes submitted by two (2)&nbsp;reputable <FONT STYLE="white-space:nowrap">FAA-approved</FONT> landing gear Overhaul facilities (unaffiliated with LESSEE or LESSOR),
one selected by LESSEE and the other selected by LESSOR. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.11.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each Part of the Airframe or the APU which has a hard time (hour/cycle) limit to Overhaul or removal pursuant
to the MPD will have **Material Redacted** of such Part&#146;s full allotment of hours and cycles remaining to operate until its next scheduled Overhaul or removal pursuant to the MPD. However, if **Material Redacted** of such hard time Part&#146;s
full allotment of hours and cycles remaining is less than **Material Redacted**, then such hard time Part will be returned with at least **Material Redacted** remaining to operate until its next scheduled Overhaul or refurbishment pursuant to the
MPD. If such hard time Part&#146;s full allotment of hours and cycles between, Overhauls or refurbishment pursuant to the MPD is less than **Material Redacted**, then such hard time Part will be returned zero (0)&nbsp;hours and zero (0)&nbsp;cycles
out of Overhaul (except hours accumulated on any acceptance or ferry flight). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">72 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.11.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each life-limited Part of the Airframe or the APU will have **Material Redacted** of such Part&#146;s full
allotment of hours and cycles remaining to operate until removal pursuant to the MPD. However, if **Material Redacted** of such life-limited Part&#146;s full allotment of hours and cycles remaining is less than **Material Redacted**, then such
life-limited Part will be returned with at least **Material Redacted** remaining to operate pursuant to the MPD. If such life-limited Part&#146;s full allotment of hours and cycles remaining to operate pursuant to the MPD is less than **Material
Redacted**, then such life-limited Part will be returned with 100% of its total approved hours and cycles remaining. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.11.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each Part which has a calendar limit will have **Material Redacted** remaining to operate pursuant to the MPD
after return of the Aircraft to LESSOR. If a Part has a total approved life pursuant to the MPD of **Material Redacted**, then such Part will be returned with 100% of its total approved life remaining. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.11.8</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No Part of the Aircraft or Engine (excluding life-limited Parts on the Engine, which are covered by Article
23.11.2(e)) will have total hours and total cycles since new greater than **Material Redacted** of that of the Airframe **Material Redacted**. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.11.9</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each Aircraft tire and brake **Material Redacted** (except for the acceptance flight and any ferry flight).
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">23.12 EXPORT AND DEREGISTRATION OF AIRCRAFT. At LESSOR&#146;s request, LESSEE at its cost will (a)&nbsp;provide an Export Certificate
of Airworthiness or its equivalent from the State of Registration so that the Aircraft can be exported to the country designated by LESSOR, (b)&nbsp;assist with deregistration of the Aircraft from the register of aircraft in the State of
Registration, (c)&nbsp;assist with arranging for prompt confirmation of such deregistration to be sent by the registry in the State of Registration to the next country of registration and (d)&nbsp;perform any other acts reasonably required by LESSOR
in connection with the foregoing. **Material Redacted**. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">23.13 LESSEE&#146;S CONTINUING OBLIGATIONS. In the event that LESSEE does not return the
Aircraft to LESSOR on the Expiration Date and in the condition required by this Article 23 for any reason (whether or not the reason is within LESSEE&#146;s control) unless such delay is as a result of work performed at the request of LESSOR
pursuant to Article 23.10.1 or is otherwise over and above LESSEE&#146;s obligations pursuant to this Article 23: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.13.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the obligations of LESSEE under this Lease will continue in full force and effect on a <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> basis until such return. This will not be considered a waiver of LESSEE&#146;s Event of Default or any right of LESSOR hereunder. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.13.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted**. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.13.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LESSEE will fully indemnify LESSOR on demand for all losses (including consequential damages), liabilities,
actions, proceedings, costs and expenses thereby suffered or incurred by LESSOR and, in addition, until such time as the </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">73 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:14%; font-size:10pt; font-family:Times New Roman">Aircraft is redelivered to LESSOR and put into the condition required by this Article 23,
instead of paying the Rent specified in Article 5.3, LESSEE will pay twice the amount of Rent for each day from the scheduled Expiration Date until the Termination Date (the monthly Rent payable under Article 5.3.1 will be prorated based on the
actual number of days in the applicable month). Payment will be made upon presentation of LESSOR&#146;s invoice. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">23.13.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LESSOR may elect, in its sole and absolute discretion, to accept the return of the Aircraft prior to the
Aircraft being put in the condition required by this Article 23 and thereafter have any such <FONT STYLE="white-space:nowrap">non-conformance</FONT> corrected at such time as LESSOR may deem appropriate (but within ninety (90)&nbsp;days following
the return of the Aircraft) and at commercial rates then-charged by the Person selected by LESSOR to perform such correction. Any direct expenses incurred by LESSOR for such correction will be payable by LESSEE within fifteen (15)&nbsp;days
following the submission of a written statement by LESSOR to LESSEE, identifying the items corrected and setting forth the expense of such corrections. LESSEE&#146;s obligation to pay such amounts will survive the Termination Date.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">23.14 AIRPORT AND NAVIGATION CHARGES. LESSEE will ensure that at return of the Aircraft any and all airport, navigation and other
charges which give rise or may if unpaid give rise to any lien, right of detention, right of sale or other Security Interest in relation to the Aircraft, Engine, APU or any Part have been paid and discharged in full and will at LESSOR&#146;s request
produce evidence thereof satisfactory to LESSOR, except to the extent being contested in good faith provided LESSEE shall have agreed in writing to pay any such charges determined pursuant to such contest to be due and owing to the relevant
authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">23.15 RETURN ACCEPTANCE RECEIPT. Upon return of the Aircraft in accordance with the terms of this Lease, LESSEE will prepare and execute two
(2)&nbsp;Return Acceptance Receipts in the form and substance of Exhibit J and LESSOR will countersign and return one such Return Acceptance Receipt to LESSEE. In addition, LESSEE and LESSOR will execute a Lease Termination for filing with the FAA
evidencing termination of this Lease. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">23.16 INDEMNITIES AND INSURANCE. The indemnities and insurance requirements set forth in Articles 17 and 18,
respectively, will apply to Indemnitees and LESSOR&#146;s representatives during return of the Aircraft, including the ground inspection and acceptance flight. With respect to the acceptance flight, LESSOR&#146;s representatives will receive the
same protections as LESSOR on LESSEE&#146;s Aviation and Airline General Third Party Liability Insurance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">23.17 STORAGE. At LESSOR&#146;s request, LESSEE
will continue to lease the Aircraft under this Lease for a period not to exceed thirty (30)&nbsp;days. During this period, LESSEE will have no obligations under this Lease except, at LESSOR&#146;s cost, to park and store the Aircraft in accordance
with Manufacturer&#146;s recommended short term storage program at one of LESSEE&#146;s principal maintenance facilities in the State of Registration and to maintain all insurance on the Aircraft. LESSEE will not utilize the Aircraft for any reason
during this period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">74 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 24 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ASSIGNMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">24.1 NO ASSIGNMENT BY LESSEE. EXCEPT
AS OTHERWISE PROVIDED HEREIN, NO ASSIGNMENT, NOVATION, TRANSFER, MORTGAGE OR OTHER CHARGE MAY BE MADE BY LESSEE OF ANY OF ITS RIGHTS OR OBLIGATIONS WITH RESPECT TO THE AIRCRAFT, ANY ENGINE OR PART, OR THIS LEASE. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">24.2 SALE OR ASSIGNMENT BY LESSOR. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">24.2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Subject to LESSEE&#146;s rights pursuant to this Lease, LESSOR may at any time and without LESSEE&#146;s
consent sell, assign or transfer its rights, interest and obligations hereunder or with respect to the Aircraft to a third party (&#147;LESSOR&#146;S ASSIGNEE&#148;). For a period of two (2)&nbsp;years after such sale or assignment and at
LESSEE&#146;s cost, LESSEE will continue to name LESSOR as an additional insured under the Aviation and Airline General Third Party Liability Insurance specified in Exhibit C. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">24.2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The term &#147;LESSOR&#148; as used in this Lease means the lessor of the Aircraft at the time in question. In
the event of the proper sale of the Aircraft and transfer of LESSOR&#146;s rights and obligations under this Lease, LESSOR&#146;s Assignee will become &#147;LESSOR&#148; of the Aircraft under this Lease and the transferring party (the prior
&#147;LESSOR&#148;) will be relieved of all liability to LESSEE under this Lease for obligations arising on and after the date the Aircraft is sold. LESSEE will acknowledge and accept LESSOR&#146;s Assignee as the new &#147;LESSOR&#148; under this
Lease and will look solely to LESSOR&#146;s Assignee for the performance of all LESSOR obligations and covenants under this Lease arising on and after the Aircraft sale date provided such transfer, sale or assignment is in conformity with the
requirements of this Article 24. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">24.3 LESSOR&#146;S LENDER. Subject to LESSEE&#146;s rights pursuant to this Lease, LESSOR may at any
time and without LESSEE&#146;s consent grant security interests over the Aircraft and assign the benefit of this Lease to a lender (&#147;LESSOR&#146;S LENDER&#148;) as security for LESSOR&#146;s obligations to LESSOR&#146;s Lender. Accordingly, if
LESSOR&#146;s Lender requires, as a condition to providing financing, any reasonable, nonsubstantive modification of this Lease, LESSEE agrees to enter into an agreement so modifying this Lease. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">24.4 LESSEE COOPERATION. On request by LESSOR, LESSOR&#146;s Assignee or LESSOR&#146;s Lender, LESSEE will execute all such documents (such as a lease
assignment agreement) as LESSOR, LESSOR&#146;s Assignee or LESSOR&#146;s Lender may reasonably require to confirm LESSEE&#146;s obligations under this Lease and obtain LESSEE&#146;s acknowledgment that LESSOR is not in breach of the Lease. LESSEE
will provide all other reasonable assistance and cooperation to LESSOR, LESSOR&#146;s Assignee and LESSOR&#146;s Lender in connection with any such sale or assignment or the perfection and maintenance of any such security interest, including, at
LESSOR&#146;s cost, making all necessary filings and registrations in the State of Registration and providing all opinions of counsel with respect to matters reasonably requested by LESSOR, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">75 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
LESSOR&#146;s Lender or LESSOR&#146;s Assignee. LESSOR will reimburse LESSEE for its reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs
in reviewing documents required by LESSOR or LESSOR&#146;s Lender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">24.5 PROTECTIONS. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">24.5.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted**. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">24.5.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LESSOR will obtain for the benefit of LESSEE an acknowledgment from any LESSOR&#146;s Assignee or LESSOR&#146;s
Lender that, so long as no Event of Default has occurred and is continuing hereunder, such Person and any Person lawfully claiming through such Person will not interfere with LESSEE&#146;s quiet, peaceful use and enjoyment of the Aircraft.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">24.5.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted**. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">24.5.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted**. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">24.5.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted**. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">24.5.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted**. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="top" ALIGN="left">24.5.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Wherever the term &#147;LESSOR&#148; is used in this Lease in relation to any of the provisions relating to
disclaimer, title and registration, indemnity and insurance contained in Articles 8, 14, 17 and 18, respectively, or with respect to Article 20.2.8, the term &#147;LESSOR&#148; will be deemed to include LESSOR&#146;s Assignee and LESSOR&#146;s
Lender, if applicable. For avoidance of doubt, in the event of LESSOR&#146;s sale or financing of the Aircraft, the disclaimer and indemnity provisions contained in Articles 8 and 17 will continue to be applicable after the sale or assignment to
International Lease Finance Corporation, as well as being applicable to LESSOR&#146;s Assignee and LESSOR&#146;s Lender. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">76 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 25 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">DEFAULT OF LESSEE </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">25.1 LESSEE NOTICE TO LESSOR.
LESSEE will promptly notify LESSOR if LESSEE becomes aware of the occurrence of any Default or Event of Default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">25.2 EVENTS OF DEFAULT. The occurrence
of any of the following will constitute an Event of Default and material breach of this Lease by LESSEE: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(a) LESSEE fails to take delivery
of the Aircraft when obligated to do so under the terms of this Lease; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(b) LESSEE fails to make a Rent or other scheduled payment due
hereunder in the manner and by the date provided herein and fails to make such payment within three (3)&nbsp;Business Days after the date such payment is due; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(c) LESSEE fails to obtain or maintain the insurance required by Article 18; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(d) LESSEE fails to return the Aircraft to LESSOR on the Expiration Date </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">in accordance with Article 23; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(e) LESSEE fails to observe or perform any of its other obligations hereunder and fails to cure the same within thirty (30)&nbsp;days after
written notice thereof to LESSEE. If such failure cannot by its nature be cured within thirty (30)&nbsp;days, LESSEE will have the reasonable number of days necessary to cure such failure (not to exceed a period of ninety (90) days) so long as it
uses diligent efforts to do so; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(f) any representation or warranty of LESSEE herein proves to be untrue in any material respect and if the
effect of such misrepresentation is curable, will not have been cured within thirty (30)&nbsp;days after LESSEE learns of such misrepresentation including by written notice from LESSOR; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(g) the registration of the Aircraft is cancelled other than as a result of an act or omission of LESSOR; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(h) LESSEE abandons the Aircraft or Engines; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(i) LESSEE temporarily discontinues (in the absence of other Defaults) or permanently discontinues business or sells or otherwise disposes of
all or substantially all of its assets other than as permitted hereunder; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(j) a material adverse change occurs in the financial condition
of LESSEE which effects LESSEE&#146;s ability to perform its obligations hereunder; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(k) LESSEE no longer possesses the licenses,
certificates and permits required for the conduct of its business as a certificated air carrier in Panama and the failure to possess the same is not cured within sixty (60) days; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">77 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(l) LESSEE (i)&nbsp;suspends payment on its debts or other material obligations,
(ii)&nbsp;is unable to or admits its inability to pay its debts or other material obligations as they fall due, (iii)&nbsp;is adjudicated or becomes bankrupt or insolvent or (iv)&nbsp;proposes or enters into any composition or other arrangement for
the benefit of its creditors generally; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(m) any proceedings, resolutions, filings or other steps are instituted or threatened with respect
to LESSEE relating to the bankruptcy, liquidation, reorganization or protection from creditors of LESSEE or a substantial part of LESSEE&#146;s property. If instituted by LESSEE, the same will be an immediate Event of Default. If instituted by
another Person, the same will be an Event of Default if not dismissed, remedied or relinquished within sixty (60)&nbsp;days; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(n) any
order, judgment or decree is entered by any court of competent jurisdiction appointing a receiver, trustee or liquidator of LESSEE or a substantial part of its property, or if a substantial part of LESSEE&#146;s property is to be sequestered. If
instituted by or done with the consent of LESSEE, the same will be an immediate Event of Default. If instituted by another Person, the same will be an Event of Default if not dismissed, remedied or relinquished within sixty (60)&nbsp;days; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(o) any indebtedness for borrowed moneys or a guarantee or similar obligation owed by LESSEE with an unpaid balance of at least **Material
Redacted** is properly declared due before its stated maturity or LESSEE is properly in default beyond any applicable grace period under any agreement pursuant to which LESSEE has the right to possess and operate any aircraft; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(p) LESSEE is in default under any other lease or agreement between LESSEE and LESSOR and the same is not cured within its specified cure
period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">25.3 LESSOR&#146;S GENERAL RIGHTS. Upon the occurrence of any Event of Default, LESSOR may do all or any of the following at its option (in
addition to such other rights and remedies which LESSOR may have by statute or otherwise but subject to any requirements of applicable Law): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(a) terminate this Lease by giving written notice to LESSEE; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(b) require that LESSEE immediately cease flying the Aircraft and leave it parked in its then-current location by giving written notice to
LESSEE, in which case LESSEE&#146;s obligations under this Lease will continue (including the obligations set forth in Articles 17 and 18); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(c) require that LESSEE immediately move the Aircraft to an airport or other location designated by LESSOR and park the Aircraft there by
giving written notice to LESSEE, in which case LESSEE&#146;s obligations under this Lease will continue (including the obligations set forth in Articles&nbsp;17 and 18); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(d) take possession of the Aircraft. If LESSOR takes possession of the Aircraft, it may enter upon LESSEE&#146;s premises where the Aircraft is
located without liability. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">78 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Upon repossession of the Aircraft, LESSOR will then be entitled to sell, lease or otherwise
deal with the Aircraft as if this Lease had never been made. LESSOR will be entitled to the full benefit of its bargain with LESSEE; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(e)
for LESSEE&#146;s account, do anything that may reasonably be required to cure any default and recover from LESSEE all reasonable costs, including legal fees and expenses incurred in doing so and Default Interest; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(f) proceed as appropriate to enforce performance of this Lease and to recover any damages for the breach hereof, including the amounts
specified in Article 25.5; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(g) apply all or any portion of the Security Deposit and any other security deposits held by LESSOR pursuant
to any other agreements between LESSOR and LESSEE to any amounts due. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">25.4 DEREGISTRATION AND EXPORT OF AIRCRAFT. If an Event of Default has occurred and
is continuing, LESSOR may take all steps necessary to deregister the Aircraft in and export the Aircraft from the State of Registration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">25.5 LESSEE
LIABILITY FOR DAMAGES. If an Event of Default occurs, in addition to all other remedies available at law or in equity, LESSOR has the right to recover from LESSEE and LESSEE will pay LESSOR within two (2)&nbsp;Business Days after LESSOR&#146;s
written demand, all of the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(a) all amounts which are then due and unpaid hereunder and which become due prior to the earlier of
LESSOR&#146;s recovery of possession of the Aircraft or LESSEE making an effective tender thereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(b) any losses suffered by LESSOR
because of LESSOR&#146;s inability to place the Aircraft on lease with another lessee or to otherwise utilize the Aircraft on financial terms as favorable to LESSOR as the terms hereof or, if LESSOR elects to dispose of the Aircraft, the funds
arising from a sale or other disposition of the Aircraft are not as profitable to LESSOR as leasing the Aircraft in accordance with the terms hereof would have been (and LESSOR will be entitled to accelerate any and all Rent which would have been
due from the date of LESSOR&#146;s recovery or repossession of the Aircraft through the Expiration Date) which rent shall be discounted to present value less any amounts (i)&nbsp;in respect of a lease, which over its term shall be received by LESSOR
discounted to present value as set forth above or (ii)&nbsp;in the case of a sale or other disposition, the amounts which were received by LESSOR is a result of such sale or other disposition (or if not relet or sold, less an amount equal to the
fair market rental value of the aircraft for the balance of the Lease Term determined by an independent appraiser acceptable to LESSOR and LESSEE or chosen by a court); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(c) all costs, associated with LESSOR&#146;s exercise of its remedies hereunder, including but not limited to repossession costs, legal fees,
Aircraft storage costs, Aircraft <FONT STYLE="white-space:nowrap">re-lease</FONT> or sale costs; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">79 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(d) any amount of principal, interest, fees or other sums paid or payable on account of
funds borrowed in order to carry any unpaid amount; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(e) any loss, premium, penalty or expense which may be incurred in repaying funds
raised to finance the Aircraft or in unwinding any financial instrument relating in whole or in part to LESSOR&#146;s financing of the Aircraft; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(f) any loss, cost, expense or liability sustained by LESSOR due to LESSEE&#146;s failure to redeliver the Aircraft in the condition required
by this Lease; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">(g) any other loss, damage, expense, cost or liability which LESSOR suffers or incurs as a direct result of the Event
of Default and/or termination of this Lease, including (but without duplication of amounts due and payable pursuant to (f)&nbsp;above) an amount sufficient to compensate LESSOR for any loss of LESSOR&#146;s residual interest in the Aircraft caused
by LESSEE&#146;s default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">25.6 WAIVER OF DEFAULT. By written notice to LESSEE, LESSOR may at its election waive any Default or Event of Default and its
consequences and rescind and annul any prior notice of termination of this Lease. The respective rights of the parties will then be as they would have been had no Default or Event of Default occurred and no such notice been given. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">25.7 PRESENT VALUE OF PAYMENTS. In calculating LESSOR&#146;s damages hereunder, upon an Event of Default all Rent and other amounts which would have been due
hereunder during the Lease Term if an Event of Default had not occurred will be calculated on a present value basis using a discounting rate of **Material Redacted** per annum discounted to the earlier of the date on which LESSOR obtains possession
of the Aircraft or LESSEE makes an effective tender thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">25.8 USE OF &#147;TERMINATION DATE&#148;. For avoidance of doubt, it is agreed that if this
Lease terminates and the Aircraft is repossessed by LESSOR due to an Event of Default, then, notwithstanding the use of the term &#147;Termination Date&#148; in this Lease, the period of the Lease Term and the &#147;Expiration Date&#148; will be
utilized in calculating the damages to which LESSOR is entitled pursuant to Article 25.5. For example, it is agreed and understood that LESSOR is entitled to receive from LESSEE the Rent and the benefit of LESSEE&#146;s insurance and maintenance of
the Aircraft until expiration of the Lease Term. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">80 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 26 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">NOTICES </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">26.1 MANNER OF SENDING NOTICES. Any
notice, request or information required or permissible under this Lease will be in writing and in English. Notices will be delivered in person or sent by fax, letter (mailed airmail, certified and return receipt requested), or by expedited delivery
addressed to the parties as set forth in Article 26.2. In the case of a fax, notice will be deemed received on the date set forth on the confirmation of receipt produced by the sender&#146;s fax machine immediately after the fax is sent. In the case
of a mailed letter, notice will be deemed received upon actual receipt. In the case of a notice sent by expedited delivery, notice will be deemed received on the date of delivery set forth in the records of the Person which accomplished the
delivery. If any notice is sent by more than one of the above listed methods, notice will be deemed received on the earliest possible date in accordance with the above provisions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">26.2 NOTICE INFORMATION. Notices will be sent: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">If&nbsp;to&nbsp;LESSOR:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">INTERNATIONAL LEASE FINANCE CORPORATION</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Until February&nbsp;28, 2004:</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1999
Avenue of the Stars, 39th Floor</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Los Angeles, California 90067, U.S.A.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On and after March&nbsp;1, 2004:</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10250 Constellation Boulevard,
34th Floor</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Los Angeles, California 90067, U.S.A.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Legal Department</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fax:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">310-788-1990</FONT></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Telephone:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">310-788-1999</FONT></FONT></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">If&nbsp;to&nbsp;LESSEE:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">COMPANIA PANAMENDA DE AVIACION S.A. (COPA)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Avenida Justo Arosemena y Calle 39</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Apartado 1572</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Panama 1, Panama</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fax:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">507-227-1952</FONT></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Telephone:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">570-207-6170</FONT></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">or to such other places and numbers as either party directs in writing to the other party. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">81 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 27 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">GOVERNING LAW AND JURISDICTION </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">27.1 CALIFORNIA
LAW. This Lease is being delivered in the State of California and the Lease and all other Operative Documents will in all respects be governed by and construed in accordance with the Laws of the State of California (notwithstanding the conflict Laws
of the State of California). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">27.2 <FONT STYLE="white-space:nowrap">NON-EXCLUSIVE</FONT> JURISDICTION IN CALIFORNIA. As permitted by Section&nbsp;410.40
of the California Code of Civil Procedure, the parties hereby irrevocably submit to the <FONT STYLE="white-space:nowrap">non-exclusive</FONT> jurisdiction of the Federal District Court for the Central District of California and the State of
California Superior or Municipal Court in Los Angeles, California. Nothing herein will prevent either party from bringing suit in any other appropriate jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">27.3 SERVICE OF PROCESS. The parties hereby consent to the service of process (a) in the manner directed by any of the courts referred to above, (b)&nbsp;in
accordance with Section&nbsp;415.40 of the California Code of Civil Procedure by mailing copies of the summons and complaint to the person to be served by first-class mail to the address set forth in Article 26.2, postage prepaid, return receipt
requested, (c)&nbsp;in one of the manners specified in Article 26.1 or (d) in accordance with the Hague Convention, if applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">27.4 PREVAILING PARTY
IN DISPUTE. If any legal action or other proceeding is brought in connection with or arises out of any provisions in this Lease, the prevailing party will be entitled to recover reasonable attorneys&#146; fees and other costs incurred in such action
or proceedings. The prevailing party will also, to the extent permissible by Law, be entitled to receive <FONT STYLE="white-space:nowrap">pre-</FONT> and post-judgment Default Interest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">27.5 WAIVER. EACH OF LESSEE AND LESSOR HEREBY WAIVES THE RIGHT TO A TRIAL BY JURY. EACH OF LESSEE AND LESSOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH
EITHER OF THEM MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATED TO THIS LEASE BROUGHT IN ANY OF THE COURTS REFERRED TO IN ARTICLE 27.2, AND HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM
THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">82 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 28 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MISCELLANEOUS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28.1 PRESS RELEASES. The parties
will give copies to one another, in advance if possible, of all news, articles and other releases provided to the public media regarding this Lease or the Aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28.2 POWER OF ATTORNEY. LESSEE hereby irrevocably appoints LESSOR as its attorney for the purpose of putting into effect the intent of this Lease following an
Event of Default, including without limitation, the return, repossession, deregistration and exportation of the Aircraft. To evidence this appointment, LESSEE has executed the Power of Attorney in the form of Exhibit G. LESSEE will take all steps
required under the Laws of the State of Registration to provide such power of attorney to LESSOR. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28.3 LESSOR PERFORMANCE FOR LESSEE. The exercise by
LESSOR of its remedy of performing a LESSEE obligation hereunder is not a waiver of and will not relieve LESSEE from the performance of such obligation at any subsequent time or from the performance of any of its other obligations hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28.4 LESSOR&#146;S PAYMENT OBLIGATIONS. Any obligation of LESSOR under this Lease to pay or release any amount to LESSEE is conditioned upon (a)&nbsp;all
amounts then due and payable by LESSEE to LESSOR under this Lease or under any other agreement between LESSOR and LESSEE having been paid in full and (b)&nbsp;no Default or Event of Default having occurred and continuing hereunder at the time such
payment or release of payment is payable to LESSEE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28.5 APPLICATION OF PAYMENTS. Any amounts paid or recovered in respect of LESSEE liabilities
hereunder may be applied to Rent, Default Interest, fees or any other amount due hereunder in such proportions, order and manner as LESSOR determines. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28.6 USURY LAWS. The parties intend to contract in strict compliance with the usury Laws of the State of California and, to the extent applicable, the U.S.
Notwithstanding anything to the contrary in the Operative Documents, LESSEE will not be obligated to pay Default Interest or other interest in excess of the maximum <FONT STYLE="white-space:nowrap">non-usurious</FONT> interest rate, as in effect
from time to time, which may by applicable Law be charged, contracted for, reserved, received or collected by LESSOR in connection with the Operative Documents. During any period of time in which the then-applicable highest lawful rate is lower than
the Default Interest rate, Default Interest will accrue and be payable at such highest lawful rate; however, if at later times such highest lawful rate is greater than the Default Interest rate, then LESSEE will pay Default Interest at the highest
lawful rate until the Default Interest which is paid by LESSEE equals the amount of interest that would have been payable in accordance with the interest rate set forth in Article 5.7. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28.7 DELEGATION OF AUTHORITY BY LESSOR. LESSOR may delegate to any Person(s) all or any of its authority to perform or exercise powers or discretion vested in
it by this Lease according to the terms of the Lease in LESSOR&#146;s reasonable discretion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28.8 CONFIDENTIALITY. The Operative Documents and all <FONT
STYLE="white-space:nowrap">non-public</FONT> information (including financial information obtained pursuant to Article 22) obtained by either party about the other are confidential and are between LESSOR and LESSEE only and will not be disclosed
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">83 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">by a party to third parties (other than to such party&#146;s auditors or legal advisors; as required in
connection with any filings of this Lease in accordance with Article 14; in connection with LESSOR&#146;s potential sale of the Aircraft or assignment of this Lease; as required for enforcement by either party of its rights and remedies with respect
to this Lease or as required by applicable Law including Tax law; or to a LESSOR&#146;s Lender which agrees in writing to be bound by the terms of this Article 28.8 or similar confidentiality provisions) without the prior written consent of the
other party. If any disclosure will result in an Operative Document becoming publicly available, LESSEE and LESSOR will cooperate with one another to obtain confidential treatment as to the commercial terms and other material provisions of such
Operative Document. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28.9 RIGHTS OF PARTIES. The rights of the parties hereunder are cumulative, not exclusive, may be exercised as often as each party
considers appropriate and are in addition to its rights under general Law. The rights of one party against the other party are not capable of being waived or amended except by an express waiver or amendment in writing. Any failure to exercise or any
delay in exercising any of such rights will not operate as a waiver or amendment of that or any other such right. Any defective or partial exercise of any such rights will not preclude any other or further exercise of that or any other such right
and no act or course of conduct or negotiation on a party&#146;s part or on its behalf will in any way preclude such party from exercising any such right or constitute a suspension or any amendment of any such right. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28.10 FURTHER ASSURANCES. Each party agrees from time to time to do and perform such other and further acts and execute and deliver any and all such other
instruments as may be required by Law, reasonably requested by the auditors of the other party or requested by the other party to establish, maintain or protect the rights and remedies of the requesting party or to carry out and effect the intent
and purpose of this Lease. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28.11 TRANSLATIONS OF LEASE. If this Lease is translated into another language, whether or not signed by LESSEE and LESSOR in
such other language, solely the terms and provisions of this English version of the Lease will prevail in any dispute. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28.12 USE OF WORD
&#147;INCLUDING&#148;. The term &#147;INCLUDING&#148; is used herein without limitation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28.13 HEADINGS. All article and paragraph headings and captions
are purely for convenience and will not affect the interpretation of this Lease. Any reference to a specific article, paragraph or section will be interpreted as a reference to such article, paragraph or section of this Lease. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28.14 INVALIDITY OF ANY PROVISION. If any of the provisions of this Lease become invalid, illegal or unenforceable in any respect under any Law, the validity,
legality and enforceability of the remaining provisions will not in any way be affected or impaired. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28.15 NEGOTIATION. The terms of this Lease are
agreed by LESSOR from its principal place of business in Los Angeles, California. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28.16 TIME IS OF THE ESSENCE. Time is of the essence in the performance
of all obligations of the parties under this Lease and, consequently, all time limitations set forth in the provisions of this Lease will be strictly observed. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">84 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28.17 AMENDMENTS IN WRITING. The provisions of this Lease may only be amended or modified by a writing
executed by LESSOR and LESSEE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28.18 COUNTERPARTS. This Lease may be executed in any number of identical counterparts, each of which will be deemed to be
an original, and all of which together will be deemed to be one and the same instrument when each party has signed and delivered one such counterpart to the other party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28.19 DELIVERY OF DOCUMENTS BY FAX. Delivery of an executed counterpart of this Lease or of any other documents in connection with this Lease by fax will be
deemed as effective as delivery of an originally executed counterpart. Any party delivering an executed counterpart of this Lease or other document by fax will also deliver an originally executed counterpart, but the failure of any party to deliver
an originally executed counterpart of this Lease or such other document will not affect the validity or effectiveness of this Lease or such other document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28.20 ENTIRE AGREEMENT. The Operative Documents constitute the entire agreement between the parties in relation to the leasing of the Aircraft by LESSOR to
LESSEE and supersede all previous proposals, agreements and other written and oral communications in relation hereto. The parties acknowledge that there have been no representations, warranties, promises, guarantees or agreements, express or
implied, except as set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28.21 **Material Redacted**. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">85 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, LESSEE and LESSOR have caused this Lease to be executed by their
respective officers as of November&nbsp;30, 2003. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

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<TD VALIGN="top" COLSPAN="3">INTERNATIONAL LEASE FINANCE CORPORATION</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">COMPANIA PANAMENA DE AVIACION, S.A. (COPA)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David R. De Mars</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Pedro Heilbron</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Its:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Assistant Vice President</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">CEO</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">86 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit 4.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AIRCRAFT GENERAL TERMS AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AGTA-COP </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BETWEEN
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE BOEING COMPANY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COPA HOLDINGS,
S.A. </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="88%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">PAGE</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Article 1.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Subject Matter of Sale</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Article 2.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Price, Taxes, and Payment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Article 3.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Regulatory Requirements and Certificates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Article 4.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Detail Specification; Changes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Article 5.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Representatives, Inspection, Demonstration Flights, Test Data and Performance Guarantee
Compliance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Article 6.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Delivery</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Article 7.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Excusable Delay</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Article 8.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Risk Allocation/Insurance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Article 9.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Assignment, Resale, or Lease</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Article 10.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Termination of Purchase Agreements for Certain Events</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Article 11.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notices</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Article&nbsp;12.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miscellaneous</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>EXHIBITS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A Buyer
Furnished Equipment Provisions Document </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">B Customer Support Document </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">C Product Assurance Document </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">D Escalation Adjustment </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>APPENDICES </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I Insurance Certificate II Purchase Agreement
Assignment III Post-Delivery Sale Notice IV Post-Delivery Lease Notice V Purchaser&#146;s/Lessee&#146;s Agreement VI Owner Appointment of Agent - Warranties VII Contractor Confidentiality Agreement </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AIRCRAFT GENERAL TERMS AGREEMENT NUMBER AGTA-COP </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">between </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The Boeing Company
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COPA HOLDINGS,
S.A. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Relating to </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BOEING AIRCRAFT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Aircraft General
Terms Agreement Number AGTA-COP (AGTA) between The Boeing Company, including its wholly-owned subsidiary McDonnell Douglas Corporation (BOEING) and COPA HOLDINGS, S.A. (CUSTOMER) will apply to all Boeing aircraft contracted for purchase from Boeing
by Customer after the effective date of this AGTA. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Article 1. Subject Matter of Sale. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.1 Aircraft. Boeing will manufacture and sell to Customer and Customer will purchase from Boeing aircraft under purchase agreements that incorporate the terms
and conditions of this AGTA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.2 Buyer Furnished Equipment. Exhibit A, Buyer Furnished Equipment Provisions Document to the AGTA, contains the
obligations of Customer and Boeing with respect to equipment purchased and provided by Customer, which Boeing will receive, inspect, store, and install in an aircraft before delivery to Customer. This equipment is defined as BUYER FURNISHED
EQUIPMENT (BFE). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.3 Customer Support. Exhibit B, Customer Support Document to the AGTA, contains the obligations of Boeing relating to Materials (as
defined in Part 3 thereof), training, services, and other things in support of aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.4 Product Assurance. Exhibit C, Product Assurance Document to
the AGTA, contains the obligations of Boeing and the suppliers of equipment installed in each aircraft at delivery relating to warranties, patent indemnities, software copyright indemnities, and service life policies. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Article 2. Price, Taxes, and Payment. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.1 Price. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.1.1 AIRFRAME PRICE is defined as the price of the airframe for a specific model of aircraft described in a purchase agreement. (For Models 717-200, 737-600,
737-700, 737-800 and 737-900, the Airframe Price includes the engine price at its basic thrust level.) </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-1- </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.1.2 OPTIONAL FEATURES PRICES are defined as the prices for optional features selected by Customer for a
specific model of aircraft described in a purchase agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.1.3 ENGINE PRICE is defined as the price set by the engine manufacturer for a specific
engine to be installed on the model of aircraft described in a purchase agreement (not applicable to Models 717-200, 737-600, 737-700, 737-800 and 737-900). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.1.4 AIRCRAFT BASIC PRICE is defined as the sum of the Airframe Price, Optional Features Prices, and the Engine Price, if applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.1.5 ESCALATION ADJUSTMENT is defined as the price adjustment to the Airframe Price (which includes the basic engine price for Models <FONT
STYLE="white-space:nowrap">717-200,</FONT> 737-600, 737-700 and 737-800) and the Optional Features Prices resulting from the calculation using the economic price formula contained in Exhibit D, Escalation Adjustment to the AGTA. The price adjustment
to the Engine Price for all other models of aircraft will be calculated using the economic price formula in the Engine Escalation Adjustment to the applicable purchase agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.1.6 ADVANCE PAYMENT BASE PRICE is defined as the estimated price of an aircraft, as of the date of signing a purchase agreement, for the scheduled month of
delivery of such aircraft using commercial forecasts of the Escalation Adjustment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.1.7 AIRCRAFT PRICE is defined as the total amount Customer is to pay
for an aircraft at the time of delivery, which is the sum of the Aircraft Basic Price, the Escalation Adjustment, and other price adjustments made pursuant to the purchase agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.2 Taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.2.1 Taxes. TAXES are defined as all taxes, fees,
charges, or duties and any interest, penalties, fines, or other additions to tax, including, but not limited to sales, use, value added, gross receipts, stamp, excise, transfer, and similar taxes imposed by any domestic or foreign taxing authority,
arising out of or in connection with the performance of the applicable purchase agreement or the sale, delivery, transfer, or storage of any aircraft, BFE, or other things furnished under the applicable purchase agreement. Except for U.S. federal or
California State income taxes imposed on Boeing or Boeing&#146;s assignee, and Washington State business and occupation taxes imposed on Boeing or Boeing&#146;s assignee, Customer will be responsible for and pay all Taxes. Customer is responsible
for filing all tax returns, reports, declarations and payment of any taxes related to or imposed on BFE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.2.2 Reimbursement of Boeing. Customer will
promptly reimburse Boeing on demand, net of additional taxes thereon, for any Taxes that are imposed on and paid by Boeing or that Boeing is responsible for collecting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.3 Payment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.3.1 Advance Payment Schedule. Customer will
make advance payments to Boeing for each aircraft in the amounts and on the dates indicated in the schedule set forth in the applicable purchase agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.3.2 Payment at Delivery. Customer will pay any unpaid balance of the Aircraft Price at the time of
delivery of each aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.3.3 Form of Payment. Customer will make all payments to Boeing by unconditional wire transfer of immediately available funds
in United States Dollars in a bank account in the United States designated by Boeing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.3.4 Monetary and Government Regulations. Customer is responsible
for complying with all monetary control regulations and for obtaining necessary governmental authorizations related to payments. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Article 3. Regulatory
Requirements and Certificates. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.1 Certificates. Boeing will manufacture each aircraft to conform to the appropriate Type Certificate issued by the
United States Federal Aviation Administration (FAA) for the specific model of aircraft and will obtain from the FAA and furnish to Customer at delivery of each aircraft either a Standard Airworthiness Certificate or an Export Certificate of
Airworthiness issued pursuant to Part 21 of the Federal Aviation Regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.2 FAA or Applicable Regulatory Authority Manufacturer Changes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.2.1 A MANUFACTURER CHANGE is defined as any change to an aircraft, data relating to an aircraft, or testing of an aircraft required by the FAA to obtain a
Standard Airworthiness Certificate, or by the country of import and/or registration to obtain an Export Certificate of Airworthiness. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.2.2 Boeing will
bear the cost of incorporating all Manufacturer Changes into the aircraft: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(i) resulting from requirements issued by the FAA prior to the date of the Type
Certificate for the applicable aircraft; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;resulting from requirements issued by the FAA prior to the date of the applicable purchase agreement;
and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(iii) for any aircraft delivered during the 18 month period immediately following the date of the applicable purchase agreement (regardless of when
the requirement for such change was issued by the FAA). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.2.3 Customer will pay Boeing&#146;s charge for incorporating all other Manufacturer Changes
into the aircraft, including all changes for validation of an aircraft required by any governmental agency of the country of import and/or registration. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.3 FAA Operator Changes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.3.1 An OPERATOR CHANGE is defined
as a change in equipment that is required by Federal Aviation Regulations which (i)&nbsp;is generally applicable to transport category aircraft to be used in United States certified air carriage and (ii)&nbsp;the required compliance date is on or
before the scheduled delivery month of the aircraft. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.3.2 Boeing will deliver each aircraft with Operator Changes incorporated or, at Boeing&#146;s option, with
suitable provisions for the incorporation of such Operator Changes, and Customer will pay Boeing&#146;s applicable charges. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.4 Export License. If an
export license is required by United States law or regulation for any aircraft or any other things delivered under the purchase agreement, it is Customer&#146;s obligation to obtain such license. If requested, Boeing will assist Customer in applying
for any such export license. Customer will furnish any required supporting documents. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Article 4. Detail Specification; Changes. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.1 Configuration Changes. The DETAIL SPECIFICATION is defined as the Boeing document that describes the configuration of each aircraft purchased by Customer.
The Detail Specification for each aircraft may be amended (i)&nbsp;by Boeing to reflect the incorporation of Manufacturer Changes and Operator Changes or (ii)&nbsp;by the agreement of the parties. In either case the amendment will describe the
particular changes to be made and any effect on design, performance, weight, balance, scheduled delivery month, Aircraft Basic Price, Aircraft Price, and/or Advance Payment Base Price. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.2 Development Changes. DEVELOPMENT CHANGES are defined as changes to aircraft that do not affect the Aircraft Price or scheduled delivery month, and do not
adversely affect guaranteed weight, guaranteed performance, or compliance with the interchangeability or replaceability requirements set forth in the applicable Detail Specification. Boeing may, at its option, incorporate Development Changes into
the Detail Specification and into an aircraft prior to delivery to Customer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.3 Notices. Boeing will promptly notify Customer of any amendments to a
Detail Specification. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Article 5. Representatives, Inspection, Demonstration Flights, Test Data and Performance Guarantee Compliance. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.1 Office Space. Twelve months before delivery of the first aircraft purchased, and continuing until the delivery of the last aircraft on firm order, Boeing
will furnish, free of charge, suitable office space and equipment for the accommodation of up to three representatives of Customer in or conveniently located near the assembly plant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.2 Inspection. Customer&#146;s representatives may inspect each aircraft at any reasonable time, provided such inspection does not interfere with
Boeing&#146;s performance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.3 Demonstration Flights. Prior to delivery, Boeing will fly each aircraft up to 4 hours to demonstrate to Customer the
function of the aircraft and its equipment using Boeing&#146;s production flight test procedures. Customer may designate up to five representatives to participate as observers. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.4 Test Data; Performance Guarantee Compliance. PERFORMANCE GUARANTEES are defined as the written
guarantees in a purchase agreement regarding the operational performance of an aircraft. Boeing will furnish to Customer flight test data obtained on an aircraft of the same model to evidence compliance with the Performance Guarantees. Performance
Guarantees will be met if reasonable engineering interpretations and calculations based on the flight test data establish that the particular aircraft being delivered under the applicable purchase agreement would, if actually flown, comply with the
guarantees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.5 Special Aircraft Test Requirements. Boeing may use an aircraft for flight and ground tests prior to delivery, without reduction in the
Aircraft Price, if the tests are considered necessary by Boeing (i)&nbsp;to obtain or maintain the Type Certificate or Certificate of Airworthiness for the aircraft or (ii)&nbsp;to evaluate potential improvements that may be offered for production
or retrofit incorporation. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Article 6. Delivery. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.1
Notices of Delivery Dates. Boeing will notify Customer of the approximate delivery date of each aircraft at least 30 days before the scheduled month of delivery and again at least 14 days before the scheduled delivery date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.2 Place of Delivery. Each aircraft will be delivered at a facility selected by Boeing in the same state as the primary assembly plant for the aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.3 Bill of Sale. At delivery of an aircraft, Boeing will provide Customer a bill of sale conveying good title, free of encumbrances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.4 Delay. If Customer delays acceptance of an aircraft beyond the scheduled delivery date, Customer will reimburse Boeing for all costs incurred by Boeing as
a result of the delay. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Article 7. Excusable Delay. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.1 General. Boeing will not be liable for any delay in the scheduled delivery month of an aircraft or other performance under a purchase agreement caused by
(i)&nbsp;acts of God; (ii)&nbsp;war or armed hostilities; (iii)&nbsp;government acts or priorities; (iv)&nbsp;fires, floods, or earthquakes; (v)&nbsp;strikes or labor troubles causing cessation, slowdown, or interruption of work;
(vi)&nbsp;inability, after due and timely diligence, to procure materials, systems, accessories, equipment or parts; or (vii)&nbsp;any other cause to the extent such cause is beyond Boeing&#146;s control and not occasioned by Boeing&#146;s fault or
negligence. A delay resulting from any such cause is defined as an EXCUSABLE DELAY. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.2 Notice. Boeing will give written notice to Customer (i)&nbsp;of a
delay as soon as Boeing concludes that an aircraft will be delayed beyond the scheduled delivery month due to an Excusable Delay and, when known, (ii)&nbsp;of a revised delivery month based on Boeing&#146;s appraisal of the facts. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-5- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.3 Delay in Delivery of Twelve Months or Less. If the revised delivery month is 12 months or less after the
scheduled delivery month, Customer will accept such aircraft when tendered for delivery, subject to the following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.3.1 The calculation of the
Escalation Adjustment will be based on the previously scheduled delivery month. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.3.2 The advance payment schedule will be adjusted to reflect the
revised delivery month. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.3.3 All other provisions of the applicable purchase agreement, including the BFE on-dock dates for the delayed aircraft, are
unaffected by an Excusable Delay. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.4 Delay in Delivery of More Than Twelve Months. If the revised delivery month is more than 12 months after the
scheduled delivery month, either party may terminate the applicable purchase agreement with respect to such aircraft within 30 days of the notice. If either party does not terminate the applicable purchase agreement with respect to such aircraft,
all terms and conditions of the applicable purchase agreement will remain in effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.5 Aircraft Damaged Beyond Repair. If an aircraft is destroyed or
damaged beyond repair for any reason before delivery, Boeing will give written notice to Customer specifying the earliest month possible, consistent with Boeing&#146;s other contractual commitments and production capabilities, in which Boeing can
deliver a replacement. Customer will have 30 days from receipt of such notice to elect to have Boeing manufacture a replacement aircraft under the same terms and conditions of purchase, except that the calculation of the Escalation Adjustment will
be based upon the scheduled delivery month in effect immediately prior to the date of such notice, or, failing such election, the applicable purchase agreement will terminate with respect to such aircraft. Boeing will not be obligated to manufacture
a replacement aircraft if reactivation of the production line for the specific model of aircraft would be required. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.6 Termination. Termination under
this Article will discharge all obligations and liabilities of Boeing and Customer with respect to any aircraft and all related undelivered Materials (as defined in Exhibit B, Customer Support Document), training, services, and other things
terminated under the applicable purchase agreement, except that Boeing will return to Customer, without interest, an amount equal to all advance payments paid by Customer for the aircraft. If Customer terminates the applicable purchase agreement as
to any aircraft, Boeing may elect, by written notice to Customer within 30 days, to purchase from Customer any BFE related to the aircraft at the invoice prices paid, or contracted to be paid, by Customer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.7 Exclusive Rights. The termination rights in this Article are in substitution for all other rights of termination or any claim arising by operation of law
due to delays in performance covered by this Article. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Article 8. Risk Allocation/Insurance. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.1 Title and Risk with Boeing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.1.1 Boeing&#146;s
Indemnification of Customer. Until transfer of title to an aircraft to Customer, Boeing will indemnify and hold harmless Customer and Customer&#146;s observers from and against all claims and liabilities, including all expenses and attorneys&#146;
fees incident thereto or incident to establishing the right to indemnification, for injury to or death of any person(s), including employees of Boeing but not employees of Customer, or for loss of or damage to any property, including an aircraft,
arising out of or in any way related to the operation of an aircraft during all demonstration and test flights conducted under the provisions of the applicable purchase agreement, whether or not arising in tort or occasioned by the negligence of
Customer or any of Customer&#146;s observers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.1.2 Definition of Customer. For the purposes of this Article, &#147;Customer&#148; is defined as COPA
HOLDINGS, S.A., its divisions, subsidiaries, affiliates, the assignees of each, and their respective directors, officers, employees, and agents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.2
Insurance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.2.1 Insurance Requirements. Customer will purchase and maintain insurance acceptable to Boeing and will provide a certificate of such
insurance that names Boeing as an additional insured for any and all claims and liabilities for injury to or death of any person or persons, including employees of Customer but not employees of Boeing, or for loss of or damage to any property,
including any aircraft, arising out of or in any way relating to Materials, training, services, or other things provided under Exhibit B of the AGTA, which will be incorporated by reference into the applicable purchase agreement, whether or not
arising in tort or occasioned by the negligence of Boeing, except with respect to legal liability to persons or parties other than Customer or Customer&#146;s assignees arising out of an accident caused solely by a product defect in an aircraft.
Customer will provide such certificate of insurance at least thirty (30)&nbsp;days prior to the scheduled delivery of the first aircraft under a purchase agreement. The insurance certificate will reference each aircraft delivered to Customer
pursuant to each applicable purchase agreement. Annual renewal certificates will be submitted to Boeing before the expiration of the policy periods. The form of the insurance certificate, attached as Appendix I, states the terms, limits, provisions,
and coverages required by this Article 8.2.1. The failure of Boeing to demand compliance with this 8.2.1 in any year will not in any way relieve Customer of its obligations hereunder nor constitute a waiver by Boeing of these obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.2.2 Noncompliance with Insurance Requirements. If Customer fails to comply with any of the insurance requirements of Article 8.2.1 or if any of the insurers
fails to pay a claim covered by the insurance or otherwise fails to meet any of insurer&#146;s obligations required by Appendix I, Customer will provide the same protection to Boeing as that required by Article 8.2.1 above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.2.3 Definition of Boeing. For purposes of this article, &#147;Boeing&#148; is defined as The Boeing. Company, its divisions, subsidiaries, affiliates,
assignees of each, and their respective directors, officers, employees, and agents. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Article 9. Assignment, Resale, or Lease. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.1 Assignment. This AGTA and each applicable purchase agreement are for the benefit of the parties and their respective successors and assigns. No rights or
duties of either party may be assigned or delegated, or contracted to be assigned or delegated, without the prior written consent of the other party, except: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.1.1 Either party may assign its interest to a corporation that (i)&nbsp;results from any merger, reorganization, or acquisition of such party and (ii)
acquires substantially all the assets of such party; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.1.2 Boeing may assign its rights to receive money; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.1.3 Boeing may assign any of its rights and duties to any wholly-owned subsidiary of Boeing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.1.4 Boeing may assign any of its rights and duties with respect to Part 1, Articles 1, 2, 4 and 5 of Exhibit B, Customer Support Document to the AGTA, to
FlightSafety Boeing Training International L.L.C. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.2 Transfer by Customer at Delivery. Boeing will take any requested action reasonably required for the
purpose of causing an aircraft, at time of delivery, to be subject to an equipment trust, conditional sale, lien, or other arrangement for Customer to finance the aircraft. However, no such action will require Boeing to divest itself of title to or
possession of the aircraft until delivery of and payment for the aircraft. A sample form of assignment acceptable to Boeing is attached as Appendix II. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.3 Sale or Lease by Customer After Delivery. If, following delivery of an aircraft, Customer sells or leases the aircraft (including any sale and lease-back
for financing purposes), all of Customer&#146;s rights with respect to the aircraft under the applicable purchase agreement will inure to the benefit of the purchaser or lessee of such aircraft, effective upon Boeing&#146;s receipt of the written
agreement of the purchaser or lessee, in a form satisfactory to Boeing, to comply with all applicable terms and conditions of the applicable purchase agreement. Sample forms of agreement acceptable to Boeing are attached as Appendices III and IV.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.4 Notice of Sale or Lease After Delivery. Customer will give notice to Boeing as soon as practicable of the sale or lease of an aircraft, including in
the notice the name of the entity or entities with title and/or possession of such aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.5 Exculpatory Clause in Post-Delivery Sale or Lease. If,
following the delivery of an aircraft, Customer sells or leases such aircraft and obtains from the transferee any form of exculpatory clause protecting Customer from liability for loss of or damage to the aircraft, and/or related incidental or
consequential damages, including without limitation loss of use, revenue, or profit, Customer shall obtain for Boeing the purchaser&#146;s or lessee&#146;s written agreement to be bound by terms and conditions substantially as set forth in Appendix
V. This Article 9.5 applies only if purchaser or lessee has not provided to Boeing the written agreement described in Article 9.3 above. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.6 Appointment of Agent - Warranty Claims. If, following delivery of an aircraft, Customer appoints an
agent to act directly with Boeing for the administration of claims relating to the warranties under the applicable purchase agreement, Boeing will deal with the agent for that purpose, effective upon Boeing&#146;s receipt of the agent&#146;s written
agreement, in a form satisfactory to Boeing, to comply with all applicable terms and conditions of the applicable purchase agreement. A sample form of agreement acceptable to Boeing is attached as Appendix VI. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.7 No Increase in Boeing Liability. No action taken by Customer or Boeing relating to the resale or lease of an aircraft or the assignment of Customer&#146;s
rights under the applicable purchase agreement will subject Boeing to any liability beyond that in the applicable purchase agreement or modify in any way Boeing&#146;s obligations under the applicable purchase agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Article 10. Termination of Purchase Agreements for Certain Events. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10.1 Termination. If either party </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(i) ceases doing business as
a going concern, or suspends all or substantially all its business operations, or makes an assignment for the benefit of creditors, or generally does not pay its debts as they become due, or admits in writing its inability to pay its debts; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(ii) petitions for or acquiesces in the appointment of any receiver, trustee or similar officer to liquidate or conserve its business or any substantial part
of its assets; commences any legal proceeding such as bankruptcy, reorganization, readjustment of debt, dissolution, or liquidation available for the relief of financially distressed debtors; or becomes the object of any such proceeding, unless the
proceeding is dismissed or stayed within a reasonable period, not to exceed 60 days, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">the other party may terminate any purchase agreement with respect to
any undelivered aircraft, Materials, training, services, and other things by giving written notice of termination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10.2 Repayment of Advance Payments. If
Customer terminates the applicable purchase agreement under this Article, Boeing will repay to Customer, without interest, an amount equal to any advance payments received by Boeing from Customer with respect to undelivered aircraft. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-9- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Article 11. Notices. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All notices required by this AGTA or by any applicable purchase agreement will be in English, will be effective on the date of receipt, and will be transmitted
by any customary means of written communication, addressed as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="26%">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="top" ALIGN="left">Customer:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">COPA HOLDINGS, S.A. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:42%; font-size:10pt; font-family:Times New Roman">Apartado 1572 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:42%; font-size:10pt; font-family:Times New Roman">Avenida Justo
Arosemena y Calle 39 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:42%; font-size:10pt; font-family:Times New Roman">Panama 1 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:42%; font-size:10pt; font-family:Times New Roman">Republic de Panama </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="26%">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="top" ALIGN="left">Boeing:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Boeing Commercial Airplane Group </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:42%; font-size:10pt; font-family:Times New Roman">P.O. Box 3707 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:42%; font-size:10pt; font-family:Times New Roman">Seattle,
Washington 98124-2207 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:42%; font-size:10pt; font-family:Times New Roman">U.S.A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:42%; font-size:10pt; font-family:Times New Roman">Attention: Vice President &#150; Contracts </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:42%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mail Stop 75-38 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Article 12. Miscellaneous. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.1 Government Approval.
Boeing and Customer will assist each other in obtaining any governmental consents or approvals required to effect certification and sale of aircraft under the applicable purchase agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.2 Headings. Article and paragraph headings used in this AGTA and in any purchase agreement are for convenient reference only and are not intended to affect
the interpretation of this AGTA or any purchase agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.3 GOVERNING LAW. THIS AGTA AND ANY PURCHASE AGREEMENT WILL BE INTERPRETED UNDER AND
GOVERNED BY THE LAWS OF THE STATE OF WASHINGTON, U.S.A., EXCEPT THAT WASHINGTON&#146;S CHOICE OF LAW RULES SHALL NOT BE INVOKED FOR THE PURPOSE OF APPLYING THE LAW OF ANOTHER JURISDICTION. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.4 Waiver/Severability. Failure by either party to enforce any provision of this AGTA or any purchase agreement will not be construed as a waiver. If any
provision of this AGTA or any provision of any purchase agreement are held unlawful or otherwise ineffective by a court of competent jurisdiction, the remainder of the AGTA or the applicable purchase agreement will remain in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.5 Survival of Obligations. The Articles and Exhibits of this AGTA including but not limited to those relating to insurance, DISCLAIMER AND RELEASE and the
EXCLUSION OF CONSEQUENTIAL AND OTHER DAMAGES will survive termination or cancellation of any purchase agreement or part thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-10- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.6 AGTA Changes. The intent of the AGTA is to simplify the standard contracting process for terms and
conditions which are related to the sale and purchase of all Boeing aircraft. This AGTA has been mutually agreed to by the parties as of the date indicated below. From time to time the parties may elect, by mutual agreement to update, or modify the
existing articles as written. If such changes are made, any existing executed Purchase Agreement(s) will be governed by the terms and conditions of the Revision level of the AGTA in effect based on the date of the executed Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DATED AS OF Nov. 25, 1998 </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-11- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TO </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AIRCRAFT GENERAL
TERMS AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AGTA-COP </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BETWEEN </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE BOEING
COMPANY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COPA HOLDINGS, S.A. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BUYER FURNISHED EQUIPMENT PROVISIONS DOCUMENT </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BUYER FURNISHED EQUIPMENT PROVISIONS DOCUMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. General. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain equipment to be installed in the Aircraft
is furnished to Boeing by Customer at Customer&#146;s expense. This equipment is designated &#147;Buyer Furnished Equipment&#148; (BFE) and is listed in the Detail Specification. Boeing will provide to Customer a BFE Requirements On- Dock/Inventory
Document (BFE Document) or an electronically transmitted BFE Report which may be periodically revised, setting forth the items, quantities, on-dock dates and shipping instructions relating to the in sequence installation of BFE as described in the
applicable Supplemental Exhibit to this Exhibit A in a purchase agreement at the time of aircraft purchase. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. Supplier Selection. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Customer will: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.1 Select and notify Boeing of the suppliers of
BFE items by those dates appearing in Supplemental Exhibit BFE1 to the applicable purchase agreement at the time of aircraft purchase. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.2 Meet with
Boeing and such selected BFE suppliers promptly after such selection to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.2.1 complete BFE configuration design requirements for such BFE; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.2.2 confirm technical data submittal requirements for BFE certification. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. Customer&#146;s Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Customer will: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.1 comply with and cause the supplier to comply with the provisions of the BFE Document or BFE Report; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.1.1 deliver technical data (in English) to Boeing as required to support installation and FAA certification in accordance with the schedule provided by
Boeing or as mutually agreed upon during the BFE meeting referred to above; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.1.2 deliver BFE including production and/or flight training spares and BFE
Aircraft Software to Boeing in accordance with the quantities and schedule provided therein; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.1.3 assure that all BFE Aircraft Software is delivered
in compliance with Boeing&#146;s then-current Standards for Loadable Systems; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.1.4 assure that all BFE parts are delivered to Boeing with appropriate
quality assurance documentation; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.2 authorize Boeing to discuss all details of the BFE directly with the BFE suppliers; A-1 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.3 authorize Boeing to conduct or delegate to the supplier quality source inspection and supplier hardware
acceptance of BFE at the supplier location; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.3.1 require supplier&#146;s contractual compliance to Boeing defined quality assurance requirements, source
inspection programs and supplier delegation programs, including availability of adequate facilities for Boeing resident personnel; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.3.2 assure that
all BFE supplier&#146;s quality systems are approved to Boeing&#146;s then current standards for such systems; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.4 obtain from supplier a non-exclusive,
perpetual, royalty-free, irrevocable license for Boeing to copy BFE Aircraft Software. The license is needed to enable Boeing to load the software copies in (i)&nbsp;the aircraft&#146;s mass storage device (MSD), (ii)&nbsp;media (e.g., diskettes,
CD-ROMs, etc.), (iii)&nbsp;the BFE hardware and/or (iv)&nbsp;an intermediate device or other media to facilitate copying of the BFE Aircraft Software into the aircraft&#146;s MSD, BFE hardware and/or media, including media as Boeing may deliver to
Customer with the aircraft; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.5 grant Boeing a license, extending the same rights set forth in paragraph 3.4 above, to copy: a) BFE Aircraft Software and
data Customer has modified and/or b) other software and data Customer has added to the BFE Aircraft Software; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.6 provide necessary field service
representation at Boeing&#146;s facilities to support Boeing on all issues related to the installation and certification of BFE; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.7 deal directly with
all BFE suppliers to obtain overhaul data, provisioning data, related product support documentation and any warranty provisions applicable to the BFE; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.8 work closely with Boeing and the BFE suppliers to resolve any difficulties, including defective equipment, that arise; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.9 be responsible for modifying, adjusting and/or calibrating BFE as required for FAA approval and for all related expenses; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.10 assure that a proprietary information agreement is in place between Boeing and BFI suppliers prior to Boeing providing any documentation to such
suppliers, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.11 warrant that the BFE will comply with all applicable FARs and the U.S. Food and Drug Administration (FDA) sanitation requirements for
installation and use in the Aircraft at the time of delivery. Customer will be responsible for supplying any data and adjusting, calibrating, re- testing or updating such BFE and data to the extent necessary to obtain applicable FAA and FDA approval
and shall bear the resulting expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.12 warrant that the BFE will meet the requirements of the Detail Specification; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.13 be responsible for providing equipment which is FAA certifiable at time of Aircraft delivery, or for obtaining waivers from the applicable regulatory
agency for non-FAA certifiable equipment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. Boeing&#146;s Obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Other than as set forth below, Boeing will provide for the installation of and install the BFE and obtain certification of the Aircraft with the BFE
installed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. Nonperformance by Customer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If
Customer&#146;s nonperformance of obligations in this Exhibit or in the BFE Document causes a delay in the delivery of the Aircraft or causes Boeing to perform out-of-sequence or additional work, Customer will reimburse Boeing for all resulting
expenses and be deemed to have agreed to any such delay in Aircraft delivery. In addition Boeing will have the right to: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.1 provide and install
specified equipment or suitable alternate equipment and increase or decrease the price of the Aircraft accordingly; and/or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.2 deliver the Aircraft to
Customer without the BFE installed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. Return of Equipment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BFE not installed in the Aircraft will be returned to Customer in accordance with Customer&#146;s instructions and at Customer&#146;s expense. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7. Title and Risk of Loss. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.1 With respect to Aircraft
manufactured in the State of Washington, title to and risk of loss of BFE provided for such Aircraft will at all times remain with Customer or other owner. Boeing will have only such liability for BFE as a bailee for mutual benefit would have, but
will not be liable for loss of use. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.2 With respect to Aircraft manufactured in the State of California, Customer agrees to sell and Boeing agrees to
purchase each item of BFE concurrently with its delivery to Boeing. A reasonable shipset price for the BFE shall be established with Customer. Customer and Boeing agree that the Aircraft Price will be increased by the amount of said shipset price
and such amount will be included on Boeing&#146;s invoice at time of Aircraft delivery. Boeing&#146;s payment for the purchase of each shipset of BFE from Customer will be made at the time of delivery of the Aircraft in which the BFE is installed.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8. Interchange of BFE </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To properly maintain Boeing&#146;s
production flow and to preserve Boeing&#146;s delivery commitments, Boeing reserves the right, if necessary, due to equipment shortages or failures, to interchange new items of BFE acquired from or for Customer with new items of the same part
numbers acquired from or for other customers of Boeing. Used BFE acquired from Customer or from other customers of Boeing will not be interchanged. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9. Indemnification of Boeing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Customer hereby indemnifies and holds harmless Boeing from and against all claims and liabilities, including costs and expenses (including attorneys&#146;
fees) incident thereto or incident to successfully establishing the right to indemnification, for injury to or death of any person or persons, including employees of Customer but not employees of Boeing, or for loss of or damage to any property,
including any Aircraft, arising out of or in any way connected with any nonconformance or defect in any BFE and whether or not arising in tort or occasioned by the negligence of Boeing. This indemnity will not apply with respect to any
nonconformance or defect caused solely by Boeing&#146;s installation of the BFE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10. Patent Indemnity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Customer hereby indemnifies and holds harmless Boeing from and against all claims, suits, actions, liabilities, damages and costs arising out of any actual or
alleged infringement of any patent or other intellectual property rights by BFE or arising out of the installation, sale or use of BFE by Boeing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11.
Definitions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the purposes of the above indemnities, the term &#147;Boeing&#148; includes The Boeing Company, its divisions, subsidiaries and
affiliates, the assignees of each, and their directors, officers, employees and agents. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT B </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TO </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AIRCRAFT GENERAL
TERMS AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AGTA-COP </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BETWEEN </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE BOEING
COMPANY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COPA HOLDINGS, S.A. CUSTOMER</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUPPORT DOCUMENT</B> This document </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">contains: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Part 1: Maintenance
and Flight Training Programs; Operations </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Engineering Support </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Part 2: Field Services and Engineering Support Services </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Part 3: Technical Information and Materials </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Part 4: Alleviation or Cessation of Performance </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Part 5: Protection of Proprietary Information and Proprietary Materials </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART 1: BOEING MAINTENANCE AND FLIGHT TRAINING PROGRAMS; </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OPERATIONS ENGINEERING SUPPORT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. Boeing
Training Programs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.1 Boeing will provide maintenance training and flight training programs to support the introduction of a specific model of aircraft
into service. The training programs will consist of general and specialized courses and will be described in a Supplemental Exhibit to the applicable purchase agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.2 Boeing will conduct all training at Boeing&#146;s primary training facility for the model of aircraft purchased unless otherwise agreed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.3 All training will be presented in the English language. If translation is required, Customer will provide interpreters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.4 Customer will be responsible for all expenses of Customer&#146;s personnel. Boeing will transport Customer&#146;s personnel between their local lodging
and Boeing&#146;s training facility. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. Training Planning Conferences. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Customer and Boeing will conduct planning conferences approximately 12 months before the scheduled delivery month of the first aircraft of a model to define
and schedule the maintenance and flight training programs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. Operations Engineering Support. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.1 As long as an aircraft purchased by Customer from Boeing is operated by Customer in scheduled revenue service, Boeing will provide operations engineering
support. Such support will include: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.1.1 assistance with the analysis and preparation of performance data to be used in establishing operating practices
and policies for Customer&#146;s operation of aircraft; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.1.2 assistance with interpretation of the minimum equipment list, the definition of the
configuration deviation list and the analysis of individual aircraft performance; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.1.3 assistance with solving operational problems associated with
delivery and route-proving flights; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.1.4 information regarding significant service items relating to aircraft performance or flight operations; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.1.5 if requested by Customer, Boeing will provide operations engineering support during an aircraft ferry flight. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. Training at a Facility Other Than Boeing&#146;s. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If requested by Customer, Boeing will conduct the classroom portions of the maintenance and flight training (except for the Performance Engineer training
courses) at a mutually acceptable alternate training site, subject to the following conditions: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.1 Customer will provide acceptable classroom space,
simulators (as necessary for flight training) and training equipment required to present the courses; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.2 Customer will pay Boeing&#146;s then-current
per diem charge for each Boeing instructor for each day, or fraction thereof, that the instructor is away from their home location, including travel time; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.3 Customer will reimburse Boeing for the actual costs of round-trip transportation for Boeing&#146;s instructors and the shipping costs of training
Materials between the primary training facility and the alternate training site; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.4 Customer will be responsible for all taxes, fees, duties, licenses,
permits and similar expenses incurred by Boeing and its employees as a result of Boeing&#146;s providing training at the alternate site or incurred as a result of Boeing providing revenue service training; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.5 Those portions of training that require the use of training devices not available at the alternate site will be conducted at Boeing&#146;s facility or at
some other alternate site. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. General Terms and Conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.1 Boeing flight instructor personnel will not be required to work more than 5 days per week, or more than 8 hours in any one 24-hour period, of which not
more than 5 hours per 8-hour workday will be spent in actual flying. These foregoing restrictions will not apply to ferry assistance or revenue service training services, which will be governed by FAA rules and regulations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.2 NORMAL LINE MAINTENANCE is defined as line maintenance that Boeing might reasonably be expected to furnish for flight crew training at Boeing&#146;s
facility, and will include ground support and aircraft storage in the open, but will not include provision of spare parts. Boeing will provide Normal Line Maintenance services for any aircraft while the aircraft is used for flight crew training at
Boeing&#146;s facility. Customer will provide such services if flight crew training is conducted elsewhere. Regardless of the location of such training, Customer will be responsible for providing all maintenance items (other than those included in
Normal Line Maintenance) required during the training, including, but not limited to, fuel, oil, landing fees and spare parts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.3 If the training is
based at Boeing&#146;s facility, and the aircraft is damaged during such training, Boeing will make all necessary repairs to the aircraft as promptly as possible. Customer will pay Boeing&#146;s reasonable charge, including the price of parts and
materials, for making the repairs. If Boeing&#146;s estimated labor charge for the repair exceeds $25,000, Boeing and Customer will enter into an agreement for additional services before beginning the repair work. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.4 If the flight training is based at Boeing&#146;s facility, several airports in surrounding states may be
used, at Boeing&#146;s option. Unless otherwise agreed in the flight training planning conference, it will be Customer&#146;s responsibility to make arrangements for the use of such airports. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.5 If Boeing agrees to make arrangements on behalf of Customer for the use of airports for flight training, Boeing will pay on Customer&#146;s behalf any
landing fees charged by any airport used in conjunction with the flight training. At least 30 days before flight training, Customer will provide Boeing an open purchase order against which Boeing will invoice Customer for any landing fees Boeing
paid on Customer&#146;s behalf. The invoice will be submitted to Customer approximately 60 days after flight training is completed, when all landing fee charges have been received and verified. Customer will pay to Boeing within 30 days of the date
of the invoice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.6 If requested by Boeing, in order to provide the flight training or ferry flight assistance, Customer will make available to Boeing an
aircraft after delivery to familiarize Boeing instructor or ferry flight crew personnel with such aircraft. If flight of the aircraft is required for any Boeing instructor or ferry flight crew member to maintain an FAA license for flight proficiency
or landing currency, Boeing will be responsible for the costs of fuel, oil, landing fees and spare parts attributable to that portion of the flight. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.7
If any part of the training described in paragraph 1.1 of this Exhibit is not used by Customer within 12 months after the delivery of the last aircraft under the relevant purchase agreement, Boeing will not be obligated to provide such training.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CUSTOMER SUPPORT DOCUMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART 2: FIELD AND ENGINEERING SUPPORT SERVICES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. Field Service Representation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing will furnish field
service representation to advise Customer with respect to the maintenance and operation of an aircraft (FIELD SERVICE REPRESENTATIVES). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.1 Field Service
representation will be available at or near Customer&#146;s main maintenance or engineering facility beginning before the scheduled delivery month of the first aircraft and ending 12 months after delivery of the last aircraft covered by a specific
purchase agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.2 Customer will provide, at no charge to Boeing, suitable furnished office space and office equipment at the location where Boeing
is providing Field Service Representatives. As required, Customer will assist each Field Service Representative with visas, work permits, customs, mail handling, identification passes and formal introduction to local airport authorities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.3 Boeing Field Service Representatives are assigned to various airports around the world. Whenever Customer&#146;s aircraft are operating through any such
airport, the services of Boeing&#146;s Field Service Representatives are available to Customer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. Engineering Support Services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing will, if requested by Customer, provide technical advisory assistance for any aircraft and Boeing Product (as defined in Part I of Exhibit C).
Technical advisory assistance, provided from the Seattle area or at a base designated by Customer as appropriate, will include: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.1 Operational Problem
Support. If Customer experiences operational problems with an aircraft, Boeing will analyze the information provided by Customer to determine the probable nature and cause of the problem and to suggest possible solutions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.2 Schedule Reliability Support. If Customer is not satisfied with the schedule reliability of a specific model of aircraft, Boeing will analyze information
provided by Customer to determine the nature and cause of the problem and to suggest possible solutions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.3 Maintenance Cost Reduction Support. If
Customer is concerned that actual maintenance costs of a specific model of aircraft are excessive, Boeing will analyze information provided by Customer to determine the nature and cause of the problem and to suggest possible solutions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.4 Aircraft Structural Repair Support. If Customer is designing structural repairs and desires Boeing&#146;s support, Boeing will analyze and comment on
Customer&#146;s engineering releases relating to structural repairs not covered by Boeing&#146;s Structural Repair Manual. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.5 Aircraft Modification
Support. If Customer is designing aircraft modifications and requests Boeing&#146;s support, Boeing will analyze and comment on Customer&#146;s engineering </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CUSTOMER SUPPORT DOCUMENT </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">proposals for changes in, or replacement of, systems, parts, accessories or equipment
manufactured to Boeing&#146;s detailed design. Boeing will not analyze or comment on any major structural change unless Customer&#146;s request for such analysis and comment includes complete detailed drawings, substantiating information (including
any information required by applicable government agencies), all stress or other appropriate analyses, and a specific statement from Customer of the substance of the review and the response requested. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.6 Facilities, Ground Equipment and Maintenance Planning Support. Boeing will, at Customer&#146;s request, evaluate Customer&#146;s technical facilities,
tools and equipment for servicing and maintaining aircraft, to recommend changes where necessary and to assist in the formulation of an overall maintenance plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.7 Post-Delivery Service Support. Boeing will, at Customer&#146;s request, perform work on an aircraft after delivery but prior to the initial departure
flight or upon the return of the aircraft to Boeing&#146;s facility prior to completion of that flight. In that event the following provisions will apply. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.7.1 Boeing may rely upon the commitment authority of the Customer&#146;s personnel requesting the work. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.7.2 As title and risk of loss has passed to Customer, the insurance provisions of Article 8.2 of the AGTA apply. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.7.3 The provisions of the Boeing Warranty in Part 2 of Exhibit C of this AGTA apply. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.7.4 Customer will pay Boeing for requested work not covered by the Boeing Warranty, if any. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.7.5 The DISCLAIMER AND RELEASE and EXCLUSION OF CONSEQUENTIAL AND OTHER DAMAGES provisions in Article 11 of Part 2 of Exhibit C of this AGTA apply. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.8 Additional Services. Boeing may, at Customer&#146;s request, provide additional services for an aircraft after delivery, which may include retrofit kit
changes (kits and/or information), training, maintenance and repair of aircraft. Such additional services will be subject to a mutually acceptable price, schedule and scope of work. The DISCLAIMER AND RELEASE and the EXCLUSION OF CONSEQUENTIAL AND
OTHER DAMAGES provisions in Article 11 of Part 2 of Exhibit C of this AGTA and the insurance provisions in Article 8.2 of this AGTA will apply to any such work. Title to and risk of loss of any such aircraft will always remain with Customer. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART 3: TECHNICAL INFORMATION AND MATERIALS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. General. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MATERIALS are defined as any and all items that
are created by Boeing or a third party, which are provided directly or indirectly from Boeing and serve primarily to contain, convey or embody information. Materials may include either tangible embodiments (for example, documents or drawings), or
intangible embodiments (for example, software and other electronic forms) of information but excludes Aircraft Software. AIRCRAFT SOFTWARE is defined as software that is installed on and used in the operation of the aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing will furnish to Customer certain Materials to support the maintenance and operation of the aircraft at no additional charge to Customer, except as
otherwise provided herein. Such Materials will, if applicable, be prepared generally in accordance with Air Transport Association of America (ATA) Specification No.&nbsp;100, entitled &#147;Specification for Manufacturers&#146; Technical Data&#148;.
Materials will be in English and in the units of measure used by Boeing to manufacture an aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Digitally-produced Materials will, if applicable, be
prepared generally in accordance with ATA Specification No.&nbsp;2100, dated January 1994, &#147;Digital Data Standards for Aircraft Support.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.
Materials Planning Conferences. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Customer and Boeing will conduct planning conferences approximately 12 months before the scheduled delivery month of the
first aircraft of a model in order to mutually determine the proper format and quantity of Materials to be furnished to Customer in support of the aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When available, Customer may select Boeing standard digital format as the delivery medium or, alternatively, Customer may select a </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">reasonable quantity of printed and 16mm microfilm formats. When Boeing standard digital format is selected, Customer may also select up to 5 copies of printed
or microfilm format copies, with the exception of the Illustrated Parts Catalog, which will be provided in one selected format only. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. Information and
Materials - Incremental Increase. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Until one year after the month of delivery of the last aircraft covered by a specific purchase agreement, Customer may
annually request in writing a reasonable increase in the quantity of Materials with the exception of microfilm master copies, digital formats, and others for which a specified number of copies are provided. Boeing will provide the additional
quantity at no additional charge beginning with the next normal revision cycle. Customer may request a decrease in revision quantities at any time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.
Advance Representative Copies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All advance representative copies of Materials will be selected by Boeing from available sources. Such advance copies will
be for advance planning purposes only. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CUSTOMER SUPPORT DOCUMENT </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. Customized Materials. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All customized Materials will reflect the configuration of each aircraft as delivered. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. Revisions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.1 Revision Service. Boeing will provide
revisions free of charge for those Materials which have a revision service. Such Materials will be identified in the planning conference conducted for a specific model of aircraft. The revision service will reflect changes developed by Boeing, as
long as Customer operates an aircraft of that model. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.2 Revisions Based on Boeing Service Bulletin Incorporation. If Boeing receives written notice that
Customer intends to incorporate, or has incorporated, any Boeing service bulletin in an aircraft, Boeing will at no charge issue revisions to Materials with revision service reflecting the effects of such incorporation into such aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7. Computer Software Documentation for Boeing Manufactured Airborne Components and Equipment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing will provide to Customer a Computer Software Index containing a listing of (i)&nbsp;all programmed airborne avionics components and equipment
manufactured by Boeing or a Boeing subsidiary, designed and developed in accordance with Radio Technical Commission for Aeronautics Document No. RTCA/DO-178 dated January 1982, No. RTCA/DO-178A dated March 1985, or later as available, and installed
by Boeing in aircraft covered by the applicable purchase agreement and (ii)&nbsp;specific software documents (SOFTWARE DOCUMENTATION) available to Customer from Boeing for the listed components and equipment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Two copies of the Computer Software Index will be furnished to Customer with the first aircraft of a model. Revisions to the Computer Software Index
applicable to such model of aircraft will be issued to Customer as revisions are developed by Boeing for so long as Customer operates the aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Software Documentation will be provided to Customer upon written request. The charge to Customer for Software Documentation will be Boeing&#146;s price to
reproduce the Software Documentation requested. Software Documentation will be prepared generally in accordance with ATA Specification No.&nbsp;102 revised April&nbsp;20, 1983, &#147;Specification for Computer Software Manual&#148; but Software
Documentation will not include, and Boeing will not be obligated to provide, any code (including, but not limited to, original source code, assembled source code, or object code) on computer sensible media. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8. Supplier Technical Data. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.1 For supplier-manufactured
programmed airborne avionics components and equipment classified as Seller Furnished Equipment (SFE) or Seller Purchased Equipment (SPE) or Buyer Designated Equipment (BDE) which contain computer software designed and developed in accordance with
Radio Technical Commission for Aeronautics Document No. RTCA/DO-178 dated January 1982, No. RTCA/DO-178A dated March 1985, or later as available, Boeing will request that each supplier of the components and equipment make software documentation
available to Customer in a manner similar to that described in Article 7 above. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.2 The provisions of this Article will not be applicable to items of BFE. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.3 Boeing will furnish to Customer a document identifying the terms and conditions of the product support agreements between Boeing and its suppliers
requiring the suppliers to fulfill Customer&#146;s requirements for information and services in support of the specific model of aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9. Buyer
Furnished Equipment Data. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing will incorporate BFE information into the customized Materials providing Customer makes the information available to
Boeing at least nine months prior to the scheduled delivery month of Customer&#146;s first aircraft of a specific model. Customer agrees to furnish the information in Boeing standard digital format if Materials are to be delivered in Boeing standard
digital format. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Materials Shipping Charges. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing will pay the reasonable transportation costs of the Materials. Customer is responsible for any customs clearance charges, duties, and taxes. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Customer&#146;s Shipping Address. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Materials furnished to Customer hereunder are to be sent to a single address to be specified. Customer will promptly notify Boeing of any change to the
address. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CUSTOMER SUPPORT DOCUMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART 4: ALLEVIATION OR CESSATION OF PERFORMANCE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing will not be required to provide any Materials, services, training or other things at a facility designated by Customer if any of the following
conditions exist: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. a labor stoppage or dispute in progress involving Customer; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. wars or warlike operations, riots or insurrections in the country where the facility is located; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. any condition at the facility which, in the opinion of Boeing, is detrimental to the general health, welfare or safety of its personnel or their families;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. the United States Government refuses permission to Boeing personnel or their families to enter into the country where the facility is located, or
recommends that Boeing personnel or their families leave the country; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. the United States Government refuses permission to Boeing to deliver
Materials, services, training or other things to the country where the facility is located. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After the location of Boeing personnel at the facility,
Boeing further reserves the right, upon the occurrence of any of such events, to immediately and without prior notice to Customer relocate its personnel and their families. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CUSTOMER SUPPORT DOCUMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART 5: PROTECTION OF PROPRIETARY INFORMATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND PROPRIETARY MATERIALS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. General.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All Materials provided by Boeing to Customer and not covered by a Boeing CSGTA or other agreement between Boeing and Customer defining Customer&#146;s
right to use and disclose the Materials and included information will be covered by, and subject to the terms of this AGTA. Title to all Materials containing, conveying or embodying confidential, proprietary or trade secret information (Proprietary
Information) belonging to Boeing or a third party (Proprietary Materials), will at all times remain with Boeing or such third party. Customer will treat all Proprietary Materials and all Proprietary Information in confidence and use and disclose the
same only as specifically authorized in this AGTA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. License Grant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing grants to Customer a worldwide, non-exclusive, non-transferable license to use and disclose Proprietary Materials in accordance with the terms and
conditions of this AGTA. Customer is authorized to make copies of Materials (except for Materials bearing the copyright legend of a third party), and all copies of Proprietary Materials will belong to Boeing and be treated as Proprietary Materials
under this AGTA. Customer will preserve all proprietary legends, and all copyright notices on all Materials and insure the inclusion of those legends and notices on all copies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. Use of Proprietary Materials and Proprietary Information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Customer is authorized to use Proprietary Materials and Proprietary Information for the purpose of: (a)&nbsp;operation, maintenance, repair, or modification
of Customer&#146;s aircraft for which the Proprietary Materials and Proprietary Information have been specified by Boeing and (b)&nbsp;development and manufacture of training devices for use by Customer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. Providing of Proprietary Materials to Contractors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Customer
is authorized to provide Proprietary Materials to Customer&#146;s contractors for the sole purpose of maintenance, repair, or modification of Customer&#146;s aircraft for which the Proprietary Materials have been specified by Boeing. In addition,
Customer may provide Proprietary Materials to Customer&#146;s contractors for the sole purpose of developing and manufacturing training devices for Customer&#146;s use. Before providing Proprietary Materials to its contractor, Customer will first
obtain a written agreement from the contractor by which the contractor agrees (a)&nbsp;to use the Proprietary Materials only on behalf of Customer, (b)&nbsp;to be bound by all of the restrictions and limitations of this Part 5, and (c)&nbsp;that
Boeing is a third party beneficiary under the written agreement. Customer agrees to provide copies of all such written agreements to Boeing upon request and be liable to Boeing for any breach of those agreements by a contractor. A sample agreement
acceptable to Boeing is attached as Appendix VII. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. Providing of Proprietary Materials and Proprietary Information to Regulatory Agencies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When and to the extent required by a government regulatory agency having jurisdiction over Customer or an aircraft, Customer is authorized to provide
Proprietary Materials and to disclose Proprietary Information to the agency for use in connection with Customer&#146;s operation, maintenance, repair, or modification of such aircraft. Customer agrees to take all reasonable steps to prevent the
agency from making any distribution, disclosure, or additional use of the Proprietary Materials and Proprietary Information provided or disclosed. Customer further agrees to notify Boeing immediately upon learning of any (a)&nbsp;distribution,
disclosure, or additional use by the agency, (b)&nbsp;request to the agency for distribution, disclosure, or additional use, or (c)&nbsp;intention on the part of the agency to distribute, disclose, or make additional use of Proprietary Materials or
Proprietary Information. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT C </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TO </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AIRCRAFT GENERAL
TERMS AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AGTA-COP </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BETWEEN </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE BOEING
COMPANY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COPA HOLDINGS, S.A. PRODUCT</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ASSURANCE DOCUMENT,</B> This </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">document contains: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Part 1:
Exhibit C Definitions </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Part 2: Boeing Warranty </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Part 3: Boeing Service Life Policy </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Part 4: Supplier Warranty Commitment </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Part 5: Boeing Interface Commitment </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Part
6: Boeing Indemnities against Patent and Copyright Infringement </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRODUCT ASSURANCE DOCUMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART 1: EXHIBIT C DEFINITIONS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AUTHORIZED
AGENT - Agent appointed by Customer to perform corrections and to administer warranties (see Appendix VI to the AGTA for a form acceptable to Boeing). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AVERAGE DIRECT HOURLY LABOR RATE - the average hourly rate (excluding all fringe benefits, premium-time allowances, social charges, business taxes and the
like) paid by Customer to its Direct Labor employees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BOEING PRODUCT - any system, accessory, equipment, part or Aircraft Software that is manufactured
by Boeing or manufactured to Boeing&#146;s detailed design with Boeing&#146;s authorization. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CORRECT - to repair, modify, provide modification kits or
replace with a new product. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CORRECTION - a repair, a modification, a modification kit or replacement with a new product. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CORRECTED BOEING PRODUCT - a Boeing Product which is free of defect as a result of a Correction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DIRECT LABOR - Labor spent by Customer&#146;s or its Authorized Agent&#146;s direct labor employees to remove, disassemble, modify, repair, inspect and bench
test a defective Boeing Product, and to reassemble, reinstall a Corrected Boeing Product and perform final inspection. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DIRECT MATERIALS - Items such as
parts, gaskets, grease, sealant and adhesives, installed or consumed in performing a Correction, excluding allowances for administration, overhead, taxes, customs duties and the like. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SOURCE CONTROL DRAWING (SCD) - a Boeing document defining specifications for certain Supplier Products. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SUPPLIER - the manufacturer of a Supplier Product. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SUPPLIER
PRODUCT - any system, accessory, equipment, part or Aircraft Software that is not manufactured to Boeing&#146;s detailed design. This includes but is not limited to parts manufactured to a SCD, all standards, and other parts obtained from non-Boeing
sources. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRODUCT ASSURANCE DOCUMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART 2: BOEING WARRANTY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.
Applicability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This warranty applies to all Boeing Products. Warranties applicable to Supplier Products are in Part 4. Warranties applicable to engines
will be provided by Supplemental Exhibits to individual purchase agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. Warranty. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.1 Coverage. Boeing warrants that at the time of delivery: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(i)
the aircraft will conform to the Detail Specification except for portions stated to be estimates, approximations or design objectives; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(ii) all Boeing
Products will be free from defects in material, process of manufacture and workmanship, including the workmanship utilized to install Supplier Products, engines and BFE, and; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(iii) all Boeing Products will be free from defects in design, including selection of materials and the process of manufacture. in view of the state of the
art at the time of design </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.2 Exceptions. The following conditions do not constitute a defect under this warranty: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(i)&nbsp;conditions resulting from normal wear and tear; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(ii)
conditions resulting from abuse or omissions of Customer; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(iii) conditions resulting from failure to properly service and maintain a Boeing Product.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. Warranty Periods. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.1 Warranty. The warranty period
begins on the date of aircraft or Boeing Product delivery and ends: (i)&nbsp;after 48 months for Boeing aircraft models 777-200, -300 or 737-600, -700, -800, or new aircraft models designed and manufactured with similar, new technology; or,
(ii)&nbsp;after 36 months for any other Boeing aircraft model. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.2 Warranty on Corrected Boeing Products. The warranty period applicable to a Corrected
Boeing Product, including the workmanship to Correct and install, resulting from a defect in material or workmanship is the remainder of the initial warranty period for the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C </P>

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defective Boeing Product it replaced. The warranty period for a Corrected Boeing Product resulting from a defect in design is 18 months or the remainder of the initial warranty period, whichever
is longer. The 18 month period begins on the date of delivery of the Corrected Boeing Product or date of delivery of the kit or kits furnished to Correct the Boeing Product. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.3 Survival of Warranties. All warranty periods are stated above. The Performance Guarantees will not survive delivery of the aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. Remedies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.1 Correction Options. Customer may, at its
option, either perform a Correction of a defective Boeing Product or return the Boeing Product to Boeing for Correction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.2 Warranty Labor Rate. If
Customer or its Authorized Agent Corrects a defective Boeing Product, Boeing will reimburse Customer for Direct Labor Hours at Customer&#146;s established Warranty Labor Rate. Customer&#146;s established Warranty Labor Rate will be the greater of
the standard labor rate or 150% of Customer&#146;s Average Direct Hourly Labor Rate. The standard labor rate paid by Boeing to its customers is established and published annually. Prior to or concurrently with submittal of Customer&#146;s first
claim for Direct Labor reimbursement, Customer may notify Boeing of Customer&#146;s then-current Average Direct Hourly Labor Rate, and thereafter notify Boeing of any material change in such rate. Boeing will require information from Customer to
substantiate such rates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.3 Warranty Inspections. In addition to the remedies to Correct defects in Boeing Products, Boeing will reimburse Customer for
the cost of Direct Labor to perform certain inspections of the aircraft to determine the occurrence of a condition Boeing has identified as a covered defect, provided: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.3.1 the inspections are recommended by a service bulletin or service letter issued by Boeing during the warranty period; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.3.2 such reimbursement will not apply to any inspections performed after a Correction is available to Customer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.4 Credit Memorandum Reimbursement. Boeing will make all reimbursements by credit memoranda which may be applied toward the purchase of Boeing goods and
services. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.5 Maximum Reimbursement. Unless previously agreed, the maximum reimbursement for Direct Labor and Direct Materials used to Correct a
defective Boeing Product will not exceed 65% of Boeing&#146;s then-current sales price for a new replacement Boeing Product. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. Discovery and Notice.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.1 For a claim to be valid: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the defect must be discovered during the warranty period; and </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(ii) Boeing Product Assurance Contracts must receive written notice of the discovery no later than 90 days
after expiration of the warranty period. The notice must include sufficient information to substantiate the claim. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.2 Receipt of Customer&#146;s or its
Authorized Agent&#146;s notice of the discovery of a defect secures Customer&#146;s rights to remedies under this Exhibit C, even though a Correction is performed after the expiration of the warranty period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.3 Once Customer has given valid notice of the discovery of a defect, a claim should be submitted as soon as practicable after performance of the Correction.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.4 Boeing may release service bulletins or service letters advising Customer of the availability of certain warranty remedies. When such advice is
provided, Customer will be deemed to have fulfilled the requirements for discovery of the defect and submittal of notice under this Exhibit C as of the date specified in the service bulletin or service letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. Filing a Claim. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.1 Authority to File. Claims may be filed
by Customer or its Authorized Agent. Appointment of an Authorized Agent will only be effective upon Boeing&#146;s receipt of the Authorized Agent&#146;s express written agreement, in a form satisfactory to Boeing, to be bound by and to comply with
all applicable terms and conditions of this Aircraft General Terms Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.2 Claim Information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.2.1 Claimant is responsible for providing sufficient information to substantiate Customer&#146;s rights to remedies under this Exhibit C. Boeing may reject
a claim for lack of sufficient information. At a minimum, such information must include: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(i) identity of claimant; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(ii) serial or block number of the aircraft on which the defective Boeing Product was delivered; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;part number and nomenclature of the defective Boeing Product; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(iv) purchase order number and date of delivery of the defective spare part </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(v) description and substantiation of the defect; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(vi)&nbsp;date the defect was discovered; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(vii) date the
Correction was completed; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(viii)&nbsp;the total flight hours or cycles accrued; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(ix) an itemized account of direct labor hours expended in performing the Correction; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(x) an itemized account of any direct materials incorporated in the Correction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.2.2 Additional information may be required based on the nature of the defect and the remedies requested. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.3 Boeing Claim Processing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.3.1 Any claim for a Boeing
Product returned by Customer or its Authorized Agent to Boeing for Correction must accompany the Boeing Product. Any claim not associated with the return of a Boeing Product must be signed and submitted in writing directly by Customer or its
Authorized Agent to Boeing Product Assurance Contracts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.3.2 Boeing will promptly review the claim and will give notification of claim approval or
rejection. If the claim is rejected, Boeing will provide a written explanation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7. Corrections Performed by Customer or Its Authorized Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.1 Facilities Requirements. Provided Customer, its Authorized Agent or its third party contractor, as appropriate, are certified by the appropriate Civil
Aviation Authority or Federal Aviation Authority, Customer or its Authorized Agent may, at its option, Correct defective Boeing Products at its facilities, or may subcontract Corrections to a third party contractor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.2 Technical Requirements. All Corrections done by Customer, its Authorized Agent or a third party contractor must be performed in accordance with
Boeing&#146;s applicable service manuals, bulletins or other written instructions, using parts and materials furnished or approved by Boeing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.3
Reimbursement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.3.1 Boeing will reimburse Customer&#146;s reasonable costs of Direct Materials and Direct Labor (excluding time expended for overhaul)
at Customer&#146;s Warranty Labor Rate to Correct a defective Boeing Product. Claims for reimbursement must contain sufficient information to substantiate Direct Labor hours expended and Direct Materials consumed. Customer or its Authorized Agent
may be required to produce invoices for materials. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.3.2 Reimbursement for Direct Labor hours to perform Corrections stated in a service bulletin will be
based on the labor estimates in the service bulletin. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.3.3 Boeing will reimburse Customer&#146;s freight charges associated with a Correction of a
defect on a Boeing Product performed by its </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Authorized Agent or a third party contractor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.4 Disposition of Defective Boeing Products Beyond Economical Repair. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.4.1 A defective Boeing Product found to be beyond economical repair (see Para. 4.5 Maximum Reimbursement)
will be retained for a period of 60 days from the date Boeing receives Customer&#146;s claim. During the 60 day period, Boeing may request return of such Boeing Products for inspection and confirmation of a defect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.4.2 After the 60 day period, a defective Boeing Product with a value of U.S. $2000 or less may be scrapped without notification to Boeing. If such Boeing
Product has a value greater than U.S. $2000, Customer must obtain confirmation of unrepairability by Boeing&#146;s on-site Customer Services Representative prior to scrapping. Confirmation may be in the form of the Representative&#146;s signature on
Customer&#146;s claim or through direct communication between the Representative and Boeing Product Assurance Contracts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8. Corrections Performed by
Boeing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.1 Freight Charges. Customer or its Authorized Agent will pay shipping charges to return a Boeing Product to Boeing. Boeing will reimburse
Customer or its Authorized Agent for the charge for any item determined to be defective under this Aircraft General Terms Agreement. Boeing will pay shipping charges to return the Corrected Boeing Product. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.2 Customer Instructions. The documentation shipped with the returned defective Boeing Product may include specific technical instructions for additional
work to be performed on the Boeing Product. The absence of such instructions will evidence Customer&#146;s authorization for Boeing to perform all necessary Corrections and work required to return the Boeing Product to a serviceable condition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.3 Correction Time Objectives. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.3.1 Boeing&#146;s objective
for making Corrections is 10 working days for avionics and electronic Boeing Products, 30 working days for </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Corrections of other Boeing Products performed
at Boeing&#146;s facilities, and 40 working days for Corrections of other Boeing Products </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">performed at a Boeing subcontractor&#146;s facilities. The
objectives are measured from the date Boeing receives the defective Boeing Product and a </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">valid claim to the date Boeing ships the Correction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.3.2 If Customer has a critical parts shortage because Boeing has exceeded a Correction time objective and Customer has procured spare Boeing Products for
the defective Boeing Product in quantities shown in Boeing&#146;s Recommended Spare Parts List (RSPL) or Spares Planning and Requirements Evaluation Model (M-SPARE), then Boeing will either expedite the Correction or provide an interchangeable
Boeing Product on a no charge loan or lease basis until the Corrected Boeing Product is returned. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.4 Title Transfer and Risk of Loss. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.4.1 Title to and risk of loss of any Boeing Product returned to Boeing will at all times remain with Customer or any other title holder of such Boeing
Product. While Boeing has possession of the returned Boeing Product, Boeing will have only such liabilities as a bailee for mutual benefit would have, but will not be liable for loss of use. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.4.2 If a Correction requires shipment of a new Boeing Product, then at the time Boeing ships the new
Boeing Product, title to and risk of loss for the returned Boeing Product will pass to Boeing, and title to and risk of loss for the new Boeing Product will pass to Customer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9. Returning an Aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.1 Conditions. An aircraft may be
returned to Boeing&#146;s facilities for Correction only if: (i)&nbsp;Boeing and Customer agree a covered defect exists; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(ii) Customer lacks access to
adequate facilities, equipment or qualified personnel to perform the Correction; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(iii) it is not practical, in Boeing&#146;s estimation, to dispatch
Boeing personnel to perform the Correction at a remote site. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.2 Correction Costs. Boeing will perform the Correction at no charge to Customer. Subject
to the conditions of Paragraph 9.1 of Part 2 of Exhibit C to this AGTA, Boeing will reimburse Customer for the costs of fuel, oil and landing fees incurred in ferrying the aircraft to Boeing and back to Customer&#146;s facilities. Customer will
minimize the length of both flights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.3 Separate Agreement. Boeing and Customer will enter into a separate agreement covering return of the aircraft and
performance of the Correction. Authorization by Customer for Boeing to perform additional work that is not part of the Correction must be received within 24 hours of Boeing&#146;s request. If such authorization is not received within 24 hours,
Customer will be invoiced for work performed by Boeing that is not part of the Correction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10. Insurance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The provisions of Article 8.2 &#147;Insurance&#148;, of this AGTA, will apply to any work performed by Boeing in accordance with Customer&#146;s specific
technical instructions, to the extent any legal liability of Boeing is based upon the content of such instructions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11. Disclaimer and Release; Exclusion
of Liabilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11.1 DISCLAIMER AND RELEASE. THE WARRANTIES, OBLIGATIONS AND LIABILITIES OF BOEING AND THE REMEDIES OF CUSTOMER IN THIS EXHIBIT C ARE
EXCLUSIVE AND IN SUBSTITUTION FOR, AND CUSTOMER HEREBY WAIVES, RELEASES AND RENOUNCES, ALL OTHER WARRANTIES, OBLIGATIONS AND LIABILITIES OF BOEING AND ALL OTHER RIGHTS, CLAIMS AND REMEDIES OF CUSTOMER AGAINST BOEING, EXPRESS OR IMPLIED, ARISING BY
LAW OR OTHERWISE, WITH RESPECT TO ANY NONCONFORMANCE OR DEFECT IN ANY AIRCRAFT, MATERIALS, TRAINING, SERVICES OR OTHER THING PROVIDED UNDER THIS AGTA AND THE APPLICABLE PURCHASE AGREEMENT, INCLUDING, BUT NOT LIMITED TO: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(A) ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(B) ANY IMPLIED WARRANTY ARISING FROM COURSE OF PERFORMANCE, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COURSE OF DEALING OR USAGE OF TRADE;</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(C) ANY OBLIGATION,
LIABILITY, RIGHT, CLAIM OR REMEDY IN TORT, WHETHER OR NOT ARISING FROM THE NEGLIGENCE OF BOEING; AND </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(D) ANY OBLIGATION, LIABILITY, RIGHT, CLAIM OR
REMEDY FOR LOSS OF </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>OR DAMAGE TO ANY AIRCRAFT.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11.2
EXCLUSION OF CONSEQUENTIAL AND OTHER DAMAGES. BOEING WILL HAVE NO OBLIGATION OR LIABILITY, WHETHER ARISING IN CONTRACT (INCLUDING WARRANTY), TORT, WHETHER OR NOT ARISING FROM THE NEGLIGENCE OF BOEING, OR OTHERWISE, FOR LOSS OF USE, REVENUE OR
PROFIT, OR FOR ANY OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES WITH RESPECT TO ANY NONCONFORMANCE OR DEFECT IN ANY AIRCRAFT, MATERIALS, TRAINING, SERVICES OR OTHER THING PROVIDED UNDER THIS AGTA AND THE APPLICABLE PURCHASE AGREEMENT. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11.3 Definitions. For the purpose of this Article, &#147;BOEING&#148; or &#147;Boeing&#148; is defined as The Boeing Company, its divisions, subsidiaries,
affiliates, the assignees of each, and their respective directors, officers, employees and agents. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART 3: BOEING SERVICE LIFE POLICY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. Definitions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SLP COMPONENT - any of the primary structural
elements (excluding industry standard parts) of the landing gear, wing, fuselage, vertical or horizontal stabilizer listed in the applicable purchase agreement for a specific model of aircraft that is installed in the aircraft at time of delivery or
is purchased from Boeing by Customer as a spare part. The detailed SLP Component listing will be in Supplemental Exhibit SLP 1 to each Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. Service Life Policy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.1 SLP Commitment. If a failure or
defect is discovered in a SLP Component within the time periods specified in Article 2.2 below, Boeing will, at a price calculated pursuant to Article 3 below, Correct the SLP Component. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.2 SLP Policy Periods. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.2.1 The policy period for SLP
Components initially installed on an aircraft is 12 years after the date of delivery of the aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.2.2 The policy period for SLP Components
purchased from Boeing by Customer as spare parts is 12 years from delivery of such SLP Component or 12 years from the date of delivery of the last aircraft produced by Boeing of a specific model, whichever first expires. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. Price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The price that Customer will pay for the Correction
of a defective or failed SLP Component will be calculated pursuant to the following formula: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">P = CT</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">144</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">where: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P = price to Customer
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">C = SLP Component sales price at time of Correction T = total age in months of the defective or failed SLP Component from the date of delivery to Customer
to the date of discovery of such condition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. Conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing&#146;s obligations under this Policy are conditioned upon the following: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRODUCT ASSURANCE DOCUMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.1 Customer must notify Boeing in writing of the defect or failure within three months after it is discovered. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.2 Customer must provide reasonable evidence that the claimed defect or failure is covered by this Policy and if requested by Boeing, that such defect or
failure was not the result of (i)&nbsp;a defect or failure in a component not covered by this Policy, (ii)&nbsp;an extrinsic force, (iii)&nbsp;an act or omission of Customer, or (iv)&nbsp;operation or maintenance contrary to applicable governmental
regulations or Boeing&#146;s instructions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.3 If return of a defective or failed SLP Component is practicable and requested by Boeing, Customer will
return such SLP Component to Boeing at Boeing&#146;s expense. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.4 Customer&#146;s rights and remedies under this Policy are limited to the receipt of a
Correction at prices calculated pursuant to Article 3 above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. Disclaimer and Release; Exclusion of Liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Part 3 and the rights and remedies of Customer and the obligations of Boeing are subject to the DISCLAIMER AND RELEASE and EXCLUSION OF CONSEQUENTIAL AND
OTHER DAMAGES provisions of Article 11 of Part 2 of this Exhibit C. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART 4: SUPPLIER WARRANTY COMMITMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. Supplier Warranties and Supplier Patent and Copyright Indemnities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing will use diligent efforts to obtain warranties and indemnities against patent and copyright infringement enforceable by Customer from Suppliers of
Supplier Products (except for engines) installed on the aircraft at the time of delivery that were selected and purchased by Boeing, but not manufactured to Boeing&#146;s detailed design. Boeing will furnish copies of the warranties and patent and
copyright indemnities to Customer contained in Supplier Product Support and Product Assurance Agreements, prior to the scheduled delivery month of the first aircraft under the initial purchase agreement to the AGTA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. Boeing Assistance in Administration of Supplier Warranties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Customer will be responsible for submitting warranty claims directly to Suppliers; however, if Customer experiences problems enforcing any Supplier warranty
obtained by Boeing for Customer, Boeing will conduct an investigation of the problem and assist Customer in the resolution of those claims. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. Boeing
Support in Event of Supplier Default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.1 If the Supplier defaults in the performance of a material obligation under its warranty, and Customer provides
evidence to Boeing that a default has occurred, then Boeing will furnish the equivalent warranty terms as provided by the defaulting Supplier. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.2 At
Boeing&#146;s request, Customer will assign to Boeing, and Boeing will be subrogated to, its rights against the Supplier provided by the Supplier warranty. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRODUCT ASSURANCE DOCUMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRODUCT ASSURANCE DOCUMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART 5: BOEING INTERFACE COMMITMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.
Interface Problems. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">An INTERFACE PROBLEM is defined as a technical problem in the operation of an aircraft or its systems experienced by Customer, the
cause of which is not readily identifiable by Customer but which Customer believes to be attributable to either the design characteristics of the aircraft or its systems or the workmanship used in the installation of Supplier Products. In the event
Customer experiences an Interface Problem, Boeing will, without additional charge to Customer, promptly conduct an investigation and analysis to determine the cause or causes of the Interface Problem. Boeing will promptly advise Customer at the
conclusion of its investigation of Boeing&#146;s opinion as to the causes of the Interface Problem and Boeing&#146;s recommendation as to corrective action. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. Boeing Responsibility. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If Boeing determines that the
Interface Problem is primarily attributable to the design or installation of any Boeing Product, Boeing will Correct the design or workmanship to the extent of any then-existing obligations of Boeing under the provisions of the applicable Boeing
Warranty or Boeing Service Life Policy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. Supplier Responsibility. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If Boeing determines that the Interface Problem is primarily attributable to the design or installation of a Supplier Product, Boeing will assist Customer in
processing a warranty claim against the Supplier. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. Joint Responsibility. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If Boeing determines that the Interface Problem is partially attributable to the design or installation of a Boeing Product and partially to the design or
installation of a Supplier Product, Boeing will seek a solution to the Interface Problem through the cooperative efforts of Boeing and the Supplier and will promptly advise Customer of the resulting corrective actions and recommendations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. General. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Customer will, if requested by Boeing, assign to
Boeing any of its rights against any supplier as Boeing may require to fulfill its obligations hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. Disclaimer and Release; Exclusion of
Liabilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Part 5 and the rights and remedies of Customer and the obligations of Boeing herein are subject to the DISCLAIMER AND RELEASE and
EXCLUSION OF CONSEQUENTIAL AND OTHER DAMAGES provisions of Article 11 of Part 2 of this Exhibit C. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART 6: BOEING INDEMNITIES AGAINST PATENT AND COPYRIGHT INFRINGEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. Indemnity Against Patent Infringement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing will defend
and indemnify Customer with respect to all claims, suits and liabilities arising out of any actual or alleged patent infringement through Customer&#146;s use, lease or resale of any aircraft or any Boeing Product installed on an aircraft at
delivery. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. Indemnity Against Copyright Infringement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing will defend and indemnify Customer with respect to all claims, suits and liabilities arising out of any actual or alleged copyright infringement
through Customer&#146;s use, lease or resale of any Boeing created Materials and Aircraft Software installed on an aircraft at delivery. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. Exceptions,
Limitations and Conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.1 Boeing&#146;s obligation to indemnify Customer for patent infringement will extend only to infringements in countries
which, at the time of the infringement, were party to and fully bound by either (a)&nbsp;Article 27 of the Chicago Convention on International Civil Aviation of December&nbsp;7, 1944, or (b)&nbsp;the International Convention for the Protection of
Industrial Property (Paris Convention). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.2 Boeing&#146;s obligation to indemnify Customer for copyright infringement is limited to infringements in
countries which, at the time of the infringement, are members of The Berne Union and recognize computer software as a &#147;work&#148; under The Berne Convention. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.3 The indemnities provided under this Part 6 will not apply to any (i)&nbsp;BFE, (ii)&nbsp;engines, (iii)&nbsp;Supplier Product (iv)&nbsp;Boeing Product
used other than for its intended purpose, or (v)&nbsp;Aircraft Software not created by Boeing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.4 Customer must deliver written notice to Boeing
(i)&nbsp;within 10 days after Customer first receives notice of any suit or other formal action against Customer and (ii)&nbsp;within 20 days after Customer first receives any other allegation or written claim of infringement covered by this
Part&nbsp;6. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.5 At any time, Boeing will have the right at its option and expense to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(i) negotiate with any party claiming infringement, (ii)&nbsp;assume or control the defense of any infringement allegation, claim, suit or formal action,
(iii)&nbsp;intervene in any infringement suit or formal action, and/or (iv)&nbsp;attempt to resolve any claim of infringement by replacing an allegedly infringing Boeing Product or Aircraft Software with a noninfringing equivalent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRODUCT ASSURANCE DOCUMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.6 Customer will promptly furnish to Boeing all information, records and assistance within Customer&#146;s possession or control which Boeing considers
relevant or material to any alleged infringement covered by this Part 6. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.7 Except as required by a final judgment entered against Customer by a court
of competent jurisdiction from which no appeals can be or have been filed, Customer will obtain Boeing&#146;s written approval prior to paying, committing to pay, assuming any obligation or making any material concession relative to any infringement
covered by these indemnities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.8 BOEING WILL HAVE NO OBLIGATION OR LIABILITY UNDER THIS PART 6 FOR LOSS OF USE, REVENUE OR PROFIT, OR FOR ANY OTHER
INCIDENTAL OR CONSEQUENTIAL DAMAGES. THE OBLIGATIONS OF BOEING AND REMEDIES OF CUSTOMER IN THIS PART 6 ARE EXCLUSIVE AND IN SUBSTITUTION FOR, AND CUSTOMER HEREBY WAIVES, RELEASES AND RENOUNCES ALL OTHER INDEMNITIES, OBLIGATIONS AND LIABILITIES OF
BOEING AND ALL OTHER RIGHTS, CLAIMS AND REMEDIES OF CUSTOMER AGAINST BOEING, EXPRESS OR IMPLIED, ARISING BY LAW OR OTHERWISE, WITH RESPECT TO ANY ACTUAL OR ALLEGED PATENT, COPYRIGHT OR OTHER INTELLECTUAL PROPERTY INFRINGEMENT OR THE LIKE BY ANY
AIRCRAFT, AIRCRAFT SOFTWARE, MATERIALS, TRAINING, SERVICES OR OTHER THING PROVIDED UNDER THIS AGTA AND THE APPLICABLE PURCHASE AGREEMENT. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.9 For the
purposes of this Part 6, &#147;BOEING or Boeing&#148; is defined as The Boeing Company, its divisions, subsidiaries, affiliates, the assignees of each and their respective directors, officers, employees and agents. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT D </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TO </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AIRCRAFT GENERAL
TERMS AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AGTA-COP </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BETWEEN </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE BOEING
COMPANY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COPA HOLDINGS, S.A. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ESCALATION ADJUSTMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AIRFRAME AND OPTIONAL FEATURES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(FOR
MODEL 717-200, 737-600, 737-700, 737-800 AND 737-900, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THE AIRFRAME PRICE INCLUDES THE ENGINE PRICE AT ITS BASIC THRUST LEVEL.) </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT D </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ESCALATION ADJUSTMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. Formula. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Airframe and Optional Features price adjustments (Airframe Price Adjustment); are used to allow prices to be stated in current year dollars at the signing of
the applicable purchase agreement and to adjust the amount to be paid by Customer at delivery for the effects of economic fluctuation. The Airframe Price Adjustment will be determined at the time of aircraft delivery in accordance with the following
formula: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>P(a) = (P+B)(L + M) - P </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Where: </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P(a) = Airframe Price Adjustment.
(For Model 717-200, 737-600, 737-700, 737-800 and 737-900, the Airframe Price includes the Engine Price at its basic thrust level.) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="60%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">L =</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">.65&nbsp;x</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">ECI</TD>
<TD VALIGN="bottom" ROWSPAN="3">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:10pt; font-family:Times New Roman">where ECI(b) is the base year index (as set<BR>forth in Table 1 of the applicable
purchase<BR>agreement)</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">ECI(b)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">M =</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">.35 x</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">ICI</TD>
<TD VALIGN="bottom" ROWSPAN="3">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ROWSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; font-size:10pt; font-family:Times New Roman">where ICI(b) is the base year index (as set</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; font-size:10pt; font-family:Times New Roman">forth in Table 1 of the applicable purchase</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; font-size:10pt; font-family:Times New Roman">agreement)</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">ICI(b)</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P = Airframe Price plus Optional Features Price (as set forth in the applicable purchase agreement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">B = 0.005 x (N/12) x (P)&nbsp;where N is the calendar month and year of scheduled Aircraft delivery minus the calendar month and year of the Base Price Year,
both as shown in Table 1 of the applicable purchase agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ECI is a value determined using the U.S. Department of Labor, Bureau of Labor Statistics
&#147;Employment Cost Index for workers in aerospace manufacturing - Wages and Salaries&#148; (ECI code 3721W), calculated by establishing a three-month arithmetic average value (expressed as a decimal and rounded to the nearest tenth) using the
values for the fifth, sixth and seventh months prior to the month of scheduled delivery of the applicable aircraft. As the Employment Cost Index values are only released on a quarterly basis, the value released for the month of March will be used
for the months of January and February; the value for June used for April and May; the value for September used for July and August; and the value for December used for October and November. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ICI is a value determined using the U.S. Department of Labor, Bureau of Labor Statistics &#147;Producer
Prices and Price Index - Industrial Commodities Index &#147;, calculated as a 3-month arithmetic average of the released monthly values (expressed as a decimal and rounded to the nearest tenth) using the values for the 5th, 6th and 7th months prior
to the month of scheduled delivery of the applicable aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As an example, for an aircraft scheduled to be delivered in the month of January, the
months June, July and August of the preceding year will be utilized in determining the value of ECI and ICI. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Note: i. In determining the values of L and
M, all calculations and resulting values will be expressed as a decimal rounded to the nearest ten- thousandth. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ii. .65 is the numeric ratio attributed
to labor in the Airframe Price Adjustment formula. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">iii. .35 is the numeric ratio attributed to materials in the Airframe Price Adjustment formula. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">iv. The denominators (base year indices) are the actual average values reported by the U.S. Department of Labor, Bureau of Labor Statistics (base year June
1989 = 100). The applicable base year and corresponding denominator will be provided by Boeing in the applicable purchase agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">v. If the calculated
sum of L + M is less than 1.0000, then the value of the sum is adjusted to 1.0000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. Values to be Utilized in the Event of Unavailability. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.1 If the Bureau of Labor Statistics substantially revises the methodology used for the determination of the values to be used to determine the ECI and ICI
values (in contrast to benchmark adjustments or other corrections of previously released values), or for any reason has not released values needed to determine the applicable Airframe Price Adjustment, the parties will, prior to the delivery of any
such aircraft, select a substitute from other Bureau of Labor Statistics data or similar data reported by non-governmental organizations. Such substitute will result in the same adjustment, insofar as possible, as would have been calculated
utilizing the original values adjusted for fluctuation during the applicable time period. However, if within 24 months after delivery of the aircraft, the Bureau of Labor Statistics should resume releasing values for the months needed to determine
the Airframe Price Adjustment, such values will be used to determine any increase or decrease in the Airframe Price Adjustment for the aircraft from that determined at the time of delivery of the aircraft. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.2 Notwithstanding Article 2.1 above, if prior to the scheduled delivery month of an aircraft the Bureau of
Labor Statistics changes the base year for determination of the ECI and ICI values as defined above, such re-based values will be incorporated in the Airframe Price Adjustment calculation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.3 In the event escalation provisions are made non-enforceable or otherwise rendered void by any agency of the United States Government, the parties agree,
to the extent they may lawfully do so, to equitably adjust the Purchase Price of any affected aircraft to reflect an allowance for increases or decreases in labor compensation and material costs occurring since February, 1995, which is consistent
with the applicable provisions of paragraph 1 of this Exhibit D. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Note: i. The values released by the Bureau of Labor Statistics and available to Boeing
30 days prior to the scheduled delivery month of an aircraft will be used to determine the ECI and ICI values for the applicable months (including those noted as preliminary by the Bureau of Labor Statistics) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">to calculate the Airframe Price Adjustment for the aircraft invoice at the time of delivery. The values will be considered final and no Aircraft </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Price Adjustments will be made after Aircraft delivery for any subsequent changes in published Index values. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ii. The maximum number of digits utilized in any part of the Airframe Price Adjustment equation will be 4, where rounding of the fourth digit will be
increased to the next highest digit when the 5th digit is equal to 5 or greater. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SAMPLE INSURANCE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BROKER&#146;S LETTERHEAD </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[ date ] </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Certificate of Insurance </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="60%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="22%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="77%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">ISSUED&nbsp;TO:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Boeing Company Post Office Box 3707<BR></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mail Stop 13-57<BR></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Seattle, Washington 98124</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Manager - Aviation Insurance for</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; font-size:10pt; font-family:Times New Roman">Vice
President - Employee Benefits, Insurance and Taxes</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">CC:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing Commercial Airplane Group</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.O. Box
3707</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mail Stop 75-38</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Seattle, Washington 98124-2207</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S.A.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Attn: Vice President - Contracts </P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">NAMED&nbsp;INSURED:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A.</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hereby certify that in our capacity as Brokers to the Named Insured, the following described insurance is in force on this
date: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>INSURER POLICY NO. PARTICIPATION </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">POLICY
PERIOD: From [date and time of inception of the Policy(ies)] to [date and time of expiration]. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GEOGRAPHICAL LIMITS: Worldwide (however, as respects
&#147;Aircraft Hull War and Allied Perils&#148; Insurance, as agreed by Boeing). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>App. I</B> </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AIRCRAFT INSURED: All Boeing manufactured aircraft owned or operated by the Named Insured which are the
subject of the following purchase agreement(s), entered into between The Boeing Company and
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>(hereinafter &#147;Aircraft&#148;): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Purchase Agreement No. <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>dated
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>Purchase Agreement No.<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> dated
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COVERAGES: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. AIRCRAFT &#147;ALL RISKS&#148; HULL (GROUND AND FLIGHT) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.
AIRCRAFT HULL WAR AND ALLIED PERILS (AS PER LSW 555, OR ITS SUCCESSOR WORDING) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. AIRLINE LIABILITY </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Including, but not limited to, Bodily Injury, Property Damage, Aircraft Liability, Liability War Risks, Passenger Legal Liability, Premises/Operations
Liability, Completed Operations/Products Liability, Baggage Legal Liability (checked and unchecked), Cargo Legal Liability, Contractual Liability and Personal Injury. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The above-referenced Airline Liability insurance coverage is subject to War and Other Perils Exclusion Clause (AV48B) but all sections, other than section
(b)&nbsp;are reinstated as per AV52C, or their successor endorsements. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>LIMITS OF LIABILITY: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the fullest extent of the Policy limits that the Named Insured carries from the time of delivery of the first Aircraft under the first Purchase Agreement
listed under &#147;Aircraft Insured&#148; and thereafter at the inception of each policy period, but in any event no less than the following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Combined
Single Limit Bodily Injury and Property Damage: U.S.$ any one occurrence each Aircraft (with aggregates as applicable). </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="79%"></TD>

<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(717-200)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">US$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">300,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(737-500/600)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">US$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">350,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(737-300/700)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">US$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">400,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(737-400)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">US$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">450,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(737-800)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">US$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">500,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(757-200)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">US$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">525,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(757-300)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">US$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">550,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(767-200)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">US$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">550,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(767-300)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">US$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">700,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(767-400ERX)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">US$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">750,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(777-200X)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">US$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">750,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(MD-11)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">US$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">800,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>App. I</B> </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SAMPLE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INSURANCE CERTIFICATE </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="79%"></TD>

<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>SAMPLE<BR>INSURANCE<BR>CERTIFICATE</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(777-200/300)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">US$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">800,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(777-300X)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">US$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">900,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(747-400)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">US$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">900,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(In regard to all other models and/or derivatives, to be specified by Boeing). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(In regard to Personal Injury coverage, limits are US$25,000,000 any one offense/aggregate.) </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DEDUCTIBLES / SELF-INSURANCE </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any deductible and/or
self-insurance amount (other than standard market deductibles) are to be disclosed and agreed by Boeing. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SPECIAL PROVISIONS APPLICABLE TO BOEING:
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It is certified that Insurers are aware of the terms and conditions of AGTA-COP and the following purchase agreements: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PA <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> dated <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PA <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> dated <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PA <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> dated <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each Aircraft manufactured by Boeing which is delivered to the Insured pursuant to the applicable purchase agreement during the period of effectivity of the
policies represented by this Certificate will be covered to the extent specified herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Insurers have agreed to the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A. In regard to Aircraft &#147;all risks&#148; Hull Insurance and Aircraft Hull War and Allied Perils Insurance, Insurers agree to waive all rights of
subrogation or recourse against Boeing in accordance with AGTA-COP which was incorporated by reference into the applicable purchase agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">B. In
regard to Airline Liability Insurance, Insurers agree: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(1) To include Boeing as an additional insured in accordance with Customer&#146;s undertaking in
Article 8.2.1 of AGTA-COP which was incorporated by reference into the applicable purchase agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(2) To provide that such insurance will be primary
and not contributory nor excess with respect to any other insurance available for the protection of Boeing; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(3) To provide that with respect to the
interests of Boeing, such insurance shall not be invalidated or minimized by any action or inaction, omission or misrepresentation by the Insured or any other person or party (other than Boeing) regardless of any breach or violation of any warranty,
declaration or condition contained in such policies; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>App. I</B> </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SAMPLE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PURCHASE AGREEMENT ASSIGNMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(4) To provide that all provisions of the insurance coverages referenced above, except the limits of
liability, will operate to give each Insured or additional insured the same protection as if there were a separate Policy issued to each. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">C. In regard to
all of the above referenced policies: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(1) Boeing will not be responsible for payment, set-off, or assessment of any kind or any premiums in connection
with the policies, endorsements or coverages described herein; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(2) If a policy is canceled for any reason whatsoever, or any substantial change is made
in the coverage which affects the interests of Boeing or if a policy is allowed to lapse for nonpayment of premium, such cancellation, change or lapse shall not be effective as to Boeing for thirty (30)&nbsp;days (in the case of war risk and allied
perils coverage seven (7)&nbsp;days after sending, or such other period as may from time to time be customarily obtainable in the industry) after receipt by Boeing of written notice from the Insurers or the authorized representatives or Broker of
such cancellation, change or lapse; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(3) For the purposes of the Certificate, &#147;Boeing&#148; is defined as The Boeing Company, its divisions,
subsidiaries, affiliates, the assignees of each and their respective directors, officers, employees and agents. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SUBJECT TO THE TERMS, CONDITIONS,
LIMITATIONS AND EXCLUSIONS OF THE RELATIVE POLICIES. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(signature) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(typed name) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(title) </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>App. I</B> </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SAMPLE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INSURANCE CERTIFICATE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THIS PURCHASE
AGREEMENT ASSIGNMENT (Assignment) dated as of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> 19_ between COPA HOLDINGS, S.A., a company organized under the laws of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (Assignor) and <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, a company organized under
the laws of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (Assignee). Capitalized terms used herein without definition will have the same meaning as in the Boeing Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Assignor and The Boeing Company, a Delaware corporation (Boeing), are parties to the Boeing Purchase Agreement, providing, among other things, for the sale by
Boeing to Assignor of certain aircraft, engines and related equipment, including the Aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Assignee wishes to acquire the Aircraft and certain rights
and interests under the Boeing Purchase Agreement and Assignor, on the following terms and conditions, is willing to assign to Assignee certain of Assignor&#146;s rights and interests under the Boeing Purchase Agreement. Assignee is willing to
accept such assignment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It is agreed as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. For
all purposes of this Assignment, the following terms will have the following meanings: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Aircraft - one Boeing Model
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> aircraft, bearing manufacturer&#146;s serial number
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, together with all engines and parts installed on such aircraft on the Delivery Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing - Boeing shall include Boeing Sales Corporation (a wholly-owned subsidiary of Boeing), a Guam corporation, and its successors and &#151; &#151;&#151;
assigns. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing Purchase Agreement &#151; Purchase Agreement No.
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> dated as of<U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> between Boeing and Assignor,
as amended, but excluding <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, providing, among other things, for the sale by Boeing to Assignor of the Aircraft, as said agreement may be further
amended to the extent permitted by its terms. The Purchase Agreement incorporated by reference Aircraft General Terms Agreement AGTA/ <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>(AGTA). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Delivery Date - the date on which the Aircraft is delivered by Boeing to Assignee pursuant to and subject to the terms and conditions of the Boeing Purchase
Agreement and this Assignment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. Assignor does hereby assign to Assignee all of its rights and interests in and to the Boeing Purchase Agreement, as and
to the extent that the same relate to the Aircraft and the purchase and operation thereof, except as and to the extent expressly reserved below, including, without limitation, in such assignment: [TO BE COMPLETED BY THE PARTIES.] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>App. II </B></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SAMPLE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PURCHASE AGREEMENT ASSIGNMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>{EXAMPLES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) the right upon valid tender to purchase the Aircraft pursuant to the Boeing Purchase Agreement subject to the terms and conditions thereof and the right to
take title to the Aircraft and to be named the &#147;Buyer&#148; in the bill of sale for the Aircraft; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) the right to accept delivery of the Aircraft;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) all claims for damages arising as a result of any default under the Boeing Purchase Agreement in respect of the Aircraft; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) all warranty and indemnity provisions contained in the Boeing Purchase Agreement, and all claims arising thereunder, in respect of the Aircraft; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(e) any and all rights of Assignor to compel performance of the terms of the Boeing Purchase Agreement in respect of the Aircraft.} </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Reserving exclusively to Assignor, however: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>{EXAMPLES
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(i) all Assignor&#146;s rights and interests in and to the Boeing Purchase Agreement as and to the extent the same relates to aircraft other than the
Aircraft, or to any other matters not directly pertaining to the Aircraft; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(ii) all Assignor&#146;s rights and interests in or arising out of any advance
or other payments or deposits made by Assignor in respect of the Aircraft under the Boeing Purchase Agreement and any amounts credited or to be credited or paid or to be paid by Boeing in respect of the Aircraft; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(iii) the right to obtain services, training, information and demonstration and test flights pursuant to the Boeing Purchase Agreement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(iv) the right to maintain plant representatives at Boeing&#146;s plant pursuant to the Boeing Purchase Agreement.} </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Assignee hereby accepts such assignment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. Notwithstanding
the foregoing, so long as no event of default or termination under [specify document] has occurred and is continuing, Assignee hereby authorizes Assignor, to the exclusion of Assignee, to exercise in Assignor&#146;s name all rights and powers of
Customer under the Boeing Purchase Agreement in respect of the Aircraft. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>App. II</B> </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SAMPLE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PURCHASE AGREEMENT ASSIGNMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. For all purposes of this Assignment, Boeing will not be deemed to have knowledge of or need recognize the
occurrence, continuance or the discontinuance of any event of default or termination under [specify document] unless and until Boeing receives from Assignee written notice thereof, addressed to its Vice President - Contracts, Boeing Commercial
Airplane Group at P.O. Box 3707, Seattle, Washington 98124, if by mail, or to 32-9430 Answerback BOEINGREN RNTN, if by telex. Until such notice has been given, Boeing will be entitled to deal solely and exclusively with Assignor. Thereafter, until
Assignee has provided Boeing written notice that any such events no longer continue, Boeing will be entitled to deal solely and exclusively with Assignee. Boeing may act with acquittance and conclusively rely on any such notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. It is expressly agreed that, anything herein contained to the contrary notwithstanding: (a)&nbsp;prior to the Delivery Date Assignor will perform its
obligations with respect to the Aircraft to be performed by it on or before such delivery, (b)&nbsp;Assignor will at all times remain liable to Boeing under the Boeing Purchase Agreement to perform all obligations of Customer thereunder to the same
extent as if this Assignment had not been executed, and (c)&nbsp;the exercise by Assignee of any of the assigned rights will not release Assignor from any of its obligations to Boeing under </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">the Boeing Purchase Agreement, except to the extent that such exercise constitutes performance of such obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. Notwithstanding anything contained in this Assignment to the contrary (but without in any way releasing Assignor from any of its obligations under the
Boeing Purchase Agreement), Assignee confirms for the benefit of Boeing that, insofar as the provisions of the Boeing Purchase Agreement relate to the Aircraft, in exercising any rights under the Boeing Purchase Agreement, or in making any claim
with respect to the Aircraft or other things (including, without limitation, Material, training and services) delivered or to be delivered pursuant to the Boeing Purchase Agreement, the terms and conditions of the Boeing Purchase Agreement,
including, without limitation, the DISCLAIMER AND RELEASE and EXCLUSION OF CONSEQUENTIAL AND OTHER DAMAGES in Article 11 of Part 2 of Exhibit C to the Aircraft General Terms Agreement which was incorporated by reference into the Boeing Purchase
Agreement and the insurance provisions in Article 8.2 of the Aircraft General Terms Agreement which was incorporated by reference into the Boeing Purchase Agreement therein, will apply to and be binding on Assignee to the same extent as if Assignee
had been the original &#147;Customer&#148; thereunder. Assignee further agrees, expressly for the benefit of Boeing, upon the written request of Boeing, Assignee will promptly execute and deliver such further assurances and documents and take such
further action as Boeing may reasonably request in order to obtain the full benefits of Assignee&#146;s agreements in this paragraph. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7. Nothing
contained herein will subject Boeing to any liability to which it would not otherwise be subject under the Boeing Purchase Agreement or modify in any respect the contract rights of Boeing thereunder, or require Boeing to divest itself of title to or
possession of the Aircraft or other things until delivery thereof and payment therefor as provided therein. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>App. II</B> </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SAMPLE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PURCHASE AGREEMENT ASSIGNMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8. Notwithstanding anything in this Assignment to the contrary, after receipt of notice of any event of
default or termination under [specify document], Boeing will continue to owe to Assignor moneys in payment of claims made or obligations arising before such notice, which moneys may be subject to rights of set-off available to Boeing under
applicable law. Similarly, after receipt of notice that such event of default or termination no longer continues, Boeing will continue to owe to Assignee moneys in payment of claims made or obligations arising before such notice, which moneys may be
subject to rights of set-off available to Boeing under applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9. Effective at any time after an event of default has occurred, and for so long
as such event of default is continuing, Assignor does hereby constitute Assignee, Assignor&#146;s true and lawful attorney, irrevocably, with full power (in the name of Assignor or otherwise) to ask, require, demand, receive, and give acquittance
for any and all moneys and claims for moneys due and to become due under or arising out of the Boeing Purchase Agreement in respect of the Aircraft, to the extent assigned by this Assignment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10. Assignee agrees, expressly for the benefit of Boeing and Assignor that it will not disclose, directly or indirectly, any terms of the Boeing Purchase
Agreement; provided, that Assignee may disclose any such information </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) to its special counsel and public accountants, (b)&nbsp;as required by applicable
law to be disclosed or to the extent that Assignee may have received a subpoena or other written demand under color of legal right for such information, but it will first, as soon as practicable upon receipt of such requirement or demand, furnish an
explanation of the basis thereof to Boeing, and will afford Boeing reasonable opportunity, to obtain a protective order or other reasonably satisfactory assurance of confidential treatment for the information required to be disclosed, and
(c)&nbsp;to any bona fide potential purchaser or lessee of the Aircraft. Any disclosure pursuant to (a)&nbsp;and (c)&nbsp;above will be subject to execution of a confidentiality agreement substantially similar to this paragraph 10. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11. This Assignment may be executed by the parties in separate counterparts, each of which when so executed and delivered will be an original, but all such
counterparts will together constitute but one and the same instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12. This Assignment will be governed by, and construed in accordance with, the
laws of [<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD COLSPAN="3" VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">as Assignor</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">as Assignee</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>App. II</B> </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SAMPLE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PURCHASE AGREEMENT ASSIGNMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Name: Name: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Title: Title: </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[If the Assignment is further assigned by
Assignee in connection with a financing, the following language needs to be included.] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Attest: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned, as [Indenture Trustee/Agent for the benefit of the Loan Participants/Mortgagee] and as assignee of, and holder of a security interest in, the
estate, right, and interest of the Assignee in and to the foregoing Purchase Agreement Assignment and the Purchase Agreement pursuant to the terms of a certain [Trust Indenture/Mortgage] dated as of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, agrees to the terms of the foregoing Purchase Agreement Assignment and agrees that its rights and remedies under such
[Trust Indenture/Mortgage] shall be subject to the terms and conditions of the foregoing Purchase Agreement Assignment, including, without limitation, paragraph 6. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[Name of Entity], </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">as Indenture Trustee/Agent </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>By </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>App. II</B> </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SAMPLE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PURCHASE AGREEMENT ASSIGNMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONSENT AND AGREEMENT OF </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THE BOEING COMPANY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE BOEING COMPANY, a Delaware
corporation (Boeing), hereby acknowledges notice of and consents to the foregoing Purchase Agreement Assignment (Assignment). Boeing confirms to Assignee that: all representations, warranties, indemnities and agreements of Boeing under the Boeing
Purchase Agreement with respect to the Aircraft will, subject to the terms and conditions thereof and of the Assignment, inure to the benefit of Assignee to the same extent as if Assignee were originally named &#147;Customer&#148; therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Consent and Agreement will be governed by, and construed in accordance with, the law of the State of Washington, excluding the conflict of laws
principles thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dated as of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 199<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THE BOEING COMPANY</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>By </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title: Attorney-in-Fact </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Aircraft Manufacturer&#146;s Serial
Number(s)<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>App. II</B> </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SAMPLE </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the sale by COPA HOLDINGS, S.A. (Seller) to<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (Purchaser) of the aircraft identified below, reference is made to Purchase Agreement
No.<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> dated as of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> , 19<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>, between The
Boeing Company (Boeing) and Seller (the Purchase Agreement) under which Seller purchased certain Boeing Model<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> aircraft, including the aircraft bearing Manufacturer&#146;s
Serial No.(s) <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (the Aircraft). The Purchase Agreement incorporated by reference Aircraft General
Terms Agreement AGTA-COP (AGTA). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Capitalized terms used herein without definition will have the same meaning as in the Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Seller has sold the Aircraft, including in that sale the transfer to Purchaser of all remaining rights related to the Aircraft under the Purchase Agreement.
To accomplish this transfer of rights, as authorized by the provisions of the Purchase Agreement: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(1) Purchaser acknowledges it has reviewed the Purchase
Agreement and agrees to be bound by and comply with all applicable terms and conditions of the Purchase Agreement, including, without limitation, the DISCLAIMER AND RELEASE and EXCLUSION OF CONSEQUENTIAL AND OTHER DAMAGES in Article 11 of Part 2 of
Exhibit C to the AGTA and the insurance provisions in Article 8.2 of the AGTA. Purchaser further agrees upon the written request of Boeing, to promptly execute and deliver such further assurances and documents and take such further action as Boeing
may reasonably request in order to obtain the full benefits of Purchaser&#146;s agreements in this paragraph; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(2) Seller will remain responsible for
any payments due Boeing as a result of obligations relating to the Aircraft incurred by Seller to Boeing prior to the effective date of this letter. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>App. II</B><B>I</B>
</P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SAMPLE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POST-DELIVERY SALE NOTICE </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We request that Boeing acknowledge receipt of this letter and confirm the transfer of rights set forth above
by signing the acknowledgment and forwarding one copy of this letter to each of the undersigned. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours,</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A. </P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Purchaser</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Its</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Dated</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Dated</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Receipt of the above letter is acknowledged and transfer of rights under the Purchase Agreement with respect to the Aircraft
is confirmed, effective as of this date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THE BOEING COMPANY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>By </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Its Attorney-in-Fact</U></B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Dated</U></B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Aircraft Manufacturer&#146;s Serial
Number <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>App.
II</B><B>I</B><B></B> </P>

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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SAMPLE </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the lease by COPA HOLDINGS, S.A. (Lessor) to
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (Lessee) of the aircraft identified below, reference is made to Purchase Agreement No.
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> dated as of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 19<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>, between The
Boeing Company (Boeing) and Lessor (the Purchase Agreement) under which Lessor purchased certain Boeing Model <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> aircraft, including the aircraft bearing
Manufacturer&#146;s Serial No.(s)<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (the Aircraft). The Purchase Agreement incorporated by reference
Aircraft General Terms Agreement AGTA-COP (AGTA). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Capitalized terms used herein without definition will have the same meaning as in the Purchase
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lessor has leased the Aircraft, including in that lease the transfer to Lessee of all remaining rights related to the Aircraft under the
Purchase Agreement. To accomplish this transfer of rights, as authorized by the provisions of the Purchase Agreement: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(1) Lessor authorizes Lessee to
exercise, to the exclusion of Lessor, all rights and powers of Lessor with respect to the remaining rights related to the Aircraft under the Purchase Agreement. This authorization will continue until Boeing receives written notice from Lessor to the
contrary, addressed to Vice President - Contracts, Mail Stop 75-38, Boeing Commercial Airplane Group, P.O. Box 3707, Seattle, Washington 98124-2207. Until Boeing receives such notice, Boeing is entitled to deal exclusively with Lessee with respect
to the Aircraft under the Purchase Agreement. With respect to the rights and obligations of Lessor under the Purchase Agreement, all actions taken or agreements entered into by Lessee during the period prior to Boeing&#146;s receipt of this notice
are final and binding on Lessor. Further, any payments made by Boeing as a result of claims made by Lessee will be made to the credit of Lessee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(2)
Lessee accepts the authorization above, acknowledges it has reviewed the Purchase Agreement and agrees to be bound by and comply with all applicable terms and conditions of the Purchase Agreement including, without limitation, the DISCLAIMER AND
RELEASE and EXCLUSION OF CONSEQUENTIAL AND OTHER DAMAGES in Article 11 of Part 2 of Exhibit C AGTA and the insurance provisions in Article 8.2 of the AGTA. Lessee further agrees, upon the written request of Boeing, to promptly execute and deliver
such further assurances and documents and take such further action as Boeing may reasonably request in order to obtain the full benefits of Lessee&#146;s agreements in this paragraph. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>App. IV</B> </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SAMPLE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POST-DELIVERY LEASE NOTICE </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(3) Lessor will remain responsible for any payments due Boeing as a result of obligations relating to the
Aircraft incurred by Lessor to Boeing prior to the effective date of this Notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We request that Boeing acknowledges receipt of this letter and confirm
the transfer of rights set forth above by signing the acknowledgment and forwarding one copy of this letter to each of the undersigned. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours,</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Lessee</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Its</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Dated</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Dated</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Receipt of the above letter is acknowledged and transfer of rights under the Purchase Agreement with respect to the Aircraft
is confirmed, effective as of this date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THE BOEING COMPANY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>By </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Its </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Dated</U></B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Aircraft Manufacturer&#146;s Serial
Number <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>App. IV</B> </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SAMPLE </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the sale/lease by COPA HOLDINGS, S.A. (Seller/Lessor) to
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (Purchaser/Lessee) of the aircraft identified below, reference is made to the following documents: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(i) Purchase Agreement No. <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> dated as of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 19<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>, between The Boeing Company (Boeing) and Seller/Lessor (the Purchase Agreement) under which Seller/Lessor purchased certain Boeing
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Model aircraft, including the aircraft bearing Manufacturer&#146;s Serial
No.(s)<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (the Aircraft); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(ii) Aircraft Sale/Lease Agreement dated as of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
19<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>, between Seller/Lessor and Purchaser/Lessee (the Aircraft Agreement) under which Seller/Lessor is selling/leasing the Aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Capitalized terms used herein without definition will have the same meaning as in the Aircraft Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. Seller/Lessor has sold/leased the Aircraft under the Aircraft Agreement, including therein a form of exculpatory clause protecting Seller/Lessor from
liability for loss of or damage to the aircraft, and/or related incidental or consequential damages, including without limitation loss of use, revenue or profit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. Disclaimer and Release; Exclusion of Liabilities </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.1 In
accordance with Seller/Lessor&#146;s obligation under Article 9.5 of AGTA-COP which was incorporated by reference into the Purchase Agreement, Purchaser/Lessee hereby agrees that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.2 DISCLAIMER AND RELEASE. IN CONSIDERATION OF THE SALE/LEASE OF THE AIRCRAFT, PURCHASER/LESSEE HEREBY WAIVES, RELEASES AND RENOUNCES ALL WARRANTIES,
OBLIGATIONS AND LIABILITIES OF BOEING AND ALL OTHER RIGHTS, CLAIMS AND REMEDIES OF PURCHASER/LESSEE AGAINST BOEING, EXPRESS OR IMPLIED, ARISING BY LAW OR OTHERWISE, WITH RESPECT TO ANY NONCONFORMANCE OR DEFECT IN ANY AIRCRAFT, BOEING </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>App. V</B> </P>

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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SAMPLE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PURCHASER&#146;S/LESSEE&#146;S AGREEMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PRODUCT, MATERIALS, TRAINING, SERVICES OR OTHER THING PROVIDED UNDER THE AIRCRAFT AGREEMENT, INCLUDING,
BUT NOT LIMITED TO: </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(A) ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(B) ANY IMPLIED WARRANTY ARISING FROM COURSE OF PERFORMANCE, COURSE OF </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DEALING OR USAGE OF TRADE; </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(C) ANY OBLIGATION,
LIABILITY, RIGHT, CLAIM OR REMEDY IN TORT, WHETHER OR NOT ARISING FROM THE NEGLIGENCE OF BOEING; AND </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(D) ANY OBLIGATION, LIABILITY, RIGHT, CLAIM OR
REMEDY FOR LOSS OF OR </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DAMAGE TO ANY AIRCRAFT. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.3
EXCLUSION OF CONSEQUENTIAL AND OTHER DAMAGES. BOEING WILL HAVE NO OBLIGATION OR LIABILITY, WHETHER ARISING IN CONTRACT (INCLUDING WARRANTY), TORT, WHETHER OR NOT ARISING FROM THE NEGLIGENCE OF BOEING, OR OTHERWISE, FOR LOSS OF USE, REVENUE OR
PROFIT, OR FOR ANY OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES WITH RESPECT TO ANY NONCONFORMANCE OR DEFECT IN ANY AIRCRAFT, MATERIALS, TRAINING, SERVICES OR OTHER THING PROVIDED UNDER THE AIRCRAFT AGREEMENT. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.4 Definitions. For the purpose of this paragraph 2, &#147;BOEING&#148; or &#147;Boeing&#148; is defined as The Boeing Company, its divisions, subsidiaries,
affiliates, the assignees of each, and their respective directors, officers, employees and agents. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(Seller/Lessor)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Purchaser/Lessee</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Its</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Dated</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Dated</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>App. V</B> </P>

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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SAMPLE </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing Commercial Airplane Group </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.O. Box 3707 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Seattle, Washington 98124-2207 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Vice President - Contracts </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mail Stop 75-38 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. Reference is made to Purchase
Agreement No. <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> dated as of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
19<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>, between The Boeing Company (Boeing) and COPA HOLDINGS, S.A. (Customer) (the Purchase Agreement), under which Customer purchased certain Boeing Model
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> aircraft including the aircraft bearing Manufacturer&#146;s Serial No.(s)
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (the Aircraft). The Purchase Agreement incorporated by reference Aircraft General Terms Agreement AGTA-COP (AGTA). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Capitalized terms used herein without definition will have the same meaning as in the Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To accomplish the appointment of an agent, Customer confirms: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A. Customer has appointed <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> as
agent (Agent) to act directly with Boeing with respect to the remaining warranties under the Purchase Agreement and requests Boeing to treat Agent as Customer for the administration of claims with respect to such warranties; provided however,
Customer remains liable to Boeing to perform the obligations of Customer under the Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">B. Boeing may continue to deal exclusively with
Agent concerning the matters described herein unless and until Boeing receives written notice from Customer to the contrary, addressed to Vice President - Contracts, Mail Stop 75-38, Boeing Commercial Airplane Group, P.O. Box 3707, Seattle,
Washington 98124-2207, U.S.A. With respect to the rights and obligations of Customer under the Purchase Agreement, all actions taken by Agent or agreements entered into by Agent during the period prior to Boeing&#146;s receipt of such notice are
final and binding on Customer. Further, any payments made by Boeing as a result of claims made by Agent will be made to the credit of Agent unless otherwise specified when each claim is submitted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">C. Customer will remain responsible for any payments due Boeing as a result of obligations relating to the Aircraft incurred by Customer to Boeing prior to
the effective date of this Notice. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>App. VI</B> </P>

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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SAMPLE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OWNER APPOINTMENT OF AGENT - WARRANTIES </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We request that Boeing acknowledge receipt of this letter and confirm the appointment of Agent as stated
above by signing the acknowledgment and forwarding one copy of this letter to each of the undersigned. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COPA HOLDINGS, S.A. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>By </U></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>App. VI</B> </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SAMPLE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AGENT&#146;S AGREEMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Agent accepts the appointment as stated above, acknowledges it has reviewed the Purchase Agreement and agrees
that, in exercising any rights or making any claims thereunder, Agent will be bound by and comply with all applicable terms and conditions of the Purchase Agreement including, without limitation, the DISCLAIMER AND RELEASE and EXCLUSION OF
CONSEQUENTIAL AND OTHER DAMAGES in Article 11 of Part 2 of Exhibit C to the AGTA. Agent further agrees, upon the written request of Boeing, to promptly execute and deliver such further assurances and documents and take such further action as Boeing
may reasonably request in order to obtain the full benefits of the warranties under the Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Agent </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>By </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Its </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Dated</U></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Receipt of the above letter is acknowledged and the appointment of Agent with respect to the above-described rights under the Purchase Agreement is confirmed,
effective as of this date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THE BOEING COMPANY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>By </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Its </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Dated</U></B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Aircraft Manufacturer&#146;s Serial
Number <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>App. VI</B> </P>

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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SAMPLE </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing Commercial Airplane Group </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.O. Box 3707 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Seattle, Washington 98124-2207 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Vice President - Contracts </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mail Stop 75-38 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Agreement is entered into between
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (Contractor) and COPA HOLDINGS, S.A. (Customer)
and will be effective as of the date stated below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with Customer&#146;s provision to Contractor of certain Materials, Proprietary Materials
and Proprietary Information, reference is made to Purchase Agreement No. <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> dated as of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 19<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> between The Boeing Company (Boeing) and Customer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Capitalized terms used herein without definition will have the same meaning as in the Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing has agreed to permit Customer to make certain Materials, Proprietary Materials and Proprietary Information relating to Customer&#146;s Boeing Model
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> aircraft, Manufacturer&#146;s Serial Number <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, Registration No.
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (the Aircraft) available to Contractor in connection with Customer&#146;s contract with Contractor (the Contract) to maintain/repair/modify the Aircraft. As a condition of receiving the
Proprietary Materials and Proprietary Information, Contractor agrees as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. For purposes of this Agreement: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;AIRCRAFT SOFTWARE&#148; means software that is installed and used in the operation of an Aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;MATERIALS&#148; are defined as any and all items that are created by Boeing or a third party, which are provided directly or indirectly from Boeing and
serve primarily to contain, convey or embody information. Materials may include either tangible embodiments (for example, documents or drawings), or intangible embodiments (for example, software and other electronic forms) of information but
excludes Aircraft Software. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;PROPRIETARY INFORMATION&#148; means any and all proprietary, confidential and/or trade secret information owned by
Boeing or a Third Party which is contained, conveyed or embodied in Proprietary Materials. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;PROPRIETARY MATERIALS&#148; means Materials that
contain, convey, or embody Proprietary Information. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>App. VII</B> </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SAMPLE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONTRACTOR CONFIDENTIALITY AGREEMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;THIRD PARTY&#148; means anyone other than Boeing, Customer and Contractor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. Boeing has authorized Customer to grant to Contractor a worldwide, non-exclusive, personal and nontransferable license to use Proprietary Materials and
Proprietary Information, owned by Boeing, internally in connection with performance of the Contract or as may otherwise be authorized by Boeing in writing. Contractor will keep confidential and protect from disclosure to any person, entity or
government agency, including any person or entity affiliated with Contractor, all Proprietary Materials and Proprietary Information. Individual copies of all Materials are provided to Contractor subject to copyrights therein, and all such copyrights
are retained by Boeing or, in some cases, by Third Parties. Contractor is authorized to make copies of Materials (except for Materials bearing the copyright legend of a Third Party) provided, however, Contractor preserves the restrictive legends and
proprietary notices on all copies. All copies of Proprietary Materials will belong to Boeing and be treated as Proprietary Materials under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. Contractor specifically agrees not to use Proprietary Materials or Proprietary Information in connection with the manufacture or sale of any part or
design. Unless otherwise agreed with Boeing in writing, Proprietary Materials and Proprietary Information may be used by Contractor only for work on the Aircraft for which such Proprietary Materials have been specified by Boeing. Customer and
Contractor recognize and agree that they are responsible for ascertaining and ensuring that all Materials are appropriate for the use to which they are put. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. Contractor will not attempt to gain access to information by reverse engineering, decompiling, or disassembling any portion of any software provided to
Contractor pursuant to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. Upon Boeing&#146;s request at any time, Contractor will promptly return to Boeing (or, at Boeing&#146;s option,
destroy) all Proprietary Materials, together with all copies thereof and will certify to Boeing that all such Proprietary Materials and copies have been so returned or destroyed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. To the extent required by a government regulatory agency having jurisdiction over Contractor, Customer or the Aircraft, Contractor is authorized to provide
Proprietary Materials and disclose Proprietary Information to the agency for the agency&#146;s use in connection with Contractor&#146;s, authorized use of such Proprietary Materials and/or Proprietary Information in connection with Contractor&#146;s
maintenance, repair, or modification of the Aircraft. Contractor agrees to take reasonable steps to prevent such agency from making any distribution or disclosure, or additional use of the Proprietary Materials and Proprietary Information so
provided or disclosed. Contractor further agrees to promptly notify Boeing upon learning of any (i)&nbsp;distribution, disclosure, or additional use by such agency, (ii)&nbsp;request to such agency for distribution, disclosure, or additional use, or
(iii)&nbsp;intention on the part of such agency to distribute, disclose, or make additional use of the Proprietary Materials or Proprietary Information. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>App. VII</B> </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SAMPLE </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7. Boeing is a third-party beneficiary under this Agreement, and Boeing may enforce any and all of the
provisions of the Agreement directly against Contractor. Contractor hereby submits to the jurisdiction of the Washington state courts and the United States District Court for the Western District of Washington with regard to any claims Boeing may
make under this Agreement. It is agreed that Washington law (excluding Washington&#146;s conflict-of-law principles) governs this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8. No
disclosure or physical transfer by Boeing or Customer to Contractor, of any Proprietary Materials or Proprietary Information covered by this Agreement will be construed as granting a license, other than as expressly set forth in this Agreement or
any ownership right in any patent, patent application, copyright or proprietary information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9. The provisions of this Agreement will apply
notwithstanding any markings or legends, or the absence thereof, on any Proprietary Materials. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10. This Agreement is the entire agreement of the parties
regarding the ownership and treatment of Proprietary Materials and Proprietary Information, and no modification of this Agreement will be effective as against Boeing unless in writing signed by authorized representatives of Contractor, Customer and
Boeing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11. Failure by either party to enforce any of the provisions of this Agreement will not be construed as a waiver of such provisions. If any of
the provision of this Agreement is held unlawful or otherwise ineffective by a court of competent jurisdiction, the remainder of the Agreement will remain in full force. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="44%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="bottom"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ACCEPTED AND AGREED TO this</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> ,
19<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS,
S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Contractor</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Its</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>App. VII</B> </P>

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<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>6
<FILENAME>d128959dex44.htm
<DESCRIPTION>EX-4.4
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.4</TITLE>
</HEAD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT
MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit 4.4 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">GE ENGINE SERVICES </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT
STYLE="white-space:nowrap">CFM56-7</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MAINTENANCE COST PER HOUR(SM) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ENGINE SERVICE AGREEMENT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(&#147;MCPH&#148; (SM)) </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BETWEEN
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COMPANIA PANAMENA DE AVIACION, S.A. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AND </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">GE ENGINE SERVICES, INC. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">REFERENCE NUMBER <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">ESI-01-0417M</FONT></FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">DATED MARCH 5, 2003 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THIS PROPOSAL
SHALL REMAIN VALID THROUGH MARCH 15, 2003 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PROPRIETARY INFORMATION NOTICE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The information contained in this document is GE Engine Services, Inc. (&#147;GE&#148;) Proprietary Information and is disclosed in confidence.
It is the property of GE and shall not be used, disclosed to others or reproduced without the express written consent of GE. If consent is given for reproduction in whole or in part, this notice and the notice set forth on each page of this document
shall appear in any such reproduction. U.S. export control laws may also control the information contained in this document. Unauthorized export or <FONT STYLE="white-space:nowrap">re-export</FONT> is prohibited. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="89%"></TD>

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<TD VALIGN="bottom">ARTICLE</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">SUBJECT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">PAGE</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Definitions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Term</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Maintenance Cost Per Hour Program Procedures</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Supplemental Work</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Copa Obligations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Delivery, Redelivery, and Governmental Authorization</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Parts Replacement Procedures</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Repair Stations and Subcontracted Services</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Pricing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Invoices and Payment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Limitation of Liability, Indemnification, and Insurance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Excusable Delay</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Notices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Taxes and Other Charges</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Dispute Resolution, Arbitration</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">16</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Termination</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">17</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Non Disclosure of Proprietary Data</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">18</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Warranty</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">19</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>General Provisions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Signatures</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

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<TD VALIGN="top">EXHIBITS</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit A</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule 1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule 2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule 3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit B</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit C</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit D</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit E</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>**Material Redacted**</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="white-space:nowrap">CFM56-7</FONT> MAINTENANCE COST PER HOUR(SM)
(&#147;MCPH&#148; (SM)) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ENGINE SERVICE AGREEMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THIS ENGINE SERVICE AGREEMENT is made as of the 1st day of January, 2003 (&#147;Effective Date&#148;), by and between Compania Panamena De Aviacion, S.A., a
corporation organized under the law of Panama, whose principal address is Aeropuerto Int. De Tocumen, Apdo. 1572 Panama 1, Panama (&#147;Copa&#148;) and GE Engine Services, Inc., a corporation organized under the law of the State of Delaware, whose
principal address is 1 Neumann Way, Cincinnati, Ohio 45215 (&#147;GE&#148;), (both of which may be hereinafter collectively referred to as the &#147;Parties&#148;). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RECITALS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WHEREAS, GE maintains and operates
Repair Stations for the servicing, repair, maintenance, and functional testing of aircraft engines, and engine modules, assemblies, subassemblies, controls and accessories, and parts thereof; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WHEREAS, Copa requires repair, overhaul or servicing of <FONT STYLE="white-space:nowrap">CFM56-7</FONT> aircraft Engines, and engine modules, assemblies,
subassemblies, controls and accessories, and parts thereof on a cost per hour basis; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WHEREAS, GE agrees to provide certain Services on Copa&#146;s
equipment, as defined below, subject to the terms of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, and in consideration of the mutual promises and covenants herein
contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 1 <FONT STYLE="white-space:nowrap">-</FONT> DEFINITIONS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Definitions. Capitalized terms used in the recitals and elsewhere in the Agreement but not otherwise defined in this Agreement shall have the following
meanings: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Agreement&#148; shall mean this Engine Service Agreement, as the same may be amended or supplemented from time to time.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Airworthiness Directive&#148; or &#147;AD&#148; shall mean a document issued by the Approved Aviation Authority having jurisdiction
over the Engine, identifying an unsafe condition relating to such Engine and, as appropriate, prescribing inspections and the conditions and limitations, if any, under which the Engine may continue to operate. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Approved Aviation Authority&#148; shall mean, as applicable, the Federal Aviation Administration of the United States (&#147;FAA&#148;),
or, as identified by Copa and agreed in writing by GE, the European Joint Aviation Authority (&#147;JAA&#148;), Panamanian DAC or such other equivalent foreign aviation authority having jurisdiction over the performance of Services provided
hereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Base Price&#148; shall mean the applicable MCPH Rate stated in Base Year (2003) Dollars. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Base Year&#148; shall mean the contract year in which the Base Price is applicable and is the baseline from which adjustment for
fluctuation in the economy is made. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Bench Stock&#148; shall mean those expendable or consumable items routinely replaced during the
inspection, repair or maintenance of Engine, whether or not such items have been damaged, and other items that are customarily replaced at each inspection or maintenance period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Catastrophic Failure&#148; shall mean an Engine shop visit caused by failure of an
internal Engine part **Material Redacted**. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;CLP&#148; shall mean the manufacturer&#146;s current catalog or manufacturer&#146;s
current list price pertaining to a new part or new item of equipment. The term &#147;current&#148; as used in this definition means as of the time of the applicable Service. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Copa&#146;s Fleet&#148; shall mean all <FONT STYLE="white-space:nowrap">B737-700</FONT> and
<FONT STYLE="white-space:nowrap">B737-800</FONT> aircraft, operated by Copa and powered by <FONT STYLE="white-space:nowrap">CFM56-7B</FONT> Engines. The currently fleet is list on Exhibit B which exhibit shall be amended by the Parties from time to
time in accordance. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Delivery&#148; shall, subject to the terms of Section&nbsp;3.4.7 below, mean, in respect of any item of
equipment, the occurrence of the arrival of the Engine, together with all applicable records and required data (as described in Paragraph 5.1.8 below), Delivered Duty Paid (&#147;DDP&#148;) to the Designated Repair Station pursuant to the
International Chamber of Commerce &#147;Incoterms&#148; (2000 Edition), whereby Copa shall fulfill the obligations of seller and GE of buyer. &#147;Deliver&#148; shall mean the act by which Copa accomplishes Delivery. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Designated Repair Station&#148; shall mean the GE affiliate Repair Station specified for each shop visit. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Dollars&#148; and &#147;$&#148; shall mean the lawful currency of the United States of America. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Engine&#148; shall mean, each bare <FONT STYLE="white-space:nowrap">CFM56-7B22,</FONT>
<FONT STYLE="white-space:nowrap">CFM56-7B24,</FONT> and <FONT STYLE="white-space:nowrap">CFM56-7B26</FONT> engine assembly, identified by serial number in Exhibit B including its essential controls, accessories, and parts as described in Exhibit E.
Exhibit B shall be amended by mutual agreement of the Parties from time to time as set forth herein, to reflect changes in the Copa fleet. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Engine Year&#148; shall mean the year of Engine operation measured in twelve (12)&nbsp;consecutive month periods, with the first Engine
year measured from the date of aircraft acceptance by Copa for installed Engines or the date of first installation of Spare Engines. For purposes of invoicing MCPH payments, the date of aircraft acceptance, or the date of the first installation for
Spare Engines, will be deemed to have occurred on the first day of the month following the actual acceptance or installation if the date of the actual acceptance or installation falls on or before the 15th day of that month. The date of aircraft
acceptance, or the date of first installation for Spare Engines, will be deemed to have occurred on the first of the month following the actual acceptance or installation if the date of actual acceptance or installation falls after the 15th day of
that month. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Foreign Object Damage&#148; or &#147;FOD&#148; shall mean damage to any portion of the Engine caused by impact or
ingestion of an outside object such as birds, vehicles, stones, hail, or debris. FOD shall be further defined as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#147;Major
FOD&#148; shall mean impact damage to an Engine or Engine part caused by the a foreign object which requires the Engine to be immediately removed from service, or subsequently removed due to an out of limit condition per Copa&#146;s Aircraft
Maintenance Manual as reviewed and accepted by mutual agreement between the parties. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#147;Other FOD&#148; shall mean foreign object
damage to an Engine or Engine Part detected during routine maintenance which is determined to be FOD other than Major FOD. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Life
Limited Part&#148; or &#147;LLP&#148; shall mean a part with an approved limitation on use in cumulative hours or cycles, established by the OEM or the Approved Aviation Authority. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Line Replaceable Unit&#148; or &#147;LRU&#148; shall mean one or more major accessories of the external portion of an Engine which can be
changed on wing and is identified as an LRU in Exhibit E. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;MCPH&#148; shall mean maintenance cost per hour. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;MCPH Program&#148; shall mean the program consisting of the repair, maintenance, and management of the Engines provided to Copa by GE on
an MCPH fixed rate basis, pursuant to the terms hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;MCPH Rate&#148; shall have the meaning set forth in Exhibit A. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;MCPH Shop Visit(s)&#148; shall mean a Repair Station visit (scheduled or unscheduled) during which
<FONT STYLE="white-space:nowrap">off-wing</FONT> repair and maintenance covered under the MCPH fixed rate pricing is performed on equipment that meets the MCPH eligibility requirements of Clause 3.2.2 below. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Original Equipment Manufacturer&#148; or &#147;OEM&#148; shall mean the original manufacturer of any item of equipment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Performance Restoration&#148; shall mean the Services performed during an Engine shop visit in which, at a minimum, the compressor,
combuster and high pressure turbine are exposed and subsequently refurbished, consistent with the workscope utilized for MCPH. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Procedure Manual&#148; shall mean the document, prepared by GE and approved by Copa, based upon the requirements of this Agreement which
provides detailed procedures and guidance for the administration of the MCPH Program. In case of conflict between the Procedure Manual and the Agreement, the Agreement will prevail. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Qualifying Shop Visit&#148; shall mean the Repair Station visit during which the initial Performance Restoration required for any Engine
that does not meet the MCPH eligibility requirements, as set forth in Clause 3.1, is performed on the Engine. The Qualifying Shop Visit shall be performed at Copa&#146;s expense in accordance with the Supplemental Work pricing set forth in Exhibit
A. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Redelivery&#148; shall, subject to the terms of Section&nbsp;3.4.7 below, mean the occurrence of the return of the Engine for
Copa&#146;s acceptance Ex Works, GE&#146;s Designated Repair Station, pursuant to the International Chamber of Commerce &#147;Incoterms&#148; (2000 Edition), whereby Copa shall fulfill the obligations of buyer and GE of seller. &#147;Redeliver&#148;
shall mean the act by which GE accomplishes Redelivery. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Removal Schedule&#148; or &#147;RS&#148; shall mean the schedule for Engine
removal from the aircraft for maintenance as jointly developed by GE and Copa. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Repair Specification&#148; shall mean the Copa repair
specification number &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, dated
<U></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as may be amended by Copa (upon written agreement by GE, such agreement not to be unreasonably withheld, conditioned or
delayed) from time to time, which shall identify the minimum baseline to which Copa&#146;s equipment will be inspected, repaired, modified, reassembled and tested hereunder. Unless otherwise agreed by the Parties, such Repair Specification shall
meet or exceed the recommendations of the OEM&#146;s operational specifications and applicable Engine maintenance or overhaul manuals and Copa&#146;s maintenance plan as agreed to by Copa and GE and approved by the Approved Aviation Authority. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Repair Station&#148; shall mean one or more of the repair facilities owned by GE or its affiliates, now or in the future, which are
certified by the Approved Aviation Authority to perform the applicable Service hereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Repairable&#148; shall mean capable of
being made Serviceable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Rotable Part&#148; shall mean a new or used Serviceable part drawn from a common pool of parts used to
support multiple customers, which replaces a like part requiring repair. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Scrapped Parts&#148; shall mean those parts determined by GE (or Copa if in connection
with a Supplemental Work Shop Visit) to be unserviceable and beyond economic repair for reliability, performance or economic reasons. **Material Redacted** </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Service&#148; or &#147;Services&#148; shall mean, with respect to any Engine, all or anypart of those services requested by Copa which GE
agrees to perform under this Agreement, as more particularly described in the Workscope for such Engine, including, without limitation, the furnishing of parts and materials, labor, facilities, tooling, painting, plating, and testing devices
required in the performance of repair and maintenance in connection with the Engine. &#147;Serviced&#148; shall be construed accordingly. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Service Bulletin&#148; or &#147;SB&#148; shall mean the document issued by an OEM to notify the operator of modifications, substitution
of parts, special inspections, special checks, amendment of existing life limits or establishment of first time life limits, or conversion of Engine from one model to another. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Serviceable&#148; means an item of equipment that meets all OEM and Approved Aviation Authority specified standards for airworthiness,
and has no known defects which would render it unfit for service in accordance with the Repair Specification. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Serviceable
Condition&#148; shall mean, with respect to an item, a repaired, calibrated, or inspected item in an airworthy condition which can be used for the same purpose as a newly manufactured item. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Supplemental Work&#148; shall mean any Service provided hereunder which is not covered under the MCPH Program. All Supplemental Work
shall be at Copa&#146;s expense, in accordance with the pricing set forth in Exhibit A. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Straight Time&#148; shall mean the first
eight (8)&nbsp;hours charged per person each day, Monday through Friday (except local holidays observed by the Designated Repair Station), provided that a minimum of eight (8)&nbsp;hours break has occurred since the last time charged. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Turn Time&#148; shall mean the number of calendar days between Delivery and Redelivery of an Engine, exclusive of public holidays
observed by the Designated Repair Station. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Workscope&#148; shall mean the document written and approved by GE&#146;s engineering
staff and approved in writing by Copa, which approval shall not be unreasonably delayed, conditioned or denied, describing the prescribed repair or approach to repair of identified equipment to meet the requirements of the Repair Specification for
the Engine. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 2 <FONT STYLE="white-space:nowrap">-</FONT> TERM </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Term of Agreement. This Agreement shall commence upon the Effective Date and, unless sooner terminated pursuant
to Article 16 herein, shall remain in effect through December 31, 2014 (the &#147;Initial Term&#148;). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Exclusive Agreement. This Agreement, insofar as it relates to the maintenance, repair or overhaul of the
Engines, including, without limitation, Supplemental Work, shall be exclusive, and Copa shall not enter into any other arrangement with a third party for such services with respect to the Engines during the term hereof, except to the extent provided
in Article 12 herein and subject to provisions of Article 16 hereof </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Renewal Beyond Initial Term. If Copa desires to extend the term of this Agreement beyond the Initial Term, Copa
shall give GE written notice of its desire to extend at least one hundred twenty (120)&nbsp;days prior to the expiration date of the Initial Term. Upon GE&#146;s proposal for pricing for such extended term and mutual agreement of the parties, the
term of the Agreement shall be extended for a period of sixty (60)&nbsp;months. Should the term be extended as described herein, Copa shall have an option for an additional extension of sixty (60)&nbsp;month term on the same basis.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 3 MAINTENANCE COST PER HOUR PROGRAM PROCEDURES </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">MCPH Eligibility. Commencing on the Effective Date, GE shall provide Services, as further described in this
Article 3, and Copa shall pay the MCPH Rate, for all of Copa&#146;s Engines listed by Engine serial number in Exhibit B on a MCPH basis upon eligibility of each Engine as follows: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Engines listed on Exhibit B as of the Effective Date shall be eligible for the MCPH Program as of the Effective
Date and shall be charged at the applicable Base Price per Engine Flying Hour (&#147;EFH&#148;) as set forth in Exhibit A. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">New Engines (Serviceable Engines with less than one hundred (100)&nbsp;operating hours since manufacture), or
as otherwise agreed by the Parties, shall be eligible for MCPH coverage as of the date of aircraft or spare Engine acceptance and shall be charged the Base Price Per Engine Flying Hour (&#147;EFH&#148;) for the applicable Engine Year as set forth in
Exhibit A. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.1.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">After the Effective Date and with GE&#146;s written consent, Copa may add additional used <FONT
STYLE="white-space:nowrap">CFM56-7</FONT> engines (which may be eligible or ineligible at the time of such addition) to this Agreement for the remaining term hereunder as specified in Exhibit A hereto. As a condition to GE&#146;s consent to add such
an Engine, Customer shall disclose whether or not such additional Engine has had any <FONT STYLE="white-space:nowrap">non-OEM</FONT> approved part or repair installed or performed. All <FONT STYLE="white-space:nowrap">non-OEM</FONT> parts or repairs
shall be removed by GE or Customer at Customer&#146;s expense prior to eligibility of such additional Engine. On the date of such addition, Copa shall begin paying the applicable, adjusted and escalated MCPH Rate for each such Engine based upon its
Engine Year. Upon meeting the eligibility requirements, which may require completing a Qualifying Shop Visit, the added Engine shall be eligible for MCPH Shop Visits and all other MCPH Services, subject to
<FONT STYLE="white-space:nowrap">then-current</FONT> terms and conditions. Any such addition shall be documented by amending Exhibit B accordingly. All MCPH charges paid by Copa for such an Engine, to the point such Engine meets the MCPH
Program&#146;s eligibility requirements, shall be credited up to the amount of the Supplemental Work invoice for the Qualifying Shop Visit. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Scope of MCPH </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Qualifying Shop Visits. Copa will Deliver all used Engines that are inducted into Copa&#146;s Fleet after
execution of this Agreement and which are to be covered under this Agreement to GE for an initial Performance Restoration Shop Visit on a Supplemental Work basis. All <FONT STYLE="white-space:nowrap">non-OEM</FONT> parts or repairs shall be removed
by GE as Supplemental Work prior to eligibility of such additional Engine. Following such Performance Restoration Shop Visit, a used Engine will enter the MCPH Program in accordance with Paragraph 3.1.3 above. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Workscope and Repair Specification. Upon input of Engines for Service, GE shall prepare a Workscope which
specifies inspections, upgrades, improvements, and repairs required to return the Engine to Serviceable Condition and provide a copy of such Workscope to Copa for approval, such approval not to be unreasonably delayed, conditioned, or denied. Should
Copa fail to provide approval of the Workscope within two (2) business days of receipt, the calendar days beyond that time shall be an excusable delay. Such Workscope may include reliability and performance enhancements and Approved Aviation
Authority approved repairs. GE shall repair the Engines and, as defined in Exhibit E, LRU&#146;s in accordance with the Repair Specification and Approved Aviation Authority regulations. GE may request that Copa amend the Repair Specification during
the term hereof to improve reliability, enhance Engine operating </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
characteristics, and incorporate Designated Engineering Representative approved repairs or repairs not contained in the OEM manual, subject to Copa&#146;s written approval, which approval shall
not be unreasonably delayed, conditioned or denied. Any changes or amendments requested by Copa or requested or made by any regulatory agency to the Workscope or Repair Specification shall be mutually agreed by the Parties hereto and may be subject
to an adjustment in the pricing described in Exhibit A. The Procedures Manual will delineate the procedures to be followed when processing Engines in the Repair Station. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">MCPH Program Services Provided. Services to be provided by GE under the MCPH Program are:
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.4.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Provide, either at a Repair Station, a subcontractor (if an entire Engine is subcontracted, Copa&#146;s prior
written approval is required), or such other location as agreed by Copa and GE, all labor, materials, and parts (new or used Serviceable, including use of GE Rotable Parts) necessary to return the Engine to a Serviceable Condition.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.4.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Repair or replace LLP. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.4.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Repair LRUs, as specified in Exhibit E, received with an Engine for a MCPH Shop Visit and which were installed
on the Engine when it was removed from the aircraft for the shop visit, as evidenced by records provided in accordance with Paragraph 5.1.8 of this Agreement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.4.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Notwithstanding Section&nbsp;3.4.1.above, comply with Airworthiness Directives (&#147;AD&#148;), issued by the
Approved Aviation Authority, and Service Bulletins designated by the OEM as mandatory (Categories <FONT STYLE="white-space:nowrap">3-6)</FONT> and which are performed during an MCPH Shop Visit, **Material Redacted**. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.4.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">With Copa&#146;s written approval, perform repairs at a location other than that of GE or a GE affiliate, which
may otherwise require a shop visit, without unduly disrupting Copa&#146;s operation. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.4.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Test Engine in accordance with the Repair Specification and provide all associated labor and material,
including fuel and oil, for MCPH Shop Visits, including slave test equipment. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.4.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.4.8</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Assign a Program Manager who will be the point of contact for Copa with respect to Services specified in this
Agreement and support this Agreement as set forth in Paragraphs 3.4.8.1 through 3.4.8.6 below. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.4.8.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Coordinating the work to be accomplished for each MCPH Shop Visit or Qualifying Shop Visit, consistent with the
Procedure Manual. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.4.8.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Assist Copa with Supplemental Work requirements to be performed in accordance with Article 4 below.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.4.8.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Maintain the necessary liaison between GE and Copa. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.4.8.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Provide Copa&#146;s authorized personnel with immediate access to Copa&#146;s maintenance records. If immediate
access would create an undue burden for GE, GE shall provide access as soon as reasonably possible. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.4.8.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Develop with Copa, on a monthly basis, an RS for the Engines forecast for Delivery. The RS shall identify by
serial number the Engine(s) to be Delivered during the following six (6)&nbsp;month period and the anticipated reason for removal of each. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.4.8.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Ensure that all routine correspondence from GE to Copa relative to the administration of the Agreement, except
for formal notices issued under Article 13 of this Agreement, shall be directed to the attention of the appropriate person at Copa&#146;s facility as designated by Copa. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.4.9</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Engineering Support. GE will provide engineering support services for Engines as follows:
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4.9.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Develop a plan for removal and shop input of Engines at the Designated Repair Station as outlined in the
Procedure Manual. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4.9.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Maintain current files on published <FONT STYLE="white-space:nowrap">CFM56-7</FONT> Service Bulletins,
engineering specifications, and applicable repair documents as well as their application and introduction to Copa&#146;s equipment. The parties will meet quarterly to determine the incorporation of Service Bulletins and the economic impact thereof.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4.9.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Notify Copa of any deviations from the configuration specification, provided by Copa pursuant to Paragraph
5.1.8, on equipment Delivered for Service and request disposition of same. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4.9.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Provide Engine test logs and Service Bulletin introduction status for each Engine Redelivered to Copa.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4.9.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Provide a findings report identifying any damage detected and repair(s) accomplished, including any photographs
of same. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.4.10</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Documentation. GE shall provide Copa with a records package in connection with Services performed on each
Engine, at Redelivery and shall retain a copy of such records. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4.10.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Major Repair/Alteration Certification FAA No.&nbsp;337 (or equivalent foreign agency equivalent) including AD
compliance; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4.10.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">FAA Form <FONT STYLE="white-space:nowrap">8130-3</FONT> (or Approved Aviation Authority equivalent) for
accessories; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4.10.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Cycle limited parts log; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4.10.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Serviceable tag for Serviceable equipment; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4.10.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Original records and related documentation furnished by Copa; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4.10.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Incoming inspection report; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4.10.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Off/On log; and, </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4.10.8</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Service Bulletin status report. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4.10.9</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Findings Report. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.4.11</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Spare Engines. **Material Redacted**: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4.11.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The parties have established a mutually agreeable Removal Schedule; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4.11.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Customer has shipped Engines for MCPH Shop Visits within <FONT STYLE="white-space:nowrap">forty-eight</FONT>
(48)&nbsp;hours following removal from the aircraft unless prevented by any circumstance directed by GE; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4.11.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Customer is in compliance with the requirements of Paragraphs 5.1.8 and 5.1.11 below; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4.11.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Customer, concurrent with execution of this Agreement, has executed a General Equipment Lease Agreement
(&#147;GELA&#148;) with GE, or a GE affiliate for the benefit of </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
and enforceable by GE, the terms of which shall govern the lease and operation of any Lease Engine(s) required to support this Agreement. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4.11.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Customer shall redeliver DDP (Incoterms 2000) the Lease Engine to GE at the Housekeeping facility or other
mutually agreed location as soon as practicable but in no case later than ten (10)&nbsp;calendar days following Redelivery of an MCPH Engine provided that such Redelivery corrects the zero (0)&nbsp;spare Engine condition. Daily rental fees and
hourly restoration charges shall be waived during such ten (10)&nbsp;day period. Customer shall commence paying the applicable daily rental fees and hourly restoration charges on the eleventh (11th) day following correction of the zero
(0)&nbsp;spare engine condition. In addition, Customer shall continue to pay the applicable MCPH Rate for EFH incurred by the Lease Engine., plus LLP fees per flight cycle. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4.11.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In the event a Copa operated aircraft is in an AOG situation as a sole and direct result of GE&#146;s failure
to provide spare engine in accordance with the provisions above, then GE shall be obligated to credit Copa an amount equal to 2.5 times the then current daily lease rates for such spare engine for each AOG, commencing in the first day of such AOG
situation, for each day the AOG situation continues thru the 10th day of such AOG situation. Should the AOG situation continues past the 10th day of such AOG situation, senior executives of each party, so designated by each party, shall meet within
5 calendar days to negotiate an equitable solution. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4.11.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the foregoing shall constitute the sole remedy of Copa and the sole liability of GE for Spare Engine
availability under this Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.4.12</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Implement remote diagnostics services known as &#147;Tier One&#148; to identify and diagnose trend shifts in
accordance with the following requirements (&#147;Remote Diagnostics&#148;) as follows: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4.12.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Twenty-four</FONT> (24)&nbsp;hours a day, seven (7)&nbsp;days a week (&#147;24
X 7&#148;) automated processing of Engine performance and other data using Remote Diagnostics expanded tool set when received at the Designated Repair Station. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4.12.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Customer Notification Reports (&#147;CNR&#148;), for Engine condition monitoring trend shift observation,
including engineering review, analysis, and recommendations based on trend shift observations and other available information. CNRs will be provided to Customer as required on a 24 X 7 basis. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4.12.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Monthly Performance Summary Report. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4.12.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">GE shall review that portion of data and messages delivered to GE by Customer that are relative to GE&#146;s
implementation of Remote Diagnostics. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">3.4.12.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The parties understand that any information provided to Customer by GE for use in troubleshooting and managing
operations is advisory only. GE is not responsible for Line Maintenance or other actions resulting from such advice. GE will use commercially reasonable efforts to identify and notify Customer of Engine and aircraft fault data. Customer is
responsible to conclusively identify and resolve any aircraft or Engine faults or adverse trend </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">3.4.13</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If Copa&#146;s spare Engine availability reaches zero (0)&nbsp;as a sole and direct result of SV for
Supplemental Work per Article 4, GE shall deliver a Lease Engine to Copa at Copa&#146;s expense as provided in the GELA agreement. If not possible to provide an engine, GE will endeavor, using its diligent commercial efforts, to locate and deliver a
spare engine from other resources. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 4 SUPPLEMENTAL WORK </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Supplemental Work At Shop Visits. Any and all Services not specifically included in the MCPH Program pursuant
to Paragraph 3.4, above shall be performed by GE in accordance with the Supplemental Work pricing provisions of Exhibit A. Supplemental Work shall include, but not be limited to: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any shop visit not described in Paragraph 3.2.2 of this Agreement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">4.1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Further, Services described in Paragraph 3.4 of this Agreement, shall be identified as Supplemental Work if it
has been determined to GE&#146;s reasonable satisfaction, based on reasonable technical substantiation provided to Copa including, without limitation, engineering reports and metallurgical analysis, that such Engine or module requires Service for,
or as a result of the following while the equipment was in Copa&#146;s care, custody, or control: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.1.2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">An accident. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.1.2.2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">FOD that is not covered under 3.2.2.5 above. GE will provide reasonable assistance, which may include
independent metallurgical analysis as required, to Copa, in substantiation of FOD events in support of processing insurance claims for same. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.1.2.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The incorporation, at Copa&#146;s request, of Service Bulletins other than those described in Paragraph 3.4.4
of this Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.1.2.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Military action or terrorist activity. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.1.2.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">An act of God. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.1.2.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Improper or negligent installation, operation or maintenance of Copa&#146;s equipment not in conformance with
OEM manuals, unless performed by GE. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.1.2.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Experimental test applied to the equipment, unless performed by GE. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.1.2.8</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Use of <FONT STYLE="white-space:nowrap">non-conforming</FONT> parts, components or modules, except those
installed by GE. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.1.2.9</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Repairs resulting from failure of a PMA part not installed by GE (for GE or CFMI Engine lines).
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.1.2.10</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Engine upgrade programs or conversion to another thrust rating. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.1.2.11</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Operation beyond OEM removal guidelines. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.1.2.12</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Service required to comply with or resulting from lease return conditions. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.1.2.13</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Catastrophic Failure, unless due to defects in material or GE workmanship. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.1.2.14</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Repair or replacement of buyer furnished equipment and LRU&#146;s not defined in Exhibit E.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">4.1.2.15</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Replacement of scrapped LRU&#146;s or QEC items. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Work Accomplished at Copa&#146;s Facility. Copa shall be responsible for all repairs that may be accomplished
without a MCPH Shop Visit, consistent with Copa&#146;s historical maintenance practices, except for Services that GE decides to perform <FONT STYLE="white-space:nowrap">on-wing</FONT> that would otherwise be performed under the MCPH Program.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">On-Wing</FONT> Support. GE shall provide, at Copa&#146;s request, <FONT
STYLE="white-space:nowrap">twenty-four</FONT> (24)&nbsp;hour field service support for <FONT STYLE="white-space:nowrap">on-wing</FONT> Services at rates specified in Schedule 3 of Exhibit A. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Additional/Changed Engine Removals. Should Copa elect to remove an Engine notwithstanding advice to the
contrary from GE&#146;s onsite Service Representative (Reference Paragraph 3.2.2.4 above) such shop visit shall be deemed Supplemental Work, unless, during that shop visit, it is demonstrated that the removal meets the requirements to be considered
a MCPH Shop Visit. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-Existing</FONT> Warranty. Copa agrees that any requested Engine repairs
that are covered under a warranty from an entity other than GE shall be performed directly by that entity at no expense to GE or, at GE&#146;s option, such warranties shall be, for the duration of the term hereof, assigned to GE to the extent
assignable. A list of such equipment under <FONT STYLE="white-space:nowrap">pre-existing</FONT> warranties shall be developed by Copa and GE within thirty (30)&nbsp;calendar days of execution of this Agreement. Copa agrees to execute the warranty
assignment letter, attached hereto as Exhibit D, as required by paragraph 5.1.7 below. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Transportation Stands and Containers. Maintenance services, as required, for Copa&#146;s Engine transportation
stands and containers while at GE&#146;s facility in connection with Supplemental Work shall be charged as Supplemental Work. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.8</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 5 <FONT STYLE="white-space:nowrap">-</FONT> COPA OBLIGATIONS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">During the term of this Agreement, Copa shall: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Provide to GE&#146;s authorized personnel immediate, reasonable, access to the Engines when such Engines are in
Copa&#146;s possession, as well as to all operating and maintenance records related to the Engines which are maintained by Copa, in a manner which does not cause undue interruption to Copa&#146;s operations. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Make every reasonable effort to provide incoming transportation information in writing to GE (A)&nbsp;within <FONT
STYLE="white-space:nowrap">forty-eight</FONT> (48)&nbsp;hours prior to the availability of an Engine for Delivery, (B)&nbsp;within <FONT STYLE="white-space:nowrap">twenty-four</FONT> (24)&nbsp;hours following commencement of an unscheduled removal,
when either occurs within or outside the <FONT STYLE="white-space:nowrap">forty-eight</FONT> (48)&nbsp;contiguous United States. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.1.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Designate in writing one (1)&nbsp;or more of its employees as a representative during the term of this
Agreement. Such representative(s) shall be Copa&#146;s point of contact for matters hereunder. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.1.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Develop with GE, on a monthly basis, an RS of Engines forecast for Delivery to GE for Service hereunder. The RS
shall identify by serial number the Engine(s) to be Delivered during the following six (6) month period and the anticipated reason for removal of each. However, actual removals shall occur as specified in the Procedures Manual.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.1.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Provide all line maintenance and line station support. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.1.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Copa shall use commercially reasonable efforts to troubleshoot in accordance with the Engine&#146;s OEM or
aircraft maintenance manuals, as applicable. Copa shall, with GE&#146;s concurrence, to the extent that it is practicable to obtain GE&#146;s concurrence, determine prior to removal from the aircraft whether any Engine requires <FONT
STYLE="white-space:nowrap">off-wing</FONT> repairs considering the impact the <FONT STYLE="white-space:nowrap">off-wing</FONT> maintenance may have on Copa flight operations. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.1.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Execute the Warranty Assignment Letter, attached hereto as Exhibit D stating that Copa agrees to assign to GE
the benefits of all <FONT STYLE="white-space:nowrap">off-wing</FONT> maintenance related guarantees (but, excluding the CFMI Shop Visit Rate Guarantee), warranties or other remedies (including campaign service bulletin benefits) Copa is entitled to
assign, and which directly relate to Services covered by MCPH charges. If these guarantees, warranties or other remedies cannot be assigned, Copa will raise claims under said <FONT STYLE="white-space:nowrap">non-assigned</FONT> guarantees,
warranties or other remedies. Copa agrees to support GE in the enforcement of any assigned rights as described in this Paragraph 5.1.7. It is agreed that any remaining benefits of such warranties and guarantees shall be <FONT
STYLE="white-space:nowrap">re-assigned</FONT> to Copa by GE upon expiration or termination of this Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.1.8</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No later than the time of Delivery of the equipment, provide GE all information and records necessary for GE to
establish the nature and extent of the Services required to be performed on the equipment and to perform such Services. Such information and records include, but are not limited to: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">5.1.8.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The cause of Engine removal (reason for this shop visit); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">5.1.8.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Applicable information as typically received in Engine log books detailing work performed at last shop visit,
any reported defects or incidents during operation since last shop visit, with description of action taken, and significant operational characteristics experienced during last flight prior to shop visit; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">5.1.8.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">SB and AD status/requirements; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">5.1.8.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Total engine operating time since new (&#147;TSN&#148;) for each Engine; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">5.1.8.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Time since last shop visit (&#147;TSLV&#148;) for each Engine, module, component and accessory;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">5.1.8.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Flight cycles since new (&#147;CSN&#148;); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">5.1.8.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Flight cycles since last visit (&#147;CSLV&#148;); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">5.1.8.8</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Record of change of parts during operating period prior to this shop visit (these records are limited to the
previous ninety (90)&nbsp;days); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">5.1.8.9</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">TSN, CSN, TSLV, CSLV time since overhaul (&#147;TSO&#148;) and cycles since overhaul (&#147;CSO&#148;) for each
thrust rating utilized on all LLP; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">5.1.8.10</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Back to birth history certificate indicating history from zero TSN/CSN on all LLPs; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">5.1.8.11</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Copa inventory of equipment &#147;as shipped&#148;, including (when applicable) a description of the external
Engine configuration; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">5.1.8.12</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Engine oil used (for Engines); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">5.1.8.13</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Historical log (for parts and accessories); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">5.1.8.14</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Module log cards (if applicable); and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">5.1.8.15</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Engine <FONT STYLE="white-space:nowrap">on-wing</FONT> performance trend data generated utilizing trend
monitoring programs such as ADEPT or SAGE (if available). Copa&#146;s failure to furnish necessary information and records shall result in an excusable delay in induction of the Engine for Service, and GE&#146;s obligation to provide a lease Engine,
as specified in Paragraph 3.4.12, shall be suspended on a day for day basis for that shop visit delay, and may necessitate premature LLP replacement as described in Paragraph 7.2.2, below, at Copa&#146;s expense. However, prior to replacing such
LLP, and if data remains unavailable for three (3)&nbsp;calendar days, GE will first advise Copa that certain records are missing and allow Copa five (5) working days to acknowledge and forward such records to GE. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">5.1.8.16</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Non-OEM</FONT> approved parts or repairs installed by other than GE in such
Engine. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">5.1.8.17</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Standard Form <FONT STYLE="white-space:nowrap">ATA-106</FONT>
<FONT STYLE="white-space:nowrap">(non-incident</FONT> statement) or equivalent for the Engine since its last certification as airworthy. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.1.9</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Provide to GE an external equipment configuration specification for any Engine to be Delivered for Service.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.1.10</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Ensure that adequate <FONT STYLE="white-space:nowrap">non-exclusive</FONT> workspace, parking, and local
telephone and facsimile access are available for the GE technical representative assigned to the Copa facility, as applicable. Costs incurred by such GE technical representative, including without limitation, long distance telephone charges, fax, or
computer charges, shall be the responsibility of GE. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.1.11</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Provide a minimum quantity of spare Engines, as required in Exhibit B, for the term of the Agreement.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.1.12</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Provide automated transfer of Engine trend and maintenance data from
<FONT STYLE="white-space:nowrap">in-flight</FONT> data acquisition systems and/or ground based computer systems via electronic medium. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">5.1.13</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 6 <FONT STYLE="white-space:nowrap">-</FONT> DELIVERY, REDELIVERY, AND GOVERNMENTAL AUTHORIZATION </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">DELIVERY. ALL ENGINES FROM COPA&#146;S FLEET, AS SPECIFIED IN EXHIBIT B, TO BE SERVICED SHALL BE DELIVERED BY
COPA TO GE. SUCH ENGINES SHALL BE READY FOR SHIPMENT WITHIN <FONT STYLE="white-space:nowrap">FORTY-EIGHT</FONT> (48)&nbsp;HOURS, FROM LOCATIONS WITHIN THE <FONT STYLE="white-space:nowrap">FORTY-EIGHT</FONT> (48)&nbsp;CONTIGUOUS UNITED STATES, AND
WITHIN ONE HUNDRED TWENTY (120)&nbsp;HOURS FROM LOCATIONS OUTSIDE OF THE <FONT STYLE="white-space:nowrap">FORTY-EIGHT</FONT> (48)&nbsp;CONTIGUOUS UNITED STATES, FOLLOWING REMOVAL FROM THE AIRCRAFT. HOWEVER, GE SHALL HAVE THE OPTION TO PERFORM
REPAIRS WITH A FIELD TEAM AT LOCATIONS OTHER THAN ITS FACILITIES. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Redelivery. After completion of Services, GE shall Redeliver the Engine to Copa. In the event Redelivery of the
Engine cannot occur due to any cause referred to in Article 12, &#147;Excusable Delay&#148; below, or at Copa request, GE may place such Engine into storage (which may be at a Repair Station). In such event, GE shall notify Copa of such storage,
GE&#146;s Redelivery obligations shall be deemed fulfilled, except that GE shall retain all risk of loss or damage to the Engine until they are in Copa&#146;s care, custody and control, and any amounts payable to GE upon Redelivery shall be payable
Upon presentation of GE&#146;s invoice. Such Engines in storage shall be considered available spare Engines for purposes of Paragraph 5.1.11 above. Upon payment of all amounts due hereunder, GE shall assist and cooperate with Copa in the removal of
Engines placed in storage. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Governmental Authorization. Copa shall be the importer and/or exporter of record outside of the U.S. and shall
be responsible for timely obtaining any import license, export license, exchange permit, or other required governmental authorization relating to the Engines. GE shall be importer and/or exporter of record in the U.S. GE will not be liable if any
authorization is not renewed or is delayed, denied, revoked, or restricted, and Copa shall not thereby be relieved of its obligation to pay for Services performed by GE. All items and equipment delivered hereunder shall at all times be subject to
the U.S. Export Administration Regulations and/or International Traffic in Arms Regulations of the U.S.A. and any amendments thereto. Copa agrees not to dispose of U.S. origin items provided by GE other than in and to the country of ultimate
destination specified in Copa&#146;s purchase order and/or approved government license or authorization, except as said laws and regulations may permit. </P></TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 7 <FONT STYLE="white-space:nowrap">-</FONT> PARTS REPLACEMENT PROCEDURES </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Missing or Damaged Parts. GE shall, within one hundred twenty (120) hours of Delivery, notify Copa in writing,
or by alternate mutually agreed electronic communication, of any components or LRUs damaged or missing from an Engine when received at the Designated Repair Station. GE shall replace such missing or damaged items at Copa&#146;s expense unless Copa
notifies GE in writing within two (2)&nbsp;business days of receiving GE&#146;s notice that Copa wishes to furnish such missing or damaged items within a period of time specified by GE. If such damage or loss occurred after Delivery, GE shall be
responsible for repairing or replacing such item. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Parts Replacement. GE shall determine which parts are required to accomplish the Services associated with a
MCPH Shop Visit and shall provide all parts and materials required to accomplish the Services. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Rotable Parts. GE may issue compatible parts from GE&#146;s Rotable Parts inventory to replace Copa&#146;s
parts requiring repair. Copa agrees to accept compatible Rotable Parts that are updated to the <FONT STYLE="white-space:nowrap">then-current</FONT> Service Bulletin baseline used by the majority of GE&#146;s customers. Repairable parts removed from
the Engine and replaced by GE&#146;s Rotable Parts inventory will be repaired by GE or a third party, at GE&#146;s option. Any Rotable Part which replaces a Copa part shall meet or exceed the modification standard of the Copa part.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">7.2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Life Limited Parts. LLP received by GE without the necessary records required in Paragraph 5.1.8 above that
relate to LLP, shall be replaced by GE at Copa&#146;s expense as stated therein, following the time period allowed for Copa to provide such records, as stated herein. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Title to Parts. GE furnished parts and material incorporated into an Engine shall be deemed to have been sold
to Copa and title to such GE furnished parts and material shall pass to Copa upon incorporation into such Engine. Risk of loss or damage to such parts and material shall pass to Copa upon Redelivery of the Engine. Title to any parts removed from the
Engine, which are replaced by other parts, shall pass to GE upon incorporation into the Engine of the replacement part, unless such removed parts are scrapped. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Title to Scrapped Parts. Title to Scrapped Parts shall pass to GE upon review and disposition by Copa, only to
the extent required to comply with FAA requirements. Title to Scrapped Parts as result of a Supplemental Shop Visit shall pass to GE only upon confirmation of scrap status by Copa. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Scrapped Parts. GE shall, at its sole expense and without any further adjustment to Copa, dispose of all
Scrapped Parts, except for Supplemental Work Scrap Parts which shall be subject to Copa&#146;s disposition instructions (delays in such disposition instruction shall not prevent GE from continuing performance on the Engine, including replacement of
the Scrapped Part). Copa shall prior to the end of each calendar quarter elect, at its option, either to witness destruction of Scrapped Parts or receive a certificate of destruction, in a format to be set forth in the Procedures Manual, during the
subsequent quarter. </P></TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 8 <FONT STYLE="white-space:nowrap">-</FONT> REPAIR STATIONS AND SUBCONTRACTED SERVICES </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">GE Repair Stations. GE may have any of the Services within the scope of this Agreement performed at any
facility of GE or any GE affiliated repair station, with prior Copa written approval, such approval not to be unreasonably withheld, delayed or denied. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Subcontracted Services. GE may subcontract any portion of the Services to be performed on the Engines. Any
subcontracted Services shall be performed in accordance with the requirements of this Agreement. Copa shall, at its sole expense, have the right to review GE&#146;s audit report(s) for such subcontractor(s). Subcontracting of any Services hereunder
shall not relieve GE of its performance obligations set forth in this Agreement. </P></TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 9 <FONT
STYLE="white-space:nowrap">-</FONT> PRICING </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In consideration of Services provided under this Agreement, Copa agrees to pay GE for labor,
material, subcontractor Services, testing, and all other services furnished hereunder in accordance with the prices set forth in Exhibit A. All prices are stated in 2003 United States Dollars, and are subject to adjustment as described in Exhibit A.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 10 <FONT STYLE="white-space:nowrap">-INVOICES</FONT> AND PAYMENT </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">10.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">MCPH Payments. Copa shall remit to GE, on the fifteenth (15th) day of each month of performance under this
Agreement, an amount equal to the actual EFH incurred by all of the Engines for that preceding month multiplied by the applicable adjusted and escalated MCPH Rate. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">10.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Supplemental Work Payments. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">10.2.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Supplemental Work invoices shall be net of any warranty applicable to the equipment which GE receives.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">10.2.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Application of Payments </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman">Payments by Copa for Supplemental Work shall be applied to the oldest outstanding invoices, less any disputed amounts, in order of succession.
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">10.2.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Invoice(s) </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">10.2.3.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Interim Invoices. GE shall issue an interim invoice at terms of net thirty (30)&nbsp;days, following incoming
inspection of Engines into GE&#146;s Designated Repair Station, for GE&#146;s cost estimate for that shop visit. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">10.2.3.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Final Invoice. GE shall issue a final invoice for Services as soon as practicable, not later than 6 months
following Redelivery of the Engine. The final invoice shall reflect the total charges owed by Copa and credits due Copa and shall reflect any additional charges and/or credits to the interim invoice(s) incurred, based on actual charges to complete
the Services. Such invoice shall be reconciled with any interim invoice(s). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">10.2.3.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Payment Terms. Copa shall pay, in full, the unpaid balance of any final invoice for Services within thirty
(30)&nbsp;days after Redelivery of the Engine. If any payment date falls on a day that is not a business day, the payment that is otherwise due shall instead be due the next business day. Subject to GE&#146;s then current credit and collection
status for Copa, or in the event Copa&#146;s account becomes delinquent, GE reserves the right to require different terms of payment or other commercially acceptable assurances of payment until such delinquency has been cured. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">10.2.3.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">All Invoices shall include the following information: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Cover sheet to include general transaction data. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Labor summary. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Material listing by source. (Includes PN, IIN, Noun, reason for replacement, price, quantity and total price.)
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Subcontractor charges, including supporting documentation. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="18%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Any other applicable charges. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">10.2.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Invoice Dispute Resolution Process </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman">In the event Copa has a legitimate, substantiated reason(s) to believe that an error(s) has been made in a GE invoice for Supplemental Work,
the following resolution process shall apply: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">10.2.4.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Copa shall provide written notice to GE which states both the amount and nature of the alleged error(s) within
thirty (30)&nbsp;working days of the applicable invoice date; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">10.2.4.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Copa shall deduct the amount(s) being disputed from the invoice total, without penalty, pending an
investigation by GE of the alleged error(s); however, Copa shall pay all <FONT STYLE="white-space:nowrap">non-disputed</FONT> charges in accordance with Paragraph 10.2.1, above; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">10.2.4.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">GE shall conduct an investigation of the disputed amount(s) and notify Copa of the findings of such
investigation within ten (10)&nbsp;working days of receipt of notification. Upon mutual agreement of such resolution, Copa shall pay any and all amounts still owed to GE or GE shall credit Copa, as applicable and as promptly as possible, but in no
event later than thirty (30)&nbsp;days following such resolution. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">10.2.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">All MCPH charges paid by Copa for an ineligible Engine, to the point such Engine qualifies under the MCPH
Program&#146;s eligibility requirements in 3.1.3 above, shall be credited up to the Supplemental Work charges for the Qualifying Shop Visit. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">10.2.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In the event that Copa requires a Supplemental Work shop visit which includes a Full Performance Restoration
Workscope, GE shall invoice all of the Services performed during that shop visit as Supplemental Work and credit Copa&#146;s Supplemental Work invoice for ninety percent (90%) of Copa&#146;s MCPH payments actually paid to GE for EFH incurred by the
applicable Engine since its last shop visit or since new, whichever occurred last. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">10.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Late Payment. Should Copa fail to make payment for <FONT STYLE="white-space:nowrap">non-disputed</FONT> charges
within the specified time, then it is agreed that GE may charge interest for late payment at a rate equal to the then current one (1)&nbsp;year London InterBank Offered Rate (&#147;LIBOR&#148;) for U.S.&nbsp;Dollar deposits, as published in the Wall
Street Journal, plus two hundred (200)&nbsp;basis points, compounded daily on any unpaid balance commencing on the next calendar day after the payment due date until such time as the payment plus the late payment charges are received by GE. Payments
by Copa shall be applied to the oldest outstanding amounts owing to GE in order of succession. GE&#146;s obligation to provide a lease Engine as specified in Paragraph 3.4.11 will be suspended during any period Copa fails to make payment within the
specified time, except for amounts disputed pursuant to 10.2.4. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">10.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Payment Instruction. All payments under this Agreement shall be made in United States Dollars, immediately
available for use, without any right of <FONT STYLE="white-space:nowrap">set-off</FONT> or deduction, except as permitted by this Agreement, via wire transfer by Copa to the bank account and address designated below: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">GE Engine Services, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Account
No.&nbsp;1010933861 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ABA # 043000096 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Pittsburgh National Bank </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Pittsburgh PA 15265 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">10.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mechanic&#146;s Lien/Security Interest. To the extent permissible under any applicable Lease of Copa aircraft
and Copa&#146;s rights under applicable law in the respective Engine operated by Copa, Copa shall properly execute and deliver all documentation as reasonably requested by GE to effect GE&#146;s rights to a mechanic&#146;s, material man&#146;s, FAA
or other statutory or common law lien under applicable state, federal or foreign laws. </P></TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 11 <FONT
STYLE="white-space:nowrap">-</FONT> LIMITATION OF LIABILITY, INDEMNIFICATION AND INSURANCE </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">11.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Total Liability. The total liability of GE or Copa for any and all claims, whether in contract, warranty, tort
(including negligence but excluding willful misconduct or gross negligence), product liability, patent infringement, or otherwise for any damages arising out of, connected with, or resulting from the performance or
<FONT STYLE="white-space:nowrap">non-performance</FONT> of any Service or Services provided hereunder or from the manufacture, sale, Redelivery, resale, repair, overhaul, replacement or use of any Engine shall not exceed the then current fair market
value of that certain Engine which gives rise to the claim, on a per occurrence basis. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">11.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Damages. Except for indemnification obligations for third party claims under Paragraph 11.3 or as otherwise
provided herein, in no event, whether as a result of breach of contract, warranty, tort (including negligence but excluding willful misconduct or recklessness), product liability, patent infringement, or otherwise, shall GE be liable for any
special, consequential, incidental, resultant (except resultant physical damage to any Engine), indirect, punitive or exemplary damages (including, without limitation, loss of use, loss of profit or loss of revenue in connection with the Engine).
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">11.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">GE and Copa shall each release the other party from, and shall indemnify, defend and hold the other party
harmless from and against any and all claims, liabilities and losses whatsoever of any nature or kind on account of or by any reason of injury to or death of any employee or representative of that other party or any third party or damage to or loss
of property, including infringement of intellectual property rights, of that other party or any third party, arising out of, in connection with or resulting from performance hereunder or operation of the Aircraft on which an Engine is installed,
whether in contract, warranty, tort, product liability, patent infringement or otherwise, except to the extent such injury, death or damage arose directly out of the gross negligence or willful misconduct of an indemnified party.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">11.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definition. For the purpose of this Article 11, the term &#147;GE&#148; or &#147;Copa&#148; is deemed to
include such party and its affiliated companies, the subcontractors and suppliers of any Services furnished hereunder, and the directors, officers, employees, servants, and representatives of each. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">11.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insurance. GE shall maintain, at its own cost and expense, during the term of this Agreement, policies of
insurance of the types and in the amounts not less than those stipulated in the terms of this Agreement: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">11.5.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Comprehensive General Liability with combined single limits not less than $2,500,000.00 per occurrence.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">11.5.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Aircraft Products and Completed Operations liability, for bodily injury and property damage with limits of not
less than $500,000,000.00 combined single limit per occurrence and in the aggregate where applicable. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">11.5.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Workers&#146; Compensation to statutory limits and Employer&#146;s Liability with limits of not less than
$1,000,000.00 per occurrence and including occupational disease coverage. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">11.5.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">GE shall cause the aforesaid liability insurance policies to be duly and properly endorsed by GE&#146;s
insurance underwriters to: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">11.5.4.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Contain a standard cross liability/severability of interest clause. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">11.5.4.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Provide that said insurance shall be primary in all instances with respect to Copa&#146;s insurance which shall
be secondary or excess at all times. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">11.5.4.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Provide blanket contractual liability coverage for the liability, indemnity and hold harmless obligations
assumed under the terms of this Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">11.5.4.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Provide a waiver of subrogation rights in favor of Copa. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">11.5.4.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Provide thirty (30)&nbsp;days prior written notice of cancellation or adverse material change in coverage.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">11.5.4.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Provide that Copa is endorsed as an additional insured. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">11.5.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Within ten (10)&nbsp;days after the execution of this Agreement, GE shall supply Copa with certificates of
insurance evidencing the coverages and endorsements referenced above with Copa listed as an additional insured. </P></TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE
12 <FONT STYLE="white-space:nowrap">-</FONT> EXCUSABLE DELAY </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">12.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Excusable Delays. GE and Copa shall be excused from, and shall not be liable for, any delays in its performance
or failure to perform hereunder, and shall not be deemed to be in default for any delay in or failure of performance hereunder due to causes beyond its reasonable control. Such causes shall be conclusively deemed to include, but not be limited to,
acts of God, acts (or failure to act) of the other party, acts (or failure to act) of civil or military authority, government priorities, fires, strikes, labor disputes, work stoppage, floods and other natural catastrophe(s), epidemics, war
(declared or undeclared), riot, or delays in transportation. In the event of any such delay, the time of performance shall be extended for a period equal to the time lost by reason of the delay. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">12.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Continuing Obligations. Paragraph 12.1 shall not, however, relieve either party from using its best commercial
efforts to avoid or remove such causes of delay and continue performance with reasonable dispatch when such causes are removed. If, within fourteen (14)&nbsp;calendar days of the event causing the excusable delay, GE has not provided Copa evidence
of GE&#146;s ability to continue providing Services under the Agreement or providing such Services through a third party, Copa shall have the right to have any of the Services performed by a mutually agreeable third party. In such event, GE shall,
with respect to any Engine sent to a third party, reimburse Copa the MCPH Rates paid since the last MCPH Shop Visit. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">12.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Extended Delay <FONT STYLE="white-space:nowrap">-</FONT> Termination. If delay resulting from any of the
foregoing causes extends for more than six (6)&nbsp;months and the parties have not agreed upon a revised basis for continuing the Services, including any adjustment of the price, then either party, upon thirty (30)&nbsp;calendar days written notice
to the other, may terminate the performance of Services with respect to any Engine for which Services were delayed, whereupon Copa shall pay GE amounts due upon receipt of GE&#146;s invoice(s). </P></TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 13 <FONT STYLE="white-space:nowrap">-</FONT> NOTICES </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">13.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Acknowledgment. All notices required or permitted under this Agreement shall be in writing and shall be
delivered personally, or sent via first class mail, return receipt requested, facsimile, courier service, or express mail, addressed as follows or such other address as either party may designate in writing to the other party from time to time:
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="95%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="64%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">GE:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">COPA:</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">GE Engine Services, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Compania Panamena De Aviacion, S.A</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1 Neumann Way</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tocumen Int&#146;l Airport</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">M/D <FONT STYLE="white-space:nowrap">F-103</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">P.O. Box 1572</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cincinnati, OH <FONT STYLE="white-space:nowrap">45215-6301</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Panama 1, Panama</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Attn: President&nbsp;&amp; CEO</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Attn: VP Purchasing&nbsp;&amp; Material Services</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Copy to: GE Engine Services, Inc</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tel.: (507) <FONT STYLE="white-space:nowrap">238-4449</FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Neumann Way</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fax: (507) <FONT STYLE="white-space:nowrap">238-4810</FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M/D <FONT
STYLE="white-space:nowrap">F-120</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cincinnati, OH <FONT
STYLE="white-space:nowrap">45215-6301</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Copy to: Chief Financial Officer</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attn: Manager, Fleet Management Operation</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">13.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Effect of Notices. Notices shall be effective and shall be deemed to have been given when received by the
recipient (A)&nbsp;if sent by courier, express mail, or delivered personally, upon delivery; (B)&nbsp;if sent by facsimile, upon receipt; and (C)&nbsp;in the case of a letter sent prepaid first class mail, on the fifth (5th) day after posting (or on
actual receipt, if earlier). </P></TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 14 <FONT STYLE="white-space:nowrap">-</FONT> TAXES AND OTHER CHARGES </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">14.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Taxes, Duties or Charges. In addition to the price for the Services, Copa shall pay to GE, upon demand, any
taxes (including without limitation, sales, use, ad valorem, excise, turnover or value added taxes), duties, fees, charges, imposts, tariffs, or assessments of any nature (but excluding income taxes) (&#147;Taxes&#148;), assessed or levied in
connection with GE&#146;s performance under this Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">14.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Right To Protest/Refund. If claim is made against GE for any such Taxes, GE shall immediately notify Copa and,
if requested by Copa, GE shall not pay except under protest, and if payment be made, GE shall use all reasonable efforts to obtain a refund thereof. If all or any part of any such Taxes be refunded, GE shall repay to Copa such part thereof as Copa
shall have paid. Copa shall pay to GE, upon demand, all expenses (including penalties, interest and attorney&#146;s fees) incurred by GE in protesting payment and in endeavoring to obtain such refund at Copa&#146;s request. </P></TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 15 <FONT STYLE="white-space:nowrap">-</FONT> DISPUTE RESOLUTION, ARBITRATION </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">15.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Resolution by Senior Management. If a dispute arises relating to this Agreement and related damages, if any,
(the &#147;Dispute&#148;) either party shall give written notice to the other party requesting that senior management attempt to resolve the Dispute. Within fifteen (15)&nbsp;days after receipt of such notice, the receiving party shall submit a
written response. The notice and the response shall include a statement of the applicable party&#146;s position and a summary of reasons supporting that position. The parties shall cause senior management to meet within thirty (30)&nbsp;days after
delivery of the notice, at a mutually acceptable time and place, and thereafter as often as they reasonably deem necessary, to use commercially reasonable efforts to resolve the Dispute. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">15.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Arbitration. If the parties&#146; senior management do not resolve the Dispute by means of the process
described above within one hundred twenty (120)&nbsp;calendar days after delivery of the disputing party&#146;s notice, then either party may request that the Dispute be settled and finally determined by binding arbitration in New York, New York,
USA, or any other location the parties may agree, in accordance with the Commercial Arbitration Rules of the American Arbitration Association (then in effect) (&#147;AAA&#148;). </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">15.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Arbitration Procedure. The arbitration will be conducted by a single arbitrator chosen by agreement of the
parties. In the event that they are unable to reach agreement within thirty (30)&nbsp;calendar days of the demand for arbitration, the parties may request the AAA to appoint the neutral arbitrator. The arbitrator may hold <FONT
STYLE="white-space:nowrap">pre-hearing</FONT> conferences or adopt other procedures. The Agreement shall be interpreted and applied in accordance with the substantive laws of the State of New York, without giving effect to its conflict of law
provisions, rules or procedures (except to the extent that the validity, perfection, or creation of any lien or security interest hereunder and the exercise of rights or remedies with respect of such lien or security interest for a particular item
of equipment are governed by the laws of a jurisdiction other than New York). </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Reasonable examination of opposing
witnesses in oral hearing will be permitted. Each party will bear its own cost of presenting or defending its position in the arbitration. The award of the arbitrator shall be final, binding and <FONT STYLE="white-space:nowrap">non-appealable</FONT>
and judgment may be entered thereon in any court having jurisdiction </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">
thereof. If a party is found to be in default hereunder, the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> party&#146;s reasonably incurred costs associated with the arbitration,
including reasonable attorneys&#146; fees, shall be paid by the defaulting party. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">15.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">15.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Exception. Either party may at any time, without inconsistency with this Article 15, seek from a court of
competent jurisdiction any equitable, interim, or provisional relief to avoid irreparable harm or injury. This Article 15 shall not be construed to modify or displace the ability of the parties to effectuate any termination contemplated in Article
16 below. </P></TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 16 <FONT STYLE="white-space:nowrap">-</FONT> TERMINATION </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">16.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Failure to Pay/Insolvency. Either party may, at its option, immediately cancel all or any portion of this
Agreement if the other party: (A)&nbsp;fails to make any of the required payments or credits when due, unless cured within ten (10)&nbsp;calendar days of such payment due date; (B)&nbsp;makes any agreement with creditors due to its inability to make
timely payments of its debts; (C)&nbsp;enters into bankruptcy or liquidation whether involuntary or voluntary (provided, in the event of an involuntary proceeding, the same shall not have been dismissed within 60 days); (D) becomes insolvent; or
(E)&nbsp;becomes subject to the appointment of a receiver of the whole or material part of its assets. If such cancellation should occur, Copa shall not be relieved of its payment obligation for Services rendered hereunder prior to such
cancellation. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">16.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Material Provisions. Without limiting the provisions of Paragraph 16.1 above and excluding any other remedies
provided elsewhere in this Agreement, either party may cancel this Agreement upon sixty (60)&nbsp;calendar days written notice to the other for failure to comply with any material provision of this Agreement, unless the failure shall have been cured
or the party in breach has substantially effected all acts required to cure the failure prior to such ninety (690)&nbsp;calendar days. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">16.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Work in Process. Upon the expiration or cancellation of this Agreement, GE shall complete all work in process
in a diligent manner under the terms of this Agreement provided that Copa has deposited sufficient monies with GE to pay the estimated charges for all such work, in accordance with the prices set forth in Exhibit A. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">16.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">GE shall, upon receipt of Copa&#146;s written request, promptly deliver all Copa&#146;s Engines, parts and
related documentation to Copa. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">16.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Reconciliation of MCPH Payments. In the event this Agreement is terminated, GE will calculate reconciliation
for each Engine covered by this Agreement as set forth in Paragraph 1.3.1.2 of Exhibit A to this Agreement. Based on this calculation and at its option, GE shall invoice Copa an amount to be paid by Copa within thirty (30)&nbsp;days of the date of
invoice. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">16.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">16.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Survival. Termination of this Agreement shall not terminate the rights and obligations of the parties accruing
prior to such termination. The provisions of Articles 11, 17 and 18 shall survive termination of this Agreement. </P></TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE
17 <FONT STYLE="white-space:nowrap">-</FONT> NONDISCLOSURE OF PROPRIETARY DATA </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">17.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Non-Disclosure.</FONT> The existence of this Agreement and its general purpose
may be stated to others by either of the parties without approval from the other, except, that the terms of this Agreement and any knowledge or information which either party may disclose to the other party with respect to pricing,
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">
design, manufacture, sale, use, repair, overhaul or Service of Engines, shall be deemed to be proprietary information, and shall be held in confidence by the receiving party. Such information
shall not be reproduced, used or disclosed to others by receiving party without the disclosing party&#146;s prior written consent, except to the extent required by government agencies and courts for official purposes. Disclosure to such government
agencies and courts shall be made only (A)&nbsp;upon thirty (30)&nbsp;calendar days advance written notice by the receiving party to the other party of such disclosure, so as to provide that other party the ability to obtain appropriate protective
orders, and (B)&nbsp;with a suitable restrictive legend limiting further disclosure. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">17.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Exceptions. The preceding Paragraph 17.1 shall not apply to information which (A)&nbsp;is or becomes part of
the general public knowledge or literature otherwise than as a result of breach of the receiving party&#146;s obligations hereunder, or (B)&nbsp;was, as shown by written records, known to the receiving party prior to receipt from other party, or
(C)&nbsp;is disclosed without restriction to the receiving party by a third party having the right to do so. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">17.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Trademarks. Nothing contained in this Agreement shall convey to either party the right to use the trademarks of
the other, or convey or grant to either Party any license under any patent owned or controlled by the other party. </P></TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 18 <FONT STYLE="white-space:nowrap">-</FONT> WARRANTY </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">18.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">18.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">18.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">18.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">18.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">18.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">18.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 19 <FONT STYLE="white-space:nowrap">-</FONT> GENERAL PROVISIONS </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">19.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Assignment. The assignment of all or any portion of this Agreement or any purchase order or any right or
obligation hereunder, by either party, without the prior written consent of the other party, shall be void; except that Copa&#146;s consent shall not be required for the substitution of an affiliated company of GE in place of GE as the contracting
party and/or the recipient of payments pertaining to all or any portion of this Agreement or any purchase order in connection with this Agreement. In the event of any such substitution, Copa shall be so advised in writing. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">19.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Governing Law, Waiver of Immunity. The Agreement shall be interpreted and applied in accordance with the
substantive laws of the State of New York, without giving effect to its conflicts or choice of law provisions, rules or procedures. To the extent that Copa or any of its property becomes entitled at any time to any immunity on the grounds of
sovereignty or otherwise from any legal action, suit, or proceeding of any nature, Copa hereby irrevocably waives the application of such immunity and particularly, the U.S. Foreign Sovereign Immunities Act, 28 U.S.C. 1602, et. seq. insofar as such
immunity relates to Copa&#146;s rights and obligations in connection with this Agreement. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">19.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Savings Clause. If any portion of this Agreement shall be determined to be a violation of or contrary to any
controlling law, rule or regulation issued by a court of competent jurisdiction, then that portion shall be unenforceable and deleted from this Agreement. However, the balance of this Agreement shall remain in full force and effect.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">19.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Beneficiaries. Except as herein expressly provided to the contrary, the provisions of the document are for the
benefit of the parties hereto and not for the benefit of any third party. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">19.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Controlling Language. The English language shall be used in the interpretation and performance of this
Agreement. All correspondence and documentation arising out of or connected with this Agreement and any related purchase order(s), including but not limited to Engine records and Engine logs shall be in the English language. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">19.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Non-Waiver</FONT> of Rights and Remedies. Any failure or delay in the exercise
of rights or remedies hereunder shall not operate to waive or impair such rights or remedies. Any waiver given shall not be construed to require future or further waivers. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">19.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Titles/Subtitles. The titles and subtitles given to the sections of the Agreement are for convenience only and
shall not in any manner be deemed to limit or restrict the context of the article or section to which they relate. The words &#147;herein&#148;, &#147;hereof&#148;, &#147;hereunder&#148;, &#147;herewith&#148;, and similar terms are not to be deemed
restrictive and refer to the entire Agreement, including all Exhibits. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">19.8</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Currency Judgment. This is an international transaction in which the specification of United States Dollars is
of the essence. No payments required to be made under this Agreement shall be discharged by payments in any currency other than United States Dollars, whether pursuant to a judgment, arbitration award, or otherwise. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">19.9</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No Agency Fees. Copa represents and warrants that no officer, employee, representative, or agent of Copa has
been or will be paid a fee or otherwise has received or will receive any personal compensation or consideration by or from GE in connection with the obtaining, arranging or negotiation of this Agreement or other documents entered into or executed in
connection herewith. GE represents that, unless otherwise disclosed in writing prior to the execution of this Agreement and approved by Copa&#146;s duly authorized representative, GE has not and will not enter into any agreement with any third party
for the purpose of facilitating, assisting, or coordinating, in any way, shape or form, any aspect of this Agreement (except in the case of attorneys or other counselors whose function is to review and advise GE on the terms of this Agreement),
including but not limited to the initial meetings which led to the negotiation of this Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">19.10</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">On-Site</FONT> Representative. Subject to the following conditions, GE agrees
to ensure that adequate <FONT STYLE="white-space:nowrap">non-exclusive</FONT> workspace, parking, and local telephone and facsimile access are available for Copa&#146;s <FONT STYLE="white-space:nowrap">on-site</FONT> representative assigned to the
Designated Repair Station. Costs incurred by such <FONT STYLE="white-space:nowrap">on-site</FONT> representative, including without limitation, long distance telephone charges, fax, or computer charges, shall be the responsibility of Copa, and if
charged to GE in the first instance, shall be invoiced to Copa. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">19.11</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No Agency. Nothing in this Agreement shall be interpreted or construed to create a partnership, agency, or
joint venture between GE and Copa. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">19.12</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Entire Agreement. This Agreement, together with Exhibits A through E, contains and constitutes the entire
understanding and agreement between the Parties hereto respecting the subject matter hereof, and supersedes and cancels all previous negotiations, agreements, commitments, and writings in connection herewith. This Agreement may not be released,
discharged, abandoned, supplemented, changed, or modified in any manner, orally or otherwise, except by a writing of concurrent or subsequent date signed </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
and delivered by a duly authorized officer or representative of each of the parties hereto making specific reference to this Agreement and the provisions hereof being released, discharged,
abandoned, supplemented, changed, or modified. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">19.13</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Counterparts. This Agreement may be executed in one or more counterparts, all of which counterparts shall be
treated as the same binding agreement, which shall be effective as of the date set forth on the first page hereof, upon execution and delivery by each party hereto to the other party of one or more such counterparts. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized officer or representatives who represent to each other and
both parties that each is employed in the capacity indicated below and has the unequivocal authority to execute and deliver this Agreement, which shall be effective as of the date first above written. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">GE ENGINE SERVICES, INC.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMPANIA
PANAMENA DE AVIACION, S.A</TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">BY:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Gilberto Peralta</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>BY:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Pedro Heilbron</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">PRINTED&nbsp;NAME:&nbsp;&nbsp;&nbsp;&nbsp;Gilberto Peralta</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>PRINTED&nbsp;NAME:&nbsp;&nbsp;&nbsp;&nbsp;Pedro Heilbron</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">TITLE:&nbsp;&nbsp;&nbsp;&nbsp;GM, Sales, Latin America</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>TITLE:&nbsp;&nbsp;&nbsp;&nbsp;CEO</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">DATE:&nbsp;&nbsp;&nbsp;&nbsp;3/6/03</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>DATE:&nbsp;&nbsp;&nbsp;&nbsp;3/6/03</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material Redacted** </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**5
pages** </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SCHEDULE 1 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TO </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material Redacted** </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**2
pages** </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SCHEDULE 2 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TO </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material Redacted** </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**2
pages** </P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SCHEDULE 3 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TO </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material Redacted** </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT B </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material Redacted** </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT C </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material Redacted** </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**2
pages** </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT D </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material Redacted** </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT E </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material Redacted** </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>

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<TYPE>EX-4.5
<SEQUENCE>7
<FILENAME>d128959dex45.htm
<DESCRIPTION>EX-4.5
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.5</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TREATS AS PRIVATE OR CONFIDENTIAL </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Exhibit 4.5 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF AMENDED AND
RESTATED </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ALLIANCE AGREEMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Amended and Restated Alliance Agreement (the &#147;Agreement&#148;) is made this
<U></U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of <U></U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2005, by and between CONTINENTAL AIRLINES, INC. (together with its
Affiliates, &#147;Continental&#148;), a corporation duly organized and validly existing under the laws of the State of Delaware, U.S.A. with its principal office at 1600 Smith Street, Houston, Texas, U.S.A. 77002, and COMPANIA PANAMENA DE AVIACION,
S.A. (together with its Affiliates, &#147;COPA&#148;), a corporation of the Republic of Panama, with its principal office at Ave. Justo Arosemena y Calle 39, Apartado 1572, Panama 1, Panama. Continental and COPA are herein referred to as the
&#147;Carriers&#148;. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RECITALS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Continental and COPA are each certificated air carriers providing air transportation services with respect to both passengers and cargo in
their respective areas of operation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Continental and COPA desire to increase the flow of air passenger traffic on aircraft operated by
both carriers and increase the quantity and quality of air service available to the traveling public by entering into and maintaining a cooperative relationship that will include the codesharing of flights, schedule coordination for connectivity,
through check-in, special prorate arrangements for both passengers and cargo, frequent flyer program participation, joint marketing programs and other mutually agreed to arrangements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Continental and COPA are each a party to the &#147;Alliance Agreement&#148; made the 22nd day of May, 1998 and each agree to enter into this
Agreement as an amended and restated version of the Alliance Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the premises and the mutual
promises herein contained, Continental and COPA hereby agree as follows: </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">GOVERNMENTAL APPROVALS </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. Antitrust Immunity. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)
During the term of this Agreement, Continental and Compania Panamena de Aviacion, S.A. shall use their commercially reasonable efforts to maintain unconditional exemption and immunization pursuant to 49 U.S.C. Sections 41308 and 41309 and 41309 from
the application of all United States antitrust laws, as defined therein, for all transactions and activities contemplated in this Agreement with respect to such Carriers, including, but not limited to, pricing, route planning, yield management,
scheduling, commissions, advertising, sales and marketing and all ancillary transactions and activities thereto (&#147;Antitrust Immunity&#148;); provided, however, that if the Carriers use their commercially reasonable efforts to maintain Antitrust
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Immunity but Antitrust Immunity is terminated, this Agreement shall not terminate and shall continue to be a valid and binding agreement of the Carriers and enforceable against the Carriers but
limited by any applicable law, rule, regulation, ordinance, certificate, governmental permit or license, judgment, injunction, order or decree or a governmental or regulatory authority, agency, commission, court or other entity, domestic or foreign.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) To the extent that Antitrust Immunity is terminated, a new application for Antitrust Immunity shall be filed by the applicable
Carriers with the Department of Transportation (the &#147;DOT&#148;) as soon as reasonably and commercially possible after such termination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Subject to Antitrust Immunity and applicable laws and regulations, the Carriers shall coordinate their pricing, route planning, yield
management, scheduling, commissions, advertising, sales and marketing and other activities for the mutual benefit of the Carriers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.
Codesharing Approval. Within 45 days after the commencement date of this Agreement (the &#147;Implementation Date&#148;), Continental and COPA shall apply to the DOT pursuant to Section&nbsp;212 of the DOT&#146;s regulations for authorization to
implement the &#147;Shared Code Segments&#148; (the application for &#147;Statements of Authorization&#148;), as defined below. Continental and COPA shall use their commercially reasonable efforts to obtain and maintain such authorization. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. Filings; Other Action. Subject to the terms and conditions herein provided the Carriers shall: (i)&nbsp;promptly make any other filings,
notices or applications with any Governmental Entity required in connection with the consummation of the transactions and acts contemplated by this Agreement; (ii)&nbsp;promptly seek any necessary consents of, or give any required notices to, third
parties with respect to the transactions and acts contemplated by this Agreement; (iii)&nbsp;consult reasonably with the other party in connection with, and keep the other party reasonably informed with respect to, the foregoing; and (iv) use all
reasonable effort to promptly take, or cause to be taken, all other actions and do, or cause to be done, all other things necessary, proper or appropriate under applicable laws and regulations to consummate and make effective the transactions and
acts contemplated by this Agreement as soon as practicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">CODESHARING </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. Schedules to be Operated. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)
To the extent permitted by law, Continental operated Shared Code Segments (as herein defined) will be marketed under not only Continental&#146;s &#147;CO&#148; designator code but also under COPA&#146;s &#147;CM*&#148; designator code, and COPA
operated Shared Code Segments will be marketed under not only COPA&#146;s &#147;CM&#148; designator code, but also under Continental&#146;s &#147;CO*&#148; designator code. Schedule B.1(a) hereto, which is incorporated herein by this reference, sets
forth the flight segments where shared code segments (&#147;Shared Code Segments&#148;) will operate during the term of this Agreement. It is the intention of the Carriers that </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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the Shared Code Segments shall be operated with full reciprocity in a non-discriminatory manner towards the non-operating Carrier on gateway routes (i.e., from a non-United States point to
another non-United States point or to a United States domestic routes as applicable and on head-to-head and non-overlapping markets). Each Carrier will use its commercially reasonable efforts to commence codeshare operations as soon as regulatory
authority to commence such operations has been obtained ; provided that neither Carrier shall have an obligation to place its designator code on flights operated by the other Carrier unless or until such time as the Carrier whose designator code
will be used is reasonably satisfied that the manner in which the codeshare service is to be provided is substantially comparable to its own service. Except as expressly set forth herein, no Carrier shall have an obligation to extend Shared Code
Segments to other routes or to maintain operations of its aircraft on any routes and no such obligation can be created by any oral statements or representations or course of dealing by a Carrier, but only by an express written agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Carriers shall meet together at least twice per year to discuss the appropriateness of expanding or contracting the Shared Code
Segments. Each Carrier shall have the right to propose changes to the Shared Code Segments and such proposal must be duly and timely analyzed and the decision of the other Carrier to reject it must be made on a commercially reasonably basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. Schedule Changes. For flights operating as Shared Code Segments, each Carrier shall operate the schedule published by it on the
Implementation Date and either Carrier may change its schedule published by it on the Implementation Date and either Carrier may change its schedule for Shared Code Segments operated by it at its own discretion; provided, however, that if a proposed
change in a Carrier&#146;s schedule will have a material adverse effect on the other Carrier&#146;s connecting opportunities, the Carrier planning to change its schedule shall provide the other Carrier with 60 days&#146; written notice (or notice as
far in advance as practical, if 60 days is not practical, but under no circumstances less than 15 days) of the schedule change. The Carriers recognize that in order to provide a high level of customer service, the schedule change process must be
synchronized and the Carriers shall endeavor to achieve such synchronization to such extent and as promptly as is reasonably and legally possible. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. Revenue Sharing, Codeshare Commission and Proration on Shared Code Segments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The revenue from flight itineraries made up of transportation via a flight (a Shared Code Segment or otherwise) operated by one Carrier
connecting with a flight (a Shared Code Segment or otherwise) operated by the other Carrier (such flight itineraries are hereinafter referred to as the &#147;Through Flights&#148;) shall be allocated between the Carriers in accordance with a special
prorate agreement between the Carriers, a copy of which is attached hereto as Exhibit A (the &#147;Special Prorate Agreement&#148;). The tickets for Through Flights or connecting flights shall be issued such that a separate coupon shall be utilized
for each flight segment. From time to time and in good faith, each Carrier shall determine which discount coupons or documents of the other Carrier it shall recognize. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Special Prorate Agreement shall be based primarily on **Material Redacted**. In such
selected short-haul markets, the operating Carrier will provide **Material Redacted**. The Special Prorate Agreement will also provide for revenue proration for unpublished fares on mutually agreeable terms. The Special Prorate Agreement shall be
modified by mutual agreement of the Carriers, as necessary, so that it is no less favorable to the non-operating Carrier on applicable origin and destination itineraries than the most favorable arrangement offered by the applicable operating Carrier
to another non-operating airline for similar origin and destination itineraries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The Carriers agree that for tickets sold by the
marketing Carrier on Shared Code Segments, the operating Carrier shall be responsible for booking fees with respect to segments operated by the operating Carrier assessed by any CRS vendors, including CRSs operated by third parties and CRSs
providing hosting services to any of the Carriers. The Carriers will request the CRS vendors to directly bill the operating Carrier for such booking fees if feasible. If such direct billing is not feasible, the Carriers shall bill each other monthly
and shall provide documentation that is reasonably acceptable to the other Carrier of such fees from each CRS vendor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Gain-Sharing.
Subject to Antitrust Immunity, the air traffic revenue gains and cost efficiencies derived from the alliance of the Carriers shall benefit both Carriers. The Carriers shall periodically assess the relative benefits and costs of codesharing and other
forms of marketing cooperation. If, after Antitrust Immunity, the gains or costs of the Carrier&#146;s coordination of pricing, route planning, yield management, scheduling, commissions, advertising, sales and marketing and other activities directly
result in benefits to one Carrier but adversely impact the other, and such adverse impact is not the result of such other Carrier&#146;s action, the Carriers shall negotiate immediately in good faith to make adjustments so that both Carriers may
fairly benefit from these alliance activities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. Issuance of Traffic Documents and Settlement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Passenger&#146;s traffic documents for Shared Code Segments may be issued by either Carrier, or third parties with whom the Carriers from
time to time have interline traffic agreements, in the same way as for any other flight of the marketing Carrier or the operating Carrier. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The acceptance of passengers&#146; traffic documents used in connection with the Shared Code Segments and settlements between the Carriers
shall occur through the IATA Clearinghouse in accordance with the procedures set forth in the IATA Multilateral Interline Traffic Agreement-Passenger (the `IATA Interline Agreement), except as specifically set forth in this Section B.4. The
settlement amounts shall be determined using the techniques provided in the IATA Revenue Accounting Manual. Each Carrier consents to the use by the other Carrier of sampling techniques in accordance with the IATA Revenue Accounting Manual, Chapter
B1, to determine the settlement amounts. COPA&#146;s revenue accounting system currently does not have the capacity to handle interline sampling. Should Continental request that COPA install and use interline sampling, Continental shall pay the
reasonablecost to upgrade COPA&#146;s revenue accounting system to accommodate interline sampling. The Carriers recognize that because of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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Continental&#146;s size and selling strength relative to COPA&#146;s it is probable that a disproportionate number of COPA operated Shared Code Segments will be ticketed on Continental&#146;s
ticket stock or ticketing plate and, therefore, COPA will suffer negative impact to its cash flow from ticket sales. If a disproportionate number of COPA operated Shared Code Segments are ticketed, or are reasonably expected to be ticketed on
Continental&#146;s ticketed on Continental&#146;s ticket stock or ticketing plate, the Carriers will develop a commercially reasonable method to neutralize the negative impact, if any, to COPA&#146;s cash flow, including, but not limited to,
Continental&#146;s providing a cash advance on ticket lifts or a cash deposit to cover the amount of COPA&#146;s delayed cash flow resulting from Continental&#146;s sales of COPA operated Shared Code Segments. Each Carrier shall remain a member in
good standing of the IATA Clearinghouse. If the IATA Clearinghouse ceases to operate, settlement shall be determined by the internal accountants of the Carriers in accordance with procedures to be mutually agreed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Unredeemed Tickets. If either Carrier demonstrates that the revenue distribution associated with unredeemed tickets is detrimental to it,
the Carriers will discuss ways to correct the problem and, to the extent that it is commercially reasonable to do so, implement necessary changes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Employee Pass Travel Agreement. During the term of this Agreement, the Carriers will maintain a mutually agreeable employee pass travel
agreement which includes benefits for Officers of both Carriers and members of board of directors of Copa Holdings, S.A. substantially similar to the terms of the pass travel agreement in place as of the date hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. Pricing and Yield Management of Shared Code Segments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Pricing. Each Carrier shall, subject to the following sentences, independently and at it sole discretion, establish and determine the
tariffs and fares for flights operated on Shared Code Segments that utilize its designator code (CO or CO* in the case of Continental and CM or CM* in the case of COPA). Subject to retaining Antitrust Immunity and applicable laws and regulations,
pricing on the Shared Code Segments shall be established as follows: (i)&nbsp;local fares will be set by the Carrier operating the route if only one Carrier is operating the route and (ii)&nbsp;through fares on all connecting itineraries and local
fares on routes operated by both carriers shall be established by mutual agreement. Automatic concurrence shall apply when matching competitive fares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Yield Management. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Except to the extent necessary to prevent unauthorized overbooking and subject to applicable laws, each Carrier shall make
available for sale by the other Carrier on a non-discriminatory basis all of the available seats in each inventory class for Shared Code Segments and COPA/Continental interline flights subject to reasonable yield management practices; provided,
however, that the Carriers may negotiate in good faith to establish reasonable capacity limits on </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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the maximum number of seats that may be sold in a particular fare category on a particular operating flight, and provided that such capacity limits can be implemented in a commercially reasonable
manner. The Carriers shall map fares into each other&#146;s booking classes (&#147;buckets&#148;) in a fully non-discriminatory fashion so that comparable fares are placed in comparable buckets. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Each Carrier shall have access to the other Carrier&#146;s inventory through an automated interface, which interface shall
be maintained by both Carriers to permit the sale of inventory on the Shared Code Segments. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Subject to the rights of
each Carrier to manage the seat inventory that it controls, including seats on the operational flight of another Carrier, each Carrier shall maintain its reservations and yield management systems in good operational condition to permit the other
Carrier, when it is the Marketing Carrier, to offer the same functionality to its customers as is enjoyed by the customers of the Operating Carrier, including the ability to make advance seat assignments, issue advance boarding passes and access
inventory that is available for sale (in the appropriate inventory class) on the reservations system of the Operating Carrier, but excluding, until technically practical, the ability to review seat maps. Each Carrier will be responsible for its own
systems costs for ensuring such functionality. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) Unless the Carriers mutually agree, the Carriers shall not have any
blocked-space arrangements with each other. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. Marketing Programs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the extent permitted by law, the Carriers shall work to develop and implement mutually agreeable joint marketing programs to help promote the codeshare and
frequent flyer relationship and to increase revenues from traffic on the Shared Code Segments and the other flights. Where applicable, the Carriers shall include each other as appropriate in each other&#146;s marketing programs, such as cross-route
tie-in&#146;s, third-party tie-in&#146;s, contests and affinity programs. The Carriers will, to the extent permitted by law, structure mutually agreeable agency and corporate incentive compensation programs that provide an incentive to customers to
increase their aggregate business on the Carriers, while preserving the independent marketing practices of the Carriers, unless (once Antitrust Immunity is obtained) otherwise agreed. Without limiting the foregoing and to the extent permitted by
law, each Carrier shall include the other in its travel agent, corporate and related override commission, discounting and sales incentive programs in a non-discriminatory fashion unless the other Carrier declines to participate in any such program.
The joint marketing programs shall take into account the following elements: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">mutual internal incentive program; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">overall product compatibility; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">ground and in-flight consistency that promotes both carriers; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">communication planning for travel agencies and corporate travel departments; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">targeted Frequent Flyer Program promotions; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">performance measurements and reporting; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">leisure product development; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">communication plans; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ix)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">hub development. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Details of joint program development and the sharing of the incremental program costs shall be negotiated by the Carriers based on the relative revenue
benefit obtained by each of the Carriers with respect to the program on a case-by-case basis. The Carriers shall conduct quarterly joint marketing meetings to discuss implementing or adding possible marketing programs and strategies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. Codesharing Licenses. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)
CO* License </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Grant of License. Subject to the terms and conditions of this Agreement, Continental shall grant to COPA a
nonexclusive, nontransferable, revocable license to use the CO* designator code on all of COPA&#146;s flights operated as a Shared Code Segment (COPA flights flown using the CO* code are herein referred to as &#147;CO* Flights&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Control of CO* Flights. COPA shall have sole responsibility for and control over, and Continental shall have no
responsibility for, control over or obligations or duties with respect to, each and every aspect of COPA&#146;s operations including, without limitation, scheduling (except as provided in Sections B.1 and 2), pricing (except as provided in Section
B.5), planning of flight itineraries and routings, reservations, reservations control, yield management (except as provided in Section B.5), dispatch, fueling, weight and balance, flight release, maintenance, and flight operations and compliance
with applicable rules and regulations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) CM* License </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Grant of License. Subject to the terms and conditions of this Agreement, COPA shall grant to Continental a nonexclusive,
nontransferable, revocable license to use the CM* designator code on all of Continental&#146;s flights operated as a Shared Code Segment. (Continental flights flown using the CM* code are herein referred to as &#147;CM* Flights&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Control of CM* Flights. Continental shall have sole responsibility for and control over, and COPA shall have no
responsibility for, control over or obligations or duties with respect to, each and every aspect of Continental&#146;s operations including, without limitation, scheduling (except as provided in Sections B.1 and 2), pricing (except as provided in
Section B.5), planning of flight itineraries and routings, reservations, reservations control, yield management (except as provided in Section B.5), dispatch, fueling, weight and balance, flight release, maintenance, and flight operations and
compliance with applicable rules and regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. Audit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Continental Audit. Continental shall have the right, at its own cost, to inspect, review, and observe COPA&#146;s operations of CO
*Flights, and/or to conduct a full safety and/or service audit of COPA&#146;s operations, manuals and procedures reasonably related to CO* Flights, at such intervals as Continental shall reasonably request. In the exercise of such right, Continental
does not undertake any responsibility for the performance of COPA&#146;s operations. Continental shall coordinate its safety and service audits with COPA so as to avoid disruptions of COPA&#146;s operations. Any safety audit may include, without
limitation, maintenance and operation procedures, crew planning, reservations, passenger and baggage handling, customer service, personnel records, spare parts, inventory records, training records and manuals, and flight, flight training and
operational personnel records. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) COPA Audit. COPA shall have the right, at its own cost, to inspect review, and observe
Continental&#146;s operations of CM* Flights, and/or to conduct a full safety and/or service audit of Continental&#146;s operations, manuals and procedures reasonably related to CM* Flights, at such intervals as COPA shall reasonably request. In the
exercise of such right, COPA does not undertake any responsibility for the performance of Continental&#146;s operations. COPA shall coordinate its safety and service audits with Continental so as to avoid disruptions of Continental&#146;s
operations. Any safety audit may include, without limitation, maintenance and operation procedures, crew planning, reservations, passenger and baggage handling, customer service, personnel records, spare parts, inventory records, training records
and manuals, and flight, flight personnel records, spare parts, inventory records, training records and manuals, and flight, flight training and operational personnel records. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. Irregularities in Operations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) COPA shall promptly notify Continental of all irregularities involving CO* Flight which result in any damage to persons or property as
soon as such information is available and shall furnish to Continental as much detail as practicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Continental shall promptly notify COPA of all irregularities involving a CM* Flight
which result in any damage to persons or property as soon as such information is available and shall furnish to COPA as much detail as practicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) In the event of any irregularity in Shared Code Segments&#146; operations, including without limitation, any event causing damage to
persons or property, the Operating Carrier shall identify itself as being operated independently of the Carrier whose code is being used, and as being solely responsible for its operations. Either Carrier may state that it holds a codesharing
license from the other Carrier and that it obtains certain services from, or provides certain services to, as the case may be, the other Carrier if third parties inquire as to such relationship. COPA shall designate (and notify Continental of such
designation) a contact in each of the cities that COPA operates CO* Flights that is authorized to speak and comment (and has the knowledge or immediate access to the knowledge necessary to do so) on behalf of COPA in relation to its irregular
operations and Continental shall designate (and notify COPA of such designation) a contact in each of the cities that Continental operates CM* Flights that is authorized to speak and comment (and has the knowledge or immediate access to the
knowledge necessary to do so) on behalf of Continental in relation to its irregular operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. Reporting Obligation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Changes of Service. Each Carrier shall give the other Carrier 60 days advance notice (or notice as far in advance as possible if 60 days
is impracticable) of any intended material changes to the manner of conducting its business or operations or the nature of its product that relate to its operation of Shared Code Segments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Correspondence from Governmental Entities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) COPA shall immediately provide Continental copies of any formal notice of proposed civil penalty, or other similar
document, received from any Governmental Entity which, with respect to CO* Flights, references (i)&nbsp;any alleged noncompliance with rules or regulations affecting air transportation, or (ii)&nbsp;any investigation of COPA performed or proposed by
any Governmental Entity, including, without limitation, any communication issued by a government authority concerning the airworthiness of COPA&#146;s aircraft, the compliance of COPA&#146;s personnel with required operational or training procedures
or any other matter relating to the safe operation of COPA aircraft. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Continental shall immediately provide COPA
copies of any formal notice of proposed civil penalty, or other similar document, received from any Governmental Entity which, with respect to CM* Flights, references (i)&nbsp;any alleged noncompliance with rules or regulations affecting air
transportation, or (ii)&nbsp;any investigation of Continental performed or proposed by any Governmental Entity, including, without limitation, any communication issued by a government authority concerning the airworthiness of Continental&#146;s
aircraft, the compliance of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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Continental&#146;s personnel with required operational or training procedures or any other matter relating to the safe operation of Continental aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Notice of Complaints. COPA shall monthly furnish Continental a summary of complaints, notices of violation, requests to cease activity or
similar correspondence which reasonably relate to CO* Flights and which are received by COPA from Continental ticketed passengers, any Governmental Entity or other parties. Continental shall monthly furnish COPA a summary of complaints, notices of
violation, request to cease activity or similar correspondence which reasonably relate to CM* Flights and which are received by Continental from COPA ticketed passengers, any Governmental Entity or other parties. Each Carrier shall comply with the
other Carrier&#146;s reasonable requests for actual copies of any such documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Operations. For purposes of monitoring the success
of the codeshare operations, the Carriers shall provide each other with mutually agreed to monthly reports containing, without limitation, the following data for Shared Code Segments operated by each Carrier: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the total number of scheduled, actual and canceled departures for the month, by flight and city pair; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) completion and on-time performance data, by system and market. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. Flight Display. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) All
Shared Code Segments shall be included in the schedule, availability and fare displays of all computerized reservations systems in which Continental and COPA participate, the Official Airline Guide (to the extent agreed upon) and Continental&#146;s
and COPA&#146;s internal reservation systems, under the shared code as well as the operator&#146;s own code, to the extent possible. Continental and COPA shall take the appropriate measures necessary to ensure the display of the schedules of all
Shared Code Segments in accordance with the preceding sentence. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Continental and COPA shall disclose and identify the Shared Code
Segments to the public as actually being a flight of and operated by the Operating Carrier, in at least the following ways: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) a symbol shall be used in timetables and computer reservation system indicating that Shared Code Segments are actually
operated by the other Carrier; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) to the extent reasonable, messages on airport flight information displays shall
identify the operator of flights shown as Shared Code Segments; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Continental and COPA advertising concerning Shared Code Segments and
Continental and COPA reservationists shall disclose the operator of each flight; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) in any other manner prescribed
by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. Terms and Conditions of Carriage and Claims Procedures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) In all cases the contract of carriage between a passenger and a Carrier shall be that of the Carrier whose code is designated on the
ticket. As for handling passenger claims between the Carriers, the conditions of carriage of the Operating Carrier shall apply to the Shared Code Segments, except as otherwise mutually agreed by the Carriers. The procedures for claims handling of
the Operating Carrier shall also be applicable to the Shared Code Segments. The Carriers shall meet as soon as practical prior to commencement of the Shared Code Segments to identify discrepancies in procedures for claims handling between the
Carriers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Carriers shall use existing IATA procedures when handling and settling claims made by customers in connection with
Shared Code Segments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. Irregularity Handling. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) In the event of flight delays, cancellations or other schedule irregularities that affect Shared Code Segments, the Operating Carrier
shall inform the Marketing Carrier, if applicable, in accordance with Section B.9, of all pertinent information concerning an irregularity for customer information purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Carriers shall cooperate in all available ways to accommodate passengers experiencing flight irregularities (including, but not
limited to, schedule changes, flight cancellations, delayed flights, flight interruptions and delayed, damaged, pilfered or lost baggage) and that neither shall forbear from providing such assistance because the other may have been responsible for
the flight irregularity. In the event of a flight irregularity, the Carrier causing or experiencing the irregularity shall bear all related costs (including costs of the other Carrier) associated with accommodating the passengers that has been
affected by such flight irregularity. The Carriers shall review existing procedures for handling flight irregularities and accommodating interline passengers with respect thereto and handling over sales situations to determine their adequacy for the
purposes of this Agreement and shall make such mutually agreed to adjustments in existing procedures as they find necessary or appropriate to provide coordinated irregularity handling. In the absence of such agreement, the written policies and
procedures of the Operating Carrier shall be followed. The Carriers shall meet prior to commencement of the Shared Code Segments to develop a mishap response plan with respect to flights operated as Shared Code Segments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. Tariff Filing. Each Carrier shall file the tariffs and fares for flights operated on Shared Code Segments that utilize its designator code
(CO or CO* in the case of Continental and CM or CM* in the case of COPA). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. Transportation Taxes. Each Carrier shall be responsible for collecting and paying any
taxes or fees assessed by any Governmental Entities or airport on the transportation of passengers or property for transportation utilizing its travel documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. Flight Coupon Handling. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Continental Authorization. Except as may otherwise be provided in this Agreement, Continental shall authorize COPA to handle Continental
flight coupons specifying Continental&#146;s Through Flights or connecting flights under this Agreement to and from points in Panama&#146;, in the same way as if these coupons were specifying COPA Through Flights or connecting flights between
Panama&#146;, on the one hand, and (i)&nbsp;other points served by COPA beyond Panama&#146;, and (ii)&nbsp;the United States, on the other. Continental shall confirm this authorization immediately to third parties if COPA so requires. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) COPA Authorization. Except as may otherwise be provided in this Agreement, COPA hereby authorizes Continental to handle COPA flight
coupons specifying COPA Through Flights or connecting flights under this Agreement to and from points in the United States in the same way as if these coupons were specifying Continental flights between the United States, on the one hand, and
(i)&nbsp;other points served by Continental beyond the United States and (ii)&nbsp;Panama&#146;, on the other. COPA shall confirm this authorization immediately to third parties if Continental so requires. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. Quality of Service. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)
Subject to Subsection (d)&nbsp;of this Section , each Carrier shall retain its own identity and determine its own service levels. Each Carrier shall adopt a smoking policy for flights operated by it that it believes is appropriate for its services,
it being understood that each of the Carriers intends to continue to ban smoking on flights operated by it. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Each Carrier shall
perform its service with respect to its flights operated under the designator code of the other Carrier in a timely and professional manner with superior quality in accordance with all applicable laws, rules and regulations. Without limitation, each
Carrier shall maintain its aircraft in an airworthy, clean, attractive and comfortable condition and strive to maintain a completion factor of at least 98% (without considering delays caused by air traffic control or weather). Each Carrier agrees
that, in conducting flight operations under the designator of the other Carrier, it shall employ prudent safety and loss prevention policies in accordance with applicable laws, rules and regulations. If either Carrier is in breach of this Section
B.17(b), the non-breaching Carrier may remove its designator code from the breaching Carrier&#146;s flight operations or refuse to allow the breaching Carrier to place its designator code on the flight operations of the non-breaching Carrier until
such time as the breach is fully cured and such removal by the non-breaching Carrier of the designator code from the breaching Carrier&#146;s flight operations or refusal to allow the breaching Carrier to place its designator code on the flight
operations of the non-breaching Carrier shall not constitute a breach of this Agreement or a waiver of its rights under this Agreement by the non-breaching Carrier. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) To provide customers with the best service and a positive impression of the cooperative
services of the alliance between the Carriers, the Carriers shall create, to the extent practicable, the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)
Schedule Coordination. The Carriers shall each use all reasonable efforts, consistent with their respective operational constraints, to coordinate their schedules to minimize connecting passenger waiting time and to maximize passenger convenience
and service. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Seamless Transfer. Subject to operational constraints, the Carriers shall expedite, to the greatest
extent feasible, the transfer of all passengers and baggage making connections between the respective networks of the Carriers, and shall cooperate in communicating efficiently to passengers the benefits and procedures associated with the
cooperative service through ticket inserts, terminal and gate signage, and flight information displays. In connection therewith, Continental and COPA shall cooperate to coordinate and maintain their schedules to minimize the waiting time and to
maximize convenience of passengers who are connecting from a Continental to a COPA flight segment (or vice versa). Each Carrier shall provide the other with the airport operational assistance that is required to assure schedule compatibility for the
Through Flights or the connecting flights where applicable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Terminal Facilities. Each Carrier shall use its
commercially reasonable efforts to arrange for terminal facilities at gateway airports to facilitate passenger handling and connections between the flights of the Carriers with the objective of achieving convenience similar to on-line connections.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) In-Flight Announcements. The Operating Carrier shall make in-flight announcements to all passengers on the Shared
Code Segments to promote the cooperative service. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The customer service standards of the Operating Carrier shall be
followed on Shared Code Segments for both Continental and COPA passengers; provided that COPA agrees to maintain a standard of service in all classes of service that is at least substantially similar to the quality that Continental provides on its
flights of similar stage length. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18. Frequent Flyer Program Participation. Cooperation between the Carriers with respect to frequent
flyer program participation is governed by the &#147;Amended and Restated Frequent Flyer Program Participation Agreement&#148;, dated as of the date hereof. During the term of this Agreement, Copa will be a participant in Continental&#146;s OnePass
program on a co-branded basis as contemplated in the Amended and Restated Frequent Flyer Program Participation Agreement or pursuant to a reciprocal frequent flyer program participation arrangement as contemplated in the Amended and Restated
Frequent Flyer Program Participation Agreement if COPA ceases to participate in OnePass on a co-branded basis. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">JOINT COOPERATION </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To the extent applicable, the initiatives covered by this Section C are subject to Antitrust Immunity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. Procedures and Ground Handling </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(a) Harmonizing. The Carriers shall harmonize their physical operations with respect to components, operations, quality, appearance, conditions
of carriage and any other aspects of the physical operations as the Carriers agree. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(b) Joint Handling. Without employee dislocation and
subject to competitive pricing and service, COPA will provide below wing handling services for Continental&#146;s operations in Panama. Compensation for such service shall be the &#147;Incremental Cost&#148; (as defined in the Amended and Restated
Services Agreement entered into by and between the Carriers on the date hereof (the &#147;Services Agreement&#148;)), of the handling Carrier plus a reasonable profit. To enhance operations of Shared Code Segments, the Carriers shall make their
airport operations contiguous where practical. In locations where both Carriers operate, other than Panama, each Carrier shall give the other Carrier the opportunity to bid on handling services (above and below wing). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. Reservations and City Ticket Offices. The Carriers shall consider the best way to coordinate their reservations and the functions of the
city ticket offices. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. Joint Advertising and Publicity. The Carriers shall jointly promote their alliance as part of their ordinary
advertising efforts. Each Carrier, while an Operating Carrier, shall not discriminate against the Marketing Carrier in its respective advertising, public relations, promotion, distribution and sales activities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. Employee and Corporate Incentives. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Instruction, measurement, and evaluation. Joint targets shall be established by the Carriers at their annual meeting, as
provided under Section B.1.(b). Applicable employees of each Carrier shall be instructed that in applicable areas of interaction, the first aim is to maximize the alliance between the Carriers, not the individual Carrier&#146;s position. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Inclusion in incentive programs. Employees bonus, profit-sharing and other cash and non-cash route specific sales incentive
programs should include Shared Code Segments, revenues, etc. of both Carriers on a non-discriminatory basis. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Selection and reciprocal feedback. Employees performing outsourced or
joint service shall be selected on a basis that provides no favoritism to either Carrier. Their evaluation (and certain personnel decisions) shall be based on input from both Carriers with ultimate decision-making by their employer after giving high
regard to the input of the other Carrier. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. Information Sharing. Subject to applicable laws and regulations, the Carriers shall share
research studies on booking (including marketing information data tape), revenue, traffic, yield, cost and other data with the other Carrier as it pertains to their common areas of cooperation. Such information shall be provided at the providing
Carrier&#146;s Incremental Cost as provided in the Services Agreement and, where jointly performed, in proportion to the size of the Carriers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. Joint Selling. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) To the
extent legally permissible, the Carriers shall sell seats on each other&#146;s aircraft in a non-discriminatory fashion and will establish mutually agreed to incentives and methods to do so. The Carriers shall consider establishing joint sales
organizations (including inbound and outbound telephone sales) in countries where COPA currently flies and where it may begin to fly during the duration of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) If a Carrier withdraws its sales personnel from a country where the other Carrier has a significant presence, the Carrier that has a
significant presence in such country will offer to serve as the other Carrier&#146;s general sales agent (&#147;GSA&#148;) in such country in consideration of receiving its Incremental Costs of providing the services of a GSA for the withdrawing
Carrier, plus a reasonable profit acceptable to both Carriers. If the withdrawing Carrier chooses, at its option, to employ the other Carrier as its GSA in such country, the other Carrier will represent the withdrawing Carrier in a
non-discriminatory manner. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. Compliance with Laws and Regulations and Changes in Laws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Each of Continental and COPA represents, warrants, and agrees with the other that performance of its respective obligations under this
Agreement shall be conducted and all of its personnel shall at all times meet, be in full compliance with and have all required licenses under any and all applicable laws, statutes, orders, rules and regulations of any country or territory with
jurisdiction over the Shared Code Segments, including without limitation, those laws, statutes, orders, rules and regulations promulgated by the United States of America or Panama. Each Carrier shall be responsible, at its own cost, for obtaining
any regulatory authorizations necessary to operate its flights or utilize its designator code on the Shared Code Segments, provided that, the other Carriers shall render such assistance as a reasonably requested in order to obtain such regulatory
authorizations. No provision of this Agreement that would violate applicable antitrust laws without Antitrust Immunity having first been obtained shall be applicable unless and until Antitrust Immunity is obtained. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) If, during the term of this Agreement, there is any change in treaties, statutes or
regulations of air transportation (and legally binding interpretations thereof) that prevents Continental or COPA of both from operating the CO* or CM* Flights or carrying out the arrangements contemplated by this Agreement or attaches conditions or
restrictions on the operation of CO* or CM* Flights that have a material adverse effect on a carrier&#146;s other services or operations not contemplated by this Agreement, the Carriers shall consult within 30 days after any of the occurrences
described herein. The purpose of such consultations shall be to assess such change or changes and to seek, in good faith, mutual agreement on what changes, if any, to this Agreement are necessary or appropriate. Any such changes to this Agreement
shall be made in accordance with Section D.13. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. Independent Parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Independent Contractors. It is expressly recognized and agreed that each Carrier, in its performance and otherwise under this agreement,
is and shall be engaged and acting as an independent contractor and in its own independent and separate business; that each Carrier shall retain complete and exclusive control over its staff and operations and the conduct of its business; and that
each Carrier shall bear and pay all expenses, costs, risks and responsibilities incurred by it in connection with its obligations under this Agreement. Neither Continental nor COPA nor any officer, employee representative, or agent of Continental or
COPA shall in any manner, directly or indirectly, expressly or by implication, be deemed to be in, or make any representation of take any action which may give rise to the existence of, any employment, agent, partnership, of other like relationship
as regards the other, but each Carrier&#146;s relationship as respects the other Carrier in connection with this Agreement is and shall remain that of an independent contractor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Status of Employees. The employees, agents and/or independent contractors of COPA shall be employees, agents, and independent contractors
of COPA for all purposes, and under no circumstances shall they be deemed to be employees, agents or independent contractors of Continental. The employees, agents and independent contractors of Continental shall be employees, agents and independent
contractors of Continental for all purposes, and under no circumstances shall they be deemed to be employees, agents or independent contractors of COPA. Continental shall have no supervisory power or control over any employees, agents or independent
contractors employed by COPA, and COPA shall have no supervisory power or control over any employees, agents and independent contractors employed by Continental. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Liability For Employee Costs. Each Carrier, with respect to its own employees (hired directly or through a third party), accepts full and
exclusive liability for the payment of worker&#146;s compensation and/or employer&#146;s liability (including insurance premiums where required by law) and for the payment of all taxes, contributions or other payments for unemployment compensation,
vacations, or old age benefits, pensions and all other benefits now or hereafter imposed upon employers with respect to its employees by any government or agency </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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thereof or provided by such Carrier (whether measured by the wages, salaries, compensation or other remuneration paid to such employees or otherwise) and each Carrier further agrees to make such
payments and to make and file all reports and returns, and to do everything necessary to comply with the laws imposing such taxes, contributions or other payments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. Term and Termination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)
Term. The term of this Agreement, unless earlier terminated as provided in this Section D.3, shall continue until either Carrier gives the other Carrier three years&#146; written notice of termination: provided, however, that neither Carrier may
give such notice on or before May 22, 2012. The terms and conditions of this Amended and Restated Alliance Agreement are effective as of the date first written above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Other Termination Rights. In addition to the termination provisions of paragraph (a)&nbsp;of this Section D.3, this Agreement may be
terminated as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) By a Carrier, if the other Carrier has materially breached any material provision of this
Agreement and such breach shall remain unremedied for more than 180 days after delivery of written notice by the non-defaulting Carrier. During such 180-day period, the Carriers shall consult in good faith to ensure that each of the Carriers
understands the nature of the alleged breach and what steps are required to effect a cure; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) By a Carrier immediately
on notice, if the other Carrier (i)&nbsp;shall be dissolved or shall fail to maintain its corporate existence, or (ii)&nbsp;shall have its authority to operate as a scheduled airline suspended or revoked, or shall cease operations as a scheduled
airline, in each case for a period of 30 or more days; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) In the event of a breach of any payment obligation under this
Agreement, the non-breaching Carrier shall be entitled to terminate this Agreement on providing 60 days prior written notice, which notice shall describe, with as much specificity as reasonably practicable, the breach and the total sums due and
owing. Termination under this paragraph (iii)&nbsp;shall not be effective, however, if the allegedly breaching Carrier shall, within 45 days of receiving such notice, correct the breach by making the full payment due together with interest thereon
at 10% per annum from the date of such notice, provided that in the event the breaching Carrier disputes the obligation to pay the amounts claimed owing, it may satisfy its obligations pursuant to this sentence by paying, within such 45 day period,
the disputed amounts into escrow during the pendency of the dispute; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) By a Carrier immediately on notice if the other
Carrier shall (A)&nbsp;commence any case, proceeding or other action (1)&nbsp;under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an
order for relief </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">
entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding up, liquidation, dissolution, composition or other
relief with respect to it or its debts, or (2)&nbsp;seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or shall make a general assignment for the
benefit of its creditors; or (B)&nbsp;there shall be commenced against the other Carrier any case, proceeding or other action of a nature referred to in clause (A)&nbsp;above that (1)&nbsp;results in the entry of an order for relief or any such
adjudication or appointment or (2)&nbsp;remains undismissed or undischarged for a period of 60 days; or (C)&nbsp;there shall be commenced against the other Carrier any case, proceeding or other action seeking issuance of a warrant of attachment,
execution, distraint or similar process against all or any substantial part of its assets that results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from
the entry thereof; or (D)&nbsp;the other Carrier shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (A), (B), or (C)&nbsp;above; or (E)&nbsp;the other Carrier
shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) By a Carrier immediately on notice if the other Carrier fails to maintain the insurance coverage that is required to be
maintained pursuant to Section D.4(b) and such failure remains unremedied for 60 days after the breaching Carrier&#146;s receipt of written notice of such failure from the other Carrier, provided that the marketing Carrier may cease displaying its
code on the breaching Carrier&#146;s Shared Code Segments during the period such failure continues; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) By Continental
immediately on notice if, unless agreed otherwise by the Carriers, COPA shall have a system wide completion factor (completed flights, regardless of time of departure or arrival, divided by scheduled flights) of less than 95% during any 90 day
period (including in such calculations all flights canceled less than one week prior to the date of its scheduled operation, but excluding flights not completed due to weather or air traffic control); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) By COPA immediately on notice if, unless agreed otherwise by the Carriers, Continental shall have a system wide
completion factor (completed flights, regardless of time of departure or arrival, divided by scheduled flights) of less than 95% during any 90 day period (including in such calculations all flights canceled less than one week prior to the date of
its scheduled operation, but excluding flights not completed due to weather or air traffic control); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) By either
Carrier immediately on notice if the other Carrier fails to maintain its membership in the Airline Clearing House (ACH) or the International Air Transport Association Clearing House for a period of ten (10) consecutive days; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) By a Carrier on thirty (30)&nbsp;days&#146; prior written notice if it
shall have duly terminated the Amended and Restated Services Agreement pursuant to Section&nbsp;6(b)(i) thereof as a result of an unremedied breach of the terms and conditions of such agreement by the other Carrier; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) By a Carrier on sixty (60)&nbsp;days&#146; prior written notice if the other Carrier materially breaches (or, in the case
of Continental&#146;s right to terminate, Corporacion de Inversiones Aereas, S.A. materially breaches) the terms and/or conditions of the Amended and Restated Shareholders Agreement or the Registration Rights Agreement, each entered into on the date
hereof, and fails to cure such breach within such sixty (60)-day notice period; provided that during such 60-day period, the Carriers shall consult in good faith to ensure that each of the Carriers understands the nature of the alleged breach and
what steps are required to effect a cure; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xi) By either Carrier immediately on notice if the Amended and Restated
Frequent Flyer Program Participation Agreement is terminated and the Carriers do not enter into a new reciprocal frequent flyer participation arrangement within three months after such termination as contemplated by the Amended and Restated Frequent
Flyer Program Participation Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xii) **Material Redacted**; (xiii) **Material Redacted**; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xiv) By either Carrier, with respect to any Affiliate of the other Carrier, immediately on notice, if such Affiliate is no
longer an Affiliate of the other Carrier; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xv) By either Carrier on thirty (30)&nbsp;days&#146; prior written notice
if the other Carrier rejects the Services Agreement and/or Frequent Flyer Program Participation Agreement in a bankruptcy proceeding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)
Tickets Issued Prior to Termination. With respect to tickets issued but unused prior to termination of this Agreement: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)
If this Agreement is terminated as provided herein by the Marketing Carrier, the Marketing Carrier shall endorse all Marketing Carrier tickets to the Operating Carrier. The Operating Carrier shall accept all confirmed reservations for passengers
traveling on such tickets as if such reservations had been booked through the Operating Carrier using ordinary interline procedures but giving effect to the ticket pricing methodology as provided by IATA&#146;s standard procedures. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) If this Agreement is terminated as provided herein by the Operating
Carrier, the Marketing Carrier, at its sole discretion, shall have the option to endorse Marketing Carrier tickets to the Operating Carrier or any other carrier. The Marketing Carrier shall also have the option to transfer confirmed reservations for
passengers traveling on such tickets to the Operating Carrier or any other carrier. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Force Majeure and Termination. Except with
respect to the performance of a Carrier&#146;s payment obligations under this Agreement, neither Carrier shall be liable for delays or failure in its performance hereunder to the extent that such delay or failure of performance (a)&nbsp;is caused by
any act of God, war, [terrorism], natural disaster, strike, lockout, labor dispute, work stoppage, fire, serious accident, epidemic, quarantine restriction, act of government, or any other cause, whether similar or dissimilar, beyond the control of
that Carrier, and (b)&nbsp;is not the result of that Carrier&#146;s lack of reasonable diligence (an &#147;Excusable Delay&#148;). In the event an Excusable Delay continues for sixty (60)&nbsp;days or longer, the non-delayed Carrier shall have the
right, at its option, to terminate this Agreement by giving the delayed Carrier at least thirty (30)&nbsp;days prior written notice of such election to terminate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Duties upon termination. If this Agreement is terminated pursuant to this Section D.3, the Carriers will cooperate with each other to
achieve an orderly termination and wind-down of the codeshare relationship so as not to inconvenience customers or cause undue hardship to either of the Carriers. No termination of this Agreement will release the parties from any liability for
breach of this Agreement or from any moneys or other duties owed at the time of such termination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Termination for Change of Control.
Notwithstanding any other provision of this Agreement in the event of a Change of Control involving a Carrier, the Carrier not involved in the Change of Control shall have the right to terminate this Agreement on six (6)&nbsp;months&#146; prior
written notice without liability or penalty to the Carrier involved in the Change of Control; provided, however, the right of a Carrier to give notice to terminate with respect to a Change of Control involving the other Carrier shall expire on the
six month anniversary of the later to occur of (i)&nbsp;the date the terminating Carrier receives notice of such Change of Control from the other Carrier or (ii)&nbsp;the date of the consummation of such Change of Control transaction. The following
definitions apply to the following terms used in this Section D.3(f): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#147;AIRLINE ASSETS&#148; means those assets used, as of the date
of determination, in the relevant Person&#146;s operation as an air carrier. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#147;BENEFICIAL OWNERSHIP&#148; has the meaning given such term in Rules 13d-3 and 13d-5
under the Securities Exchange Act of 1934, as amended. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#147;CAPITAL STOCK&#148; of any Person means any and all shares, interests,
rights to purchase, options, warrants, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">participation or other equivalents of or interests in (however designated) the equity of such
Person, including any preferred stock. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#147;CARRIER AFFECTED COMPANY&#148; means as to the applicable Carrier (a)&nbsp;such Carrier and
its successor, (b)&nbsp;any Holding Company of such Carrier or its successor, or (c)&nbsp;any Subsidiary of such Carrier or its successor or of any Holding Company of such Carrier or its successor, that in any such case owns, directly or indirectly,
all or substantially all of the Airline Assets of such Carrier or its successor, such Holding Companies of such Carrier and such Subsidiaries, taken as a whole. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#147;CHANGE OF CONTROL&#148; shall mean, with respect to a Carrier, the consummation of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(1) a merger, reorganization, share exchange, consolidation, tender or exchange offer, private purchase, business combination,
recapitalization or other transaction as a result of which (A)&nbsp;a Competing Carrier or a Holding Company of a Competing Carrier and a Carrier Affected Company are legally combined, (B)&nbsp;a Competing Carrier, any of its Affiliates or any
combination thereof acquires, directly or indirectly, Beneficial Ownership of 50% or more of the Capital Stock or Voting Power of a Carrier Affected Company, or (C)&nbsp;a Carrier Affected Company acquires, directly or indirectly, Beneficial
Ownership of 50% or more of the Capital Stock or Voting Power of a Competing Carrier; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(2) the sale, transfer or other disposition of all
or substantially all of the Airline Assets of a Carrier (or its successor) and its Subsidiaries on a consolidated basis directly or indirectly to a Competing Carrier, any Affiliate of a Competing Carrier or any combination thereof, whether in a
single transaction or a series of related transactions; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(3) the execution by a Carrier Affected Company of bona fide definitive
agreements, the consummation of the transactions contemplated by which would result in a transaction described in the immediately preceding clauses (1)&nbsp;or (2). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#147;COMPETING CARRIER&#148; means an air carrier that competes (internationally and/or domestically) on a significant and material basis
with the Carrier that is not involved in the Change of Control. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#147;HOLDING COMPANY&#148; means, as applied to a Person, any other Person of whom such
Person is, directly or indirectly, a Subsidiary. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#147;SUBSIDIARY&#148; of any Person means any corporation, association, partnership,
joint venture, limited liability company or other business entity of which more than 40% of the total Voting Power thereof or the Capital Stock thereof is at the time owned or controlled, directly or indirectly, by (1)&nbsp;such person,
(2)&nbsp;such person and one or more Subsidiaries of such Person, or (3)&nbsp;one or more Subsidiaries of such Person. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#147;VOTING
POWER&#148; means, as of the date of determination, the voting power in the general election of directors, managers or trustees, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. Indemnification and Insurance. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Indemnification. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Except as otherwise provided herein, each Carrier (the &#147;Indemnifying Carrier&#148;) shall indemnify and hold harmless
the other Carrier and its directors, officers, employees, agents, consultants and contractors from all liabilities, damages, losses, claims, suits, judgments, costs, and expenses, including reasonable attorneys&#146; fees, directly or indirectly
incurred by the other Carrier as the result of any claims that arise out of or in connection with the breach of this Agreement by the Indemnifying Carrier or performance or failure of performance of the Indemnifying Carriers&#146; obligations under
this Agreement, including, but not limited to, the operation of the aircraft by the Indemnifying Carrier. In addition, each Indemnifying Carrier shall indemnify and hold harmless the other Carrier and its directors, officers, employees, agents,
consultants and contractors from all liabilities, damages, losses, claims, suits, judgments, costs and expenses, including reasonable attorneys&#146; fees, directly or indirectly incurred by the other Carrier as the result of any claims by third
parties that arise out of or in connection with any products or services received from or supplied by the Indemnifying Carrier in connection with this Agreement, except with respect to the products or services provided pursuant to Section C hereof
and the Services Agreement (which will be subject to indemnification obligations as separately agreed). The indemnification provision under this paragraph (i)&nbsp;shall be valid and enforceable as of the Implementation Date whether or not Antitrust
Immunity or other regulatory approvals are obtained. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) The indemnified Carrier has no right under this Section D.4 to
be indemnified for claims that arise out of such Carrier&#146;s gross negligence or willful misconduct. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) In the case of each indemnified Carrier: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. it shall promptly notify the Indemnifying Carrier in writing of any claim for indemnification hereunder; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. it shall cede to the Indemnifying Carrier, if the latter so requests, sole control of the defense and any related
settlement negotiations of any matter covered by indemnification hereunder (provided that any settlement shall contain a complete and unconditional release of all claims against the indemnified Carrier); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">C. it shall provide to the Indemnifying Carrier, at the latter&#146;s expense, all reasonable information and assistance for
such defense or settlement; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">D. the Indemnifying Carrier shall not be liable for any settlement of any such claim or
suit entered into by the indemnified Carrier without the former&#146;s consent (which consent shall not be unreasonably withheld). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)
Insurance Coverage. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(i) Each Carrier shall, at all times during the term of this Agreement, maintain in full force and effect policies of
insurance as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:18%; font-size:10pt; font-family:Times New Roman">A. Comprehensive Airline Liability Insurance, including Aircraft Third Party, Passenger, including Passengers&#146;
Baggage and Personal Effects, Cargo and Mail Legal Liability for a Combined Single Limit (CSL) of not less than **Material Redacted** for B737 aircraft; provided that if the number of U.S. origin passengers increases in a material manner, the
carriers will reevaluate the coverage levels. In respect of Personal Injury (per clause AVN 60 or its equivalent) the maximum limit is **Material Redacted** per offense and in the aggregate. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:18%; font-size:10pt; font-family:Times New Roman">B. Workmen&#146;s Compensation or Government Social Insurance </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="23%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="76%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Per Accident</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(Company Employee)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;Statutory</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:18%; font-size:10pt; font-family:Times New Roman">C. Employers&#146; Liability (**Material Redacted** combined single limit) </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Subject to Section D.4(b)(i), the Operating Carrier shall, as
applicable, cause the policies of insurance described in such Section D.4(b)(i) with respect to flights operated as Shared Code Segments by it to be duly and properly endorsed by that Carrier&#146;s insurance underwriters as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:18%; font-size:10pt; font-family:Times New Roman">A. to provide that the underwriters shall waive any and all subrogation rights against the other Carrier, its directors, officers, agents,
employees and other authorized representatives, except for gross negligence or willful misconduct; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:18%; font-size:10pt; font-family:Times New Roman">B. to provide that the other Carrier,
its directors, officers, agents, employees and other authorized representatives shall be endorsed as additional insured parties thereunder, except for gross negligence or willful misconduct of any of the additional insureds; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:18%; font-size:10pt; font-family:Times New Roman">C. to provide that said insurance shall be primary to and without right of contribution from any other insurance which may be available to the
additional insureds; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:18%; font-size:10pt; font-family:Times New Roman">D. to include a breach of warranty provision in favor of the additional insureds; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:18%; font-size:10pt; font-family:Times New Roman">E. to accept and insure the Operating Carrier&#146;s hold harmless and indemnity undertaking under Section D.4(a), but only to the extent of
the coverage afforded by the policy or policies; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:18%; font-size:10pt; font-family:Times New Roman">F. to provide that said policy or policies or any part or parts thereof shall not be
canceled, terminated or materially altered, changed or amended until 30 days (but seven days or such lesser period as may be available in respect of war and allied periods) after written notice thereof shall have been sent to the other Carrier. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">iii) From time to time, upon request by either Carrier, the other Carrier shall furnish to the requesting Carrier evidence
reasonably satisfactory to the requesting Carrier of the aforesaid insurance coverage and endorsements, including certificates certifying that the aforesaid insurance and endorsements are in full force and effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">iv) In the event either Carrier fails to maintain in full force and effect
any of the insurance and endorsements required hereby, the other Carrier shall have the right (but not the obligation) to procure and maintain such insurance or any part thereof. The cost of such insurance shall be payable by the first Carrier to
the other Carrier upon demand b the other Carrier. The procurement of such insurance or any part thereof by the other Carrier shall not discharge or excuse the first Carrier&#146;s obligation to comply with the provisions of Sections D.4(b)(i) and
(ii). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">v) Notwithstanding the above provisions, it shall not be a breach of the Agreement to maintain the insurance
described in subsection (i)&nbsp;above to the extent the failure to maintain such insurance is caused by a change or condition generally affecting the availability of insurance in the aviation industry in a material manner in the countries or
regions in which such Carrier operates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Survival of Rights and Obligations. The rights and obligations of this Section D.4 shall
survive the expiration or termination of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. Trademarks. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) COPA shall have nonexclusive, nontransferable, revocable license to use the Continental Service Marks (as defined below) in its marketing
programs for the purpose of promoting Shared Code Segments. All advertising programs using any Continental Service Marks shall be subject to Continental&#146;s prior approval. In general, COPA&#146;s use of the Continental Service Marks shall do no
more than identify the codeshare relationship between Continental and COPA, and advertise that schedules are coordinated to provide convenient connections. Any marketing program, advertising brochures, schedules, signs or information disseminated to
the public or intended to be disseminated to the pubic (&#147;Advertising Material&#148;) shall reflect that Continental and COPA are operated separately and shall comply with any DOT policy on airline designator codesharing. COPA is specifically
prohibited from using any of the Continental Service Marks and agrees that it shall not do anything that would infringe, abridge, and adversely affect, impair or reduce the value or validity of the Continental Service Marks. In no event shall COPA
allow the use of any Continental Service Marks in marketing, selling, promoting or otherwise identifying or referencing any flight that is not a Shared Code Segment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Continental shall have nonexclusive, nontransferable, revocable license to use the COPA Service Marks (as defined below) in its marketing
programs for the purpose of promoting Shared Code Segments. All advertising programs using any COPA Service Marks shall be subject to COPA&#146;s prior approval. In general, Continental&#146;s use of the COPA Service Marks shall do no more than
identify the codeshare relationship between Continental and COPA, and advertise that schedules are coordinated to provide convenient connections. Any Advertising Material shall reflect hat Continental and COPA are operated separately and shall
comply with any DOT policy on airlines designator codesharing. Continental is specifically prohibited from using any of the COPA Service Marks on its aircraft or other equipment, on its stationery, or elsewhere unless Continental has received prior
specific authorization in writing from COPA. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Continental hereby acknowledges COPA&#146;s exclusive ownership of the COPA Service Marks and agrees that it shall not do anything that would infringe, abridge or adversely affect, impair or
reduce the value or validity of the COPA Service Marks. In no event shall Continental allow the use of any COPA Service Marks in marketing, selling, promoting or otherwise identifying or referencing any flight that is not a Shared Code Segment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) As used herein the term &#147;Service Marks&#148; shall include, without limitation: (i)&nbsp;with respect to Continental:
&#147;Continental&#148;, the &#147;CO&#148; and &#147;CO*&#148; designator codes, &#147;Business First&#148; and &#147;OnePass&#148;, and (ii)&nbsp;with respect to COPA: &#147;COPA&#148; and the &#147;CM&#148; and &#147;CM*&#148; designator codes.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. Confidential Information. Neither COPA nor Continental shall disclose to the other Carrier or be required to disclose by the other
Carrier any information relating to its scheduling (except as provided in Section B.1 and .2), pricing (except as provided in Section B.5), inventory control or flight profitability. Neither COPA nor Continental shall disclose the terms of this
Agreement or any proprietary information with respect to the other obtained as a result of this Agreement, either during the term hereof or thereafter; provided, however, that such disclosure may be made if required by applicable law, regulation or
stock exchange rule, or by any order of a court or administrative agency, and then only upon ten days&#146; written notice by the disclosing Carrier to the other Carrier. The Carriers recognize that, in the course of the performance of each of the
provisions hereof, each Carrier may be given and may have access to confidential and proprietary information of the other Carrier. The Carriers recognize that, in the course of the performance of each of the provisions hereof, each Carrier may be
given and may have access to confidential and proprietary information of the other Carrier, including proposed schedule changes, promotional programs and other operating and competitive information (&#147;Confidential Information&#148;). Each
Carrier shall preserve, and shall ensure that each of its officers, agents, consultants and employees who receive Confidential Information preserve, the confidentiality of the other Carrier&#146;s Confidential Information and shall not disclose
Confidential Information to a third Carrier, without prior written consent from the other Carrier or use of Confidential Information to a third Carrier, without prior written consent from the other Carrier or use Confidential Information except as
contemplated by this Agreement. This Section D.6 shall survive two years after the termination or expiration of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.
Management and Initial Dispute Resolution. This Agreement shall be governed and managed by a steering committee composed of senior officers of each Carrier (the &#147;Committee&#148;). Said Committee shall be responsible for identifying profit
maximizing activities to be undertaken by the Carriers in furtherance of the codeshare relationship. In addition, the Committee shall attempt to resolve all disputes that occur between the Carriers that arise under this Agreement. Disputes that
cannot be resolved by the Committee shall be referred to the Chief Executive Officers of the two Carriers. If the Chief Executive Officers of the two Carriers cannot resolve the dispute, it shall be finally settled by arbitration in accordance with
Section D.8. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. Arbitration </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by
arbitration administered by the Conciliation and Arbitration Center (the &#147;CAC&#148;) an affiliate of the Panama Chamber of Commerce in accordance with the International Arbitration Rules of the International Chamber of Commerce Court of
International Arbitration. Judgment on the awarded rendered by the arbitrator may be entered in any court having jurisdiction thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The number of arbitrators shall be three, one of whom shall be appointed by each of the Carriers and the third of whom
shall be selected by mutual agreement, if possible, within 30 days of the selection of the second arbitrator and, if no agreement on the third arbitrator is possible, by the CAC; provided that unless otherwise agreed the CAC may only choose an
arbitrator that is from a country other than Panama or the United States. The place of arbitration shall be Miami, Florida. The language of the arbitration shall be English, but documents or testimony may be submitted in any other language if a
translation is provided. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The arbitrators shall have no authority to award punitive damages or any other damages not
measured by the prevailing Carrier&#146;s actual damages, and may not, in any event, make any ruling, finding or award that does not conform to the terms of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Either Carrier may make an application to the arbitrators seeking injunctive relief to maintain the status quo until such
time as the arbitration award is rendered or the controversy is otherwise resolved. Either Carrier may apply to any court having jurisdiction hereof and seek injunctive relief in order to maintain the status quo until such time as the arbitration
award is rendered or the controversy is otherwise resolved. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. Certain Definitions: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) Commercially Reasonable Efforts. As used in this Agreement, the term &#147;commercially reasonable efforts&#148; shall not require a Carrier to make any
cash outlays, to accept adverse contracts terms, to limits its operations, to impair any right with respect to the use of its assets, or to otherwise adversely affect the Carrier. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) Affiliate. As used in this Agreement, the term &#147;Affiliate&#148; means, as applied to a Person, any other Person directly or indirectly controlling,
controlled by, or under common control with, that Person. For purposes of this definition &#147;control&#148; (including, with correlative meanings, the terms &#147;controlling&#148;, &#147;controlled by&#148; and &#147;under common control
with&#148;), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities, by contract or
otherwise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) Person. As used in this Agreement, the term &#147;Person&#148; means an individual, partnership,
corporation, business trust, joint stock company, limited liability company, unincorporated association, joint venture or other entity of whatever nature. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. Alliance Development. COPA and Continental will explore areas of cooperation that will produce revenue and cost synergies for the Carriers
and to the extent reasonable will implement such cooperation. Neither Carrier guarantees that any such cooperation is possible nor that any such synergies will be obtained. In order to facilitate the development of their commercial agreement to the
maximum extent possible, the Carriers agree, subject to the proviso at the end of this Section: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Continental shall use its commercially reasonable efforts to cause COPA, at COPA&#146;s election, to be
included as a commercial partner (e.g. an airline with whom Continental has a Commercial Agreement) with each of Continental&#146;s commercial partners and to be invited to join the SkyTeam global alliance or any other branded global alliance group
which Continental is a member. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Provided, however, nothing in this Section shall preclude COPA and Continental from fully performing their obligations, participating in,
maintaining and renewing the code-share or alliance agreements that either of them may have entered into prior to the date hereof or from complying with their obligations pursuant to SkyTeam membership. Provided, further, nothing in this Section
shall preclude either Carrier from performing obligations arising under, participating in, maintaining or renewing any Commercial Agreement to which such Carrier may become a party or to which it may otherwise succeed after the date hereof by virtue
of any merger, reorganization, consolidation, business combination or similar transaction involving such Carrier. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. Governing Law. This
Agreement shall be construed and enforced in accordance with, and governed by, the laws of the State of New York. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. Taxes. Each Carrier shall be responsible for paying any and all taxes assessed on its
income or revenue derived pursuant to this Agreement and shall hold harmless and indemnify the other Carrier from all and all claims based on such assessments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. Entire Agreement, Waivers and Amendments. This Agreement, together with the Services Agreement and the Amended and Restated Frequent Flyer
Program Participation Agreement to the extent such agreements concern the matters covered in this Agreement, constitutes the entire understanding of the carriers with respect to the subject matter hereof superseding all prior discussions and
agreements, written and oral. This Agreement may not be amended, nor may any of its provision be waived, except by writing signed by both carriers. No delay on the part of either shall any waiver operate as a continuing waiver of any right, power of
privilege. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. Notices. All notices given hereunder shall be in writing delivered by hand, certified mail, telex, or telecopy to the
carriers at the following addresses: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If to Continental: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="86%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="39%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="59%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Continental Airlines, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">1600 Smith Street</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Telecopier No.: (713) 324-3099</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Houston, Texas 77002</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Attention:&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President&#150; Asia/Pacific and Corporate Development</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">With copy to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="86%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="39%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="59%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Continental Airlines, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">1600 Smith Street</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Telecopier No.: (713) 324-5161</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Houston, Texas 77002</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention:&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">And General Counsel</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If COPA: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Compania Panamena de Aviacion, S.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Ave. Justo Arosemena y Calle 39 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Apdo. 1572 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Panama 1, Panama
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attention:&nbsp;&nbsp;&nbsp;&nbsp;Pedro Heilbron </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Facsimile No.: 507-227-1952 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">With copy to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Galindo, Arias y
Lopez </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Edif. Omanco </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Apartado 8629 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Panama 5, Panama
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attention:&nbsp;&nbsp;&nbsp;&nbsp;Jaime A. Arias C. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Facsimile No.: 507-263-5335 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. Successors and Assigns. Neither carrier may assign its rights or delegate its duties
under this Agreement and any such purported assignment or delegation shall be void. This Agreement shall be binding on the lawful successors of each carrier. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. Headings. The headings in this Agreement are for convenience of reference only and shall not define or limit any
of the terms or provisions hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18. Counterparts. This Agreement may be executed in counterparts, all of which taken together shall
constitute one agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19. Equal Opportunity. To the extent applicable, EEO clauses contained at 41 C.F.R. Sections 60-1.4,60-250.4
and 60-741.4 are herby incorporated by reference. Each Carrier shall comply with all equal opportunity laws and regulations that apply to or must be satisfied by that Carrier as a result of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20. Nondiscrimination on the Basis of Disability. COPA shall make all reasonable efforts not to discriminate against Continental&#146;s
customers on the basis of disability in activities performed on behalf of Continental in connection with Shared Code Segments, consistent with 14 CFR Part 382, Nondiscrimination on the Basis of Disability in Air Travel. In connection therewith, COPA
shall make all reasonable efforts to comply with directives issued by Continental&#146;s complaints resolution officials (CROs). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21.
Privacy Obligations. If a Carrier (&#147;Accessing Party&#148;) processes and/or has access to personally identifiable information obtained by the other Carrier (&#147;Collecting Party&#148;) from the data subject (&#147;Personal Data&#148;) that is
provided to it by the Collecting Party, it agrees that the Collecting Party owns all such Personal Data provided to it pursuant to this Agreement. The Accessing Party will at all times comply with all applicable laws and regulations, including but
not limited to data privacy laws, in its use of Personal Data provided by the Collecting Party that will be processed under this Agreement that relates to, or is about, an identified or identifiable person. Without limiting the foregoing, the
Accessing Party represents and warrants that it has appropriate security measures in place to protect any Personal Data provided by the Collecting Party pursuant to this Agreement. The Accessing Party will indemnify, defend and protect the
Collecting Party from any claims arising out of the Accessing Party&#146;s failure to comply with the foregoing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto, being duly authorized, have caused this Agreement to be executed as
of the date written below. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">CONTINENTAL AIRLINES, INC.</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
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<TD VALIGN="top">Title: <U></U></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
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<TD VALIGN="top">COMPANIA PANAMENA DE AVIACION,S.A.</TD></TR>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
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<TD VALIGN="top">Name:</TD>
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<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule B.1(a) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SHARED CODE SEGMENTS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Shared
Code Segments shall be operated on the following routes: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to the terms and conditions of the Agreement, Shared Code Segments will be operated on
the following routes: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CO* Flights </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Flights
operated by COPA between the Republic of Panama or the Republic of Colombia and cities located in the United States (except New York/Newark, Houston or Cleveland) and, to the extent legally permissible, (i)&nbsp;between cities within the Republic of
Panama or the Republic of Colombia and (ii)&nbsp;between the Republic of Panama or the Republic of Colombia and cities located beyond the Republic of Panama or the Republic of Colombia will operate as CO* Flights. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CM*/P5* Flights </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Flights operated by
Continental between the United States and cities located in the Republic of Panama or the Republic of Colombia, between the Republic of Panama and the Republic of Colombia and, to the extent mutually agreed and legally permissible, (i)&nbsp;between
cities within the United States and (ii)&nbsp;between the United States and cities located beyond the United States will operate as CM* or P5* Flights. </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit 4.6 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF AMENDED AND RESTATED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SERVICES AGREEMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Amended
and Restated Services Agreement (the &#147;Agreement&#148;) is made this &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; day of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2005, by and between CONTINENTAL AIRLINES, INC. (together with its Affiliates, &#147;Continental&#148;), a corporation duly organized and validly
existing under the laws of the State of Delaware, U.S.A., with its principal office at 1600 Smith St., Houston, Texas, U.S.A. 77002, and COMPANIA PANAMENA DE AVIACION, S.A. (together with its Affiliates, &#147;COPA&#148;), a corporation (sociedad
anonima) duly organized and validly existing under the laws of the Republic of Panama, with its principal office at Ave. Justo Arosemena y Calle 39, Apartado 1572, Panama 1, Panama. Continental and COPA are herein referred to as the
&#147;Carriers&#148;. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RECITALS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Continental and COPA are each certificated air carriers providing air transportation services with respect to both passengers and cargo in
their respective areas of operation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Continental and COPA Holdings, S.A. a Panamanian corporation (sociedad anonima) have, as of the date
hereof entered into an Amended and Restated Alliance Agreement (&#147;Alliance Agreement&#148;) a Registration Rights Agreement (&#147;Registration Rights Agreement&#148;) and an Amended and Restated Shareholders Agreement (&#147;Shareholders
Agreement&#148;). In connection with such agreements, COPA desires that Continental make available to COPA certain services that are necessary or advisable for the operation of a commercial air carrier and services that are necessary or advisable
for the operation of a commercial air carrier and Continental is willing to provide COPA such services in accordance with the terms and conditions of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Continental and COPA are each a party to the &#147;Services Agreement&#148; made the 22nd of May, 1998 and each agree to enter into this
Agreement as an amended and restated version of the Services Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Continental and COPA are each a party to the Amended and Restated
Alliance Agreement (as amended, the &#147;Alliance Agreement&#148;) entered into on the date hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of
the premises and the mutual promises herein contained, Continental and COPA hereby agree as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. Cost Reduction Initiatives.
Subject to the terms and conditions set forth in this Agreement, Continental will provide services as set forth below in Section&nbsp;2(a) through (m)&nbsp;of this Agreement pursuant to separate agreements. Current agreements between the Carriers
with respect to the services identified in Section&nbsp;2(a) through (m)&nbsp;are listed on Schedule 1 hereto. Any agreements to be negotiated in the future will be </P>
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negotiated at arms-length, will contain mutually acceptable provisions typically applicable to such agreements, will not necessarily be coterminous with this Agreement, will not contain any
cross-default clauses with respect to this Agreement or the Shareholders Agreement, will not permit COPA to transfer services and equipment to third parties and will adequately address COPA&#146;s concern that it have notice of termination of the
agreements sufficient enough to allow COPA to transition to alternative service providers. Unless otherwise stated, services will be provided as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Services provided directly by Continental to COPA. Upon reasonable request by COPA, Continental will provide the services specified in
Section&nbsp;2 below to COPA, as permitted by Continental&#146;s applicable contracts. Except as otherwise provided herein, services provided to COPA directly by Continental will be priced at Continental&#146;s Incremental Cost as defined below.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Services provided by a third party. Wherever contractually permitted (except as otherwise provided herein), Continental will provide
COPA access to the same third party vendor arrangements as are available to Continental at the cost charged to Continental, plus any additional costs incurred by Continental, provided that such access will not adversely impact Continental with
respect to pricing or availability. For current contracts under which COPA does not have access, and for future contracts as appropriate, Continental will use commercially reasonable efforts to permit COPA to obtain the same benefits as Continental
under such contracts, provided doing so will not adversely impact Continental. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Incremental Cost. As used in this Agreement
&#147;Incremental Cost&#148; shall mean the additional direct cost incurred by a Carrier to provide a good or service to the other Carrier, plus a <FONT STYLE="white-space:nowrap">pro-rata</FONT> allocation of the providing Carrier&#146;s cost for
fixed capital and intangibles (including depreciation, amortization and interest), overhead (including labor burden and facilities) associated with the activity providing the good or service and a percentage of the providing Carrier&#146;s corporate
overhead equal to the percentage that the charges to the receiving Carrier for the good or service are of the providing Carrier&#146;s total expenses for the preceding fiscal year, but excluding any profit or
<FONT STYLE="white-space:nowrap">mark-up.</FONT> The intention of this Agreement is that those goods and services charged at Incremental Cost shall be provided by a Carrier to the other Carrier without the providing Carrier&#146;s incurring a profit
or loss with respect thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Services Contractually Permitted. For purposes of this Agreement, &#147;contractually permitted&#148;
means either that the providing Carrier has the contractual ability to require its counterparty to offer the relevant goods or services to the other Carrier on the relevant terms, or that the relevant contract does not prohibit the provision of such
services on such terms, and the providing Carrier&#146;s counterparty is willing to provide such services on such terms. The obligation of Continental to provide services or access to the benefits of its contracts to COPA shall be subject to
contractual limitations to which Continental is subject; provided, however, that Continental will use its </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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commercially reasonable efforts to obtain a waiver of any such contractual limitations which prevent Continental from passing along any material benefit to COPA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Financing Limitations. To the extent that any of the services provided pursuant to Section&nbsp;2 hereof require a capital expenditure or
the financing of materials, services or equipment, Continental shall not be required to participate in any financing structure that (i)&nbsp;causes the materials, services or equipment, or any financial obligation with respect thereto, to be
included on Continental&#146;s balance sheet, (ii)&nbsp;may, based on Continental&#146;s reasonable judgment, adversely affect Continental&#146;s future financing costs, or (iii)&nbsp;imposes any uncompensated financial obligation on Continental,
including following the transfer of the materials, services or equipment (whether by purchase, assignment or lease) to COPA; provided that nothing in this Section shall be construed to relieve Continental of any obligations to provide services under
this Agreement if such capital expenditure or financing of materials, services or equipment is undertaken by COPA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Reciprocity by
COPA. To the extent that COPA is able to provide services or access to the benefits of its contracts to Continental of a similar nature as is set forth in Section&nbsp;2 hereof, it shall, upon the request of Continental, provide such benefits to
Continental on comparable terms (including Section&nbsp;1(c)) as are set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. Services To Be Provided. Subject to
Section&nbsp;1, Continental will offer and, subject to COPA&#146;s request, provide the following services: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Purchase of Equipment.
Continental will advise COPA of intended future large acquisitions of flight and ground equipment and will use its commercially reasonable efforts to have the capacity requirements of COPA included in the procurement by Continental, so long as such
inclusion would not have a material adverse affect on Continental&#146;s transaction (e.g. because of unwillingness of vendors to disclose Continental pricing to any other airline). COPA understands that most of Continental&#146;s current major
equipment purchase agreements have <FONT STYLE="white-space:nowrap">non-disclosure</FONT> requirements. In addition, the calculation of Continental&#146;s cost for a particular piece of equipment will depend on its delivery date, the source (from
manufacturer or lessor) and type of financing. Pursuant and subject to Section&nbsp;1, COPA shall be free to seek such equipment from other sources, and, if requested by COPA, Continental will provide assistance in evaluating such alternative
procurement. In addition, Continental will assist in the execution of COPA&#146;s fleet growth and replacement plan as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. Continental will use its commercially reasonable efforts to ensure no increase in the discrepancy between COPA&#146;s and
Continental&#146;s pricing on Boeing 737 NG flight equipment. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. In the event that the sale of any unused and expiring
Continental Options to COPA would yield a lower net purchase price to COPA, Continental agrees to offer such option aircraft for sale to COPA on commercially reasonable terms. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">C. In the event that Continental agrees to acquire Embraer 190 Family flight
equipment, Continental will use its commercially reasonable efforts to ensure that COPA benefits from the economy of scale that a combined order would afford on any undelivered EMB 170/175/190/195 aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Ground Equipment. Where contractually permitted, COPA shall have access to the prices and delivery available to Continental for ground
equipment, provided that such access will not adversely impact Continental. Continental will use commercially reasonable efforts to assist COPA in obtaining financing terms with respect to purchases of ground equipment by or on behalf of COPA that
are comparable to Continental&#146;s. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Insurance. At the request of COPA, COPA shall be included in Continental&#146;s insurance
coverage of all types to the extent commercially reasonable. Continental shall permit COPA to continue to obtain the insurance benefits associated with Continental&#146;s superior size and expertise, unless and until it is no longer commercially
reasonable to do so. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Fuel. The Carriers shall provide each other with the benefits of each other&#146;s fuel-purchase arrangements.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Management Information and Related Systems and Data. The Carriers shall provide each other with their respective applicable
capabilities and information relating to management information and related systems to the extent contractually permitted. This applies to pricing, yield management, distribution planning, reservations, departure control, <FONT
STYLE="white-space:nowrap">E-ticketing,</FONT> flight scheduling, crew scheduling, personnel management and evaluation, passenger and cargo revenue accounting, general accounting, computer reservation system analysis, quality monitoring, maintenance
support, fleet planning, flight profitability, treasury support, group management, sales planning, U.S. GSA Support, marketing planning information, DOT database analysis, frequent flyer program, technical support and other systems. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Reservations, Departure Control, and Operational Control. At the request of COPA, assistance with reservations, departure control and
operational control functions shall be provided by Continental to COPA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) Training. At the request of COPA, training shall be provided
to COPA by Continental that involves both technical areas (e.g., maintenance, crew resource management, simulator access, and crew training) and other areas (e.g., salesmanship, negotiating skills, personnel evaluation). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) Catering. At the request of COPA, COPA shall receive access to Continental&#146;s
catering and <FONT STYLE="white-space:nowrap">on-board</FONT> supply contracts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) Employee Exchanges. At the request of COPA,
Continental shall provide COPA a reasonable number of qualified staff in key areas to facilitate implementation and knowledge and capability transfer. Included in the resources provided by Continental will be a reasonable number of qualified
management personnel who will, unless otherwise agreed, be assigned to COPA for a period of not less than two years and will collectively be knowledgeable in the areas of yield management, maintenance and engineering, marketing and sales, flight
operations and passenger services. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) Accounting and Administrative. At the request of COPA, Continental shall provide COPA with
accounting and administrative support services. This also includes access to credit card processing arrangements, commission levels, bank settlement plan participation, surety bonds and other items. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) Maintenance of Aircraft, Engines, and Components. Upon COPA&#146;s request, Continental shall integrate COPA&#146;s fleet into
Continental&#146;s maintenance program. Maintenance, quality assurance, planning, and engineering services performed substantially by Continental will be charged to COPA at Continental&#146;s Incremental Cost. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) General Purchasing of Goods and Services. Continental shall undertake to include COPA in access to rates, terms, and availability of other
applicable goods and services reasonably requested by COPA. Continental will use commercially reasonable efforts to assist COPA to obtain financing terms with respect to purchases by or on behalf of COPA that are comparable to Continental&#146;s.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) Other (telecommunications, etc.). Upon COPA&#146;s request, Continental shall provide COPA access to its rates, terms, networks, and
other telecommunications services and facilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. Most-favored nations. Except as otherwise expressly set forth in this Agreement, all
services, supplies, training, products and any other assistance covered by this Agreement, including, but not limited to, technical, personnel, aviation services and supply assistance (the &#147;Assistance&#148;), which Continental or its Affiliates
shall provide to COPA shall be provided at Continental&#146;s or its Affiliates&#146; Incremental Cost of providing such Assistance, but in no case will COPA be required to pay more than the price that Continental or its Affiliates is at the time
providing such Assistance to any other <FONT STYLE="white-space:nowrap">non-majority</FONT> owned airline after giving effect to the existence, if any, of cross-subsidy arrangements involving multiple service provided to and received from such other
airline. In the event that COPA can obtain similar or more favorable Assistance from a third party at a lower price or with more favorable terms, COPA shall be permitted to purchase such Assistance from such third party, subject to the provisions of
any agreements between Continental and COPA with respect thereto. Also, Continental and its Affiliates </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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shall use their commercially reasonable efforts to assure that COPA is the beneficiary of the most favorable prices and terms that Continental or its Affiliates can obtain for themselves via
their externally provided resources. Continental shall have no obligation to extend the benefits of this Agreement to COPA&#146;s Affiliate, Aerorepublica, S.A., or any Affiliate acquired or created after the date hereof, unless COPA is, and only
for so long as they remain, the record and beneficial owner of at least eighty-five percent (85%) of the capital stock of such Affiliate, calculated on a fully diluted basis. If COPA has an Affiliate that no longer qualifies for the benefits of this
Agreement, Continental and COPA shall, upon COPA&#146;s request, discuss the possibility of such Affiliate being included under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. Sharing of resources during the term of the Agreement. Within a reasonable time after the date of this Agreement and subject to
Continental&#146;s contractual obligations, and subject to the negotiation of satisfactory confidentiality and use agreements, Continental shall share with COPA its expertise and <FONT STYLE="white-space:nowrap">know-how</FONT> reasonably requested
by COPA in the form of, but not limited to, manuals, procedures, automation, training and systems, necessary or desirable for COPA to provide the same options and services with the same quality that Continental provides; provided, however, that such
expertise and <FONT STYLE="white-space:nowrap">know-how</FONT> shall be provided to COPA at Continental&#146;s Incremental Cost. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.
Independent Parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Independent Contractors. It is expressly recognized and agreed that each Carrier, in its performance and
otherwise under this Agreement, is and shall be engaged and acting as an independent contractor and in its own independent and separate business; that each Carrier shall retain complete and exclusive control over its staff and operations and the
conduct of its business; and that each Carrier shall bear and pay all expenses, costs, risks and responsibilities incurred by it in connection with its obligations under this Agreement. Neither Continental nor COPA nor any officer, employee,
representative, or agent of Continental or COPA shall in any manner, directly or indirectly, expressly or by implication, be deemed to be in, or make any representation or take any action which may give rise to the existence of, any employment,
agent, partnership, of other like relationship as regards the other, but each Carrier&#146;s relationship as respects the other Carrier in connection with this Agreement is and shall remain that of an independent contractor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Status of Employees. The employees, agents and/or independent contractors of COPA shall be employees, agents, and independent contractors
of COPA for all purposes, and under no circumstances shall be deemed to be employees, agents or independent contractors of Continental. The employees, agents and independent contractors of Continental shall be employees, agents and independent
contractors of Continental for all purposes, and under no circumstances shall be deemed to be employees, agents or independent contractors of COPA. Continental shall have no supervisory power or control over any employees, agents or independent
contractors employed by COPA, and COPA shall have no supervisory power or control over any employees, agents and independent contractors employed by Continental. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Liability For Employee Costs. Each Carrier, with respect to its own employees (hired
directly or through a third party), accepts full and exclusive liability for the payment of worker&#146;s compensation and/or employer&#146;s liability (including insurance premiums where required by law) and for the payment of all taxes,
contributions or other payments for unemployment compensation, vacations, or old age benefits, pensions and all other benefits now or hereafter imposed upon employers with respect to its employees by any government or agency thereof or provided by
such Carrier (whether measured by the wages, salaries, compensation or other remuneration paid to such employees or otherwise) and each Carrier further agrees to make such payments and to make and file all reports and returns, and to do everything
necessary to comply with the laws imposing such taxes, contributions or other payments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Standard of Care; Disclaimer of Warranties;
Limitation of Liabilities. A providing Carrier&#146;s standard of care with respect to the provision of services pursuant to this Agreement shall be limited to providing services of the same general quality as such Carrier provides for its own
internal operations. Except for the previous sentence, neither Carrier makes any representations or warranties of any kind, whether express or implied (i)&nbsp;as to the quality or timeliness or fitness for a particular purpose of services it
provides or any services provided hereunder by third-party vendors or subcontractors, or (ii)&nbsp;with respect to any supplies or other material purchased on behalf of the receiving Carrier pursuant to this Agreement, the merchantability or fitness
for any purpose of any such supplies or other materials. Under no circumstances shall the providing Carrier have any liability hereunder for damages in excess of amounts paid by the receiving Carrier under the applicable agreement or for
consequential or punitive damages, including, without limitation, lost profits. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. Term and Termination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Term. The term of the Services Agreement, unless earlier terminated as provided in this Section&nbsp;6, shall continue until either
Carrier gives the other Carrier three (3)&nbsp;years&#146; written notice of termination: provided, however, that either Carrier may only give such notice on or after May&nbsp;22, 2012. The terms and conditions of this Amended and Restated Services
Agreement are effective as of the date first written above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Other Termination Rights. In addition to the termination provisions of
paragraph (a)&nbsp;of this Section&nbsp;6, this Agreement, but not the individual services agreements (which shall be terminated in accordance with their respective terms), may be terminated as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) By a Carrier, if the other Carrier has materially breached any material provision of this Agreement and such breach shall
remain unremedied for more than 180 days after delivery of written notice by the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Carrier. During such 180day period, the Carriers shall consult in good faith to ensure that each of the Carriers
understands the nature of the alleged breach and what steps are required to effect a cure; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) By a Carrier immediately on notice, if the other Carrier (i) shall be
dissolved or shall fail to maintain its corporate existence, or (ii) shall have its authority to operate as a scheduled airline suspended or revoked, or shall cease operations as a scheduled airline, in each case for a period of 30 or more days;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) By a Carrier immediately on notice if the other Carrier shall (A) commence any case, proceeding or other action
(1)&nbsp;under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it
a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (2)&nbsp;seeking appointment of a receiver, trustee, custodian,
conservator or other similar official for it or for all or any substantial part of its assets, or shall make a general assignment for the benefit of its creditors; or (B) there shall be commenced against the other Carrier any case, proceeding or
other action of a nature referred to in clause (A)&nbsp;above that (1)&nbsp;results in the entry of an order for relief or any such adjudication or appointment or (2)&nbsp;remains undismissed or undischarged for a period of 60 days; or
(C)&nbsp;there shall be commenced against the other Carrier any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets that results in
the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or (D)&nbsp;the other Carrier shall take any action in furtherance of, or indicating
its consent to, approval of, or acquiescence in, any of the acts set forth in clause (A), (B), or (C)&nbsp;above; or (E)&nbsp;the other Carrier shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as
they become due; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) By either Carrier on thirty (30)&nbsp;days&#146; prior written notice if the Alliance Agreement is
terminated; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) By either Carrier immediately on notice if the other Carrier fails to maintain its membership in the
Airline Clearing House (ACH) or the International Air Transport Association Clearing House for a period of ten (10)&nbsp;consecutive days; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) By a Carrier on sixty (60)&nbsp;days&#146; prior written notice if the other Carrier materially breaches (or, in the case
of Continental&#146;s right to terminate, Corporacion de Inversiones Aereas, S.A. materially breaches) </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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the terms and/or conditions of the Shareholders Agreement or the Registration Rights Agreement and fails to cure such breach within such sixty <FONT STYLE="white-space:nowrap">(60)-day</FONT>
notice period; provided that during such <FONT STYLE="white-space:nowrap">60-day</FONT> period, the Carriers shall consult in good faith to ensure that each of the Carriers understands the nature of the alleged breach and what steps are required to
effect a cure; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) By a Carrier on thirty (30)&nbsp;days&#146; prior written notice if the other Carrier rejects the
Alliance Agreement and/or Frequent Flyer Program Participation Agreement in a bankruptcy proceeding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Force Majeure and Termination.
Except with respect to the performance of a Carrier&#146;s payment obligations under this Agreement, neither Carrier shall be liable for delays or failure in its performance hereunder to the extent that such delay or failure of performance
(a)&nbsp;is caused by any act of God, war, terrorism, natural disaster, strike, lockout, labor dispute, work stoppage, fire, serious accident, epidemic, quarantine restriction, act of government, or any other cause, whether similar or dissimilar,
beyond the control of that Carrier, and (b)&nbsp;is not the result of that Carrier&#146;s lack of reasonable diligence (an &#147;Excusable Delay&#148;). In the event an Excusable Delay continues for sixty (60)&nbsp;days or longer, the <FONT
STYLE="white-space:nowrap">non-delayed</FONT> Carrier shall have the right, at its option, to terminate this Agreement by giving the delayed Carrier at least thirty (30)&nbsp;days prior written notice of such election to terminate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Duties upon termination. No termination of this Agreement will release the parties from any liability for breach of this Agreement or from
any moneys or other duties owed at the time of such termination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Termination for Change of Control. . Notwithstanding any other
provision of this Agreement in the event of a Change of Control involving a Carrier, the Carrier not involved in the Change of Control shall have the right to terminate this Agreement on six (6)&nbsp;months&#146; prior written notice without
liability or penalty to the Carrier involved in the Change of Control; provided, however, the right of a Carrier to give notice to terminate with respect to a Change of Control involving the other Carrier shall expire on the six month anniversary of
the later to occur of (i)&nbsp;the date the terminating Carrier receives notice of such Change of Control from the other Carrier or (ii)&nbsp;the date of the consummation of such Change of Control transaction. The following definitions apply to the
terms used in this Section&nbsp;6: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#147;AIRLINE ASSETS&#148; means those assets used, as of the date of determination, in the relevant
Person&#146;s operation as an air carrier. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#147;BENEFICIAL OWNERSHIP&#148; has the meaning given such term in Rules <FONT
STYLE="white-space:nowrap">13d-3</FONT> and <FONT STYLE="white-space:nowrap">13d-5</FONT> under the Securities Exchange Act of 1934, as amended. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#147;CAPITAL STOCK&#148; of any Person means any and all shares, interests, rights to
purchase, options, warrants, participation or other equivalents of or interests in (however designated) the equity of such Person, including any preferred stock. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#147;CARRIER AFFECTED COMPANY&#148; means as to a Carrier (a)&nbsp;such Carrier and its successor, (b)&nbsp;any Holding Company of such
Carrier or its successor, or (c)&nbsp;any Subsidiary of such Carrier or its successor or of any Holding Company of such Carrier or its successor, that in any such case owns, directly or indirectly, all or substantially all of the Airline Assets of
such Carrier or its successor, such Holding Companies of such Carrier and such Subsidiaries, taken as a whole. &#147;CHANGE OF CONTROL&#148; shall mean, with respect to a Carrier, the consummation of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(1) a merger, reorganization, share exchange, consolidation, tender or exchange offer, private purchase, business combination, recapitalization
or other transaction as a result of which (A)&nbsp;a Competing Carrier or a Holding Company of a Competing Carrier and a Carrier Affected Company are legally combined, (B)&nbsp;a Competing Carrier, any of its Affiliates or any combination thereof
acquires, directly or indirectly, Beneficial Ownership of 50% or more of the Capital Stock or Voting Power of a Carrier Affected Company, or (C) such Carrier (or its successor), any Holding Company of such Carrier (or its successor), or any of their
respective Subsidiaries acquires, directly or indirectly, Beneficial Ownership of 50% or more of the Capital Stock or Voting Power of a Competing Carrier; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(2) the sale, transfer or other disposition of all or substantially all of the Airline Assets of such Carrier (or its successor) and its
Subsidiaries on a consolidated basis directly or indirectly to a Competing Carrier, any Affiliate of a Competing Carrier or any combination thereof, whether in a single transaction or a series of related transactions; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(3) the execution by a Carrier Affected Company of bona fide definitive agreements, the consummation of the transactions contemplated by which
would result in a transaction described in the immediately preceding clauses (1)&nbsp;or (2). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#147;COMPETING CARRIER&#148; means an air
carrier that competes (internationally and/or domestically) on a significant and material basis with the Carrier that is not involved in the Change of Control. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#147;HOLDING COMPANY&#148; means, as applied to a Person, any other Person of whom such Person is, directly or indirectly, a Subsidiary. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#147;SUBSIDIARY&#148; of any Person means any corporation, association, partnership, joint
venture, limited liability company or other business entity of which more than 40% of the total Voting Power thereof or the Capital Stock thereof is at the time owned or controlled, directly or indirectly, by (1)&nbsp;such person, (2)&nbsp;such
person and one or more Subsidiaries of such Person, or (3)&nbsp;one or more Subsidiaries of such Person. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#147;VOTING POWER&#148; means,
as of the date of determination, the voting power in the general election of directors, managers or trustees, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.
Confidential Information. Neither COPA nor Continental shall disclose the terms of this Agreement or any proprietary information with respect to the other obtained as a result of this Agreement, either during the term hereof or thereafter; provided,
however, that such disclosure may be made if required by applicable law, regulation or stock exchange rule, or by any order of a court or administrative agency, and then only upon ten days&#146; written notice by the disclosing Carrier to the other
Carrier. The Carriers recognize that, in the course of the performance of each of the provisions hereof, each Carrier may be given and may have access to confidential and proprietary information of the other Carrier, including proposed schedule
changes, promotional programs and other operating and competitive information (&#147;Confidential Information&#148;). Each Carrier shall preserve, and shall ensure that each of its officers, agents, consultants and employees who receive Confidential
Information preserve, the confidentiality of the other Carrier&#146;s Confidential Information and shall not disclose Confidential Information to a third Carrier, without prior written consent from the other Carrier or use Confidential Information
except as contemplated by this Agreement. This Section&nbsp;7 shall survive two years after the termination or expiration of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. Arbitration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Any
controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by arbitration administered by the Conciliation and Arbitration Center (the &#147;CAC&#148;) an affiliate of the Panama Chamber of Commerce in
accordance with the International Arbitration Rules of the International Chamber of Commerce Court of International Arbitration. Judgment on the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The number of arbitrators shall be three, one of whom shall be appointed by each of the Carriers and the third of whom shall be selected
by mutual agreement, if possible, within 30 days of the selection of the second arbitrator and, if no agreement on the third arbitrator is possible, by the CAC; provided that unless otherwise agreed the CAC may only choose an arbitrator that is from
a country other than Panama or the United States. The place of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
arbitration shall be Miami, Florida. The language of the arbitration shall be English, but documents or testimony may be submitted in any other language if a translation is provided. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The arbitrators shall have no authority to award punitive damages or any other damages not measured by the prevailing Carrier&#146;s
actual damages, and may not, in any event, make any ruling, finding or award that does not conform to the terms of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)
Either Carrier may make an application to the arbitrators seeking injunctive relief to maintain the status quo until such time as the arbitration award is rendered or the controversy is otherwise resolved. Either Carrier may apply to any court
having jurisdiction hereof and seek injunctive relief in order to maintain the status quo until such time as the arbitration award is rendered or the controversy is otherwise resolved. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. Certain Definitions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)
Commercially Reasonable Efforts. As used in this Agreement, the term &#147;commercially reasonable efforts&#148; shall not require a Carrier to make any uncompensated cash outlays, to accept adverse contract terms, to limit, alter, impair or
interfere with its operations, to impair any right with respect to the use of its assets, or to otherwise adversely affect the Carrier in any measurable manner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Affiliate. As used in this Agreement, &#147;Affiliate&#148; means, as applied to a Person, any other Person directly or indirectly
controlling, controlled by, or under common control with, that Person. For purposes of this definition &#147;control&#148; (including, with correlative meanings, the terms &#147;controlling&#148;, &#147;controlled by&#148; and &#147;under common
control with&#148;), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities, by contract
or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Person. As used in this Agreement, &#147;Person&#148; means an individual, partnership, corporation, business trust,
joint stock company, limited liability company, unincorporated association, joint venture or other entity of whatever nature. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.
Governing Law. This Agreement shall be construed and enforced in accordance with, and governed by, the laws of the State of New York. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.
Entire Agreement, Waivers and Amendments. This Agreement and the Alliance Agreement to the extent such agreement concerns the matters covered in this Agreement constitute the entire understanding of the Carriers with respect to the subject matter
hereof superseding all prior discussions and agreements, written or oral. This Agreement may not be amended, nor may any of its provisions be waived, except by writing signed by both carriers. No delay on the part of either carrier in exercising any
right power or privilege hereunder shall operate as a waiver hereof, nor shall any waiver operate as a continuing waiver of any right, power or privilege. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. Notices. All notices given hereunder shall be in writing delivered by hand, certified
mail, telex, or telecopy to the Carriers at the following addresses: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If to Continental: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Continental Airlines, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">1600 Smith St., HQSCD
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecopier No.: (713)
<FONT STYLE="white-space:nowrap">324-3099</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Houston, Texas 77002</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Senior Vice President-</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.30em; font-size:10pt; font-family:Times New Roman">Asia/Pacific and Corporate Development</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With copy to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Continental Airlines, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">1600 Smith St., HQSLG
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecopier No.: (713)
<FONT STYLE="white-space:nowrap">324-5161</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Houston, Texas 77002</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Senior Vice President</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.30em; font-size:10pt; font-family:Times New Roman">and General Counsel</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">If&nbsp;to&nbsp;COPA:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporacion de Inversiones Aereas, S.A.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Ave. Justo Arosemena y Calle 39</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Apdo. 1572</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Panama 1, Panama</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Attention: Pedro Heilbron</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Facsimile No: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">507-227-1952</FONT></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">With&nbsp;a&nbsp;copy&nbsp;to:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galindo, Arias y Lopez</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Edif. Omanco</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Apartado 8629</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Panama 5, Panama</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Attention: Jaime A. Areas C.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Facsimile No.: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">507-263-5335</FONT></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. Successors, Assigns. Except as otherwise provided in this Agreement, neither carrier may assign its rights
or delegate its duties under this Agreement and any such purported assignment or delegation shall be void. This Agreement shall be binding on the lawful successors of each carrier. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. Headings. The headings in this Agreement are for convenience of reference only and shall
not define or limit any of the terms or provisions hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. Counterparts. This Agreement may be executed in counterparts, all of which
taken together shall constitute one agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. Equal Opportunity. To the extent applicable, EEO clauses contained at 41 C.F.R.
Sections <FONT STYLE="white-space:nowrap">60-1.4,</FONT> <FONT STYLE="white-space:nowrap">60-250.4</FONT> and <FONT STYLE="white-space:nowrap">60-741.4</FONT> are hereby incorporated by reference. Each Carrier shall comply with all equal opportunity
laws and regulations which apply to or must be satisfied by that Carrier as a result of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto, being
duly authorized, have caused this Agreement to be executed as of the date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">CONTINENTAL AIRLINES, INC.</P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">COMPANIA PANAMENA DE AVIACION, S.A. </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule 1 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">to the </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Amended and Restated
Services Agreement </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Below is a list of agreements between Continental and Copa that have been negotiated to implement the Services Agreement: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Dated</P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">COPA&#146;s Use of Continental&#146;s Manuals Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">August&nbsp;13,&nbsp;1998</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Agreement (with respect to CO Sales Support in Miami)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">October&nbsp;31,&nbsp;1998</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Frequent Flyer Program Participation Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">January&nbsp;27, 1999</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trademark License Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">May&nbsp;24, 1999</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Agreement (with respect to CO&#146;s <FONT STYLE="white-space:nowrap">P-Club</FONT> in
Panama)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">July&nbsp;13, 1999</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Equipment Sales Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">December&nbsp;1,&nbsp;1999</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Information Technology Services Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">September&nbsp;27,&nbsp;2000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Parts Pool Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">October&nbsp;12, 2000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Agreement (with respect to CO SalesInsight software)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">November&nbsp;11, 2000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">COPA Corporate Program Inclusion Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">November&nbsp;16, 2000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Agreement (with respect to distribution services)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">November&nbsp;28, 2000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">737-700</FONT> Maintenance Management, Material Management and
Maintenance Services Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">May&nbsp;3, 2001</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Agreement (with respect to CO Sales Support in Los Angeles)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">June&nbsp;2, 2001</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Agreement (with respect to CO&#146;s CTO in Cuenca, Ecuador)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">December&nbsp;14, 2001</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General Passenger Sales Agency Agreement (Chile)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">January&nbsp;1, 2002</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Airline Forecasting Services Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">January&nbsp;14, 2002</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">City Ticket Office Representation Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">February&nbsp;11, 2002</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Agreement (with respect to CO General US Sales Support)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">May&nbsp;30, 2002</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General Passenger Sales Agency Agreement (Argentina)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">November&nbsp;29, 2002</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">In-Flight</FONT> Entertainment Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">February&nbsp;19, 2004</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Agreement (with respect to CO&#146;s RewardOne system)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">March&nbsp;15, 2004</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Agreement (with respect to CO Sales Support in New York)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">June&nbsp;1, 2004</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Standard Ground Handling Agreement (LAX)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">June&nbsp;1, 2004</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Marketing Insight for Copa Airlines Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">October&nbsp;7, 2004</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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<DESCRIPTION>EX-4.7
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit 4.7 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AMENDED AND RESTATED </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SHAREHOLDERS AGREEMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">among
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CORPORACION DE INVERSIONES AEREAS, S.A., </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CONTINENTAL AIRLINES, INC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COPA HOLDINGS, S.A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">November&nbsp;23, 2005 </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="82%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE I MANAGEMENT OF THE COMPANY; BOARD OF DIRECTORS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Board of Directors</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Composition of Board of Directors</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Meetings; Quorum; Required Vote</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Removal; Vacancies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE II DISPOSITIONS, SALES AND TRANSFERS OF SHARES; RIGHT OF FIRST OFFER; <FONT
STYLE="white-space:nowrap">TAG-ALONG</FONT> RIGHTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transfers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prohibited Transfers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Right of First Offer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tag Along Rights</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE III MISCELLANEOUS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Termination</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Successors and Assigns</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Entire Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Severability</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Language</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.6.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">GOVERNING LAW</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.7.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Arbitration</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.8.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notices</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.9.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Headings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Modification, Amendment or Clarification</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Counterparts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Constructive Termination</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Remedies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Shareholder Meeting</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AMENDED AND RESTATED SHAREHOLDERS AGREEMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Amended and Restated Shareholders Agreement (this &#147;Agreement&#148;) of Copa Holdings, S.A., a corporation (sociedad anonima) duly
organized and validly existing under the laws of Panama (the &#147;Company&#148;), is made and entered into as of November&nbsp;23, 2005, by and among the Company, Corporacion de Inversiones Aereas, S.A., a corporation (sociedad anonima) duly
organized and validly existing under the laws of Panama (&#147;CIASA&#148;), and Continental Airlines, Inc., a corporation duly organized and validly existing under the laws of the State of Delaware (&#147;Continental&#148; and, together with CIASA,
the &#147;Shareholders&#148;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RECITALS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company owns, directly or indirectly, substantially all of the issued and outstanding capital stock of Compania Panamena de
Aviacion, S.A., a corporation (sociedad anonima) duly organized and validly existing under the laws of Panama (&#147;COPA&#148;), Oval Financial Leasing, Ltd., a corporation duly organized and validly existing under the laws of the British Virgin
Islands (&#147;Oval&#148;), AeroRepublica S.A., a corporation (sociedad anonima) duly organized and validly existing under the laws of Colombia (&#147;AeroRepublica&#148;), and OPAC, S.A., a corporation (sociedad anonima) duly organized and validly
existing under the laws of Panama (&#147;OPAC&#148; and, together with COPA, AeroRepublica, Oval and the Company&#146;s other subsidiaries, the &#147;Operating Companies&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company and the Shareholders entered into a shareholders agreement, dated May&nbsp;12, 1998 (the &#147;Old Shareholders
Agreement&#148;), in connection with a Stock Purchase Agreement, dated as of May&nbsp;8, 1998 (the &#147;Stock Purchase Agreement&#148;), pursuant to which CIASA owned 76,500 shares of Class&nbsp;A common stock, without par value (the &#147;Old
Class&nbsp;A Shares&#148;), of the Company, and Continental owned 73,500 shares of Class&nbsp;B common stock, without par value (the &#147;Old Class&nbsp;B Shares&#148; and, together with the Class&nbsp;A Shares, the &#147;Old Shares&#148;), of the
Company; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, COPA and Continental have entered into an Amended and Restated Services Agreement (the &#147;Services Agreement&#148;)
and an Amended and Restated Alliance Agreement (the &#147;Alliance Agreement&#148;), each dated as of the date hereof, pursuant to which COPA and Continental will cooperate with each other in connection with certain aspects of COPA&#146;s and
Continental&#146;s air transportation business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, in order to facilitate a public offering (the &#147;Initial Public
Offering&#148;) of a portion of their Shares (hereinafter defined), the Shareholders are recapitalizing the Company to, among other things, replace the Old Shares with a new series of Class&nbsp;A shares, without par value (the &#147;Class A
Shares&#148;), which will not have voting rights except in certain circumstances described in the Company&#146;s Pacto Social, as amended, and a new series of Class&nbsp;B shares, without par value (the &#147;Class B Shares&#148; and, together with
the Class&nbsp;A Shares, the &#147;Shares&#148;), entitled to one vote per share; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Shareholders believe it to be in the best
interests of themselves and the Company to enter into this Agreement to modify certain provisions of the Old Shareholders Agreement and to reflect the Company&#146;s new capital structure; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, on the date hereof the Shareholders are entering into a registration rights
agreement, substantially in the form attached as Exhibit A hereto (the &#147;Registration Rights Agreement&#148;), with respect to the Class&nbsp;A Shares held by Continental and the Class&nbsp;B Shares held by CIASA; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Shareholders believe it to be in the best interests of themselves and the Company that the agreements contained herein be adopted
in order to promote the harmonious management of the Company; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the foregoing and of the mutual
agreements and covenants contained herein, and intending to be legally bound hereby, the parties hereto agree as follows: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE I </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MANAGEMENT OF THE COMPANY; BOARD OF DIRECTORS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.1. Board of Directors. The business and affairs of the Company shall be managed and controlled by the Board of Directors of the
Company in a manner consistent with this Agreement and the Company&#146;s Pacto Social. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.2. Composition of Board of
Directors. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Shareholders agree that, effective as of the date hereof, the Board of Directors of the Company (the &#147;Board of
Directors&#148;) shall consist of eleven (11)&nbsp;members (each, a &#147;Director&#148;) and shall have the following composition: six (6)&nbsp;Directors elected from candidates nominated by CIASA (&#147;CIASA Directors&#148;); two
(2)&nbsp;Directors elected from candidates nominated by Continental (&#147;Continental Directors&#148;); and three (3)&nbsp;Directors who shall be &#147;independent&#148; (the &#147;Independent Directors&#148;) under the rules of the New York Stock
Exchange (the &#147;NYSE&#148;); provided that the number of Continental Directors shall be automatically decreased to (i)&nbsp;one (1) at such time as Continental, together with its Permitted Transferees, owns less than 19.0% of the total
outstanding Shares (the &#147;Continental Ownership Event&#148;) and (ii)&nbsp;zero at such time as the Continental Ownership Event has occurred and the Alliance Agreement has expired or been terminated. Each of the Shareholders agrees to vote, or
act by written consent with respect to, any Shares beneficially owned by it that are entitled to vote, at each annual or special meeting of stockholders of the Company at which Directors are to be elected or to take all actions by written consent in
lieu of any such meeting as are necessary, to cause the CIASA Directors, the Continental Directors and the Independent Directors to be elected to the Board of Directors as provided in this Section&nbsp;1.2. Each of the Shareholders agrees to use its
best efforts to cause the election of each such designee to the Board of Directors, including nominating such individuals to be elected as members of the Board of Directors. Further, the Company agrees that, if at any time there is a vacancy on the
Board of Directors and as a result thereof the Board of Directors includes fewer CIASA Directors or Continental Directors than CIASA or Continental are entitled to nominate at such time, then the Company shall nominate or appoint, as the case may
be, the person designated by CIASA or Continental, as the case may be, to fill such vacancy and, in the event of a shareholders vote, shall recommend to shareholders such individual&#146;s election to the Board. In addition, at any time </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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when there are no Continental Directors on the Board of Directors and Continental is entitled to appoint a member of the Board of Directors, at Continental&#146;s request, the Company shall
invite an individual designated by Continental at such time to attend all board meetings (including telephonic meetings) as a <FONT STYLE="white-space:nowrap">non-voting</FONT> observer and review all actions taken by the Board of Directors without
a meeting, and shall provide such individual, at the same time as provided to Directors, all materials provided to Directors in connection with such meetings or actions taken without a meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Shareholders shall, at CIASA&#146;s option, adjust the size of the Board of Directors and/or replace one or more CIASA Directors with
new Independent Directors to the extent hereafter required to comply with applicable law or the rules of the NYSE; provided that any such adjustments shall not impair Continental&#146;s rights pursuant to Section&nbsp;1.2(a) (it being understood
that the mere adjustment of the size of the board shall not be deemed an impairment of Continental&#146;s rights). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.3.
Meetings; Quorum; Required Vote. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Meetings of the Board of Directors shall be held at least quarterly. Unless a majority of Directors
otherwise agrees, meetings of the Board of Directors shall be held in Panama. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Unless every Director otherwise agrees or waives such
requirement or unless a fixed date is established for regular meetings, notice in writing of any meeting of the Board of Directors must be received by each Director no less than fourteen (14)&nbsp;days prior to the date on which such meeting is
scheduled to occur. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Attendance in person or by telephone of at least a majority of the Directors or their respective alternate
Directors shall be required to constitute a quorum at a meeting of the Board of Directors, except where the Pacto Social of the Company may require a greater number. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Unless otherwise specified in this Agreement, all matters shall require a simple majority vote of all Directors present at the meeting.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.4. Removal; Vacancies. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Either Shareholder may dismiss its nominated directors with or without cause, and, upon the occurrence of any such dismissal, the other
Shareholders shall vote accordingly in favor of, and shall use all reasonable efforts to implement promptly, such dismissal. In addition, any Director may resign at any time by giving written notice to the Shareholder that nominated such Director
and to the Secretary of the Board of Directors and filing such notice with the Public Registry in Panama. The Secretary of the Board of Directors shall provide notice of any such resignation to the other Shareholders and the other Directors within
two days of receiving such resignation. Such resignation shall take effect on the date shown on or specified in such notice or, if such notice is not dated, at the date of the receipt of such notice by the Secretary of the Board of Directors. No
acceptance of such resignation shall be necessary to make it effective. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If the position of a CIASA Director or a Continental Director becomes vacant for any
reason (including dismissal by the Shareholder nominating such Director), the remaining Directors shall vote (and if necessary the Shareholders shall cause their Shares to be voted) to elect as Director a person nominated by the Shareholder entitled
to fill such vacant position and to replace the departed Director on any Committees on which he served. Notwithstanding the foregoing, if the position of any Continental Director becomes vacant as a result of the provisions of Section&nbsp;1.2(a) of
this Agreement, the remaining Directors shall vote (and if necessary the Shareholders shall cause their Shares to be voted) to elect as Director a person nominated by a majority of the remaining Directors to fill such vacant position and to replace
the departed Director on any Committees on which he or she served. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE II </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">DISPOSITIONS, SALES AND TRANSFERS OF SHARES; </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RIGHT OF FIRST OFFER; <FONT STYLE="white-space:nowrap">TAG-ALONG</FONT> RIGHTS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.1. Transfers. No Shareholder shall directly or indirectly sell, assign, transfer or otherwise dispose of, or pledge, mortgage,
hypothecate, give, create a security interest in or lien on, place in trust (voting or otherwise), transfer by operation of law or in any way subject to any claims, options, charges, whether or not voluntarily, any Shares (or any beneficial interest
in such Shares) to or with any other person or entity (including, without limitation, by operation of law) (collectively, a &#147;Transfer&#148;) without complying with this Article II; provided that the restrictions of this Article II shall not
apply to any &#147;Permitted Transfer&#148; which shall be defined as any sale, assignment or transfer (i)&nbsp;by a Shareholder to any wholly-owned subsidiary of that Shareholder (provided the selling, assigning or transferring Shareholder agrees
in writing to remain bound by the terms of this Agreement and such wholly-owned subsidiary agrees in writing to be bound by the terms of this Agreement), (ii) to an Affiliate of CIASA (provided CIASA agrees in writing to remain bound by the terms of
this Agreement and such Affiliate agrees in writing to be bound by the terms of this Agreement), (iii) to the shareholders of CIASA as of the date hereof or any Affiliate or Family Member thereof (provided that CIASA agrees in writing to remain
bound by the terms of this Agreement and such transferee agrees in writing to be bound by the terms of this Agreement) or (iv)&nbsp;by Continental to a person owning a majority of the voting power of Continental&#146;s capital stock (a
&#147;Controlling Continental Shareholder&#148;) (provided Continental agrees in writing to remain bound by the terms of this Agreement and such person agrees in writing to be bound by the terms of this Agreement). Each person or entity referred to
in sections (i)&nbsp;through (iv) of this Section&nbsp;2.1 shall be a &#147;Permitted Transferee&#148;; provided that, for the avoidance of doubt, any trust subject to the U.S. Employee Retirement Income Security Act of 1974, as amended
(&#147;ERISA&#148;), and established to fund retirement or pension benefits for employees of corporations, trades, or business that are under common control with Continental pursuant to sections 414(b) and 414(c) of the Internal Revenue Code of
1986, as amended and/or the ERISA benefit plan associated with such trust (any such trust or plan, a &#147;Continental Plan&#148;) shall not be considered a Permitted Transferee, and a Transfer to such Continental Plan shall not be considered a
Permitted Transfer. For purposes of this Agreement, an &#147;Affiliate&#148; of a person means an entity controlled by such person where control means ownership of a majority of both the economic interest in and voting power for such entity. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of this Agreement, a &#147;Family Member&#148; of a person is the spouse of such person or a
parent, sibling or descendent of such person (or a spouse thereof) or a trust established for the benefit of any of the foregoing. Any Shareholder making a Permitted Transfer must notify the other Shareholder in writing prior to completing such
Permitted Transfer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.2. Prohibited Transfers. For so long as CIASA and its Affiliates own, directly or indirectly, more
than 50% of the Company&#146;s voting stock, neither Shareholder shall effect or agree to effect a Transfer (other than pursuant to (i)&nbsp;a Widely Distributed Public Offering, (ii)&nbsp;a Transfer to a Continental Plan, or (iii)&nbsp;a Permitted
Block Trade (A)&nbsp;to the knowledge of the Transferring Shareholder, has not been entered into directly or indirectly with any airline or any subsidiary of an airline, (B)&nbsp;that has not otherwise been structured for the purpose of avoiding
this Section&nbsp;2.2 and (C)&nbsp;in which any underwriter or broker acknowledges that such underwriter or broker is familiar with the restrictions of this Section&nbsp;2.2) without the prior written consent of the other Shareholder, which shall
not be unreasonably withheld, if such Transfer would result in any airline or an Affiliate of an airline that is not as of the date of this Agreement a direct holder of Shares holding Shares. As used in this Agreement, &#147;Widely Distributed
Public Offering&#148; means any public offering of Shares to five (5)&nbsp;or more purchasers, none of which are, to the knowledge of Continental or any underwriters, directly or indirectly affiliated with each other or any Shareholder and none of
which are acting as a &#147;group&#148; (as defined in Section&nbsp;13(d) of the U.S. Securities Exchange Act of 1934, as amended), in which no one purchaser acquires more than 20% of the total number of Shares sold in such offering. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.3. Right of First Offer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) In the event that Continental or a Permitted Transferee of Continental (together, for purposes of this Section&nbsp;2.3, the
&#147;Continental Seller&#148;) intends to Transfer any Shares (other than pursuant to (i)&nbsp;a Permitted Transfer, (ii)&nbsp;a public offering of shares registered with the U.S. Securities and Exchange Commission pursuant to the Registration
Rights Agreement or (iii)&nbsp;a Transfer pursuant to Section&nbsp;2.4), it shall first give written notice to CIASA stating its intention to make such Transfer and the number of Shares proposed to be Transferred (the &#147;Offered
Securities&#148;). Notwithstanding the foregoing, the Continental Seller shall not be required to give CIASA any such notice, and the provisions of this Section&nbsp;2.3 shall not be applicable, on any date on which CIASA, together with its
Permitted Transferees, owns less than 10.0% of the total outstanding Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Unless the proposed Transfer is a Permitted Block Trade
in accordance with the terms of Section&nbsp;2.3(d), upon receipt of the notice described in Section&nbsp;2.3(a), CIASA may elect to, and if CIASA so elects the Continental Seller shall, negotiate in good faith, for a period of up to thirty
(30)&nbsp;days (such <FONT STYLE="white-space:nowrap">30-day</FONT> period, the &#147;Offer Period&#148;) from the date of the receipt by CIASA of such notice, the terms of a transaction in which CIASA will acquire all of the Offered Securities. The
Continental Seller shall be under no obligation to accept any offer made by CIASA during the Offer Period. An offer made by CIASA shall not be considered to be an offer for purposes of the remainder of this Section&nbsp;2.3 unless it is a bona fide
offer made in good faith and subject only to such conditions as are customary for offers of such type and, in the good faith judgment of the Continental Seller, reasonably capable of being satisfied and consummated within sixty (60)&nbsp;days of the
date of such offer. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If CIASA offers to purchase all of the Offered Securities and does not reach a
definitive agreement with the Continental Seller during the Offer Period to purchase all of the Offered Securities, the Continental Seller shall have the right, for a period of 180 days from the earlier of (i)&nbsp;the expiration of the Offer Period
and (ii)&nbsp;the date on which the Continental Seller shall have received written notice from CIASA stating that CIASA does not intend to exercise its right to offer to purchase all of the Offered Securities, to enter into an agreement to transfer
all (but not less than all) of the Offered Securities to any third person at a price that is at least 10% greater than the price offered by CIASA in its last offer. For purposes of this Section&nbsp;2.3, in any Transfer to a Continental Plan,
including any contribution of Shares or any beneficial interest in Shares, the purchase price per Share shall be deemed to be the value set forth in a valuation report issued to an independent fiduciary of the Continental Plan by an independent
third party appraiser that includes a reasonable level of detail regarding the valuation method used by such appraiser to value such Shares or interests therein. If the Continental Seller intends to accept during such period an offer to Transfer all
of the Offered Securities to any third person at a price that is not at least 10% greater than the price offered by CIASA in its last offer, then the Continental Seller shall give notice (the &#147;Second Notice&#148;) in writing to CIASA specifying
the number of Offered Securities proposed to be Transferred, the proposed sale price, the name and address of the proposed transferee as well as all other terms and conditions in connection with the proposed Transfer and shall enclose a copy of the
offer received with respect thereto. During the three business days (such <FONT STYLE="white-space:nowrap">three-business-day</FONT> period, the &#147;Second Offer Period&#148;) following receipt of the Second Notice, CIASA shall have an irrevocable
and exclusive option, but in no way an obligation, to agree to purchase all (but not less than all) of such Offered Securities on the same terms and subject to the same conditions as specified in the Second Notice, except that the closing date of
any such agreement by CIASA to purchase shall occur no later than thirty (30)&nbsp;days after the expiration of the Second Offer Period. In the event that CIASA elects to exercise such option, the Continental Seller and CIASA shall promptly
consummate the purchase and sale of such Offered Securities. In the event that the Second Offer Period has elapsed without CIASA having exercised such option, the Continental Seller shall have the right to consummate the proposed Transfer on the
terms and conditions set forth in the Second Notice within thirty (30)&nbsp;days from the earlier of (i)&nbsp;the expiration of the Second Offer Period and (ii)&nbsp;the date on which the Continental Seller shall have received written notice from
CIASA stating that CIASA does not intend to exercise its option to purchase all of such Offered Securities. If CIASA does not make an offer to purchase all of the Offered Securities during the Offer Period, the Continental Seller shall have the
right, for a period of 180 days from the earlier of (i)&nbsp;the expiration of the Offer Period and (ii)&nbsp;the date on which the Continental Seller shall have received written notice from CIASA stating that CIASA does not intend to exercise its
right to offer to purchase all of the Offered Securities, to enter into an agreement to transfer all (but not less than all) of the Offered Securities to any third person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Notwithstanding Sections 2.3(b) and (c)&nbsp;above, if (i)&nbsp;immediately after giving effect to any proposed Transfer by a Continental
Seller described in Section&nbsp;2.3(a), Continental and its Permitted Transferees would continue to own Registrable Securities (as defined in the Registration Rights Agreement) and (ii)&nbsp;the proposed Transfer will be a Permitted Block Trade (as
defined below) in accordance with this Section&nbsp;2.3(d), the Continental Seller shall provide the written notice referred to in Section&nbsp;2.3(a) no fewer than fourteen (14)&nbsp;days prior to the date on which the Continental Seller desires to
sell the Offered Securities (the &#147;Proposed Sale Date&#148;) and this Section&nbsp;2.3(d) shall apply to the proposed Transfer of the Offered </P>
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Securities in lieu of Sections 2.3(b) and (c). In such event, at least four days but not more than seven days prior to the Proposed Sale Date, the Continental Seller shall invite CIASA in writing
to make a written offer to purchase all of the Offered Securities (the &#147;CIASA Bid&#148;). The Continental Seller must receive the written CIASA Bid by 6:00 p.m., Central Standard Time, on the second full business day following the date of
CIASA&#146;s receipt of Continental&#146;s written invitation to make an offer. If the Continental Seller accepts the CIASA Bid, CIASA shall purchase the Offered Securities pursuant to the CIASA Bid no more than thirty (30)&nbsp;days following the
Continental Seller&#146;s acceptance of the CIASA Bid or on such other date as the Continental Seller and CIASA may agree. If the Continental Seller wishes to reject the CIASA Bid it shall do so in writing and, if it does so by 6:00 p.m., Central
Standard Time, on the second full business day following its receipt of the CIASA Bid, the Continental Seller may sell no less than 70% of the Offered Securities in a block trade or similar transaction (a &#147;Permitted Block Trade&#148;); provided
that (i)&nbsp;the Permitted Block Trade is consummated within seven (7)&nbsp;days of the Continental Seller&#146;s rejection of the CIASA Bid, (ii)&nbsp;the Offered Securities are purchased by at least four (4)&nbsp;purchasers that are not, to the
knowledge of Continental or any underwriters, directly or indirectly affiliated with one another or with Continental or the Continental Seller and none of which are acting as a &#147;group&#148; (as defined in Section&nbsp;13(d) of the U.S.
Securities Exchange Act of 1934, as amended) (&#147;Unaffiliated Purchasers&#148;), (iii) no single Unaffiliated Purchaser directly or indirectly acquires or will beneficially own as a result of the Permitted Block Trade more than the lesser of 50%
of the Offered Securities and 5% of the total outstanding Shares, (iv)&nbsp;the purchase price paid by each of the Unaffiliated Purchasers for the Offered Securities is at least 95% of the price offered by CIASA pursuant to the CIASA Bid and
(v)&nbsp;the other terms and conditions relating to the timing or value of consideration of the Permitted Block Trade are not more favorable in any material respect to any of the Unaffiliated Purchasers than the terms and conditions relating to the
timing or value of consideration offered by CIASA in the written CIASA bid. Any Transfer that does not satisfy each of the requirements described in (i)&nbsp;through (v) of this Section&nbsp;2.3(d) shall not constitute a Permitted Block Trade and
shall remain subject to the offer procedures set forth in Sections 2.3(b) and (c). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) If any portion of a price offered by CIASA or
another purchaser for the Offered Securities is proposed to be paid in a form other than cash, such portion shall be deemed to consist of the amount of cash equal to the fair market value of such <FONT STYLE="white-space:nowrap">non-cash</FONT>
consideration as reasonably determined by the Continental Seller, in the case of <FONT STYLE="white-space:nowrap">non-cash</FONT> consideration offered by CIASA, and by CIASA, in the case of <FONT STYLE="white-space:nowrap">non-cash</FONT>
consideration offered by another person; provided that the Continental Seller may specify in any notice described in Section&nbsp;2.3(a) that the Offered Securities shall only be available to CIASA or another purchaser for cash. Any transfer to a
Continental Plan shall be deemed to be a Transfer for cash. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) If CIASA and the Continental Seller do not reach an agreement to transfer
the Offered Securities to CIASA in accordance with the provisions of this Section&nbsp;2.3 and the Continental Seller shall not have transferred the Offered Securities to a third person in accordance with the provisions of this Section&nbsp;2.3, the
provisions of this Article II shall again apply in connection with any subsequent Transfer of all or any portion of such Offered Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.4. Tag Along Rights. (a)&nbsp;Continental shall have the rights set out in Sections 2.4(b) and 2.4(c) only with respect to a
sale of Shares by CIASA or a Permitted </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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Transferee of CIASA (other than (i)&nbsp;Permitted Transfers, (ii)&nbsp;Transfers in a public offering of shares registered with the U.S. Securities and Exchange Commission pursuant to the
Registration Rights Agreement or (iii)&nbsp;Transfers of Class&nbsp;B Shares to a Panamanian (as defined in the Registration Rights Agreement) (a &#147;Triggering Sale&#148;) pursuant to a bona fide offer (the &#147;Bona Fide Offer&#148;) to acquire
such Shares made by one or more third-parties (the &#147;Offeror&#148;) that would result in CIASA, together with its Permitted Transferees, beneficially owning less than 19.0% of the total outstanding Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) In the event of a Triggering Sale by CIASA or a Permitted Transferee of CIASA (together, for purposes of this Section&nbsp;2.4, the
&#147;CIASA Seller&#148;), the CIASA Seller shall provide Continental with written notice of its election to accept the Bona Fide Offer, which notice shall set forth the name and address of the Offeror and the principal terms of the Bona Fide Offer.
Upon receipt of such notice, Continental shall have thirty (30)&nbsp;days to irrevocably elect to sell a certain number of its Class&nbsp;A Shares to the Offeror on the terms and subject to the conditions set forth in Section&nbsp;2.4(c) hereof;
provided that the sale contemplated by the Bona Fide Offer closes. The number of Class&nbsp;A Shares that Continental shall have the right to sell to the Offeror shall be equal to the number of Shares being sold by the CIASA Seller; provided, that
if CIASA, together with its Permitted Transferees, beneficially owns more than 19.0% of the total outstanding Shares immediately prior to the Triggering Sale, Continental shall have the right to sell the number of Shares being sold by the CIASA
Seller minus the number of Shares held by CIASA and Permitted Transferees of CIASA in excess of 19.0% of the total outstanding Shares. If the sale contemplated by the Bona Fide Offer does not close, or the CIASA Seller does not sell enough of its
Shares to cause a Triggering Sale, the notice provided pursuant to this Section&nbsp;2.4(b) shall be deemed to have been withdrawn and the rights and obligations of Continental shall continue to be governed by this Section&nbsp;2.4. Failure by
Continental to make an election pursuant to this Section&nbsp;2.4(b) within the <FONT STYLE="white-space:nowrap">30-day</FONT> election period shall constitute an election to decline to sell pursuant to Section&nbsp;2.4(c). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If Continental elects to sell its Class&nbsp;A Shares pursuant to Section&nbsp;2.4(b), it shall take all lawful action reasonably
requested by the Offeror to complete the sale contemplated by the Bona Fide Offer, including, without limitation, the surrender to the Offeror of any stock certificates representing such shares properly endorsed for transfer to the Offeror against
payment of the sale price for such shares, and if so reasonably requested by the Offeror, the execution of all sale and other agreements in the form requested; provided that Continental shall not be required to make any representation, warranty, or
commitment in any such agreement except representations and warranties as to Continental&#146;s power and authority to transfer such shares free and clear of all liens and encumbrances, Continental&#146;s unencumbered title to such shares, and the
absence of any litigation, laws or agreements which would impede the transfer of such shares. The consideration to be paid for Continental&#146;s Shares to be sold pursuant to the Bona Fide Offer shall be greater than or equal value to the
consideration to be paid for CIASA&#146;s Shares sold pursuant to the Bona Fide Offer (in both cases, expressed on a per share basis). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) In addition to the rights described in this Section&nbsp;2.4, Continental shall have the registration rights described in Section&nbsp;2.3
of the Registration Rights Agreement at any time that a CIASA Seller sells any Shares to a Panamanian (as defined in the Registration Rights Agreement). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE III </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MISCELLANEOUS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.1.
Termination. This Agreement shall terminate without further action: (i)&nbsp;on the dissolution and liquidation of the Company; (ii)&nbsp;by mutual consent of CIASA and Continental; and (iii)&nbsp;at such time as either Shareholder (including any
Permitted Transferee) shall cease to own any Shares. This Agreement shall terminate at the option of CIASA upon written notice to Continental if a significant competitor of COPA, foreign or domestic, other than Northwest Airlines or its affiliates,
acquires majority ownership of, or majority voting control of, Continental. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.2. Successors and Assigns. The provisions of
this Agreement shall be binding upon, and shall inure to the benefit of, the respective successors and assigns of the Shareholders; provided that the benefit of this Agreement may not be assigned or transferred in whole or in part by any Shareholder
without the prior written consent of the other Shareholder except to a Controlling Continental Shareholder (subject to Section&nbsp;2.1(iv) and provided the Controlling Continental Shareholder agrees in writing to be bound by the terms of this
Agreement). Nothing in this Agreement, express or implied, is intended to confer upon any person other than the parties hereto and their respective permitted successors and assigns any rights, remedies or obligations under or by reason of this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.3. Entire Agreement. This Agreement, taken together with the Pacto Social of the Company, the Services
Agreement, the Alliance Agreement and the Registration Rights Agreement between COPA and Continental, and the Contingency Agreement, dated the date hereof, among the parties hereto, embodies the entire agreement and understanding between the parties
hereto with respect to the subject matter hereof and thereof and supersedes all prior agreements and understandings relating to such subject matter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.4. Severability. Should any part of this Agreement for any reason be declared invalid, such decision shall not affect the
validity of any remaining portion, which remaining portion shall remain in full force and effect as if this Agreement had been executed with the invalid portion thereof eliminated, and it is hereby declared the intention of the parties hereto that
they would have executed, or agreed to abide or be governed by, the remaining portion of the Agreement without including therein any such part, parts, or portion which may, for any reason, be hereafter declared invalid. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.5. Language. The English language version of this Agreement shall be the official version thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.6. GOVERNING LAW. This Agreement shall be construed and enforced in accordance with, and governed by, the laws of Panama. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.7. Arbitration. (a)&nbsp;Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be
settled by arbitration administered by the International Chamber of Commerce Court of International Arbitration (the &#147;ICC&#148;) in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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accordance with the International Arbitration Rules of the ICC. Judgment on the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The number of arbitrators shall be three, one of whom shall be appointed by each of the parties and the third of whom shall be selected by
mutual agreement, if possible, within 30 days of the selection of the second arbitrator and thereafter by the ICC (in which case the third arbitrator shall not be a citizen of Panama or the United States) and the place of arbitration shall be Panama
City, Panama. The language of the arbitration shall be English, but documents or testimony may be submitted in any other language if a translation is provided. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The arbitrators will have no authority to award punitive damages or any other damages not measured by the prevailing party&#146;s actual
damages, and may not, in any event, make any ruling, finding or award that does not conform to the terms of the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Either
party may make an application to the arbitrators seeking injunctive relief to maintain the status quo until such time as the arbitration award is rendered or the controversy is otherwise resolved. Either party may apply to any court having
jurisdiction hereof and seek injunctive relief in order to maintain the status quo until such time as the arbitration award is rendered or the controversy is otherwise resolved. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.8. Notices. Any notice, request, instruction or other document to be given hereunder by any party to the other shall be in
writing and shall be deemed to have been duly given on the date of delivery (i)&nbsp;if delivered personally, (ii)&nbsp;if delivered by Federal Express or other <FONT STYLE="white-space:nowrap">next-day</FONT> courier service, (iii)&nbsp;if
delivered by registered or certified mail, return receipt requested, postage prepaid, or (iv)&nbsp;if sent by telecopier (with written confirmation of receipt) or electronic mail; provided that a copy is mailed by
<FONT STYLE="white-space:nowrap">next-day</FONT> courier, registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered as set forth below, or to such other person or at such other address and
telecopier numbers as may be designated in writing by the party to receive such notice. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If to the Company or CIASA: </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Corporacion de Inversiones Aereas, S.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">c/o Campania Panamena de Aviacion, S.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Ave. Justo Arosemena y Calle 39 Apdo </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Panama 1, Panama </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Attention:
Pedro Heilbron </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Facsimile No.: +507 <FONT STYLE="white-space:nowrap">227-1952</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">with copies to: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Galindo, Arias
y Lopez </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Edif. Omanco </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Apartado 8629 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Panama 5, Panama
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Attention: Jaime A. Arias C. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Facsimile No.: + 507 <FONT STYLE="white-space:nowrap">263-5335</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Simpson Thacher&nbsp;&amp; Bartlett LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">425 Lexington Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">New York,
New York 10017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">United States of America </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Attn: David L. Williams </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Facsimile No.: (212) <FONT STYLE="white-space:nowrap">455-2502</FONT> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If to Continental: </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Continental Airlines, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">1600
Smith Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Houston, Texas 77002 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">United States of America </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Attn:
Senior Vice President - Asia/Pacific and Corporate Development </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Facsimile No.: (713) <FONT STYLE="white-space:nowrap">324-3099</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">with copies to: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Continental
Airlines, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">1600 Smith Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Houston, Texas 77002 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">United
States of America </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Attn: Senior Vice President and General Counsel </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Facsimile No.: (713) <FONT STYLE="white-space:nowrap">324-5161</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.9. Headings. The Article, Section and paragraph headings herein and table of contents hereto are for convenience of reference
only, do not constitute part of this Agreement and shall not be deemed to limit or otherwise affect any of the provisions hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.10. Modification, Amendment or Clarification. At any time, the parties hereto may modify, amend or clarify the intent of this
Agreement, by written agreement executed and delivered by duly authorized officers of the respective parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.11.
Counterparts. For the convenience of the parties hereto, this Agreement may be executed in any number of counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts shall together constitute the same
agreement. Each party hereto shall adhere any necessary stamp taxes to its respective counterpart. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.12. Constructive
Termination. To the extent permitted by applicable law, a Shareholder and the Permitted Transferees of such Shareholder shall be relieved of their obligations, but shall retain their rights, under this Agreement after giving the other Shareholder
sixty-days&#146; written notice of the occurrence of a material breach by such other Shareholder of a material provision of this Agreement that remains uncured during such sixty <FONT STYLE="white-space:nowrap">(60)-day</FONT> notice period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.13. Remedies. Subject to Section&nbsp;3.7, any Shareholder having any rights
under any provision of this Agreement shall be entitled to enforce such rights specifically, to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law. In addition, in the case of a
material breach of this Agreement, the Shareholders shall have the rights to terminate the Alliance Agreement or the Services Agreement as described in and in accordance with those agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.14. Shareholder Meeting. The Company shall provide Continental with notice of each meeting of shareholders of the Company, as
if Continental were a shareholder entitled to vote at such meeting. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have duly executed the Agreement as of the date first
written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">COPA HOLDINGS, S.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Pedro Heilbron</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Name: Pedro Heilbron</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Title: Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">CORPORACION DE INVERSIONES AEREAS, S.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Stanley Motta</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Name: Stanley Motta</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Title: Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">CONTINENTAL AIRLINES, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Gerald Laderman</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Name: Gerald Laderman</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Title: Senior Vice President - Finance and Treasurer</TD></TR>
</TABLE></DIV>
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<DOCUMENT>
<TYPE>EX-4.8
<SEQUENCE>10
<FILENAME>d128959dex48.htm
<DESCRIPTION>EX-4.8
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.8</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT 4.8 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">GUARANTEED LOAN
AGREEMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">dated as of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">among </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</U>, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Borrower </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</U>, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Guaranteed Lender </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</U>, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">not in its individual capacity, but solely </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Security Trustee </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXPORT-IMPORT BANK OF THE UNITED STATES </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
(<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>) Boeing Model <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Aircraft </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Guarantee No.
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> &#151; Republic of Panama (COPA) </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="88%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;1.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Definitions; Amount of the Credit</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">1.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Definitions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">1.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Amount of the Credit</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;2.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Total Commitments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">2.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Loan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">2.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Borrowings</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">2.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Termination of Total Commitment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">2.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Prepayments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;3.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Payments of Principal and Interest; Promissory Note</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">3.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Repayment of Loan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">3.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Interest; <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank&#146;s Overdue Amounts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">3.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Promissory Note</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;4.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Payments; Pro Rata Treatment; Computations; Etc</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">4.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Payments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">4.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Computations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">4.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Certain Notices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">4.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Loan Register</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">4.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Fees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">4.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Reimbursement Obligations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">4.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Transfer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">4.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Waiver</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">4.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Payments Absolute</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">4.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Payments under <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Guarantee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;5.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Taxes; Indemnities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">5.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Taxes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">5.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Grossing-up</FONT> of Indemnity Provisions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">5.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Definitions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;6.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Conditions Precedent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;7.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Representations and Warranties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;8.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Covenants</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;9.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Events of Default; Remedies</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">9.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Events of Default</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">9.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Remedies</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;10.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Miscellaneous</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">10.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">No Waiver</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">10.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Notices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">10.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Expenses, Etc</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">10.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Amendments, Etc</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">10.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Successors and Assigns</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">10.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Assignments and Participations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">10.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">GOVERNING LAW</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">10.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jurisdiction; Service of Process</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">10.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Entire Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">10.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Severability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">10.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Captions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">10.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Counterparts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">10.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">WAIVER OF JURY TRIAL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXHIBIT&nbsp;A&nbsp;-</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Form of Notice of Borrowing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXHIBIT B -</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Form of Note</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXHIBIT C -</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Form of Transfer Certificate</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXHIBIT D -</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Form of Certificate Authorizing Disbursement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">GUARANTEED LOAN AGREEMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS GUARANTEED LOAN AGREEMENT dated as of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (the &#147;GUARANTEED LOAN AGREEMENT&#148;) is among
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, a corporation duly organized and validly existing under the general corporation law of the State of Delaware (the
&#147;BORROWER&#148;); <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (together with any permitted assignee(s) and transferee(s) in accordance with the terms hereof,
the &#147;GUARANTEED Lender&#148;); <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, not in its individual capacity, but solely as security trustee (the &#147;SECURITY
TRUSTEE&#148;); and EXPORT-IMPORT BANK OF THE UNITED STATES, an agency of the United States of America <FONT STYLE="white-space:nowrap">(&#147;EX-IM</FONT> BANK&#148;). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>W</U> <U>I</U> <U>T</U> <U>N</U> <U>E</U> <U>S</U> <U>S</U> <U>E</U> <U>T</U> <U>H</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Borrower has requested the Guaranteed Lender to establish a credit facility (the &#147;CREDIT&#148;) in favor of the Borrower in
the maximum principal amount of up to U.S.$ <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> so that the Borrower may finance the <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Financed Portion of the Aircraft; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, by this Guaranteed Loan Agreement and on the terms and conditions herein set forth, the Guaranteed Lender has established the Credit
for the Borrower pursuant to which the Guaranteed Lender shall extend such financing under the Credit; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, immediately upon the
acquisition by the Borrower of the Aircraft, the Aircraft will be leased by the Borrower (as lessor) to the Lessee pursuant to the Lease and thereafter immediately subleased by the Lessee (as lessor) to the Sublessee pursuant to the Sublease; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the obligations of the Borrower hereunder shall be secured by the Lien of the Security Documents; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the establishment of the Credit will facilitate exports and imports between the United States of America and the Republic of Panama.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the foregoing and other valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as follows: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 1. Definitions; Amount of the Credit. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.1 Definitions. Unless the context requires otherwise, capitalized terms used herein and not otherwise defined herein shall have the
respective meanings assigned thereto in Part I of Appendix A hereto for all purposes of this Guaranteed Loan Agreement and this Guaranteed Loan Agreement shall be interpreted in accordance with the rules of construction set forth in Part II of
Appendix A hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.2 Amount of the Credit. Subject to the terms and conditions set forth in this Guaranteed Loan Agreement and the
Participation Agreement, the Guaranteed Lender hereby establishes the Credit in favor of the Borrower in the maximum principal amount of up to
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (U.S.$ <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>) (the &#147;TOTAL COMMITMENT&#148;), and the Guaranteed
Lender agrees, upon the terms and conditions hereinafter set forth, to make one Disbursement in an amount not to exceed the lesser of (a)&nbsp;the <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Financed Portion and (b)&nbsp;the <FONT
STYLE="white-space:nowrap">Ex-Im</FONT> Bank Total Commitment. </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 2.&nbsp;&nbsp;&nbsp;&nbsp;Total Commitments. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.1 Loan. Subject to the terms and conditions set forth below, on the Delivery Date, the Guaranteed Lender shall make a Disbursement to the
Borrower in the principal amount up to but not exceeding the amount of the unused Total Commitment (the Disbursement made by the Guaranteed Lender shall be referred to herein as the &#147;LOAN.&#148;) The Loan shall be made only during the
Availability Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.2 Borrowings. Subject to Section&nbsp;4.3, the Borrower shall (acting solely at the direction of Sublessee) give
the Security Trustee, the Guaranteed Lender and <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank notice in the form of Exhibit A hereto of each borrowing hereunder (the &#147;NOTICE OF BORROWING&#148;). On the date specified for the borrowing
hereunder, the Guaranteed Lender shall, subject to the terms and conditions of this Agreement and the other Operative Documents, make available to the Borrower the amount of the Loan to be made on such date in Dollars by depositing the same, in
immediately available funds, in an account or accounts with <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> designated by the Borrower in the Notice of Borrowing,
provided, that an amount equal to the Supplemental Equipment Amount shall not be disbursed to the Borrower on the Delivery Date but rather shall be deposited in the account of the Security Trustee and be held by the Security Trustee for the account
of the Borrower (and deposited in Permitted Investments) until the earlier of (i)&nbsp;receipt by the Security Trustee (copied to the Guaranteed Lender) of a certificate authorizing disbursement issued by
<FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank in the form attached hereto as Exhibit D (a &#147;CERTIFICATE AUTHORIZING DISBURSEMENT&#148;) to be issued no later than, the earlier of, forty-five (45)&nbsp;days after the Final Disbursement Date
and <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>) days prior to the first Loan Payment Date, or (ii)&nbsp;the date on which a
prepayment is required under Section&nbsp;2.4(d) hereof, and on such date the Security Trustee shall, in the case of (i)&nbsp;above, deposit the amount indicated in such Certificate Authorizing Disbursement in an account designated by the Borrower
(at the direction of the Sublessee), apply any remaining Supplemental Equipment Amount in accordance with the provisions of Section&nbsp;2.4 hereof and disburse any remaining proceeds of such Permitted Investments in an account designated by the
Borrower (at the discretion of the Sublessee) or, in the case of (ii)&nbsp;above, apply (with notice to the Guaranteed Lender) the Supplemental Equipment Amount towards the prepayment due on such date in accordance with the provisions of
Section&nbsp;2.4 hereof by making such amount available to the Guaranteed Lender on such date and any proceeds of such Permitted Investments remaining after such prepayment shall be deposited in an account designated by the Borrower. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.3 Termination of Total Commitment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The undisbursed and uncanceled amount of the Total Commitment shall automatically be canceled and reduced to
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> as of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> New York time on the Final Disbursement Date. In no event shall any disbursement of the Total Commitment take place after
the Final Disbursement Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Borrower may terminate such part of the Total Commitment (or the unutilized portion thereof) by
giving notice thereof to the Guaranteed Lender upon (and only </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">upon) receiving notice from Sublessee that it does not wish to proceed with the leasing
of the Aircraft; provided that: (i)&nbsp;the Borrower shall give notice of such termination as provided in Section&nbsp;4.3 hereof and (ii)&nbsp;the Total Commitment (or the unutilized portion thereof) once terminated may not be reinstated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) If an Event of Default shall have occurred and be continuing, <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank, by written notice to the
Guaranteed Lender, the Borrower, the Lessee and the Sublessee, may: cancel the unutilized and uncanceled amount of the Total Commitment. In the event of a cancellation by <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank of all or part of the Total
Commitment, the Borrower shall pay to <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank, the Security Trustee and the Guaranteed Lender, respectively, all commitment fees as set forth in, and accrued and unpaid under, the Operative Documents
through such date and all other amounts due but unpaid under the Operative Documents as of such date (after giving effect to any acceleration, pursuant to Section&nbsp;9 of any such amounts). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.4 Prepayments. (a)&nbsp;Subject to no Event of Default having occurred and being continuing, the Borrower shall (acting solely at the
direction of Sublessee) have the right to prepay the Loan in full or in part on any Loan Payment Date, provided that the Borrower (or Sublessee acting on behalf of the Borrower) shall give the Guaranteed Lender and
<FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank written notice of such prepayment as provided in Section&nbsp;4.3 hereof and partial prepayments may be made only in an amount at least equal to
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> ($<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>) (or if the
principal amount of the Loan outstanding at such time is less than $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, then such principal amount) and in integral multiples of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> ($<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Borrower shall prepay the Loan in full (together with accrued interest thereon and all other amounts then owing by the Borrower
hereunder and under the other Operative Documents (including, without limitation, amounts payable under the
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Indemnity Agreement)) (i) prior to or contemporaneously with the termination of the Lease or the
Sublease, or (ii)&nbsp;within <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>) days of
the occurrence of an Event of Loss unless a Replacement Aircraft is substituted for the Aircraft in accordance with the terms of the Lease and the Sublease, and the Guaranteed Lender hereby acknowledges that the Security Trustee may require that any
funds held by the Security Trustee be applied to any prepayment of the Loan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) [Intentionally Omitted.] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;(i) If the Security Trustee has not received a Certificate Authorizing Disbursement on or prior to the date which is the earlier of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>) days after the
Final Disbursement Date and <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U>(<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>) days prior to the first Loan Payment Date, on the first Loan Payment Date, the Borrower shall prepay the Loan (with the funds held by the Security Trustee pursuant
to Section&nbsp;2.2 hereof and any proceeds of the Permitted Investments relating to such funds)) in part in an amount equal to the Supplemental Equipment Amount together with accrued interest thereon, and all other amounts then owing by the
Borrower hereunder and under the other Operative Documents (including, without limitation, amounts payable under the
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U>Indemnity Agreement) on such Loan Payment Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) If the Security Trustee receives a Certificate Authorizing Disbursement pursuant to Section&nbsp;2.2 hereof authorizing the Security
Trustee to distribute </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">to the account of the Borrower an amount which is less than the Supplemental Equipment
Amount, then on the date of receipt by the Security Trustee of such Certificate Authorizing Disbursement, the Borrower shall prepay the Loan (to the extent available, with the funds held by the Security Trustee pursuant to Section&nbsp;2.2 hereof)
in part in an amount equal to the difference between (A)&nbsp;the Supplemental Equipment Amount and (B) the amount listed in such Certificate Authorizing Disbursement, together with accrued interest thereon and all other amounts then owing by the
Borrower hereunder and under the other Operative Documents (including, without limitation, amounts payable under such <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
Indemnity Agreement) on such Loan Payment Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Any notice of prepayment given by the Borrower pursuant to Section&nbsp;2.4(a) hereof
shall be irrevocable, shall specify the date upon which such prepayment is to be made and the amount of such prepayment and shall oblige the Borrower to make such prepayment on such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Any prepayment pursuant to Section&nbsp;2.4(a), (b) or (d)&nbsp;hereof shall satisfy pro tanto the Borrower&#146;s obligations in relation
to the Loan and the Note (or portion thereof, in the case of any partial prepayment pursuant to Section&nbsp;2.4(a) or (d)). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) Any
partial prepayment pursuant to Section&nbsp;2.4(a) shall be applied to the principal installments of the Loan and the Note in the inverse chronological order of their maturities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) Any partial prepayment pursuant to Section&nbsp;2.4(d) shall be applied in reduction of the remaining principal installments of the Loan
and Note pro rata. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) Any amount prepaid under this Guaranteed Loan Agreement may not be reborrowed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) The Borrower may not voluntarily prepay the Loan except in accordance with the express terms of this Section&nbsp;2.4. Any prepayment made
pursuant to Sections 2.4(a), (b) or (d)&nbsp;shall be made together with accrued and unpaid interest thereon and all other amounts then due and owing by the Borrower under any other Operative Document (including, without limitation, all amounts due
and owing under Section <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> of the
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Indemnity Agreement). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 3. Payments of Principal and Interest; Promissory Note. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.1 Repayment of Loan. The Borrower shall pay to the Guaranteed Lender the entire aggregate outstanding principal amount of the Loan in
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>) installments payable on each Loan Payment Date in the principal amount set forth in
Schedule I to the Note; provided, that the principal installment payable on the Final Maturity Date shall in all cases be in an amount equal to the entire principal amount of such Loan outstanding on such date, and such principal installment shall
be paid together with all accrued and unpaid interest and all other amounts then owing hereunder and under the other Operative Documents. The quarterly installments of principal of the Loan will be calculated including accrued interest on a
&#147;level total payment&#148; or &#147;mortgage style&#148; basis. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.2 Interest; <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank&#146;s
Overdue Amounts. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Interest. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The Borrower shall pay to the Guaranteed Lender interest on the unpaid principal amount of the Loan for the period from and
including the date the Loan is disbursed to but excluding the date the Loan shall be paid in full, at the Fixed Rate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)
The Borrower will pay to the Guaranteed Lender (other than <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank) interest at the applicable Post-Default Rate on any principal of the Loan and on any interest thereon and any other amount payable by the
Borrower to the Guaranteed Lender (other than <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank) hereunder that shall not be paid in full when due (whether at stated maturity, by acceleration or otherwise), for the period from and including the due
date thereof to but excluding the date the same is paid in full. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Accrued interest on the Loan shall be payable on
each Loan Payment Date and upon the payment or prepayment thereof (but only on the principal amount so paid or prepaid), except that interest payable at the applicable Post-Default Rate shall be payable from time to time on demand. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank&#146;s Overdue Amounts. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Notwithstanding Section&nbsp;3.2(a), if <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank shall have made a claim payment
under the <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Guarantee to the Guaranteed Lender with respect to a demand under the Note, then, beginning on the date of such claim payment, if any amount of principal of or accrued interest on the Loan
then owing to <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank is not paid in full when due, whether at stated maturity, by acceleration or otherwise, the Borrower shall pay (without duplication of interest accrued under Section&nbsp;3.2(a)(i)) to
<FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank on demand interest on such unpaid amount for the period from and including the date such amount was due to <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank to but excluding the date such amount is
paid in full at an interest rate per annum equal to one percent (<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> %) per annum above the Fixed Rate. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Except as otherwise provided in Section&nbsp;3.2(b)(i) with respect to the amounts of principal and accrued interest, if,
at any time, any other amount owing to <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank under this Guaranteed Loan Agreement or the Note is not paid in full when due, the Borrower shall pay to <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank on
demand interest on such unpaid amount for the period from the date such amount was due (the &#147;PAYMENT DEFAULT DATE&#148;) until such amount shall have been paid in full at an interest rate per annum equal to one percent
(<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> %) per annum above the U.S. Treasury Rate for <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> -month
(<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> days) Treasury Bills which is in effect on the Payment Default Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.3 Promissory Note. The Borrower
agrees that to further evidence its obligation to repay the Loan, with interest thereon, it shall issue and deliver to the Guaranteed Lender on the Delivery Date a Note substantially in the form of Exhibit B hereto. The Note as originally delivered
to the Guaranteed Lender shall (i)&nbsp;be dated the date of its issue, (ii)&nbsp;be in a principal amount equal to the amount of the Loan, (iii)&nbsp;be payable as to principal in accordance with the provisions of this Guaranteed Loan Agreement,
(iv)&nbsp;shall bear interest in accordance with the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">appropriate provisions of this Guaranteed Loan Agreement, (v)&nbsp;be otherwise in
conformity with the terms of this Guaranteed Loan Agreement, and (vi)&nbsp;designate the Aircraft to which it relates. The Note shall be the legal, valid and enforceable obligation of the Borrower and shall be enforceable against the Borrower in
accordance with its terms. If the Note is mutilated, lost, stolen or destroyed, the Borrower shall issue a new Note of the same date, type, maturity and denomination as the Note so mutilated, lost, stolen or destroyed; provided that, in the case of
a mutilated Note, such mutilated Note shall be simultaneously delivered to the Borrower through <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank (for cancellation of the <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Guarantee endorsement
affixed thereon) and in the case of a lost, stolen or destroyed Note, there shall first be furnished to the Borrower, Sublessee and <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank an instrument of indemnity from the Guaranteed Lender which holds
the Borrower, Sublessee and <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank harmless from any actual loss on the purportedly destroyed, lost or stolen Note and evidence of such loss, theft or destruction reasonably satisfactory to each of them,
together with an officer&#146;s certificate of the Borrower certifying and warranting as to the due authorization, execution and delivery of such new Note, and (if requested by <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank in its reasonable
discretion) an opinion of the Borrower&#146;s counsel (at the expense of Sublessee) as to due authorization, execution and delivery of such new Note, and the legality, validity, binding nature and enforceability thereof. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 4. Payments; Pro Rata Treatment; Computations; Etc. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.1 Payments. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Except to the
extent otherwise provided herein, all payments of principal, interest and other amounts to be made by the Borrower (or by Sublessee on behalf of the Borrower) under this Guaranteed Loan Agreement (other than to
<FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank) shall be made in Dollars, in immediately available funds (or such other funds as are from time to time customary for the settlement of international banking transactions in Dollars in New York
City), without deduction, set off or counterclaim, to the account of the Guaranteed Lender at <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.;
ABA No. <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>; Account No.: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, Reference: Eximbank transaction no.
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U>(or such account as the Guaranteed Lender may designate, in writing, by not less than
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>) Banking Days notice), not later than
<I><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></I> a.m. New York time on the date on which such payment shall become due (each such payment made after such time on such due date to be deemed to have been made on the next succeeding
Banking Day). With respect to any amounts due to <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank, all payments shall be made at the Federal Reserve Bank of New York for credit to <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank&#146;s account:
U.S. Treasury Department <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> TREAS NYC/CTR/BNF=/<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<FONT STYLE="white-space:nowrap">OBI-Export-Import</FONT> Bank Due (date) on EIB Guarantee No. <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#151; Republic of Panama
(<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) All payments by the Borrower (or by Lessee or Sublessee on behalf of the Borrower) hereunder shall, except as otherwise expressly provided
herein, be made to the Guaranteed Lender and shall be allocated towards principal, interest and/or other sums owing hereunder in the following order: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) First, in or towards payment of all interest due pursuant to Section&nbsp;3.2(a)(ii) payable in respect of the Loan which
is accrued, due and unpaid, but only to the extent such amounts are included in the Guaranteed Amount; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Second, in or towards payment of all <FONT
STYLE="white-space:nowrap">Ex-Im</FONT> Bank Commitment Fee, <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Exposure Fee and all other amounts due to <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank under this Guaranteed Loan Agreement
(including, without limitation, all interest due pursuant to Section&nbsp;3.2(b)) and the other Operative Documents which are accrued, due and unpaid, which are not otherwise provided for under clauses &#147;First&#148; or &#147;Third&#148; of this
Section&nbsp;4.1(c); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Third, in or towards payment of all interest due pursuant to Section&nbsp;3.2(a)(i) payable in
respect of the Loans which is accrued, due and unpaid; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) Fourth, in or towards payment of all amounts of principal
payable in respect of the Loan hereunder which is due and unpaid; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) Fifth, on a pro rata basis, in or towards
payment of all other amounts (including any fees and expenses) payable hereunder which are due and unpaid and not otherwise provided for under this Section&nbsp;4.1(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Payments received (if any) by the Guaranteed Lender for the account of <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank before
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (New York time) at any place of payment for <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank shall be remitted to <FONT
STYLE="white-space:nowrap">Ex-Im</FONT> Bank on that same day and any payments received after <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U>(New York time) shall be remitted on the following
Banking Day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) If the due date for any payment under this Guaranteed Loan Agreement would otherwise fall on the day that is not a
Banking Day, such payment shall be made on the next succeeding Banking Day and the amount of interest payable with respect thereto shall be adjusted accordingly for any amount so extended for the period of such extension. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.2 Computations. Interest, including Post-Default Rate interest, on the Loan shall be computed on the basis of a year of 365 days and the
actual number of days elapsed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.3 Certain Notices. Notices by the Borrower (which shall be given only at the direction of Sublessee) to
the Security Trustee, the Guaranteed Lender and <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank of the borrowing and prepayment of the Loan and termination of the Total Commitment shall be irrevocable and shall be effective only if in writing and
received by the Guaranteed Lender, the Security Trustee or <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank, as the case may be, not later than <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (New&nbsp;York time) on
the number of days or Business Days, as the case may be, prior to the date of the relevant termination, borrowing or prepayment specified below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="46%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Notice</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Number of Banking Days Prior</P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Termination of Total Commitments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Banking Days</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Borrowing of a Loan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Banking Days</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Prepayment of a Loan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Banking Days</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">under Section&nbsp;2.4(a)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Notice of Borrowing shall (i)&nbsp;specify the date of borrowing (which shall be a
Banking Day) and the aggregate principal amount of the Loan to be borrowed on such date and the Aircraft to be financed, (ii)&nbsp;be in substantially the form of Exhibit A hereto and (iii)&nbsp;be signed by the Borrower and countersigned by
Sublessee. Any notice of prepayment shall specify the date of prepayment (which shall be a Loan Payment Date and a Banking Day) and the aggregate principal amount of the Loan to be prepaid on such date. Any notice of termination shall specify the
amount of the Total Commitment to be terminated and signed by the Borrower and countersigned by Sublessee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.4 Loan Register.
(a)&nbsp;The Guaranteed Lender will establish and maintain at its office a record of ownership in which the Guaranteed Lender hereby covenants and agrees to register by book entry the Guaranteed Lender&#146;s interest in the Loan, this Guaranteed
Loan Agreement and the Note, and in the rights to receive any payments hereunder or thereunder and any transfer of any such interest or rights. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) No transfer by the Guaranteed Lender of any interest in the Loan, this Guaranteed Loan Agreement , the Note or in the rights to receive
any payments hereunder or thereunder (other than any transfer to <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank) shall be effective unless a book entry of such transfer is made upon the record referred to above and such transfer is effected in
compliance with the terms of this Guaranteed Loan Agreement. No such transfer shall be effective until, and such transferee shall succeed to the rights of the transferor Guaranteed Lender only upon, final acceptance and entry into the record of
ownership of the transfer pursuant hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Prior to the entry into the record of ownership of any transfer by the transferring
Guaranteed Lender as provided in Section&nbsp;4.4(b), the Borrower and each other Person shall be entitled to deem and treat each Person reflected in the record of ownership as owner of a portion of the Loan, this Guaranteed Loan Agreement or the
Note, or the rights to receive any payments hereunder or thereunder as the owner thereof for all purposes. The Borrower agrees that the record of ownership referred to in this Section&nbsp;4.4 shall be conclusive and binding on the Borrower absent
manifest error. Any such entry by the Guaranteed Lender shall be effective for the purposes of determining the effectiveness of any transfer notwithstanding any revocation of the agency granted and appointed herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.5 Fees. In addition to fees specified in the
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Indemnity Agreement, the Borrower shall pay (or cause to be paid) to <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank
the following fees: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) a guarantee commitment fee (the <FONT STYLE="white-space:nowrap">&#147;EX-IM</FONT> BANK COMMITMENT FEE&#148;) in
Dollars equal to <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>% per annum accruing on the uncancelled and undisbursed balance from time to time of the <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Total Commitment, computed on the
basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year and the actual number of days elapsed (including the first day but excluding the last day), accruing from
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, until the earlier of (i)&nbsp;the date the <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Total Commitment is fully
disbursed, (ii)&nbsp;the date the undisbursed portion of the <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Total Commitment is canceled by the Borrower in writing to <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank or (iii)&nbsp;the Final
Disbursement Date, and payable on the Delivery Date and quarterly on January&nbsp;6, April&nbsp;6, July&nbsp;6, and October&nbsp;6 of each year commencing January&nbsp;6, 2005; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) an exposure fee (the
<FONT STYLE="white-space:nowrap">&#147;EX-IM</FONT> BANK EXPOSURE FEE&#148;) in Dollars in an amount equal to <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>% of the initial principal amount of the Loan (less the portion thereof relating to
the <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Exposure Fee) payable <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>) Banking
Day prior to the date of the making of the Loan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.6 Reimbursement Obligations. (a)&nbsp;In consideration of <FONT
STYLE="white-space:nowrap">Ex-Im</FONT> Bank entering into the <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Guarantee, the Borrower hereby irrevocably and unconditionally undertakes and agrees with <FONT STYLE="white-space:nowrap">Ex-Im</FONT>
Bank, without duplication of any amounts paid by Sublessee (or any other Obligor) under the Participation Agreement, (i)&nbsp;to reimburse <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank immediately upon demand for all amounts paid by <FONT
STYLE="white-space:nowrap">Ex-Im</FONT> Bank under and in respect of the <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Guarantee (it being agreed that if the Guaranteed Lender elects to have <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank
service the obligations pursuant to Section&nbsp;2.02(b)(i) of the <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Guarantee, the reimbursement obligation set forth in this clause (i)&nbsp;shall include the principal of, and interest on, the
obligations serviced thereunder), provided once the principal amount of the Loan, together with accrued interest thereon and the <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Make-Whole Amount, if any, has been paid to <FONT
STYLE="white-space:nowrap">Ex-Im</FONT> Bank, in order to avoid duplication, the reimbursement obligation set forth in this clause (i)&nbsp;shall not include any payments of principal or interest made by <FONT STYLE="white-space:nowrap">Ex-Im</FONT>
Bank pursuant to the <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Guarantee), or in the exercise of any right in respect thereof provided by Applicable Law, (ii) (without duplication of any amounts paid by or on behalf of the Borrower
hereunder) to pay to <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank, after <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank services the obligations under the Note pursuant to Section&nbsp;2.02(b)(i) of the
<FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Guarantee, for <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank&#146;s own account, the <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Make-Whole Amount, if any, calculated by <FONT
STYLE="white-space:nowrap">Ex-Im</FONT> Bank as of the Calculation Date (as such term is defined in the definition of <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Make-Whole Amount), and (iii) (without duplication of the foregoing) to
indemnify <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank on a full indemnity basis against all actions, proceedings, claims, demands, costs, charges, damages, losses, costs and expenses (including, without limitation, consequential damages)
made, suffered or incurred by <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank and to pay to <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank immediately upon demand for all payments, costs, damages, losses or expenses of any description
whatsoever which may be incurred by <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank in connection with any investigative, administrative or judicial proceeding in relation to or arising out of the <FONT STYLE="white-space:nowrap">Ex-Im</FONT>
Bank Guarantee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) All payments to be made by the Borrower to <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank under this Guaranteed
Loan Agreement or any other Operative Document shall be in Dollars. All payments to <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank in Dollars shall be made at the Federal Reserve Bank in New York for credit to
<FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank&#146;s account with the Treasurer of the United States, Washington, D.C., U.S.A., in accordance with the payment instructions set forth in Section&nbsp;4.1(a). Whenever any payment to <FONT
STYLE="white-space:nowrap">Ex-Im</FONT> Bank under this Guaranteed Loan Agreement or any other Operative Document shall be stated to be due and payable on a day other than a Banking Day, such payment shall be made on the next succeeding Banking Day
with interest at the rate provided for in Section&nbsp;3.2. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.7 Transfer. The Borrower acknowledges that upon payment of any amounts by <FONT
STYLE="white-space:nowrap">Ex-Im</FONT> Bank under the <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Guarantee, <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank shall be subrogated (by way of an assignment, by operation of law or otherwise)
to all of the rights of the Guaranteed Lender under the Operative Documents to the extent set forth in the <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Guarantee and in this Guaranteed Loan Agreement (excluding, for the avoidance of doubt, the
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Indemnity Agreement). The Borrower hereby consents and agrees that
<FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank is a permitted assignee and transferee of the Guaranteed Lender for all purposes of this Guaranteed </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Loan Agreement and any other Operative Document and upon such assignment, <FONT
STYLE="white-space:nowrap">Ex-Im</FONT> Bank shall be deemed the Guaranteed Lender under this Guaranteed Loan Agreement and the other Operative Documents (other than the
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Indemnity Agreement) for all purposes hereof and thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.8 Waiver. The Borrower acknowledges and agrees that if any covenant, stipulation or other provision of this Guaranteed Loan Agreement which
imposes on the Borrower the obligation to make any payment, whether by way of indemnity or otherwise, is at any time void under any provision of Applicable Law (including, without limitation, the Applicable Law of the ROP) the Borrower will not make
any claim, counterclaim or institute any proceedings against <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank, the Guaranteed Lender or any of their respective assignees or subrogees for any amount paid by the Borrower at any time, and (to the
extent permitted by Applicable Law) the Borrower waives unconditionally and absolutely any rights and defenses, legal or equitable, which arise under or in connection with any such provision against or in connection with any claim or proceeding
brought by the Borrower for recovery of any amount due under any Operative Document. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.9 Payments Absolute. The reimbursement and
indemnity obligations of the Borrower hereunder and under any other Operative Document shall be absolute, unconditional and irrevocable, and shall to the full extent provided by Applicable Law be paid strictly in accordance with the terms of this
Guaranteed Loan Agreement, under all circumstances whatsoever, including, without limitation, the following circumstances: (a)&nbsp;any lack of legality, validity, regularity or enforceability of this Guaranteed Loan Agreement or any other Operative
Documents; (b)&nbsp;any amendment or waiver of or any consent given under any of the Operative Documents; (c)&nbsp;the existence of any claim, <FONT STYLE="white-space:nowrap">set-off,</FONT> defense or other rights which any Person may have at any
time against <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank, the Security Trustee, the Guaranteed Lender or any other Person or entity, whether in connection with this Guaranteed Loan Agreement, the other Operative Documents or any unrelated
transaction; provided that the foregoing shall not prohibit the assertion of any such claim or defense by separate suit or counterclaim; and (d)&nbsp;any other circumstance or happening whatsoever, whether or not similar to any of the foregoing,
which could be interpreted as a legal or equitable defense to payment hereunder or under any other Operative Document. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.10 Payments
under <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Guarantee. If <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank shall have received a demand for payment under the <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Guarantee, and <FONT
STYLE="white-space:nowrap">Ex-Im</FONT> Bank shall not have been reimbursed in full on the same Banking Day of the date of demand, <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank may thereafter exercise any of the rights and remedies granted to
it for exercise after an Event of Default under the Lease, the Sublease or this Guaranteed Loan Agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 5. Taxes; Indemnities.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.1 Taxes. The Borrower covenants and agrees that, whether or not the Loan is made hereunder: (a)&nbsp;all payments by the Borrower to <FONT
STYLE="white-space:nowrap">Ex-Im</FONT> Bank or the Guaranteed Lender (each, an &#147;INDEMNITEE&#148;) under or in respect of this Guaranteed Loan Agreement, including amounts payable under clauses (b)&nbsp;and (c) of this sentence, shall be made
free and clear of and without reduction by reason of any Taxes, all of which will be paid by the Borrower to the appropriate taxing authority at the time and in the manner prescribed by Applicable Law; (b)&nbsp;in the event that </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">the Borrower is required by Applicable Law to deduct or withhold any Taxes from any
amounts payable to an Indemnitee on, under or in respect of this Guaranteed Loan Agreement or the Loan or the Note, the Borrower shall pay, on demand of such Indemnitee, to such Indemnitee, such additional amount or amounts as may be required in
order that the amount received after deduction or withholding shall equal the full amount stated to be payable under this Guaranteed Loan Agreement as if such deduction or withholding had not been required; (c)&nbsp;the Borrower shall promptly
furnish to such Indemnitee satisfactory official tax receipts in respect of any payment of Taxes; and (d)&nbsp;the covenants and agreements of the Borrower under this Section&nbsp;5 shall survive the repayment of the Loan. Without prejudice to the
obligations of the Borrower under the foregoing sentence, in the event and to the extent that the Borrower is required by Applicable Law to deduct or withhold any Tax from any payment due hereunder to an Indemnitee in respect of this Guaranteed Loan
Agreement or the Loan or the Note, then the Borrower agrees to withhold from each such payment due hereunder such withholding Taxes at the appropriate rate, and will, on a timely basis and in the manner required by Applicable Law, deposit such
amounts with an authorized depository or other relevant Government Body and make such reports, filings and other reports in connection therewith. The Borrower shall promptly furnish to such Indemnitee (but in no event later than the date
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>) days after the due date thereof) the completed relevant form or forms and/or official
tax receipts indicating the payment in full of any Tax withheld from any payments by the Borrower for account of such Indemnitee, together with all such other information and documents reasonably requested by such Indemnitee&#146;s counsel. If the
Borrower fails to pay any such Taxes when due or fails to remit to such Indemnitee the required receipts or other required documentary evidence, the Borrower shall indemnify and reimburse on demand such Indemnitee on an After Tax Basis for any
Taxes, interest, additions, fines or penalties that may become payable as a result of any such failure. Each Indemnitee shall use its reasonable good faith efforts (consistent with its internal policy and legal and regulatory restrictions) to avoid
or mitigate such Taxes, provided, however that <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank shall not be required to take any such action if, in <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank&#146;s own reasonable determination, to do so
would have an adverse effect on <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank, would require <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank to incur any unindemnified cost, expense or Tax, would involve any unlawful activity or would modify
the terms of repayment of the Loan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.2 <FONT STYLE="white-space:nowrap">Grossing-up</FONT> of Indemnity Provisions. Where in this
Guaranteed Loan Agreement the Borrower has an obligation to indemnify or reimburse an Indemnitee in respect of any loss or payment (including, without limitation, obligations of the Borrower to make a payment to or reimburse an Indemnitee in respect
of Taxes, expenses or indemnities) the amount payable shall include the amount necessary to hold such Indemnitee harmless on an <FONT STYLE="white-space:nowrap">After-Tax</FONT> Basis (computed by taking into account the credit or deduction with
respect to such loss or payment available to such Indemnitee in its reasonable determination without such Indemnitee being under any obligation to utilize any credit or deduction for any particular purpose), so as to leave such Indemnitee in the
same <FONT STYLE="white-space:nowrap">after-tax</FONT> position as it would have been in had the indemnity or reimbursement payment made to such Indemnitee not given rise to any liability for any Tax. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.3 Definitions. The terms &#147;Tax&#148; and &#147;Taxes&#148; as used in this Section&nbsp;5 shall have the meaning given to such terms in
Appendix A hereto; provided, however, that other than with respect to an obligation to <FONT STYLE="white-space:nowrap">gross-up</FONT> indemnities and any other payments on an <FONT STYLE="white-space:nowrap">After-Tax</FONT> Basis, the terms
&#147;Tax&#148; and &#147;Taxes&#148; shall not include any Tax imposed on the overall net income of any Indemnitee. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 6. Conditions Precedent. The obligation of the Guaranteed Lender
to make the Loan hereunder and of <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank to guarantee the Loan is subject to the satisfaction on the Delivery Date of the conditions precedent set forth in Sections 4A and 4B of the Participation
Agreement. The Notice of Borrowing shall constitute a certification by the Borrower to the effect set forth in clauses (b)&nbsp;and (c) of Section&nbsp;4A of the Participation Agreement (both as of the date of such notice and unless the Borrower
otherwise notifies the Security Trustee, the Guaranteed Lender and <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank prior to the date of the borrowing, as of the date of the borrowing, but only in the case of such clause (b)&nbsp;as to the
representations by the Borrower, Lessee and Sublessee). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 7. Representations and Warranties. (a)&nbsp;The representations and
warranties of the parties hereto set forth in Section&nbsp;9 of the Participation Agreement are hereby incorporated herein by reference thereto as fully and to the same extent as if set forth herein (with the Borrower mutatis mutandis for Lessor).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Borrower hereby represents and warrants to the Guaranteed Lender, the Security Trustee and
<FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank that its representations and warranties set forth in Section&nbsp;9 of the Participation Agreement are true and correct as of the date hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 8. Covenants. The covenants of the parties hereto set forth in Section&nbsp;9 of the Participation Agreement are hereby incorporated
herein by reference thereto as fully and to the same extent as if set forth herein (with the Borrower mutatis mutandis for Lessor). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 9. Events of Default; Remedies. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.1 Events of Default. The following events shall constitute &#147;Events of Default&#148; hereunder (whether any such event shall be voluntary
or involuntary or come about or be effected by operation of law or pursuant to or in compliance with any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body in the ROP, the United
States, or any other jurisdiction, or the administration or interpretation thereof) and each such Event of Default shall be deemed to exist and continue so long as, but only so long as, it shall not have been remedied: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) the Borrower shall fail to pay when due any principal of or interest on the Loan (including for this purpose any additional amounts
required to be paid under Section&nbsp;5 hereof); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) the Borrower shall fail to pay when due any other amount payable (whether at stated
maturity, by acceleration or otherwise) by it to the Security Trustee, <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank or the Guaranteed Lender hereunder or under any other Operative Document to which it is a party within
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>) Business Days of the date of any demand therefor; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) any representation, warranty or certification made or deemed made by the Borrower herein or in any other Operative Document to which it is
a party or any certificate furnished to the Guaranteed Lender, <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank or the Security Trustee pursuant to the provisions hereof or thereof, shall prove to have been false or misleading as of the time made
or furnished in any material respect; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) the Borrower shall fail to perform any of its obligations, covenants
or agreements under this Guaranteed Loan Agreement or any other Operative Document to which it is a party (and not constituting an Event of Default under any other clause of this Section&nbsp;9), and, if capable of being remedied, shall continue
unremedied for a period of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>) days after the earlier of (i)&nbsp;the Borrower obtaining
actual knowledge of such failure or (ii)&nbsp;notice thereof has been given to the Borrower by the Security Trustee, <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank or the Guaranteed Lender; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) any of the Security Documents ceases or shall cease to constitute a duly perfected and enforceable security interest over the property
referred to therein free and clear of all Liens other than Liens contemplated by or permitted under the Operative Documents; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) the
Borrower or the Lessor Parent shall admit in writing its inability to, or be generally unable to, pay its debts as such debts become due; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) the Borrower or the Lessor Parent shall (i)&nbsp;apply for or consent to the appointment of, or the taking of possession by, a receiver,
custodian, trustee or liquidator of itself or of all or a substantial part of its property, (ii)&nbsp;make a general assignment for the benefit of its creditors, (iii)&nbsp;commence a voluntary case under the bankruptcy law of the relevant
jurisdiction, (iv)&nbsp;file a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, <FONT STYLE="white-space:nowrap">winding-up,</FONT> or composition or readjustment of debts, (v)&nbsp;fail to
controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed against it in an involuntary case under the bankruptcy law of the relevant jurisdiction, or (vi)&nbsp;take any corporate action for the purpose of
effecting any of the foregoing; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) a proceeding or case shall be commenced, without the application or consent of the Borrower or the
Lessor Parent, in any court of competent jurisdiction, seeking (i)&nbsp;its liquidation, reorganization, dissolution or <FONT STYLE="white-space:nowrap">winding-up,</FONT> or the composition or readjustment of its debts, (ii)&nbsp;the appointment of
a trustee, receiver, custodian, liquidator or the like of the Borrower or the Lessor Parent or of all or any substantial part of its assets, or (iii)&nbsp;similar relief in respect of the Borrower under any law relating to bankruptcy, insolvency,
reorganization, <FONT STYLE="white-space:nowrap">winding-up,</FONT> or composition or adjustment of debts, and such proceeding or case shall continue undismissed, or an order, judgment or decree approving or ordering any of the foregoing shall be
entered and continue unstayed and in effect, for a period of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>) or more days; or an order
for relief against the Borrower or the Lessor Parent shall be entered in an involuntary case under the bankruptcy law of the relevant jurisdiction; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) any Event of Default under and as defined in the Lease shall occur and be continuing; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) any Event of Default under and as defined in the Sublease shall occur and be continuing; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) any Event of Default under and as defined in the
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Agreement or the
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Agreement shall have occurred and be continuing; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) any Government Body (i)&nbsp;shall have condemned, seized or appropriated all or substantially all of the property of the Borrower or
(ii)&nbsp;shall have taken any other action which, in the opinion of <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank, adversely affects the Borrower&#146;s ability to pay any Indebtedness hereunder; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) a judgment for the payment of money shall be rendered against the
Borrower and the same shall remain undischarged for a period of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>) calendar days during
which neither execution of such judgment shall be effectively stayed nor adequate bonding fully covering such judgment shall exist; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n)
the Borrower shall do or cause to be done any act or thing evidencing or establishing its intention to repudiate this Guaranteed Loan Agreement or any other Operative Document; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) there shall have occurred and be continuing an &#147;event of default&#148; under any Other Operative Document; and/or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) any other event occurs or any other circumstance arises (other than an Event of Loss) which, in the reasonable judgment of <FONT
STYLE="white-space:nowrap">Ex-Im</FONT> Bank, is likely materially and adversely to affect the ability of the Borrower or Lessor Parent to perform its obligations under each Operative Document to which it is a party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.2 Remedies. Upon the occurrence of any Event of Default and so long as such Event of Default is continuing,
<FONT STYLE="white-space:nowrap">(i)&nbsp;Ex-Im</FONT> Bank (or if the <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Guarantee is no longer in effect and no amounts are owed to <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank under the
Operative Documents, the Guaranteed Lender) may, by notice to the Borrower (unless such notice is prohibited by Applicable Law), cancel the Total Commitment and/or declare the aggregate principal amount then outstanding of, and the accrued interest
on, the Loan and all other amounts payable by the Borrower hereunder to be forthwith due and payable, whereupon such amounts shall be immediately due and payable without presentment, demand (except as aforesaid), protest or other formalities of any
kind, all of which are hereby expressly waived by the Borrower; and (ii)&nbsp;in the case of the occurrence of an Event of Default referred to in clause (f), (g) or (h)&nbsp;of this Section&nbsp;9 with respect to the Borrower or any Event of Default
under Section&nbsp;13(g)-(k) (inclusive) of the Lease with respect to the Lessee or Section&nbsp;13(g)-(k) (inclusive) of the Sublease with respect to the Sublessee, the Total Commitment shall automatically be canceled and the aggregate principal
amount then outstanding of, and the accrued interest on, the Loan and all other amounts payable by the Borrower hereunder shall automatically become immediately due and payable without presentment, demand, protest or other formalities of any kind,
all of which are hereby expressly waived by the Borrower (unless, subsequent to such automatic acceleration, such automatic acceleration is waived by <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank or, if the
<FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Guarantee is no longer in effect and no amounts are owed to <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank under the Operative Documents, the Guaranteed Lender). If (x)&nbsp;the Loan shall have
been (or shall automatically become) accelerated hereunder and (y)&nbsp;a claim shall be made on <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank under the <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Guarantee and the Guaranteed Lender
elects to have <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank service the obligations in respect of the Loan in accordance with Section&nbsp;2.02(b)(i) thereof, then, upon demand by <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank, the
Borrower shall pay to <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank the applicable <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Make-Whole Amount, if any. <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank shall provide the Borrower with
reasonable supporting documentation concerning the determination of any <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Make-Whole Amount. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION 10. Miscellaneous. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.1 No Waiver. No failure on the part of the Security Trustee, <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank or the Guaranteed Lender to
exercise and no delay in exercising, and no course of dealing with respect to, any right, power or privilege under this Guaranteed Loan Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or
privilege under this Guaranteed Loan Agreement preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The remedies provided herein are cumulative and not exclusive of any remedies provided by law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.2 Notices. Each of the parties hereby acknowledges and confirms that each of this Guaranteed Loan Agreement and the Note is one of the
Operative Documents and as a result all of the provisions of Section&nbsp;13(c) of the Participation Agreement are hereby incorporated herein and therein by reference thereto as fully and to the same extent as if set forth herein and therein
(including, without limitation, (a)&nbsp;the manner in which all notices or other communications are to be made hereunder, (b)&nbsp;the time as of which such notices or communications shall be deemed to have been given or made, and (c)&nbsp;the
address to which such notices or communications are to be sent). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.3 Expenses, Etc. Other than with respect to Section&nbsp;5 hereof,
the provisions of Section&nbsp;10 of the Participation Agreement are hereby incorporated herein, mutatis mutandis, with references to &#147;Sublessee&#148; being construed as references to &#147;the Borrower&#148;. In addition the Borrower agrees,
without prejudice to Section&nbsp;10.6(f), to pay or reimburse each of <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank, the Guaranteed Lender and the Security Trustee for paying (against invoices or receipts (to the extent available) submitted by
<FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank, the Security Trustee and/or the Guaranteed Lender): (a) all proper <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs and expenses of <FONT
STYLE="white-space:nowrap">Ex-Im</FONT> Bank, the Guaranteed Lender and the Security Trustee (including the reasonable fees and expenses of counsel to <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank, the Guaranteed Lender and the Security
Trustee), in connection with (i)&nbsp;the negotiation, preparation and execution of this Guaranteed Loan Agreement and the Operative Documents (whether the same shall ever become any effective) and (ii)&nbsp;any actual or proposed amendment,
modification or waiver requested by the Borrower, Sublessee, Lessee or any Guarantor (whether the same shall ever become effective) of any of the terms of this Guaranteed Loan Agreement and the other Operative Documents and in accordance with the
terms thereof; and (b)&nbsp;all costs and expenses of <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank, the Security Trustee and the Guaranteed Lender (including reasonable fees and expenses of their respective counsel) in connection with any
Event of Default and any enforcement or collection proceedings resulting therefrom. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.4 Amendments, Etc. Except as otherwise expressly
provided in this Guaranteed Loan Agreement, any provision of this Guaranteed Loan Agreement may be amended or modified only by an instrument signed by the Borrower (acting solely at the direction of Sublessee),
<FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank and, provided no claim has been made under the <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Guarantee, the Guaranteed Lender, and any provision of this Agreement may be waived by <FONT
STYLE="white-space:nowrap">Ex-Im</FONT> Bank and, so long as no claim shall have been made under the <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Guarantee in relation to the Note, the Guaranteed Lender; provided, further that, so long as no
claim shall have been made under the <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Guarantee with respect to the Note, no amendment, modification or waiver related to the Note or the Loan which is evidenced by the Note shall, unless by an
instrument also signed by the Guaranteed Lender: (i)&nbsp;increase or extend the term, or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">extend the time or waive any requirement for the termination, of the Total Commitment,
(ii)&nbsp;extend the date fixed for the payment of principal of or interest on the Loan, (iii)&nbsp;reduce the amount of any payment of principal thereof or the rate at which interest is payable thereon or any fee is payable hereunder,
(iv)&nbsp;alter the terms of Section&nbsp;2.4 or this Section&nbsp;10.4, and (v)&nbsp;amend the definition of the term &#147;Fixed Rate&#148;, &#147;Event of Default&#148; or &#147;Guaranteed Lender&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.5 Successors and Assigns. This Guaranteed Loan Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.6 Assignments and Participations. (a)&nbsp;Except as expressly permitted in the Operative
Documents, the Borrower may not assign or transfer its rights or delegate its obligations hereunder or under any other Operative Document without the prior written consent of Sublessee, <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank and the
Guaranteed Lender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Subject in all events to compliance with all terms and conditions of the
<FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Guarantee (including, without limitation, any requirement for <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank&#146;s prior written consent thereto) and with Applicable Laws, the Guaranteed Lender
may assign, transfer, pledge, sell or grant participations in or otherwise dispose of all or any part of its interest in all or any part of the Borrower&#146;s Indebtedness under this Guaranteed Loan Agreement and the Note to one or more other
Permitted Institutions without the prior written consent of the Borrower or the Sublessee (collectively, a &#147;DISPOSITION OF INDEBTEDNESS&#148;) provided that (other than in connection with an assignment to
<FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank) if, as at the date of such assignment or transfer, such assignment or transfer would subject the Borrower to any greater obligation or liability under Section
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> of the <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Agreement
or under the <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Indemnity Agreement or under any other Operative Document than it would have been
under on such date if no such assignment had then taken place, then unless such assignment was made to mitigate or avoid the requirement for payment of additional amounts or increased costs under the
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Indemnity Agreement or any illegality, the assignee shall not be entitled to receive any greater
payment under the <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Indemnity Agreement or under Section
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> of the <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Agreement or any other Operative
Document than the assignor would have been entitled to receive with respect to the rights assigned or transferred at the time such assignment or transfer is entered into. Furthermore, without limiting the generality of the foregoing, the Guaranteed
Lender may sell, assign, transfer and set over to a trustee for the holders of the Guaranteed Lender&#146;s secured indebtedness or other securities (the
&#147;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> TRUSTEE&#148;) the Loan and the Note for the purpose of creating a security interest
therein in favor of the <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Trustee, and the
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Trustee may, in such event, exercise any and all rights and remedies which would otherwise be
available to the Guaranteed Lender in connection with this Guaranteed Loan Agreement and the enforcement thereof in relation to the Loan and the Note. The Borrower shall, at the request of the Guaranteed Lender, execute and deliver to the Guaranteed
Lender, or to any party that the Guaranteed Lender may designate, any such further instruments as may be necessary or reasonably requested by the Guaranteed Lender to give full force and effect to a Disposition of Indebtedness by the Guaranteed
Lender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Without limiting the provisions of Section <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> of
the Participation Agreement, all <FONT STYLE="white-space:nowrap">non-public</FONT> information provided to the Security Trustee and the Guaranteed </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lender by the Borrower or Sublessee shall be treated as confidential by the Security
Trustee and the Guaranteed Lender; provided, however, that the Guaranteed Lender may furnish any information concerning the Borrower or Sublessee in the possession of the Guaranteed Lender from time to time to assignees and participants (including
prospective assignees and participants), provided such Persons have agreed to maintain the confidentiality as provided in Section&nbsp;14 of the Participation Agreement of all such <FONT STYLE="white-space:nowrap">non-public</FONT> information so
furnished and any such information may be disclosed as required by Applicable Laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) If the Guaranteed Lender (other than <FONT
STYLE="white-space:nowrap">Ex-Im</FONT> Bank) wishes to assign or transfer all or any of its rights, benefits and obligations hereunder as contemplated in Section&nbsp;10.6(b), then such assignment or transfer may be effected (i)&nbsp;in the case of
an assignment or transfer to a Person (other than <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank) on the Transfer Date specified in the relevant Transfer Certificate or (ii)&nbsp;in the case of a transfer or assignment to <FONT
STYLE="white-space:nowrap">Ex-Im</FONT> Bank as a result of a demand under the terms of the <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Guarantee, on the date of such transfer. To the extent that pursuant to such Transfer Certificate and the
provisions thereof the rights and obligations of the Guaranteed Lender hereunder and under the other Operative Documents (to which the Guaranteed Lender is party) are validly transferred to and assumed by the assignee or transferee, such Guaranteed
Lender shall be released from further obligations hereunder and under the other Operative Documents, other than accrued rights owing to any party hereunder and thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) No Guaranteed Lender (other than <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank, any of its transferees or any further transferees)
may assign or transfer (it being understood and agreed that a participation permitted by Section&nbsp;10.6 shall not constitute an assignment or transfer) any of its rights or obligations hereunder as contemplated by this Section&nbsp;10.6 unless
contemporaneously therewith it assigns or transfers to the same assignee or transferee all or a corresponding part of its rights, benefits and obligations under each of the other Operative Documents (except for rights and benefits which the
documents expressly provide will be retained by the transferee) to which such Guaranteed Lender is party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Any assigning or
transferring Guaranteed Lender (other than <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank and any subsequent transferees) shall be solely responsible for all of its reasonable costs and expenses for any assignment, transfer or participation
under this Section&nbsp;10.6 including, without limitation, all costs in connection with any amendment to or supplement to, or registration of or <FONT STYLE="white-space:nowrap">re-registration</FONT> of the Security Documents and any legal fees
and expenses relating thereto (or may procure that any transferee or participant pay such costs and expenses), unless such assignment or transfer was effected at the request of the Borrower or Sublessee to mitigate the imposition of any Claims. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.7 GOVERNING LAW. THIS GUARANTEED LOAN AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW
YORK, UNITED STATES OF AMERICA WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAW OTHER THAN SECTION <FONT STYLE="white-space:nowrap">5-1401</FONT> AND SECTION <FONT STYLE="white-space:nowrap">5-1402</FONT> OF THE NEW YORK GENERAL OBLIGATIONS LAW.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.8 Jurisdiction; Service of Process. Any suit, proceeding, action or process against the Borrower with respect to this Guaranteed Loan
Agreement may be brought in accordance </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">with Section
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> of the Participation Agreement as if the same were repeated herein in full mutatis mutandis, and the Borrower hereby consents to service of process as therein set forth.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.9 Entire Agreement. This Guaranteed Loan Agreement (together with the other Operative Documents) is the entire agreement of the
parties hereto with respect to the subject matter hereof and supersedes all prior communications and agreements by the parties hereto with respect thereto, and each such prior communication and agreement is null and void. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.10 Severability. If any provision hereof is invalid and unenforceable in any jurisdiction, then, to the fullest extent permitted by law,
(i)&nbsp;the other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in favor of the Guaranteed Lender and <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank in order to carry out the
intentions of the parties hereto as nearly as may be possible and (ii)&nbsp;the invalidity or unenforceability of any provision hereof in any jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.11 Captions. The table of contents and captions and section headings appearing herein are included solely for convenience of reference
and are not intended to affect the interpretation of any provision of this Guaranteed Loan Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.12 Counterparts. This Guaranteed
Loan Agreement may be executed in any number of counterparts each of which shall be an original and all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Guaranteed Loan Agreement by
signing any such counterpart. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.13 WAIVER OF JURY TRIAL. THE BORROWER, THE SECURITY TRUSTEE,
<FONT STYLE="white-space:nowrap">EX-IM</FONT> BANK AND THE GUARANTEED LENDER HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR
IN CONNECTION WITH, THIS GUARANTEED LOAN AGREEMENT, OR ANY OTHER OPERATIVE DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS OR OMISSIONS OF THE GUARANTEED LENDER, THE SECURITY TRUSTEE, <FONT
STYLE="white-space:nowrap">EX-IM</FONT> BANK OR THE BORROWER OR ANY PERSON RELATING TO THE OPERATIVE DOCUMENTS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Guaranteed Loan
Agreement to be duly executed as of the day and year first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">BORROWER</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Title</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">SECURITY TRUSTEE</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Title</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="white-space:nowrap">EX-IM</FONT> BANK</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">EXPORT-IMPORT BANK OF THE UNITED STATES</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Title</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">GUARANTEED LENDER</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Title:</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">NOTICE OF BORROWING </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</U>, <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">To:</TD>
<TD ALIGN="left" VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">as Guaranteed Lender </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">as Security Trustee </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Export-Import Bank of the United States </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear
Sirs: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the Guaranteed Loan Agreement dated as of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (the &#147;GUARANTEED LOAN AGREEMENT&#148;) among
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, as Borrower,
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, as Guaranteed Lender,
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> as Security Trustee and Export-Import Bank of the United States, we hereby: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Give you notice that we wish to borrow the Loan on
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> in the amount of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> in relation to financing the purchase of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>) Boeing Model
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> aircraft bearing manufacturer&#146;s
serial number <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. The principal amount of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> is to be available to us by crediting such amounts to such accounts as the Borrower and the Guaranteed Lender may agree
and the principal amount of<U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (the
&#147;SUPPLEMENTAL EQUIPMENT AMOUNT&#148;) shall be deposited in the Security Trustee&#146;s account in accordance with Section&nbsp;2.2 of the Guaranteed Loan Agreement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Confirm and certify that the borrowing to be effected by such drawing will be within our powers and has been
validly authorized by appropriate action, that no Default, Event of Default or Event of Loss and no event that with the giving of notice or the passing of time or both would constitute an Event of Loss has occurred, that the representations
contained or referred to in Section&nbsp;7 of the Guaranteed Loan Agreement, if repeated as at the date of this Notice, with reference to the facts existing at the date hereof, would be true and accurate in all respects, and that the covenants
contained or referred to in Section&nbsp;8 of the Guaranteed Loan Agreement have at all times been complied with. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Confirm that the Loan referred to herein is the Loan under the Guaranteed Loan Agreement.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit A </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Terms defined in the Guaranteed Loan Agreement shall have the same meanings in this
Notice. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">For and on behalf of</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">[BORROWER]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Title:</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">AGREED:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Title:</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit A </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT B </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[FORM OF NOTE] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</U>. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECURED PROMISSORY NOTE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;DUE IN QUARTERLY INSTALLMENTS </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COMMENCING ON
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> AND </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;MATURING ON
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;ISSUED IN CONNECTION WITH </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> MODEL <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> AIRCRAFT WITH </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MANUFACTURER&#146;S SERIAL NO. <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PANAMANIAN REGISTRATION MARK
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;WITH TWO INSTALLED<U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MODEL
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> ENGINES (THE &#147;AIRCRAFT&#148;) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No.
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2004 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">$
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, a company
organized under the laws of the State of Delaware (the &#147;BORROWER&#148;), for value received, hereby promises to pay to the order of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (the &#147;GUARANTEED LENDER&#148;), the principal amount of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Million <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Thousand and
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> United States Dollars (U.S.$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>) or such lesser amount as shall equal the aggregate unpaid
principal amount of the loan (the &#147;LOAN&#148;) made by the Guaranteed Lender to the Borrower on the date hereof in respect of the above-described Aircraft under that certain Guaranteed Loan Agreement dated as of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (the
&#147;GUARANTEED LOAN AGREEMENT&#148;) among the Borrower, the Guaranteed Lender, <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, as Security Trustee, and Export-Import
Bank of the United States <FONT STYLE="white-space:nowrap">(&#147;EX-IM</FONT> BANK&#148;), payable in forty-eight (48)&nbsp;successive quarterly principal installments payable commencing on
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> and thereafter on January <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, April
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, July <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> and October
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> of each year (or if any such day is not a Banking Day, on the next succeeding Banking Day; each such day being a &#147;LOAN PAYMENT DATE&#148;), each such installment to
be in the amount set forth opposite the applicable Loan Payment Date in Schedule I attached hereto and made a part hereof, and the entire unpaid principal amount then owing hereunder to be paid in full on
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (the &#147;FINAL MATURITY DATE&#148;); and to pay interest on the unpaid aggregate principal amount of the Loan from time to time at
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> % per annum (the &#147;FIXED RATE&#148;) on each Loan Payment Date, and on the date the Loan is due (at maturity, by acceleration or otherwise) and thereafter on demand.
The Borrower also agrees to pay on demand interest at the applicable Post-Default Rate on overdue principal and overdue interest payable under this Note, from the date due until the Banking Day such payment is received at or before
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (New York time) at the place of payment set forth below, and to pay the costs of collection, if any (including reasonable attorneys&#146; fees), and in each case, in
lawful money of the United States of America and in immediately available and freely transferable funds. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit B </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All payments of principal, interest, overdue interest and other amounts
to be made by the Borrower to the Guaranteed Lender under this Note shall be made by payment to the account of the Guaranteed Lender at
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Bank, Account No.
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, ABA No. <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, reference: Eximbank transaction
no.<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (or such other account in New York, New York, U.S.A. as the Guaranteed Lender may otherwise direct in writing to the Borrower from time to time upon not less than
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>) Banking Days notice) at or before
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> on the due date therefor at the place of payment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Interest shall accrue on the unpaid aggregate principal amount of the Loan from and including the date hereof to, but not including, the date
the principal amount of the Loan shall be due (by installments, at maturity, by acceleration or otherwise) at the Fixed Rate. Any payment of interest, principal or any other payment not paid to the Guaranteed Lender when due and payable hereunder
shall, from the date when due and payable until the date when fully paid, bear interest at the Post-Default Rate computed on the basis of a year of 365 days and the actual number of days elapsed (including the first day but excluding the last day).
Interest on the Loan shall be computed on the basis of a year of 365 days and the actual number of days elapsed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Borrower agrees that
the records maintained by the Guaranteed Lender as to the date on which the Loan is made, the Fixed Rate, the date and amount of each repayment of principal of the Loan and payment of interest or overdue interest received by the Guaranteed Lender,
shall be conclusive absent manifest error. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Note is the &#147;Note&#148; referred to in the Guaranteed Loan Agreement that is secured
by the Security Documents. The Borrower may prepay or be obligated to prepay the Loan, all as specified in the Guaranteed Loan Agreement, and subject to the requirements thereof. Capitalized terms not otherwise defined herein shall have the
respective meanings assigned thereto in the Guaranteed Loan Agreement. In addition, for purposes of this Note: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;BANKING DAY&#148;
means any day, other than a Saturday or Sunday, on which commercial banks are not authorized or required to close in New&nbsp;York, New&nbsp;York, Paris, France or Salt Lake City, Utah. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;EVENT OF DEFAULT&#148; means any of those events specified as such in Section&nbsp;9.1 of the Guaranteed Loan Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon the occurrence of an Event of Default and for so long as such Event of Default shall continue, the principal hereof, accrued interest
hereon and all other amounts payable hereunder may be declared to be or may automatically become forthwith due and payable, all as provided in the Guaranteed Loan Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Borrower waives diligence, demand, presentment, notice of nonpayment, protest, and notice of protest all in the sole discretion of the
Facility Agent and without notice and without affecting in any manner the liability of the Borrower. This Note shall be governed by and construed in accordance with the internal laws of the State of New York, United States of America. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to the entry into the record of ownership of any transfer as provided in the Guaranteed Loan Agreement, the Borrower and each other
Person shall deem and treat each </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit B </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">owner of this Note reflected in the record of ownership as owner of this Note or the
rights to receive any payments hereunder as the owner thereof for all purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit B </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF,
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> has caused its officer thereunto duly authorized to execute this Note as of the date first above written. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">[BORROWER]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Title:</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">GUARANTEE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Repayment of the indebtedness evidenced hereby is guaranteed pursuant to the Guarantee Agreement dated as of December&nbsp;15, 1971 between
Export-Import Bank of the United States and <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">EXPORT-IMPORT BANK OF THE</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">UNITED STATES</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(Signature)</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(Print)</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Guarantee No.
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> &#151;Republic of Panama (<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>) </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit B </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule I to Note </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="30%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="26%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="15%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>LOAN PAYMENT DATE</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>PRINCIPAL PAYMENT</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>INTEREST PAYMENT</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>TOTAL&nbsp;PAYMENT</U></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit B </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT C </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[FORM OF TRANSFER CERTIFICATE] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To: [Borrower]
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TRANSFER CERTIFICATE </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">relating to the
Guaranteed Loan Agreement (as from time to time amended, varied or supplemented, the &#147;LOAN AGREEMENT&#148;) dated as of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> and made between
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, as borrower (the &#147;BORROWER&#148;),
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, as Guaranteed Lender,
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, not in its individual capacity but solely as security trustee (the &#147;SECURITY TRUSTEE&#148;)
and Export-Import Bank of the United States <FONT STYLE="white-space:nowrap">(&#147;EX-IM</FONT> BANK&#148;). </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Capitalized terms defined in the Loan Agreement shall, subject to any contrary indication, have the same
meaning herein. The terms Transferee, Transfer Date, Lender&#146;s Participation, Lender&#146;s Portion of the Loan, Loan Portion Transferred, Loan Portion Transfer Date and Amount Transferred are defined in the Schedule hereto.
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> as a
Guaranteed Lender under the Loan Agreement (the &#147;LENDER&#148;) hereby transfers to the Transferee, on and as of the Loan Portion Transfer Date, all of its right, title and interest in and to a percentage of the Lender&#146;s Participation
(equal to the percentage that the Amount Transferred is of the aggregate of the component amounts (as set out in the schedule hereto) of the Lender&#146;s Participation) together with all related right, title and interest of the Lender under the
Operative Documents to which the Lender is a party (collectively the &#147;TRANSFERRED PROPERTY&#148;), and the Transferee, on and as of the Transfer Date, hereby accepts such assignment and assumes all obligations of the Lender in respect of the
Transferred Property and the Transferee agrees to be under the same obligations towards each of the other parties to the Loan Agreement and the other Operative Documents as it would have had been under if it had been an original party hereto as a
Guaranteed Lender under the Loan Agreement and such Operative Documents. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Transferee represents and warrants that prior to the Transfer Date it has received a copy of each of the
Operative Documents together with such other information as it has required in connection with this transaction and that it has not relied and will not hereafter rely on the Lender to check or enquire on its behalf into the legality, validity,
effectiveness, adequacy, accuracy or completeness of any such information and further agrees that it has not relied and will not rely on the Lender to assess or keep under review on its behalf the financial condition, creditworthiness, condition,
affairs, status or nature of the Borrower, Sublessee or any other party to the Operative Documents. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Neither the Lender nor any other party to the Loan Agreement makes any representation or warranty or assumes
any responsibility with respect to the legality, validity, effectiveness, adequacy or enforceability of any of the Operative Documents or assumes any responsibility for the financial condition of the Borrower, Sublessee or any other
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit C </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">party to any other Operative Document or for the performance and observance by the Borrower, Sublessee or any such party of any of its obligations under the Loan Agreement, or, as the case may be, the other Operative
Documents and any and all such conditions and warranties, whether express or implied by law or otherwise, are hereby excluded. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Lender hereby gives notice that nothing herein or in any of the other Operative Documents shall oblige the
Lender to (i)&nbsp;accept a <FONT STYLE="white-space:nowrap">re-transfer</FONT> from the Transferee of the whole or any part of its rights and/or obligations under the Loan Agreement or the other Operative Documents transferred pursuant hereto or
(ii)&nbsp;support any losses directly or indirectly sustained or incurred by the Transferee for any reason whatsoever including, without limitation, the <FONT STYLE="white-space:nowrap">non-performance</FONT> by the Borrower, Sublessee or any other
party to any of the Operative Documents of any of their respective obligations thereunder. The transferee hereby acknowledges the absence of any such obligation as is referred to in <FONT STYLE="white-space:nowrap">sub-clause</FONT> (i)&nbsp;or (ii)
above. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Transferee acknowledges and agrees that, as of the Transfer Date, for the express benefit of the parties to
the Operative Documents that it is not aware of any facts or circumstances that would as of the Transfer Date give rise to a claim that will be made against the Borrower or Sublessee for any indemnity under the Operative Documents and that to the
best of its knowledge, the transfer is in compliance with the provisions of Section<U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> hereof. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This Transfer Certificate and the rights and obligations of the parties hereunder shall be governed by and
construed in accordance with the law of the State of New York. </P></TD></TR></TABLE> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit C </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 2 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THE SCHEDULE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lender: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Transferee: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lender&#146;s Participation:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[-] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lender&#146;s Portion of the Loan:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[-] [Aggregate amount </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:26%; font-size:10pt; font-family:Times New Roman">of the Lender&#146;s funded loan </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:26%; font-size:10pt; font-family:Times New Roman">amount less any repayment </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:26%; font-size:10pt; font-family:Times New Roman">amounts already received] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Loan Portion
Transferred:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[-] [% of Lender&#146;s Portion of Loans] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Amount Transferred:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[-] [Total of Loan
Portion </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:26%; font-size:10pt; font-family:Times New Roman">Transferred] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Loan Portion
Transfer Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[-] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Facility
Office:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Contact
Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Account for Payments in Dollars:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fax:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Telephone:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[Transferor Lender]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Transferee] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;By: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;Date: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">Address for notices: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">Account information: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit C </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Form of Guaranteed Loan Agreement] </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT D </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[FORM OF CERTIFICATE AUTHORIZING DISBURSEMENT] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">To:</TD>
<TD ALIGN="left" VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, </P></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">as Security Trustee (&#147;SECURITY TRUSTEE&#148;) </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">as Guaranteed Lender </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject: <FONT STYLE="white-space:nowrap">Ex-Im</FONT> Bank Guarantee No. <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
&#151;Republic of Panama (<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with the terms and conditions of the Guaranteed Loan Agreement dated as of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> ,
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (the &#147;LOAN AGREEMENT&#148;) among [Borrower],
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> as Guaranteed Lender, Security Trustee, and Export-Import Bank of the United States
<FONT STYLE="white-space:nowrap">(&#147;EX-IM</FONT> BANK&#148;), pursuant to Section&nbsp;2.2 of the Loan Agreement we hereby authorize the Security Trustee to pay in the amount of U.S.$
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> in connection with the disbursement made on <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> for <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
(<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>) Boeing model <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> aircraft (MSN
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>), to the Borrower in connection with the financing of the U.S. manufactured equipment identified in the supplier&#146;s certificate(s) and invoice(s) provided to us by
the Borrower. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">EXPORT-IMPORT BANK OF THE</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">UNITED STATES</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Title:</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit D </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 1 </P>

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<DOCUMENT>
<TYPE>EX-4.9
<SEQUENCE>11
<FILENAME>d128959dex49.htm
<DESCRIPTION>EX-4.9
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.9</TITLE>
</HEAD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXHIBIT 4.9 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">REGISTRATION RIGHTS AGREEMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2005 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">among </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COPA HOLDINGS, S.A., </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CORPORACION DE INVERSIONES AEREAS, S.A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CONTINENTAL AIRLINES, INC.
</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="87%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">PAGE</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">SECTION 1. &nbsp;&nbsp;&nbsp;&nbsp;DEFINITIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">1.1.&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Defined Terms</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">1.2.&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>General Interpretive Principles</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">SECTION 2. &nbsp;&nbsp;&nbsp;&nbsp;REGISTRATION RIGHTS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">2.1.&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Demand Registrations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">2.2.&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Piggyback Registrations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">2.3.&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Sales by CIASA to Independent Panamanians</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">2.4.&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Registered Offerings of CIASA Shares other than Registrable Securities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">2.5.&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">Black-out</FONT> Periods</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">2.6.&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>No Inconsistent Agreements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">2.7.&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Registration Procedures</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">2.8.&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Underwritten Offerings</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">2.9.&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Registration Expenses</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">2.10.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Rules 144 and 144A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">SECTION 3. &nbsp;&nbsp;&nbsp;&nbsp;MISCELLANEOUS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">3.1.&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Indemnification</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">3.2.&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Remedies</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">3.3.&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Notices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">3.4.&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Successors, Assigns and Transferees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">3.5.&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Recapitalizations, Exchanges, etc., Affecting Registrable Securities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">3.6.&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Governing Law; Arbitration</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">3.7.&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Headings</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">3.8.&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Severability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">3.9.&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Amendment; Waiver</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">3.10.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Counterparts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">REGISTRATION RIGHTS AGREEMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">REGISTRATION RIGHTS AGREEMENT (&#147;Agreement&#148;), dated as of , 2005, by and among Copa Holdings, S.A., a corporation (sociedad anonima)
organized under the laws of the Republic of Panama (the &#147;Company&#148;), Corporacion de Inversiones Aereas, S.A., a corporation (sociedad anonima) organized under the laws of Panama (&#147;CIASA&#148;), and Continental Airlines, Inc., a
corporation organized under the laws of the State of Delaware (&#147;Continental&#148;). Each of the Company, CIASA and Continental may be referred to as a &#147;Party&#148; and collectively they may be referred to as the &#147;Parties&#148;. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">W I T N E S S E T H: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS,
the Company, CIASA and Continental have entered into an Underwriting Agreement, dated , 2005 (the &#147;Underwriting Agreement&#148;), among the Company, CIASA, Continental, and Morgan Stanley&nbsp;&amp; Co. Incorporated and Goldman,
Sachs&nbsp;&amp; Co., as representatives of the underwriters named therein (collectively, the &#147;Underwriters&#148;), pursuant to which the Underwriters are offering up to 8,050,000 Class&nbsp;A shares of the Company owned by Continental and
8,050,000 Class&nbsp;A shares of the Company owned by CIASA to investors as described in a registration statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-</FONT> ) filed by the Company
with the SEC (as defined below) (the &#147;Initial Public Offering&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, in connection with the Initial Public Offering, the
Company, CIASA and Continental entered into an Amended and Restated Shareholders Agreement, dated the date hereof (the &#147;Shareholders Agreement&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, immediately after the Initial Public Offering, Continental will continue to own up to 13,978,125 Class&nbsp;A shares of the Company
and CIASA will continue to own 13,784,375 Class&nbsp;B shares of the Company and up to 1,050,000 Class&nbsp;A shares of the Company; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, in connection with the Amended and Restated Shareholders Agreement, the Company has agreed to provide the rights set forth in this
Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the foregoing and the mutual premises, covenants and agreements of the parties hereto, and
for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SECTION 1. DEFINITIONS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1.1.
Defined Terms. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As used in this Agreement, the following terms shall have the following meanings: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Adverse Disclosure&#148; means public disclosure of material <FONT STYLE="white-space:nowrap">non-public</FONT> information, disclosure
of which, in the Board&#146;s good faith judgment, after consultation with independent outside counsel to the Company, (i)&nbsp;would be required to be made in any Registration Statement filed by the Company so that such Registration Statement would
not be </P>
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false or misleading in any material respect; (ii)&nbsp;would not be required to be made at such time but for the filing or publication of such Registration Statement and (iii)&nbsp;the Company
has a bona fide business purpose for not disclosing publicly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Affiliates&#148; has the meaning set forth in the Shareholders
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Agreement&#148; has the meaning set forth in the preamble hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Board&#148; means the Board of Directors or other supervisory committee or body of the Company or any other entity, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Class A shares&#148; means the Class&nbsp;A shares, no par value, of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Class B shares&#148; means the Class&nbsp;B shares, no par value, of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Company&#148; has the meaning set forth in the preamble hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Company Sale&#148; has the meaning set forth in Section&nbsp;2.2(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Demand Notice&#148; has the meaning set forth in Section&nbsp;2.1(c). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Demand Registration&#148; has the meaning set forth in Section&nbsp;2.1(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Demand Registration Statement&#148; has the meaning set forth in Section&nbsp;2.1(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Exchange Act&#148; means the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and regulations
promulgated thereunder, all as the same shall be in effect from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Holder&#148; means any holder of Registrable
Securities who is a party hereto or who succeeds to rights hereunder pursuant to Section&nbsp;3.4. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Law&#148; means, as applicable,
any and all (i)&nbsp;U.S. and foreign (including, without limitation, Panama) laws, ordinances, regulations, whether federal, provincial, state or local, (ii)&nbsp;codes, standards, rules, requirements and criteria issued under any U.S. or foreign
(including, without limitation, Panama) laws, ordinances or regulations, whether federal, provincial, state or local and (iii)&nbsp;judgments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;NASD&#148; means the National Association of Securities Dealers, Inc. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;NYSE&#148; means the New York Stock Exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Offer&#148; means an offer to persons in the United States to acquire Registrable Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Panama&#148; means the Republic of Panama. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Panamanian&#148; means any person or entity constituting a &#147;Panamanian&#148; within the meaning of Section &nbsp;&nbsp;&nbsp;&nbsp;
of the Company&#146;s <FONT STYLE="white-space:nowrap">by-laws.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Panamanian Law&#148; means any statute, act, order, rule or regulation enacted by any
Panamanian governmental authority or agency. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Panamanian Listing Authority&#148; means the Comision Nacional de Valores of the
Republic of Panama. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Party&#148; and &#147;Parties&#148; have the meaning set forth in the recitals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Permitted Transferees&#148; or &#147;Permitted Transfer&#148; has the meaning set forth in Section&nbsp;2.1 of the Shareholders
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Piggyback Registration&#148; has the meaning set forth in Section&nbsp;2.2(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Prospectus&#148; means the prospectus included in any Registration Statement, including any preliminary Prospectus, all amendments and
supplements to such prospectus, including post-effective amendments and all other material incorporated by reference in such prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Registrable Securities&#148; means (i)&nbsp;with respect to Continental, up to 5,665,625 Class&nbsp;A shares of the Company held by
Continental and by Holders that are Permitted Transferees of Continental, (ii)&nbsp;with respect to CIASA, up to 6,521,875 Class&nbsp;A or Class&nbsp;B shares of the Company held by CIASA and by Holders that are Permitted Transferees of CIASA and
(iii)&nbsp;with respect to each of Continental and CIASA and their respective Permitted Transferees, any securities that may be issued or distributed or be issuable in respect of any Registrable Securities by way of conversion, dividend, stock split
or other distribution, merger, consolidation, exchange, recapitalization or reclassification or similar transaction; provided that (a)&nbsp;the number of Class&nbsp;A shares constituting Registrable Securities shall be reduced by the number of
Class&nbsp;A shares sold or otherwise transferred to a person that is not a Permitted Transferee permitted by Section&nbsp;3.4, and the number of Class&nbsp;B shares constituting Registrable Securities shall be reduced by the number of Class&nbsp;B
shares sold or otherwise transferred to a person that is not a Permitted Transferee permitted by Section 3.4; (b) the number of Registrable Securities shall be increased from time to time in accordance with Section&nbsp;2.3 and 2.4; and
(c)&nbsp;that any such Registrable Securities shall cease to be Registrable Securities to the extent (1)&nbsp;a Registration Statement with respect to the sale of such Registrable Securities has been declared effective under the Securities Act and
such Registrable Securities have been disposed of in accordance with the plan of distribution set forth in such Registration Statement and/or Prospectus in each case in accordance with applicable laws or (2)&nbsp;such Registrable Securities have
been distributed pursuant to Rule 144 (or any similar provisions then in force) under the Securities Act or any other exemption from registration under applicable Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Registration&#148; means registration with the SEC with respect to the Company&#146;s securities for offer and sale to the public under
a Registration Statement. The term &#147;Register&#148; shall have a correlative meaning. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Registration Expenses&#148; has the
meaning set forth in Section&nbsp;2.9. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Registration Statement&#148; means any registration statement of the Company filed with, or
to be filed with, the SEC under the rules and regulations promulgated under the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including post-effective amendments, and all exhibits and all material incorporated by
reference in such registration statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Restricted Securities&#148; means any shares of the Company held by CIASA or Continental
that are not Registrable Securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;SEC&#148; means the Securities and Exchange Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Securities Act&#148; means the Securities Act of 1933, as amended, and any successor thereto, and any rules and regulations promulgated
thereunder, all as the same shall be in effect from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Shelf Registration Statement&#148; means a &#147;shelf&#148;
registration statement of the Company that covers certain shares of the Company described in Section&nbsp;2.3 on an appropriate form under Rule 415 under the Securities Act, or any similar rule that may be adopted by the SEC, and all amendments and
supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and any document incorporated by reference therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;Underwritten Offering&#148; means a Registration in which Registrable Securities of the Company are sold to an underwriter or
underwriters for reoffering to the public or in which an underwriter or underwriters commit to acquire such securities if and to the extent they are not acquired by third parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1.2. General Interpretive Principles. Whenever used in this Agreement, except as otherwise expressly provided or unless the context otherwise
requires, any noun or pronoun shall be deemed to include the plural as well as the singular and to cover all genders. The name assigned this Agreement and the section captions used herein are for convenience of reference only and shall not be
construed to affect the meaning, construction or effect hereof. Unless otherwise specified, the terms &#147;hereof,&#148; &#147;herein&#148; and similar terms refer to this Agreement as a whole (including the exhibits, schedules and disclosure
statements hereto), and references herein to Sections refer to Sections of this Agreement. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SECTION 2. REGISTRATION RIGHTS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.1. Demand Registrations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)
Demand by Holders. Subject to the limitations set forth herein, so long as either is a Holder, Continental or CIASA may make a written request to the Company for Registration of all or part of the outstanding shares of Registrable Securities held by
such Holder and any other Holders of Registrable Securities. Any such requested Registration shall hereinafter be referred to as a &#147;Demand Registration.&#148; A request for a Demand Registration shall specify the aggregate amount of Registrable
Securities to be Registered. The Company shall file as expeditiously as reasonably possible a Registration Statement relating to such Demand Registration (a &#147;Demand Registration Statement&#148;) and shall use its reasonable best efforts to file
and effect the Registration under applicable Law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Limitation on Demand Registrations. In no event shall the Company be required to effect
and complete (i)&nbsp;more than two (2)&nbsp;Demand Registrations requested by each of Continental or CIASA pursuant to Section&nbsp;2.1(a) (but subject to the Holders&#146; right to request additional Demand Registrations pursuant to
Section&nbsp;2.1(f), 2.3(b) and 2.3(c)(iii)), (ii) more than one Demand Registration in any twelve-month period or (iii)&nbsp;any Demand Registration that would register the lesser of $50&nbsp;million of the Shares and 5% of the total Shares of the
Company; provided that if, subsequent to the last sale by a Holder of its Registrable Securities, the Company issues any Shares and, as a consequence of such issuance, such Holder&#146;s remaining Registrable Securities cease to constitute at least
5% of the total Shares of the Company, then the limitation set forth in this Section&nbsp;2.1(b)(iii) shall not apply to one further Demand Registration by such Holder if such Holder would otherwise continue to have such right. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Notice of Demand to Other Holders. Promptly upon receipt of any request for a Demand Registration pursuant to Section&nbsp;2.1(a) (but in
no event more than 15 business days thereafter), the Company shall deliver a written notice of any such Registration request specifying the number of Registrable Securities requested to be registered and the intended method of distribution of the
Registrable Securities (a &#147;Demand Notice&#148;) to all other Holders of Registrable Securities, and the Company shall include in such Demand Registration all additional Registrable Securities of other Holders with respect to which the Company
has received written requests for inclusion therein within 20 days after the date on which the Demand Notice has been delivered. All requests made pursuant to this Section&nbsp;2.1(c) shall specify the class and aggregate amount of Registrable
Securities to be registered. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Delay in Filing; Suspension of Registration. If the filing, initial effectiveness, publication or
continued use of a Demand Registration Statement at any time would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice of such action to the Holders, delay the filing, publication or initial
effectiveness of, or suspend use of, the Demand Registration Statement (a &#147;Demand Suspension&#148;); provided that such Demand Suspensions shall not extend for more than 90 days in any twelve-month period. Any Demand Suspension pursuant to this
Section&nbsp;2.1(d) shall not be effective unless each director and executive officer subject to Section&nbsp;16(b) of the Exchange Act is prohibited from making purchases and sales during such Demand Suspension by reason of the existence of
material <FONT STYLE="white-space:nowrap">non-public</FONT> information that would trigger an Adverse Disclosure. In the case of a Demand Suspension, the Holders agree to suspend use of the applicable Prospectus in connection with any sale or
purchase, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Company shall immediately (i)&nbsp;notify the Holders upon the termination of any Demand Suspension, (ii)&nbsp;amend or supplement the
Prospectus, if necessary, so it does not contain any untrue statement or omission therein and (iii)&nbsp;furnish to the Holders such numbers of copies of the Prospectus as so amended or supplemented as the Holders may reasonably request. The Company
represents that, as of the date hereof, it has no knowledge of any circumstance that would reasonably be expected to cause it to exercise its rights under this Section&nbsp;2.1(d). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Underwritten Offering. If the Holder requesting the Demand Registration so elects, the
offering of Registrable Securities pursuant to a Demand Registration shall be in the form of an Underwritten Offering. If any offering pursuant to a Demand Registration involves an Underwritten Offering, such initiating Holder shall have the right
to select the underwriter or underwriters to administer the offering; provided that such underwriter or underwriters shall be reasonably acceptable to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Priority of Securities Registered Pursuant to Demand Registrations. If the managing underwriter or underwriters of a proposed Underwritten
Offering of Registrable Securities included in a Demand Registration informs the Company or the Holders of such Registrable Securities that, in its or their opinion, the number of securities requested to be included in such Demand Registration
exceeds the number which can be sold in (or during the time of) such offering without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or on the market for the securities offered, then
the number of Registrable Securities to be included in such Demand Registration shall be reduced and allocated as follows: (i)&nbsp;first, any securities that the Company proposes to sell and (ii)&nbsp;second, among the Holders in proportion to
their respective equity ownership in the Company at the time of the offering. If, as a consequence of any such determination occurring during the final Demand Registration available to such Holder pursuant to Section&nbsp;2.1(b)(i), the initiating
Holder sells fewer Registrable Securities in such Demand Registration than such Holder requested to be included, such Holder shall be entitled to one additional Demand Registration. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) Registration Statement Form. Registrations under this Section&nbsp;2.1 shall be on such appropriate form of the SEC, (i)&nbsp;as shall be
selected by the Company and as shall be deemed appropriate by counsel for the Company and (ii)&nbsp;as shall permit the disposition of such Registrable Securities in accordance with the intended method or methods of disposition specified in such
Holders&#146; requests for such Registration. Notwithstanding the foregoing, if, pursuant to a Demand Registration, (x)&nbsp;the Company proposes to effect Registration by filing a Registration Statement on Form
<FONT STYLE="white-space:nowrap">F-3</FONT> (or any successor or similar short-form registration statement), (y) such Registration is in connection with an Underwritten Offering and (z)&nbsp;the managing underwriter or underwriters shall advise the
Company in writing that, in its or their opinion, the use of another form of registration statement is of material importance to the success of such proposed offering, then such Registration shall be effected on such other form. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.2. Piggyback Registrations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Participation. If the Company at any time proposes to file or publish a Registration Statement under the Securities Act with respect to any
offering of its securities for its own account or for the account of any other Persons (other than (i)&nbsp;a Registration under Section&nbsp;2.1(a) pursuant to which notice is delivered pursuant to Section&nbsp;2.1(c), (ii) pursuant to a
registration right granted by the Company as part of a bona fide financing by the Company structured as a private placement of securities (other than common stock or warrants to purchase common stock) to be followed, within 270 days of the
consummation thereof, by the filing of a registration statement with respect to such securities or (iii)&nbsp;a Registration on Form <FONT STYLE="white-space:nowrap">F-4</FONT> or <FONT STYLE="white-space:nowrap">S-8</FONT> or any similar or
successor form to such Forms (such registration pursuant to clause (iii), a &#147;Company Sale&#148;)), then, as soon as practicable (but in no event less than 30 days prior to the proposed date of filing or publishing, as the case may be, such
Registration Statement), the </P>
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Company shall give written notice of such proposed filing to all Holders of Registrable Securities, and such notice shall offer the Holders of such Registrable Securities the opportunity, subject
to Section&nbsp;2.2(b), to Register under such Registration Statement such number of Registrable Securities as each such Holder may request in writing (a &#147;Piggyback Registration&#148;). Pursuant and subject to Section&nbsp;2.2(b), the Company
shall include in such Registration Statement all such Registrable Securities with respect to which the Company has received written requests for inclusion within 20 days after the date on which the Company has delivered its written notice,
including, if necessary, filing with the SEC a post-effective amendment or a supplement to such Registration Statement or the related Prospectus or any document incorporated therein by reference or filing any other required document or otherwise
supplementing or amending such Registration Statement, if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Registration Statement or by the Securities Act, any state securities or
blue sky laws, or any rules and regulations thereunder; provided that if at any time after giving written notice of its intention to Register any securities and prior to the effective date of the Registration Statement filed in connection with such
Registration, the Company shall determine for any reason not to Register or to delay Registration of such securities, the Company may, at its election, give written notice of such determination to each Holder of Registrable Securities and,
thereupon, (i)&nbsp;in the case of a determination not to Register, shall be relieved of its obligation to Register any Registrable Securities in connection with such Registration (but not from its obligation, if any, under Section&nbsp;2.9 to pay
Registration Expenses in connection therewith) and (ii)&nbsp;in the case of a determination to delay Registering, shall be permitted to delay Registering any Registrable Securities, for the same period as the delay in Registering such other
securities. If the offering pursuant to such Registration Statement is to be underwritten, then each Holder making a request for a Piggyback Registration pursuant to this Section&nbsp;2.2(a) must, and the Company shall make such arrangements with
the underwriters so that each such Holder may, participate, subject to Section&nbsp;2.2(b), in such Underwritten Offering. If the offering pursuant to such Registration Statement is to be on any other basis, then each Holder making a request for a
Piggyback Registration pursuant to this Section&nbsp;2.2(a) must, and the Company will make such arrangements so that each such Holder may, participate, subject to Section 2.2(b), in such offering on such basis. Each Holder of Registrable Securities
shall be permitted to withdraw all or part of such Holder&#146;s Registrable Securities from a Piggyback Registration at any time prior to the Company&#146;s request for acceleration of the effective date thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Priority of Piggyback Registration. If the managing underwriter or underwriters of any proposed Underwritten Offering of a class of
Registrable Securities included in a Piggyback Registration informs the Company or the Holders of such class of Registrable Securities that, in its or their opinion, the number of securities of such class which such Holders and any other Persons
intend to include in such offering exceeds the number which can be sold in (or during the time of) such offering without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or on the
market for the securities offered, then the number of securities to be included in such Registration as so determined by the managing underwriter or underwriters (the &#147;Included Securities&#148;) shall be allocated as follows: (i)&nbsp;first,
any securities that the Company proposes to sell; (ii)&nbsp;second, among the Holders in proportion to their respective equity ownership in the Company at the time of the offering. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.3. Sales by CIASA to Independent Panamanians. (a)&nbsp;If at any time CIASA or Permitted
Transferees of CIASA shall sell Class&nbsp;B shares to a Panamanian who is not a Permitted Transferee (an &#147;Independent Panamanian&#148;) and immediately after giving effect thereto CIASA, together with its Permitted Transferees, collectively
beneficially own fewer than 19.0% but greater than 10.0% of the total outstanding shares of the Company, the number of Registrable Securities held by Continental shall be increased by (i)&nbsp;if CIASA, together with its Permitted Transferees,
collectively beneficially owned 19.0% or more of the total outstanding shares of the Company immediately before such sale to an Independent Panamanian, a number of Class&nbsp;A shares equal to the difference between the number of shares representing
19.0% of the total outstanding shares of the Company and the number of Class&nbsp;B shares held by CIASA and its Permitted Transferees after such sale and (ii)&nbsp;if CIASA, together with its Permitted Transferees, collectively beneficially owned
less than 19.0% of the total outstanding shares of the Company immediately before such sale to an Independent Panamanian, a number of Class&nbsp;A shares equal to the number of Class&nbsp;B shares sold by CIASA or its Permitted Transferee to
Independent Panamanians. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) If at any time CIASA or Permitted Transferees of CIASA shall sell Class&nbsp;B shares to an Independent
Panamanian and immediately after giving effect thereto CIASA and Permitted Transferees of CIASA collectively beneficially own less than 10.0% of the total outstanding shares of the Company, (i)&nbsp;the total number of Registrable Securities held by
Continental shall be increased to include all Class&nbsp;A shares then owned by Continental, (ii)&nbsp;Continental may sell any Shares that become Registrable Securities pursuant to this Section&nbsp;2.3(b) pursuant to the Shelf Registration
Statement described in Section&nbsp;2.2(c) below and (iii)&nbsp;the number of Demand Registrations that Continental has a right to request pursuant to Section&nbsp;2.1 shall increase by one. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) CIASA and the Company agree that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) At such time as CIASA or a Permitted Transferee of CIASA enters into serious negotiations to sell such number of
Class&nbsp;B shares to an Independent Panamanian that would result in CIASA and Permitted Transferees of CIASA collectively beneficially owning less than 19.0% of the total outstanding shares of the Company, CIASA shall use its reasonable best
efforts to cause the Company, and the Company shall use its reasonable best efforts, to file as soon as possible a Shelf Registration Statement providing for the registration of a number of Registrable Securities held by Continental equal to the
increased number of Restricted Securities that shall be become Registrable Securities pursuant to Sections 2.3(a) or (b), as the case may be, and such other securities as the Company may deem appropriate and to have such Shelf Registration Statement
declared effective by the SEC. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) The Company agrees to use its reasonable best efforts to keep any Shelf Registration
Statement required under Section&nbsp;2.3(c) continuously effective until all the Registrable Securities covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement (the &#147;Shelf Effectiveness
Period&#148;). The Company further agrees to supplement or amend the Shelf Registration Statement and the related Prospectus if required by the rules, </P>
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regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or by any other rules and regulations thereunder
for shelf registration or if reasonably requested by a Holder of Registrable Securities with respect to information relating to such Holder, and to use its reasonable best efforts to cause any such amendment to become effective and such Shelf
Registration Statement and Prospectus to become usable as soon as thereafter practicable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) If any Shelf Registration
Statement required by this Section 2.3(c), (i) has not been declared effective within 75 days of the consummation of the triggering sale to an Independent Panamanian contemplated by Section&nbsp;2.3(a) or 2.3(b) or (ii)&nbsp;becomes effective and
thereafter either ceases to be effective or the Prospectus contained therein ceases to be usable, in each case during the Shelf Effectiveness Period, and such failure to remain effective or usable exists for more than 75 days (whether or not
consecutive) in any <FONT STYLE="white-space:nowrap">12-month</FONT> period, then the number of Demand Registrations that Continental has a right to request pursuant to Section 2.1 shall be increased by one. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) If CIASA sells any of its Class&nbsp;B shares to an Independent Panamanian under circumstances that require the Company to
file the Shelf Registration Statement pursuant to this Section 2.3, then Continental may use the Shelf Registration Statement at any time to sell such increased number of Registrable Securities as were granted pursuant to this Section&nbsp;2.3. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.4. Registered Offerings of CIASA Shares other than Registrable Securities. In addition to the rights granted to Continental by
Section&nbsp;2.2, if at any time the Company proposes to file a Registration Statement with respect to Restricted Securities held by CIASA, then, as soon as practicable (but in no event less than 20 days prior to the proposed date of filing such
Registration Statement), the Company shall give written notice of such proposed filing to Continental and shall offer Continental the opportunity to register under such Registration Statement such number of Restricted Securities held by Continental
equal to the number of CIASA&#146;s Restricted Securities that are proposed to be registered under such Registration Statement. Continental may, however, in lieu of exercising its rights to include Restricted Securities in the Registration Statement
described in the first sentence of this Section&nbsp;2.4, elect in writing (prior to the filing of the relevant Registration Statement) to increase the number of Continental&#146;s Registrable Securities upon consummation of the proposed sale of
shares by CIASA by a number of Class&nbsp;A shares equal to the number of shares which are actually sold by CIASA pursuant to such Registration Statement. If Continental so elects to increase the number of Registrable Securities, such Registrable
Securities shall be subject to the procedures described in Section 2.3(d) of the Shareholders Agreement relating to Permitted Block Trades. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.5. <FONT STYLE="white-space:nowrap">Black-out</FONT> Periods. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Company shall not be obligated to file any Registration Statement pursuant to Section&nbsp;2.1 during the period (A)&nbsp;commencing
with the date on which either (1)&nbsp;the Company previously received a request to file a Registration Statement pursuant to Section&nbsp;2.1 or (2)&nbsp;the Company, pursuant to Section&nbsp;2.2 or 2.4, previously or simultaneously notified the
</P>
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Holders of Registrable Securities of its intention to file a Registration Statement (in either case, such Registration Statement being hereinafter referred to as the &#147;Preceding Registration
Statement&#148;) and (B)&nbsp;ending with the earliest of (1)&nbsp;if such Preceding Registration Statement has not become effective, 180 days following the filing of such Preceding Registration Statement, (2)&nbsp;if such Preceding Registration
Statement has not been filed, 270 days after notification of intention to file, (3)&nbsp;if such Preceding Registration Statement has become effective, 180 days after such Preceding Registration Statement has become effective (subject to any period
(which shall not exceed 120 days) after such Preceding Registration Statement becomes effective, which the managing Underwriter has designated as the minimum period during which the Company and the Holders shall not engage in any new registered
offerings) and (4)&nbsp;the date of abandonment by the Company of its intention to file such Preceding Registration Statement or the date of withdrawal of the request under Section&nbsp;2.1 by the Party making the request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.6. No Inconsistent Agreements. Except for the Underwriting Agreement, the Company is not currently a party to any agreement with respect to
its securities which is inconsistent with the rights granted to the Holders of Registrable Securities by this Agreement. No other registration rights have been granted or will be granted in connection with the Initial Public Offering. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.7. Registration Procedures. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) In connection with the Company&#146;s Registration obligations under Sections 2.1, 2.2 and 2.3, the Company will use its reasonable best
efforts to effect such Registration to permit the sale of such Registrable Securities by the Holders in accordance with the intended method or methods of distribution thereof under the Securities Act, or other applicable Law, as expeditiously as
reasonably practicable, and in connection therewith the Company will: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;(A) prepare the required Registration Statement,
Prospectus or other applicable required registration and/or listing documents including all exhibits and financial statements required under applicable law to be filed therewith (such documents, collectively &#147;Registration Documents&#148;), and
such Registration Documents shall comply as to form with the requirements of the applicable form and include all financial statements required by the SEC to be filed therewith and all information reasonably requested by the lead managing Underwriter
or sole Underwriter, if applicable, to be included therein, (B)&nbsp;use its reasonable best efforts to cause such Registration Statement to become effective and remain effective, (C)&nbsp;use its reasonable best efforts to not take any action that
would cause a Registration Statement to contain a material misstatement or omission or to be not effective and usable for resale of Registrable Securities during the period that such Registration Statement is required to be effective and usable, and
(D)&nbsp;cause each Registration Statement and the related Prospectus and any amendment or supplement thereto, as of the effective date of such Registration Statement, amendment or supplement (x)&nbsp;to comply in all material respects with any
requirements of the Securities Act and the rules and regulations of the SEC and (y)&nbsp;not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading. Before filing a Registration Statement or publishing a Prospectus or any other applicable registration documents, or any amendments or supplements thereto, furnish to the underwriters, if any, and to the Holders of the
Registrable Securities covered by such Registration Statement, copies of all documents filed with an applicable regulatory authority in conformity with the requirements of the Securities Act or any other applicable Law; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) prepare and file with the SEC such amendments and post-effective amendments to such
Registration Statement and supplements to the Prospectus as may be necessary to keep such Registration effective for the period of time required by this Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) notify the participating Holders of Registrable Securities and the managing underwriter or underwriters, if any, and furnish to each
Holder of Registrable Securities and to each underwriter of an Underwritten Offering of Registrable Securities, if any, without charge, as many copies of the relevant documents including the Prospectus, any amendment or supplement thereto and such
other documents as such Holder or underwriter may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) use its reasonable best efforts to prevent or obtain the withdrawal of any stop order or other order suspending the use of any
preliminary or final Prospectus; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) on or prior to the date on which the applicable Registration Statement is declared effective or is
published, use its reasonable best efforts to register or qualify, and cooperate with the selling Holders of Registrable Securities, the managing underwriter or underwriters, if any, and their respective counsel, in connection with the registration
or qualification of such Registrable Securities for offer and sale under the securities or &#147;Blue Sky&#148; laws of each state of the United States and other jurisdiction as any such selling Holder or managing underwriter or underwriters, if
any, or their respective counsel reasonably request in writing and do any and all other acts or things reasonably necessary or advisable to keep such registration or qualification in effect for so long as such Registration Statement remains in
effect and so as to permit the continuance of sales and dealings in such jurisdictions for as long as may be necessary to complete the distribution of the Registrable Securities covered by the Registration Statement; provided that the Company will
not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to taxation or general service of process in any such jurisdiction where it is not then so
subject; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vi) cooperate with the selling Holders of Registrable Securities and the managing underwriter or underwriters, if any, to
facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(vii) use its reasonable best efforts to cause the Registrable Securities covered by the applicable Registration Statement to be registered
with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable Securities; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(viii) obtain for delivery to the Holders of Registrable Securities being registered and to the underwriter or underwriters, if any, an
opinion or opinions from counsel for the Company dated the effective date of the Registration Statement or, in the event of an </P>
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Underwritten Offering, the date of the closing under the underwriting agreement, in customary form, scope and substance, which counsel and opinions shall be reasonably satisfactory to such
Holders or underwriters, as the case may be, and their respective counsel; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ix) in the case of an Underwritten Offering, obtain for
delivery to the Company and the managing underwriter or underwriters, with copies to the Holders of Registrable Securities included in such Registration, a comfort letter from the Company&#146;s independent certified public accountants in customary
form and covering such matters of the type customarily covered by cold comfort letters as the managing underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the closing under
the underwriting agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(x) cooperate with each seller of Registrable Securities and each underwriter, if any, participating in the
disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with the NASD; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xi) provide and cause to be maintained in the United States or Panama, as applicable, a transfer agent and registrar for all Registrable
Securities covered by the applicable Registration Statement from and after a date not later than the effective date of such Registration Statement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xii) cause all Registrable Securities covered by the applicable Registration Statement to be listed on each securities exchange on which any
of the Company&#146;s securities are then listed or quoted and on each inter-dealer quotation system on which any of the Company&#146;s securities are then quoted; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xiii) make available upon reasonable notice at reasonable times and for reasonable periods for inspection by a representative appointed by
the majority of the Holders of each class of Registrable Securities covered by the applicable Registration Statement, by any underwriter participating in any disposition to be effected pursuant to such Registration Statement and by any attorney,
accountant or other agent retained by such Holders or any such underwriter, all pertinent financial and other records, pertinent corporate documents and properties of the Company, and cause all of the Company&#146;s officers, directors and employees
and the independent public accountants who have certified its financial statements to make themselves available to discuss the business of the Company and to supply all information reasonably requested by any such Person in connection with such
Registration Statement as shall be necessary to enable them to exercise their due diligence responsibility pursuant to the requirements of applicable Law; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xiv)&nbsp;(A) within a reasonable time prior to the filing of any Registration Statement, any Prospectus, any amendment to a Registration
Statement or amendment or supplement to a Prospectus, provide copies of such document to the Holders of Registrable Securities and to counsel to such Holders and to the underwriter or underwriters of an Underwritten Offering of Registrable
Securities, if any; and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(B) if reasonably requested by any Holder selling Registrable Securities pursuant to a
Registration Statement, as promptly as reasonably practicable, incorporate in a Prospectus supplement or post-effective amendment to such Registration Statement such information as such Holder shall, on the basis of a written opinion of nationally
recognized counsel experienced in such matters, determine to be required to be included therein by applicable law and make any required filings of such Prospectus supplement or such post-effective amendment as required by applicable law; provided
that the Company shall not be required to take any actions under this Section&nbsp;2.7(xiv)(B) that are not, in the reasonable opinion of counsel for the Company, required by applicable law; and fairly consider such other reasonable changes in any
such document prior to or after the filing thereof as the counsel to the Holders or the underwriter or the underwriters may request and not file any such document in a form to which Holders of a majority of the Registrable Securities being sold by
all Holders in such offering or any underwriter shall reasonably object; and make such of the representatives of the Company as shall be reasonably requested by the Holders of Registrable Securities being registered or any underwriter available for
discussion of such document; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(C) within a reasonable time prior to the filing of any document which is to be incorporated by reference
into a Registration Statement or a Prospectus, provide copies of such document to counsel for the Holders; fairly consider such reasonable changes in such document prior to or after the filing thereof as counsel for such Holders or such underwriter
shall request; and make such of the representatives of the Company as shall be reasonably requested by such counsel available for discussion of such document; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(xv) otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the SEC, and make available to its
security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12)&nbsp;months, but not more than eighteen (18)&nbsp;months, beginning with the first month after the effective date of the
Registration Statement, which earnings statement shall meet the requirements of the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Company may require each
seller of Registrable Securities as to which any Registration is being effected to furnish to the Company such information regarding the distribution of such securities and such other information relating to such Holder and its ownership of
Registrable Securities as the Company may from time to time reasonably request in writing. Each Holder of Registrable Securities agrees to furnish such information to the Company and to cooperate with the Company as reasonably necessary to enable
the Company to comply with the provisions of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The Company shall advise each of the Holders and, if requested by any
such person, confirm such advice in writing (which advice pursuant to clauses (ii)&nbsp;through (v) of this Section&nbsp;2.7(c) shall be accompanied by an instruction to suspend the use of the prospectus until the requisite changes have been made):
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) when any Registration Statement and any amendment thereto has been filed with the Commission and when such Registration Statement or
any post-effective amendment thereto has become effective; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) of any request by the Commission for amendments or supplements to any
Registration Statement or the prospectus included therein or for additional information; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) of the issuance by the Commission of any stop order suspending the effectiveness of
any Registration Statement or the initiation of any proceedings for that purpose; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) of the receipt by the Company of any notification
with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) of the happening of any event that requires the making of any changes in any Registration Statement or the prospectus included therein in
order that the statements therein are not misleading and do not omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Each Holder agrees that, upon receipt of any notice from the Company pursuant to Section&nbsp;2.7(c)(ii) through (v), such Holder will
discontinue disposition of any Registrable Securities until such Holder&#146;s receipt of copies of a supplemental or amended prospectus or until advised in writing (the &#147;Advice&#148;) by the Company that the use of the applicable prospectus
may be resumed. In the event the Company shall give any such notice, the period during which the applicable Registration Statement is required to be maintained effective shall be extended by the number of days during the period from and including
the date of the giving of such notice to and including the date when each seller of Registrable Securities covered by such Registration Statement either receives the copies of the supplemented or amended Prospectus or receives Advice. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.8. Underwritten Offerings. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Underwriting Agreements. If requested by the underwriters for any Underwritten Offering, the Company shall enter into an underwriting
agreement with such underwriters for such offering, such agreement to be reasonably satisfactory in substance and form to the Company, and the underwriters. Such agreement shall contain such representations and warranties by the Company and such
other terms as are generally prevailing in agreements of that type, including, without limitation, indemnities generally to the effect and to the extent of those provided in Section&nbsp;3.1. The Holders of any Registrable Securities to be included
in any Underwritten Offering by such underwriters shall enter into such underwriting agreement at the request of the Company. The Holders of Registrable Securities to be distributed by such Underwriters shall be parties to such Underwriting
Agreement and may, at their option, require that all of the representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of such underwriters also be made to and for the benefit of such Holders and
any or all of the conditions precedent to the obligations of such underwriters under such underwriting agreement be conditions precedent to the obligations of such Holders. No Holder shall be required in any such underwriting agreement to make any
representations or warranties to, or agreements with, the Company or the underwriters other than representations, warranties or agreements regarding such Holder, such Holder&#146;s Registrable Securities, such Holder&#146;s intended method of
distribution and any representations required by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Participation in Underwritten Registrations. No Person may participate in any
Underwritten Offering hereunder unless such Person (i)&nbsp;agrees to sell such Person&#146;s securities on the basis provided in any underwriting arrangements approved by the Persons entitled to approve such arrangements and (ii)&nbsp;completes and
executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Piggyback by Holders in Underwritten Primary Offerings. If the Company at any time
proposes to register any of its securities under the Securities Act as contemplated by Section&nbsp;2.2 and such securities are to be distributed by or through one or more Underwriters, then the Holders of Registrable Securities to be distributed by
such Underwriters pursuant to Piggyback Rights shall be parties to the Underwriting Agreement between the Company and such Underwriters and may, at their option, require that any or all of the representations and warranties by, and the other
agreements on the part of, the Company to and for the benefit of such Underwriters shall also be made to and for the benefit of such holders of Registrable Securities and that any or all of the conditions precedent to the obligations of such
Underwriters under such underwriting agreement be conditions precedent to the obligations of such holders of Registrable Securities. Any such Holder of Registrable Securities shall not be required to make any representations or warranties to or
agreements with the Company or the Underwriters other than representations, warranties or agreements regarding such Holder, such Holder&#146;s Registrable Securities and such Holder&#146;s intended method of distribution and any other representation
required by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Holdback Agreements. (i)&nbsp;Each Holder of Registrable Securities agrees, if so required by the managing
Underwriter, that it will agree to &#147;Holdbacks&#148; to the extent that (A)&nbsp;such Holdbacks apply to the Company and Holders of all other Registrable Securities on equal or more restrictive terms and (B)&nbsp;such Holdbacks were limited to
one hundred eighty (180)&nbsp;days after any underwritten registration pursuant to Section&nbsp;2.1 or 2.2 has become effective or after any sale under a Registration Statement required by Section&nbsp;2.3. For the purpose of this Agreement, to
&#147;Holdback&#148; is to refrain from selling, making any short sale of, loaning, granting any option for the purchase of, effecting any public sale or distribution of or otherwise disposing of any securities of the Company, except as part of such
underwritten registration, whether or not such holder participates in such registration. Each Holder of Registrable Securities agrees that the Company may instruct its transfer agent to place stop transfer notations in its records to enforce such
Holdbacks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) The Company agrees (A)&nbsp;if so required by the managing Underwriter, that it would be subject to the same Holdbacks as
the holders of Registrable Securities, except pursuant to registrations on Form <FONT STYLE="white-space:nowrap">F-4,</FONT> <FONT STYLE="white-space:nowrap">S-8,</FONT> <FONT STYLE="white-space:nowrap">S-14</FONT> or
<FONT STYLE="white-space:nowrap">S-15</FONT> or any successor or similar forms thereto, and (B)&nbsp;to cause each holder of its securities or any securities convertible into or exchangeable or exercisable for any of such securities, in each case
purchased from the Company at any time after the date of this Agreement (other than in a public offering) to agree to such Holdbacks. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.9. Registration Expenses. In the case of the first two Demand Registrations under this Agreement, 50% of the Company&#146;s expenses
incident to the Company&#146;s performance of or compliance with this Agreement will be paid by the Company and the remaining 50% will be paid ratably by all Holders in proportion to the number of their respective Registrable or Restricted
Securities, as the case may be, that are included in such Registration; provided that Continental shall have initiated at least one of such Registrations. In the case of all Registrations </P>
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other than the first two Demand Registrations, all such expenses shall be paid ratably by all Holders (including the Company) in proportion to the number of their respective Registrable or
Restricted Securities, as the case may be, that are included in such Registration. The expenses incident to the Company&#146;s performance of or compliance with this Agreement, include, without limitation, (i)&nbsp;all fees and expenses (other than
registration and filing fees) associated with filings required to be made with the SEC, the NASD, the NYSE or the Panamanian Listing Authority, (ii)&nbsp;all fees and expenses in connection with compliance with state securities or &#147;Blue
Sky&#148; laws, (iii)&nbsp;all translating, printing, duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with
The Depository Trust Company or other similar depository institution and of printing prospectuses), (iv) all fees and disbursements of counsel for the Company and of all independent certified public accountants of the Company (including the expenses
of any special audit and cold comfort letters required by or incident to such performance); (v) Securities Act liability insurance or similar insurance if the Company so desires or the underwriters so require in accordance with then-customary
underwriting practice, (vi)&nbsp;all fees and expenses (other than listing fees) incurred in connection with the listing of the Registrable Securities on any securities exchange or quotation of the Registrable Securities on any inter-dealer
quotation system, (vii)&nbsp;all applicable rating agency fees with respect to the Registrable Securities and (viii)&nbsp;all fees and expenses of any special experts or other Persons retained by the Company in connection with any Registration.
Notwithstanding the foregoing, the Company shall not be required to pay, or reimburse any person for, any (i)&nbsp;registration or filing fees associated with filings required to be made with any governmental or listing authority or (ii)&nbsp;fees
and disbursements of underwriters or the Holders (including the fees of their respective counsel). Any expenses not payable by the Company shall be paid by the Holders of Registrable Securities in proportion to their number of Registrable Securities
included in such Registration. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.10. Rules 144 and 144A. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company shall timely file the reports required to be filed by it under the Securities Act and the Exchange Act (including but not limited
to the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)&nbsp;of Rule 144 adopted by the Commission under the Securities Act) and the rules and regulations adopted by the Commission thereunder (or, if the
Company is not required to file such reports, will, upon the request of any holder of Registrable Securities, make publicly available other information) and will take such further action as any holder of Registrable Securities may reasonably
request, all to the extent required from time to time to enable such holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by (a)&nbsp;Rule 144 under the Securities Act,
as such Rule may be amended from time to time, or (b)&nbsp;any similar rule or regulation hereafter adopted by the Commission. Upon the request of any holder of Registrable Securities, the Company will deliver to such holder a written statement as
to whether it has complied with the requirements of this Section&nbsp;2.10. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SECTION 3. MISCELLANEOUS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3.1. Indemnification. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)
Indemnification by Company. The Company agrees to indemnify and hold harmless, to the full extent permitted by law, each Holder of Registrable Securities, its Affiliates and their respective partners, officers, directors, shareholders, employees and
advisors and each Person who controls (within the meaning of the Securities Act or the Exchange Act) such Persons from and against any and all losses, claims, damages, liabilities, judgments (or actions or proceedings in respect thereof, whether or
not such indemnified party is a party thereto) and expenses, joint or several (including reasonable costs of investigation and legal expenses) (each, a &#147;Loss&#148; and collectively &#147;Losses&#148;) arising out of or based upon (A)&nbsp;any
untrue or alleged untrue statement of a material fact contained in any Registration Statement under which such Registrable Securities were Registered under the Securities Act (including any final, preliminary or summary Prospectus contained therein
or any amendment thereof or supplement thereto or any documents incorporated by reference therein), (B) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in
the case of a Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not misleading, (C)&nbsp;any other violation by the Company of the Securities Act, the Exchange Act or any state securities law or of any
rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law applicable to the Company and relating to any action or inaction required of the Company in connection with any registration of Registrable Shares,
or (D)&nbsp;any violation or alleged violation of the securities Law of Panama; provided that the Company shall not be liable to any particular indemnified party in any such case to the extent that any such Loss arises out of or is based upon an
untrue statement or alleged untrue statement of a material fact or omission or alleged omission of a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, in any such
case made in any such Registration Statement in reliance upon and in conformity with written information furnished to the Company by such indemnified party expressly for use in the preparation thereof, provided further that the Company shall not be
liable to any Person who participates as an Underwriter in the offering or sale of Registrable Securities or to any other Person, if any, who controls such Underwriter within the meaning of the Securities Act, in any such case to the extent that any
such Losses arise out of such Person&#146;s failure to send or give a copy of the final Offering Document, as the same may be then supplemented or amended, within the time required by the Securities Act or other applicable foreign securities Laws to
the Person asserting the existence of an untrue statement or alleged untrue statement or omission or alleged omission at or prior to the written confirmation of the sale of Registrable Securities to such Person if such statement or omission was
corrected in such final Offering Document. This indemnity shall be in addition to any liability the Company may otherwise have. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder
or any indemnified party and shall survive the transfer of such securities by such Holder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Indemnification by the Selling Holder of
Registrable Securities. Each selling Holder of Registrable Securities agrees (severally and not jointly) to indemnify and hold harmless, to the full extent permitted by law, the Company, its directors and officers and each Person who controls the
Company (within the meaning of the Securities Act and the Exchange Act) from and against any Losses resulting from any untrue statement of a material fact or any omission of a material fact required to be stated in the Registration Statement under
which such Registrable Securities were Registered under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or supplement thereto or </P>

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any documents incorporated by reference therein), or necessary to make the statements therein (in the case of a Prospectus or preliminary Prospectus, in light of the circumstances under which
they were made) not misleading, to the extent, but only to the extent, that such untrue statement or omission is made in reliance upon and in conformity with information furnished in writing by such selling Holder to the Company specifically for
inclusion in such Registration Statement and has not been corrected in a subsequent writing prior to or concurrently with the sale of the Registrable Securities to the Person asserting such loss, claim, damage, liability or expense. In no event
shall the liability of any selling Holder of Registrable Securities hereunder be greater in amount than the dollar amount of the proceeds received by such Holder under the sale of the Registrable Securities giving rise to such indemnification
obligation. Each Holder also shall indemnify any underwriters of the Registrable Securities, their officers and directors and each person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above
with respect to the indemnification of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Conduct of Indemnification Proceedings. Any Person entitled to indemnification
hereunder will (i)&nbsp;give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or failure to so notify the indemnifying party shall relieve the indemnifying party of
its obligations hereunder only to the extent, if at all, that it is actually and materially prejudiced by reason of such delay or failure) and (ii)&nbsp;permit such indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party; provided that any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such
counsel shall be at the expense of such Person unless (i)&nbsp;the indemnifying party has agreed in writing to pay such fees or expenses, (ii)&nbsp;the indemnifying party shall have failed to assume the defense of such claim within a reasonable time
after receipt of notice of such claim from the Person entitled to indemnification hereunder and employ counsel reasonably satisfactory to such Person, (iii)&nbsp;the indemnified party has reasonably concluded (based on advice of counsel) that there
may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, or (iv)&nbsp;in the reasonable judgment of any such Person, based upon advice of its counsel, a
conflict of interest may exist between such Person and the indemnifying party with respect to such claims (in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel at the expense of
the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person). If such defense is not assumed by the indemnifying party, the indemnifying party will not be subject to any
liability for any settlement made without its consent, but such consent may not be unreasonably withheld; provided that an indemnifying party shall not be required to consent to any settlement involving the imposition of equitable remedies or
involving the imposition of any material obligations on such indemnifying party other than financial obligations for which such indemnified party will be indemnified hereunder. If the indemnifying party assumes the defense, the indemnifying party
shall not have the right to settle such action without the consent of the indemnified party. No indemnifying party shall consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving
by the claimant or plaintiff to such indemnified party of an unconditional release from all liability in respect to such claim or litigation. It is understood that the indemnifying party or parties shall not, in connection with any proceeding or
related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other </P>
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charges of more than one separate firm admitted to practice in such jurisdiction at any one time from all such indemnified party or parties unless (x)&nbsp;the employment of more than one counsel
has been authorized in writing by the indemnified party or parties, (y)&nbsp;an indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it that are different from or in addition to those
available to the other indemnified parties or (z)&nbsp;a conflict or potential conflict exists or may exist (based on advice of counsel to an indemnified party) between such indemnified party and the other indemnified parties, in each of which cases
the indemnifying party shall be obligated to pay the reasonable fees and expenses of such additional counsel or counsels. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)
Contribution. The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such
indemnified party and shall survive the transfer of securities. If for any reason the indemnification provided for in paragraphs (a)&nbsp;and (b) of this Section&nbsp;3.1 is unavailable to an indemnified party or insufficient to hold it harmless as
contemplated by paragraphs (a)&nbsp;and (b) of this Section&nbsp;3.1, then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such Loss in such proportion as is appropriate to reflect the
relative fault of the indemnifying party on the one hand and the indemnified party on the other. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or the indemnified party and the parties&#146; relative intent, knowledge, access to information concerning the matter with respect to
which the claim was asserted and opportunity to correct or prevent such untrue statement or omission. Notwithstanding anything in this Section&nbsp;3.1(d) to the contrary, no indemnifying party (other than the Company) shall be required pursuant to
this Section&nbsp;3.1(d) to contribute any amount in excess of the amount by which the net proceeds received by such indemnifying party from the sale of Registrable Securities in the offering to which the Losses of the indemnified parties relate
exceeds the amount of any damages which such indemnifying party has otherwise been required to pay by reason of such untrue statement or omission. The parties hereto agree that it would not be just and equitable if contribution pursuant to this
Section&nbsp;3.1(d) were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. No person guilty of fraudulent
misrepresentation (within the meaning of Section&nbsp;11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. If indemnification is available under this
Section&nbsp;3.1, the indemnifying parties shall indemnify each indemnified party to the full extent provided in Sections 3.1(a) and 3.1(b) without regard to the relative fault of said indemnifying parties or indemnified party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3.2. Remedies. It is hereby agreed and acknowledged that it will be impossible to measure in money the damage that would be suffered if the
parties fail to comply with any of the obligations herein imposed on them and that in the event of any such failure, an aggrieved Person will be irreparably damaged and will not have an adequate remedy at law. Any such Person shall, therefore, be
entitled (in addition to any other remedy to which it may be entitled in law or in equity) to injunctive relief, including, without limitation, specific performance, to enforce such obligations, and if any action should be brought in equity to
enforce any of the provisions of this Agreement, none of the parties hereto shall raise the defense that there is an </P>
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adequate remedy at law. In addition, in the case of a material breach of this Agreement, CIASA or Continental, as applicable, shall have the rights to terminate the Alliance Agreement or the
Services Agreement as described in and in accordance with those agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3.3. Notices. All notices, other communications or documents
provided for or permitted to be given hereunder, shall be made in writing and shall be given either personally by hand-delivery, by facsimile transmission, or by air courier guaranteeing overnight delivery: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) if to the Company or to CIASA: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Copa Holdings, S.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Avenida Justo Arosmena y Calle 39 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Panama 1 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Panama </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Facsimile: +507 <FONT STYLE="white-space:nowrap">227-1952</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attention: Pedro Heilbron </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">with copies to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Galindo, Arias y Lopez </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Edif. Omanco </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Apartado 8629 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Panama 5 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Panama </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Facsimile: +507 <FONT STYLE="white-space:nowrap">263-5335</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attention: Jaime A. Arias C. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">and to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Simpson Thacher&nbsp;&amp; Bartlett LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">725 Lexington Ave. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">New York, New York 10017 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">United States of America </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Facsimile: (212) <FONT STYLE="white-space:nowrap">445-2502</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attention: David L. Williams </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) if to Continental: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Continental Airlines, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">1600 Smith Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Houston, Texas 77002 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">United States of America </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Facsimile: &nbsp;&nbsp;(713) <FONT STYLE="white-space:nowrap">324-3099</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attention: &nbsp;&nbsp;Senior Vice President - Asia/Pacific and </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Development </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">with copies to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Continental Airlines, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">1600 Smith Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Houston, Texas 77002 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">United States of America </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Facsimile: (713) <FONT STYLE="white-space:nowrap">324-5161</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attention: Senior Vice President and General Counsel </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Each Holder, by written notice given to the Company in accordance with this Section&nbsp;3.3 may change the address to which notices, other
communications or documents are to be sent to such Holder. All notices, other communications or documents shall be deemed to have been duly given: (i)&nbsp;at the time delivered by hand, if personally delivered; (ii)&nbsp;when receipt is
acknowledged in writing by addressee, if by facsimile transmission and (iii)&nbsp;on the first business day with respect to which a reputable air courier guarantees delivery; provided that notices of a change of address shall be effective only upon
receipt. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3.4. Successors, Assigns and Transferees. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The provisions of this Agreement shall be binding upon, and shall inure to the benefit of, the respective successors and assigns of Continental
and CIASA; provided that the benefit of this Agreement may not be assigned or transferred in whole or in part by Continental or CIASA without the prior written consent of the other Party unless such assignment or transfer is by a Party to a
Permitted Transferee and such Permitted Transfer is made in accordance with the terms of Section&nbsp;2.1 of the Shareholders Agreement; and provided, further, that no such assignment shall be binding upon or obligate the Company to any such
Permitted Transferee unless and until the Company shall have received (i)&nbsp;notice of such assignment as herein provided, (ii)&nbsp;a written agreement by the assigning or transferring party, in form and substance reasonably satisfactory to the
Company, to remain bound by the terms of this Agreement and (iii)&nbsp;a written agreement of the Permitted Transferee, in form and substance reasonably satisfactory to the Company, to be bound by the terms of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3.5. Recapitalizations, Exchanges, etc., Affecting Registrable Securities. The provisions of this Agreement shall apply, to the full extent set
forth herein with respect to the Registrable Securities, to any and all securities or capital stock of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) which may be issued in
respect of, in exchange for, or in substitution of such Registrable Securities, by reason of any dividend, split, issuance, reverse split, combination, recapitalization, reclassification, merger, consolidation or otherwise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3.6. Governing Law; Arbitration. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO
BE PERFORMED WITHIN THE STATE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;(i) Any controversy or claim arising out of or relating to this Agreement, or the breach thereof,
shall be settled by arbitration administered in accordance with the International Arbitration Rules of the International Chamber of Commerce Court of International Arbitration (the &#147;ICC&#148;). Judgment on the award rendered by the arbitrators
may be entered in any court having jurisdiction thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) The number of arbitrators shall be three, one of whom shall be appointed by
each of the parties and the third of whom shall be selected by mutual agreement, if possible, within 30 days of the selection of the second arbitrator and thereafter by the ICC (in which case the third arbitrator shall not be a citizen of Panama or
the United States) and the place of arbitration shall be Miami, Florida. The language of the arbitration shall be English, but documents or testimony may be submitted in any other language if a translation is provided. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii) The arbitrators will have no authority to award punitive damages or any other damages not measured by the prevailing party&#146;s actual
damages, and may not, in any event, make any ruling, finding or award that does not conform to the terms of the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iv) Either
party may make an application to the arbitrators seeking injunctive relief to maintain the status quo until such time as the arbitration award is rendered or the controversy is otherwise resolved. Either party may apply to any court having
jurisdiction hereof and seek injunctive relief in order to maintain the status quo until such time as the arbitration award is rendered or the controversy is otherwise resolved. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3.7. Headings. The section and paragraph headings contained in this Agreement are for reference purposes only and shall not in any way affect
the meaning or interpretation of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3.8. Severability. Whenever possible, each provision or portion of any provision of this
Agreement will be interpreted in such manner as to be effective and valid under applicable law but if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law
in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or portion of any provision in such jurisdiction, and this agreement will be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision or portion of any provision had never been contained therein. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3.9. Amendment; Waiver. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) This Agreement may not be amended or modified and waivers and consents to departures from the provisions hereof may not be given, except by
an instrument or instruments in writing making specific reference to this Agreement and signed by the Company, the Holders of a majority of Registrable Securities then outstanding and, so long as they are Holders, Continental and CIASA. Each Holder
of any Registrable Securities at the time or thereafter outstanding shall be bound by any amendment, modification, waiver or consent authorized by this Section&nbsp;3.9(a), whether or not such Registrable Securities shall have been marked
accordingly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a
further or continuing waiver of such breach or as a waiver of any other or subsequent breach. Except as otherwise expressly provided herein, no failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy
hereunder, or otherwise available in respect hereof at law or in equity, shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the
exercise of any other right, power or remedy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3.10. Counterparts. This Agreement may be executed in any number of separate counterparts
and by the parties hereto in separate counterparts each of which when so executed shall be deemed to be an original and all of which together shall constitute one and the same agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this instrument to be duly executed as of
the date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">COPA HOLDINGS, S.A.</TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>

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<TD VALIGN="top" COLSPAN="3">CORPORACION DE INVERSIONES AEREAS, S.A.</TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>

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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">CONTINENTAL AIRLINES, INC.</TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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<DESCRIPTION>EX-4.10
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Exhibit 4.10 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COPA HOLDINGS, S.A. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2005 STOCK
INCENTIVE PLAN </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. PURPOSE OF THE PLAN </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The
purpose of the Plan is to aid the Company and its Affiliates in recruiting and retaining key employees, directors or consultants of outstanding ability and to motivate such employees, directors or consultants to exert their best efforts on behalf of
the Company and its Affiliates by providing incentives through the granting of Awards. The Company expects that it will benefit from the added interest which such key employees, directors or consultants will have in the welfare of the Company as a
result of their proprietary interest in the Company&#146;s success. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. DEFINITIONS </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The following capitalized terms used in the Plan have the respective meanings set forth in this Section: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Act: The U.S. Securities Exchange Act of 1934, as amended, or any successor thereto. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Affiliate: With respect to the Company, any entity directly or indirectly controlling, controlled by, or under
common control with, the Company or any other entity designated by the Board in which the Company or an Affiliate has an interest. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Award: An Option, Stock Appreciation Right or Other Stock-Based Award granted pursuant to the Plan.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Beneficial Owner: A &#147;beneficial owner&#148;, as such term is defined in Rule <FONT
STYLE="white-space:nowrap">13d-3</FONT> under the Act (or any successor rule thereto). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Board: The Board of Directors of the Company. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Change in Control: The occurrence of any of the following events: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(i) the sale or disposition, in one or a series of related transactions, of all or substantially all, of the assets of the Company to any
&#147;person&#148; or &#147;group&#148; (as such terms are defined in Sections 13(d)(3) or 14(d)(2) of the Act) other than the Permitted Holders; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(ii) any person or group, other than the Permitted Holders, is or becomes the Beneficial Owner (except that a person shall be deemed to have
&#147;beneficial ownership&#148; of all shares that any such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of the total voting power of the
voting stock of the Company (or any entity which controls the Company), including by way of merger, consolidation, tender or exchange offer or otherwise; or </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(iii) during any period of two consecutive years, individuals who at the beginning of such
period constituted the Board (together with any new directors whose election by such Board or whose nomination for election by the shareholders of the Company was approved by a vote of a majority of the directors of the Company, then still in
office, who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board, then in office. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Code: The Internal Revenue Code of 1986, as amended, or any successor thereto. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Committee: The Compensation Committee of the Board. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Company: Copa Holdings, S.A., a corporation organized under the laws of the Republic of Panama.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(j)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Effective Date: The date the Board approves the Plan, or such later date as is designated by the Board.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(k)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Employment: The term &#147;Employment&#148; as used herein shall be deemed to refer to (i)&nbsp;a
Participant&#146;s employment if the Participant is an employee of the Company or any of its Affiliates, (ii)&nbsp;a Participant&#146;s services as a consultant, if the Participant is consultant to the Company or its Affiliates and (iii)&nbsp;a
Participant&#146;s services as an <FONT STYLE="white-space:nowrap">non-employee</FONT> director, if the Participant is a <FONT STYLE="white-space:nowrap">non-employee</FONT> member of the Board. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(l)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fair Market Value: On a given date, (i)&nbsp;if there should be a public market for the Shares on such date,
the arithmetic mean of the high and low prices of the Shares as reported on such date on the Composite Tape of the principal national securities exchange on which such Shares are listed or admitted to trading, or, if the Shares are not listed or
admitted on any national securities exchange, the arithmetic mean of the per Share closing bid price and per Share closing asked price on such date as quoted on the National Association of Securities Dealers Automated Quotation System (or such
market in which such prices are regularly quoted) (the &#147;NASDAQ&#148;), or, if no sale of Shares shall have been reported on the Composite Tape of any national securities exchange or quoted on the NASDAQ on such date, then the immediately
preceding date on which sales of the Shares have been so reported or quoted shall be used; provided that, in the event of an initial public offering of the Shares of the Company, the Fair Market Value on the date of such initial public offering
shall be the price at which the initial public offering was made, and (ii)&nbsp;if there should not be a public market for the Shares on such date, the Fair Market Value shall be the value established by the Committee in good faith.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(m)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">ISO: An Option that is an incentive stock option granted pursuant to Section&nbsp;6(d) of the Plan.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(n)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Other Stock-Based Awards: Awards granted pursuant to Section&nbsp;8 of the Plan. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(o)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Option: A stock option granted pursuant to Section&nbsp;6 of the Plan. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(p)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Option Price: The purchase price per Share of an Option, as determined pursuant to Section&nbsp;6(a) of the
Plan. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(q)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Participant: An employee, director or consultant who is selected by the Committee to participate in the Plan.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(r)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Permitted Holder means, as of the date of determination, any and all of Corporacion de Inversiones Aereas,
S.A., Continential Airlines, Inc. or any of their respective Affiliates. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(s)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Person: A &#147;person&#148;, as such term is used for purposes of Section 13(d) or 14(d) of the Act (or any
successor section thereto). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(t)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Section 409A: Section&nbsp;409A of the Code (and any related regulations or other pronouncements thereunder).
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(u)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Plan: This Copa Holdings, S.A. 2005 Stock Incentive Plan. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Shares: Shares of Class&nbsp;A common stock of the Company. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(w)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Stock Appreciation Right: A stock appreciation right granted pursuant to Section&nbsp;7 of the Plan.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(x)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Subsidiary: A subsidiary corporation, as defined in Section 424(f) of the Code (or any successor section
thereto). </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. SHARES SUBJECT TO THE PLAN </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The total number of Shares which may be issued under the Plan is 2,187,500. The Shares may consist, in whole or in part, of unissued Shares or
treasury Shares. The issuance of Shares or the payment of cash upon the exercise of an Award or in consideration of the cancellation or termination of an Award shall reduce the total number of Shares available under the Plan, as applicable. Shares
which are subject to Awards which terminate or lapse without the payment of consideration may be granted again under the Plan. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. ADMINISTRATION </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Plan shall be administered by the Committee, which may delegate its duties and powers in whole or in part to any subcommittee thereof.
Awards may, in the discretion of the Committee, be made under the Plan in assumption of, or in substitution for, outstanding awards previously granted by the Company or its affiliates or a company acquired by the Company or with which the Company
combines. The number of Shares underlying such substitute awards shall be counted against the aggregate number of Shares available for Awards under the Plan. The Committee is authorized to interpret the Plan, to establish, amend and rescind any
rules and regulations relating to the Plan, and to make any other determinations that it deems necessary or desirable for the administration of the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in
the Plan in the manner and to the extent the Committee deems necessary or desirable. Any decision of the Committee in the interpretation and administration of the Plan, as described herein, shall lie within its sole and absolute discretion and shall
be final, conclusive and binding on all parties concerned (including, but not limited to, Participants and their beneficiaries or successors). The Committee shall have the full power and authority to establish the terms and conditions of any Award
consistent with the provisions of the Plan and to waive any such terms and conditions at any time (including, without limitation, accelerating or waiving any vesting conditions). The Committee shall require payment of any amount it may determine to
be necessary to withhold for federal, state, local or other taxes as a result of the exercise, grant or vesting of an Award. Unless the Committee specifies otherwise, the Participant may elect to pay a portion or all of such withholding taxes by
(a)&nbsp;delivery in Shares or (b)&nbsp;having Shares withheld by the Company from any Shares that would have otherwise been received by the Participant. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. LIMITATIONS </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">No Award may be granted under
the Plan after the tenth anniversary of the Effective Date, but Awards theretofore granted may extend beyond that date. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. TERMS AND CONDITIONS OF
OPTIONS </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Options granted under the Plan shall be, as determined by the Committee, <FONT STYLE="white-space:nowrap">non-qualified</FONT> or
incentive stock options for federal income tax purposes, as evidenced by the related Award agreements, and shall be subject to the foregoing and the following terms and conditions and to such other terms and conditions, not inconsistent therewith,
as the Committee shall determine: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Option Price. The Option Price per Share shall be determined by the Committee. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Exercisability. Options granted under the Plan shall be exercisable at such time and upon such terms and
conditions as may be determined by the Committee, but in no event shall an Option be exercisable more than ten years after the date it is granted. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Exercise of Options. Except as otherwise provided in the Plan or in an Award agreement, an Option may be
exercised for all, or from time to time any part, of the Shares for which it is then exercisable. For purposes of Section&nbsp;6 of the Plan, the exercise date of an Option shall be the later of the date a notice of exercise is received by the
Company and, if applicable, the date payment is received by the Company pursuant to clauses (i), (ii), (iii) or (iv)&nbsp;in the following sentence. The purchase price for the Shares as to which an Option is exercised shall be paid to the Company in
full at the time of exercise at the election of the Participant (i)&nbsp;in cash or its equivalent (e.g., by check), (ii) to the extent permitted by the Committee, in Shares having a Fair Market Value equal to the aggregate Option Price for the
Shares being purchased and satisfying such other requirements as may be imposed by the Committee; provided, that such Shares have been held by the Participant for no less than six months (or such other period as established from time to time by the
Committee in order to avoid adverse accounting treatment applying generally accepted accounting principles), (iii) partly in cash and, to the extent permitted by the Committee, partly in such Shares or (iv)&nbsp;if there is a public market for the
Shares at such time, through the delivery of irrevocable instructions to a broker to sell Shares obtained upon the exercise of the Option and to deliver promptly to the Company an amount out of the proceeds of such Sale equal to the aggregate Option
Price for the Shares being purchased. No Participant shall have any rights to dividends or other rights of a stockholder with respect to Shares subject to an Option until the Participant has given written notice of exercise of the Option, paid in
full for such Shares and, if applicable, has satisfied any other conditions imposed by the Committee pursuant to the Plan. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">ISOs. The Committee may grant Options under the Plan that are intended to be ISOs. Such ISOs shall comply with
the requirements of Section&nbsp;422 of the Code (or any successor section thereto). No ISO may be granted to any Participant who at the time of such grant, owns more than ten percent of the total combined voting power of all classes of stock of the
Company or of any Subsidiary, unless (i)&nbsp;the Option Price for such ISO is at least 110% of the Fair Market Value of a Share on the date the ISO is granted and (ii)&nbsp;the date on which such ISO terminates is a date not later than the day
preceding the fifth anniversary of the date on which the ISO is granted. Any Participant who disposes of Shares acquired upon the exercise of an ISO either (i)&nbsp;within two years after the date of grant of such ISO or (ii)&nbsp;within one year
after the transfer of such Shares to the Participant, shall notify the Company of such disposition and of the amount realized upon such disposition. All Options granted under the Plan are intended to be nonqualified stock options, unless the
applicable Award agreement expressly states that the Option is intended to be an ISO. If an Option is intended to be an ISO, and if for any reason such Option (or portion thereof) shall not qualify as an ISO, then, to the extent of such
nonqualification, such Option (or portion thereof) shall be </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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regarded as a nonqualified stock option granted under the Plan; provided that such Option (or potion thereof) otherwise complies with the Plan&#146;s requirements relating to nonqualified stock
options. In no event shall any member of the Committee, the Company or any of its Affiliates (or their respective employees, officers or directors) have any liability to any Participant (or any other Person) due to the failure of an Option to
qualify for any reason as an ISO. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Attestation. Wherever in this Plan or any agreement evidencing an Award a Participant is permitted to pay the
exercise price of an Option or taxes relating to the exercise of an Option by delivering Shares, the Participant may, subject to procedures satisfactory to the Committee, satisfy such delivery requirement by presenting proof of beneficial ownership
of such Shares, in which case the Company shall treat the Option as exercised without further payment and shall withhold such number of Shares from the Shares acquired by the exercise of the Option. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7. TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Grants. Subject to Section&nbsp;17 of the Plan, the Committee also may grant (i)&nbsp;a Stock Appreciation
Right independent of an Option or (ii)&nbsp;a Stock Appreciation Right in connection with an Option, or a portion thereof. A Stock Appreciation Right granted pursuant to clause (ii)&nbsp;of the preceding sentence (A)&nbsp;may be granted at the time
the related Option is granted or at any time prior to the exercise or cancellation of the related Option, (B)&nbsp;shall cover the same number of Shares covered by an Option (or such lesser number of Shares as the Committee may determine) and
(C)&nbsp;shall be subject to the same terms and conditions as such Option except for such additional limitations as are contemplated by this Section&nbsp;7 (or such additional limitations as may be included in an Award agreement).
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Terms. The exercise price per Share of a Stock Appreciation Right shall be an amount determined by the
Committee but in no event shall such amount be less than the greater of (i)&nbsp;the Fair Market Value of a Share on the date the Stock Appreciation Right is granted or, in the case of a Stock Appreciation Right granted in conjunction with an
Option, or a portion thereof, the Option Price of the related Option and (ii)&nbsp;the minimum amount permitted by applicable laws, rules, <FONT STYLE="white-space:nowrap">by-laws</FONT> or policies of regulatory authorities or stock exchanges. Each
Stock Appreciation Right granted independent of an Option shall entitle a Participant upon exercise to an amount equal to (i)&nbsp;the excess of (A)&nbsp;the Fair Market Value on the exercise date of one Share over (B)&nbsp;the exercise price per
Share, times (ii)&nbsp;the number of Shares covered by the Stock Appreciation Right. Each Stock Appreciation Right granted in conjunction with an Option, or a portion thereof, shall entitle a Participant to surrender to the Company the unexercised
Option, or any portion thereof, and to receive from the Company in exchange therefore an amount equal to (i)&nbsp;the excess of </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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(A) the Fair Market Value on the exercise date of one Share over (B)&nbsp;the Option Price per Share, times (ii)&nbsp;the number of Shares covered by the Option, or portion thereof, which is
surrendered. The date a notice of exercise is received by the Company shall be the exercise date. Payment shall be made in Shares or in cash, or partly in Shares and partly in cash (any such Shares valued at such Fair Market Value), all as shall be
determined by the Committee. Stock Appreciation Rights may be exercised from time to time upon actual receipt by the Company of written notice of exercise stating the number of Shares with respect to which the Stock Appreciation Right is being
exercised. No fractional Shares will be issued in payment for Stock Appreciation Rights, but instead cash will be paid for a fraction or, if the Committee should so determine, the number of Shares will be rounded downward to the next whole Share.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Limitations. The Committee may impose, in its discretion, such conditions upon the exercisability or
transferability of Stock Appreciation Rights as it may deem fit. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8. OTHER STOCK-BASED AWARDS </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Subject to Section&nbsp;17 of the Plan, the Committee, in its sole discretion, may grant or sell Awards of Shares, Awards of restricted Shares
and Awards that are valued in whole or in part by reference to, or are otherwise based on the Fair Market Value of, Shares (&#147;Other Stock-Based Awards&#148;). Such Other Stock-Based Awards shall be in such form, and dependent on such conditions,
as the Committee shall determine, including, without limitation, the right to receive, or vest with respect to, one or more Shares (or the equivalent cash value of such Shares) upon the completion of a specified period of service, the occurrence of
an event and/or the attainment of performance objectives. Other Stock-Based Awards may be granted alone or in addition to any other Awards granted under the Plan. Subject to the provisions of the Plan, the Committee shall determine to whom and when
Other Stock-Based Awards will be made, the number of Shares to be awarded under (or otherwise related to) such Other Stock-Based Awards; whether such Other Stock-Based Awards shall be settled in cash, Shares or a combination of cash and Shares; and
all other terms and conditions of such Awards (including, without limitation, the vesting provisions thereof and provisions ensuring that all Shares so awarded and issued shall be fully paid and
<FONT STYLE="white-space:nowrap">non-assessable).</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9. ADJUSTMENTS UPON CERTAIN EVENTS </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Notwithstanding any other provisions in the Plan to the contrary, the following provisions shall apply to all Awards granted under the Plan:
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Generally. In the event of any change in the outstanding Shares after the Effective Date by reason of any Share
dividend or split, reorganization, recapitalization, merger, consolidation, <FONT STYLE="white-space:nowrap">spin-off,</FONT> combination, combination or transaction or exchange of Shares or other corporate exchange, or any distribution to
shareholders of Shares other than regular cash dividends or any transaction similar to the foregoing, the Committee </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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in its sole discretion and without liability to any person may make such substitution or adjustment, if any, as it deems to be equitable, as to (i)&nbsp;the number or kind of Shares or other
securities issued or reserved for issuance pursuant to the Plan or pursuant to outstanding Awards, (ii)&nbsp;the Option Price or exercise price of any stock appreciation right and/or (iii) any other affected terms of such Awards. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Change in Control. In the event of a Change of Control after the Effective Date, (i) [if determined by the
Committee in the applicable Award agreement or otherwise,] any outstanding Awards then held by Participants which are unexercisable or otherwise unvested or subject to lapse restrictions shall automatically be deemed exercisable or otherwise vested
or no longer subject to lapse restrictions, as the case may be, as of immediately prior to such Change of Control and (ii)&nbsp;the Committee may, but shall not be obligated to, (A)&nbsp;cancel such Awards for fair value (as determined in the sole
discretion of the Committee) which, in the case of Options and Stock Appreciation Rights, may equal the excess, if any, of value of the consideration to be paid in the Change of Control transaction to holders of the same number of Shares subject to
such Options or Stock Appreciation Rights (or, if no consideration is paid in any such transaction, the Fair Market Value of the Shares subject to such Options or Stock Appreciation Rights) over the aggregate exercise price of such Options or Stock
Appreciation Rights, (B)&nbsp;provide for the issuance of substitute Awards that will substantially preserve the otherwise applicable terms of any affected Awards previously granted hereunder as determined by the Committee in its sole discretion or
(C)&nbsp;provide that for a period of at least 15 days prior to the Change of Control, such Options shall be exercisable as to all shares subject thereto and that upon the occurrence of the Change of Control, such Options shall terminate and be of
no further force and effect. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10. NO RIGHT TO EMPLOYMENT OR AWARDS </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The granting of an Award under the Plan shall impose no obligation on the Company or any Subsidiary to continue the Employment of a Participant
and shall not lessen or affect the Company&#146;s or Subsidiary&#146;s right to terminate the Employment of such Participant. No Participant or other Person shall have any claim to be granted any Award, and there is no obligation for uniformity of
treatment of Participants, or holders or beneficiaries of Awards. The terms and conditions of Awards and the Committee&#146;s determinations and interpretations with respect thereto need not be the same with respect to each Participant (whether or
not such Participants are similarly situated). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11. SUCCESSORS AND ASSIGNS </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Plan shall be binding on all successors and assigns of the Company and a Participant, including without limitation, the estate of such
Participant and the executor, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the Participant&#146;s creditors. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12. NONTRANSFERABILITY OF AWARDS </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Unless otherwise determined by the Committee, an Award shall not be transferable or assignable by the Participant otherwise than by will or by
the laws of descent and distribution. An Award exercisable after the death of a Participant may be exercised by the legatees, personal representatives or distributees of the Participant. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">13. AMENDMENTS OR TERMINATION </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Board may
amend, alter or discontinue the Plan, but no amendment, alteration or discontinuation shall be made, (a)&nbsp;without the approval of the shareholders of the Company, if such action would (except as is provided in Section&nbsp;9 of the Plan),
increase the total number of Shares reserved for the purposes of the Plan or change the maximum number of Shares for which Awards may be granted to any Participant or (b)&nbsp;without the consent of a Participant, if such action would diminish any
of the rights of the Participant under any Award theretofore granted to such Participant under the Plan; provided, however, that the Committee may amend the Plan in such manner as it deems necessary to permit the granting of Awards meeting the
requirements of the Code or other applicable laws. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">14. INTERNATIONAL PARTICIPANTS </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">With respect to Participants who reside or work outside the Republic of Panama or the United States of America, the Committee may, in its sole
discretion, amend the terms of the Plan or Awards with respect to such Participants in order to conform such terms with the requirements of local law. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">15. CHOICE OF LAW </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Plan shall be governed by
and construed in accordance with the laws of the Republic of Panama without regard to conflicts of laws. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16. EFFECTIVENESS OF THE PLAN </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Plan shall be effective as of the Effective Date, subject to the approval of the shareholders of the Company. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">17. SECTION 409A </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">No Award shall be granted,
deferred, paid out or modified under this Plan in a manner that would result in the imposition of a penalty tax under Section&nbsp;409A upon a Participant. In the event that it is reasonably determined by the Committee that, as a result of
Section&nbsp;409A, payments in respect of any Award under the Plan may not be made at the time contemplated by the terms of the Plan or the relevant Award agreement, as the case may be, without causing the Participant holding such Award to be
subject to an income tax penalty under Section&nbsp;409A, the Company will make such payment on the first day that would not result in the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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Participant incurring any tax liability under Section&nbsp;409A. In addition, other provisions of the Plan or any Award agreements thereunder notwithstanding, the Company shall have no right to
accelerate any payment in respect of an Award or to make any such payment as the result of an event if such payment would, as a result, be subject to the tax imposed by Section&nbsp;409A. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Exhibit 4.11 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COPA HOLDINGS, S.A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF
RESTRICTED STOCK AWARD AGREEMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">THIS AGREEMENT (the &#147;Agreement&#148;), is made, effective as of the &nbsp;&nbsp;&nbsp;&nbsp;th day
of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2005 (the &#147;Date of Grant&#148;), between Copa Holdings, S.A., a corporation organized under the laws of the Republic of Panama (the &#147;Company&#148;), and (the
&#147;Participant&#148;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">R E C I T A L S: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company has adopted the Company&#146;s 2005 Stock Incentive Plan (the &#147;Plan&#148;), which Plan is incorporated herein by
reference and made a part of this Agreement. Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Committee has determined that it would be in the best interests of the Company and its stockholders to grant the restricted stock
award provided for herein (the &#147;Restricted Stock Award&#148;) to the Participant pursuant to the Plan and the terms set forth herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1. Grant of the Restricted Shares. Subject to the terms and conditions of the Plan and the additional terms and conditions set forth in this
Agreement, the Company hereby grants to the Participant a Restricted Stock Award consisting of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares (the &#147;Restricted Shares&#148;). The Restricted Shares shall vest and
become nonforfeitable in accordance with Section&nbsp;2 hereof. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2. Vesting </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;General. Subject to the Participant&#146;s continued Employment with the Company, the Restricted Shares shall vest and become
nonforfeitable [FOR <FONT STYLE="white-space:nowrap">NON-EXECUTIVE</FONT> OFFICERS: on the second anniversary of the Date of Grant.] [FOR EXECUTIVE OFFICERS: in accordance with the following vesting schedule: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="80%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

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<TD VALIGN="bottom" WIDTH="23%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="23%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">DATE</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">INCREMENTAL&nbsp;VESTING&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">CUMULATIVE&nbsp;VESTED&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1st Anniversary of Date of Grant</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">15%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">15%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2nd Anniversary of Date of Grant</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">15%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">30%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3rd Anniversary of Date of Grant</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">15%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">45%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4th Anniversary of Date of Grant</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">25%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">70%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5th Anniversary of Date of Grant</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">30%</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">100%]</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, in the event the above vesting schedule results in the vesting of any fractional Shares, such
fractional Shares shall not be deemed vested hereunder but shall vest and become nonforfeitable when such fractional Shares aggregate whole Shares. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;Termination of Employment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;If the Participant&#146;s Employment with the Company is voluntarily terminated by the Participant (other than for
Good Reason) or is terminated by the Company for 2 Cause, the Restricted Shares shall, to the extent not then vested, be forfeited by the Participant without consideration; provided, however, that the Committee may, in its sole discretion, cause the
Restricted Shares to become fully vested upon the Participant&#146;s Retirement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;If the Participant&#146;s
Employment with the Company is terminated by the Participant for Good Reason; by the Company without Cause or as a result of the Participant&#146;s death or Disability, in either case prior to the 5th anniversary of the Date of Grant, the Restricted
Shares shall, to the extent not then vested and not previously forfeited, immediately become fully vested. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;For
purposes of this Agreement: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Cause&#148; shall mean &#147;Cause&#148; as defined in the Labor Code of the Republic of
Panama. The determination of the existence of Cause shall be made by the Committee in good faith, which determination shall be conclusive for purposes of this Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Good Reason&#148; shall mean &#147;Good Reason Resignation&#148; as defined in the Labor Code of the Republic of Panama
then in effect; provided that in no event shall an event constitute &#147;Good Reason&#148; unless the Participant shall have delivered written notice to the Company describing the event allegedly constituting Good Reason and the Company shall have
failed to cure or to in good faith commence the cure of such material reduction in the Participant&#146;s duties and responsibilities within 30 days of receiving such notice ; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Disability&#148; shall mean &#147;Disability&#148; as defined in the Labor Code of the Republic of Panama. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Retirement&#148; shall mean &#147;Retirement as defined in the laws of the Republic of Panama then in effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;Change in Control. Notwithstanding any other provision of this Agreement to the contrary, in the event of a Change in Control, the
Restricted Shares shall, to the extent not then vested and not previously forfeited, immediately become fully vested as contemplated by Section&nbsp;9(b) of the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;Forfeiture upon Violation of Certain Restrictive Covenants. TBD whether to include a &#147;clawback&#148; provision requiring
forfeiture of vested Restricted Shares if the Participant breaches restrictive covenants within 12 months following termination of employment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3. Certificates. Certificates evidencing the Restricted Shares shall be issued by the Company and shall be registered in the
Participant&#146;s name on the stock transfer books of the Company promptly after the date hereof, but shall remain in the physical custody of the Company or its designee at all times prior to the vesting of such Restricted Shares pursuant to
Section&nbsp;2. As a condition to the receipt of this Restricted Stock Award, the Participant shall deliver to the Company a stock power, duly endorsed in blank, relating to the Restricted Shares. No certificates shall be issued for fractional
Shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">4. Rights as a Stockholder. The Participant shall be the record owner of the Restricted
Shares until or unless such Restricted Shares are forfeited pursuant to Section&nbsp;2 hereof, and as record owner shall be entitled to all rights of a common stockholder of the Company, including, without limitation, voting rights with respect to
the Restricted Shares and the Participant shall receive, when paid, any dividends on all of the Restricted Shares granted hereunder as to which the Participant is the record holder on the applicable record date; provided that the Restricted Shares
shall be subject to the limitations on transfer and encumbrance set forth in Section&nbsp;7. As soon as practicable following the vesting of any Restricted Shares pursuant to Section&nbsp;2, certificates for the Restricted Shares which shall have
vested shall be delivered to the Participant or to the Participant&#146;s legal guardian or representative along with the stock powers relating thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">5. Legend on Certificates. The certificates representing the vested Restricted Shares delivered to the Participant as contemplated by
Section&nbsp;4 above shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock
exchange upon which such Shares are listed, and any applicable Federal or state laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6. No Right to Continued Employment. The granting of the Restricted Shares evidenced by this Agreement shall impose no obligation on the
Company or any Affiliate to continue the Employment of the Participant and shall not lessen or affect the Company&#146;s or its Affiliate&#146;s right to terminate the Employment of such Participant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7. Transferability. The Restricted Shares may not, at any time prior to becoming vested pursuant to Section&nbsp;2, be assigned, alienated,
pledged, attached, sold or otherwise transferred or encumbered by the Participant and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate;
provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">8. Withholding. The Participant may be required to pay to the Company or any Affiliate and the Company shall have the right and is hereby
authorized to withhold, any applicable withholding taxes in respect of the Restricted Shares, their grant or vesting or any payment or transfer with respect to the Restricted Shares and to take such action as may be necessary in the opinion of the
Committee to satisfy all obligations for the payment of such withholding taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">9. Securities Laws. Upon the vesting of any Restricted
Shares, the Participant will make or enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws or with this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">10. Notices. Any notice necessary under this Agreement shall be addressed to the Company in
care of is Secretary at the principal executive office of the Company and to the Participant at the address appearing in the personnel records of the Company for such Participant or to either party at such other address as either party hereto may
hereafter designate in writing to the other. Any such notice shall be deemed effective upon receipt thereof by the addressee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11. Choice
of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE REPUBLIC OF PANAMA WITHOUT REGARD TO CONFLICTS OF LAWS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">12. Restricted Stock Award Subject to Plan. By entering into this Agreement the Participant agrees and acknowledges that the Participant has
received and read a copy of the Plan. The Restricted Stock Award and the Restricted Shares granted hereunder is subject to the Plan. The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated herein by
reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">13. Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if
the signatures thereto and hereto were upon the same instrument. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have executed this Agreement. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">COPA HOLDINGS, S.A.</TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Agreed and acknowledged as </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">of the date first above written: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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<TYPE>EX-4.12
<SEQUENCE>14
<FILENAME>d128959dex412.htm
<DESCRIPTION>EX-4.12
<TEXT>
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<TITLE>EX-4.12</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXHIBIT 4.12 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF DIRECTOR </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">INDEMNITY
AGREEMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">This agreement is between Copa Holdings, S.A., a Panamanian corporation (sociedad anonima) (the &#147;Company&#148;) and ,
Director of the Company (the &#147;Indemnitee&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">A. Indemnitee is Director of the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">B. Both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of
public companies in today&#146;s environment. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">C. The Pacto Social of the Company (the &#147;Pacto Social&#148;) require the Company to
indemnify to its directors and officers to the fullest extent permitted by law and the Indemnitee has been serving and continues to serve as Director of the Company in part in reliance on such provisions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">D. In recognition of Indemnitee&#146;s need for substantial protection against any potential personal liability in order to assure
Indemnitee&#146;s continued service to the Company in an effective manner and Indemnitee&#146;s reliance on the provisions of the Pacto Social and in part to provide Indemnitee with specific contractual assurance that the protection promised by the
Pacto Social will be available to Indemnitee (regardless of, among other things, any amendment to or revocation of any provision of the Company&#146;s Pacto Social or any change in the composition of the Company&#146;s Board of Directors or any
acquisition of the Company), the Company wishes to provide in this Agreement for the indemnification of and the advancing of expenses to Indemnitee to the fullest extent (whether partial or complete) permitted by law and as set forth in this
Agreement, and for the continued coverage of the Indemnitee under the Company&#146;s directors&#146; and officers&#146; liability insurance policies. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The parties hereto agree as follows: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1. Certain Definitions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)
&#147;Change in Control&#148; shall be deemed to have occurred if (i)&nbsp;any &#147;person&#148; (as such term is used in Section&nbsp;13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), other than a trustee or other fiduciary
holding securities under an employee benefit plan of the Company or a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, is or becomes the
&#147;beneficial owner&#148; (as defined in Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> under said Act), directly or indirectly, of securities of the Company representing 20% or more of the total voting power represented by the Company&#146;s
then outstanding voting securities, or (ii)&nbsp;during any period of 24 consecutive months, individuals who at the beginning of such period constitute the Board of Directors of the Company and any new director whose election by the Board of
Directors or nomination for election by the Company&#146;s stockholders was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for
election was previously so approved, cease for any reason to </P>
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constitute a majority thereof, or (iii)&nbsp;the stockholders of the Company approve a merger or consolidation of the Company with any other corporation or entity, other than a merger or
consolidation that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least 80%
of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or the stockholders of the Company approve a plan of complete liquidation of the
Company or an agreement for the sale or disposition by the Company, in one transaction or a series of transactions, of all or substantially all the Company&#146;s assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) &#147;Proceeding&#148; shall mean any completed, actual, pending or threatened action, suit, claim, inquiry or proceeding, whether civil,
criminal, administrative or investigative (including an action by or in the right of the Company) and whether formal or informal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)
&#147;Expenses&#148; means all direct and indirect costs of any type or nature whatsoever (including, without limitation, all attorneys&#146; fees and related disbursements and other
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-</FONT></FONT> pocket costs) actually and reasonably incurred by the Indemnitee in connection with the investigation, defense or appeal of or being a witness in, participating
in or preparing to defend a Proceeding or establishing or enforcing a right to (i)&nbsp;indemnification or advancement of expenses under this Agreement, the Pacto Social, Panamanian law or otherwise or (ii)&nbsp;directors&#146; and officers&#146;
liability insurance coverage; provided, however, that Expenses shall not include any judgments, fines or penalties or amounts paid in settlement of a Proceeding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) &#147;Indemnifiable Event&#148; is any event or occurrence related to the fact that Indemnitee is or was a director or officer of the
Company, or is or was serving at the request of the Company as a director, officer, employee, trustee or agent of another corporation, partnership, joint venture, trust, nonprofit entity or other entity (including service with respect to employee
benefit plans), or by reason of anything done or not done by Indemnitee in any such capacity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) &#147;Indemnification Period&#148;
shall be such period as the Indemnitee shall continue to serve as a director or officer of the Company, or shall continue at the request of the Company to serve as a director, officer, employee, trustee or agent of another corporation, partnership,
joint venture, trust, nonprofit entity or other entity, and thereafter so long as the Indemnitee shall be subject to any possible Proceeding arising out of the Indemnitee&#146;s tenure in the foregoing positions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) &#147;Losses&#148; are any judgments, fines, penalties and amounts paid in settlement (including all interest assessments and other
charges paid or payable in connection with or in respect of such judgments, fines, penalties or amounts paid in settlement) of any Proceeding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) &#147;Reviewing Party&#148; shall mean (i)&nbsp;the Board of Directors (provided that a majority of directors are not parties to the
Proceeding), (ii) a person or body selected by the Board of Directors or (iii)&nbsp;if there has been a Change in Control, the special independent counsel referred to in Section&nbsp;5. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2. Indemnification and Advancement of Expenses. Subject to the limitations set forth in
Section&nbsp;4: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Indemnification. The Company shall indemnify and hold harmless Indemnitee, to the fullest extent permitted by
applicable law, as soon as practicable after written demand is presented to the Company, in the event Indemnitee was or is made or is threatened to be made a party to or witness in or is otherwise involved in a Proceeding by reason, in whole or in
part, of an Indemnifiable Event against all Expenses and Losses incurred by Indemnitee in connection with such Proceeding. In the event of any change, after the date of this Agreement, in any applicable law, statute or rule regarding the right of a
Panamanian corporation to indemnify a member of its Board of Directors or an officer, such change, to the extent it would expand Indemnitee&#146;s rights under this Agreement, shall be included within Indemnitee&#146;s rights and the Company&#146;s
obligations under this Agreement, and, to the extent it would narrow Indemnitee&#146;s rights or the Company&#146;s obligations under this Agreement, shall be excluded from this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Advancement of Expenses. The Company shall to the fullest extent permitted by applicable law pay the Expenses incurred by Indemnitee as
soon as practicable after written demand is presented to the Company in the event Indemnitee was or is made or is threatened to be made a party to or witness in or is otherwise involved in a Proceeding by reason, in whole or in part, of an
Indemnifiable Event in advance of its final disposition; provided, however, that, to the extent required by law, such payment of expenses in advance of the final disposition of the Proceeding shall be made only upon receipt of an undertaking by the
Indemnitee to repay all amounts advanced if it should be ultimately determined that the Indemnitee is not entitled to be indemnified under this Agreement, Panamanian law or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Partial Indemnity. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion
of the Losses or Expenses, but not, however, for all of the total amount thereof, the Company shall indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. Notwithstanding any other provision of this Agreement, to the extent
that Indemnitee has been successful on the merits or otherwise in defense of any issue or matter therein, including dismissal without prejudice, Indemnitee shall be indemnified against all Expenses incurred in connection therewith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Contribution. If the indemnification provided in Section&nbsp;2(a) for any reason is unavailable to the Indemnitees, then in respect of
any Indemnifiable Event, the Company shall contribute to the amount of Expenses and Losses paid in settlement actually incurred and paid or payable by the Indemnitee in such proportion as is appropriate to reflect (i)&nbsp;the relative benefits
received by the Company on the one hand and the Indemnitee on the other hand from the transaction from which such proceeding arose and (ii)&nbsp;the relative fault of the Company on the one hand and of the Indemnitee on the other hand in connection
with the events which resulted in such Expenses and Losses, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and of the Indemnitee on the other hand shall be determined by reference to, among
other things, the parties&#146; relative intent, knowledge, access to information and opportunity to correct or prevent the circumstances </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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resulting in such expenses, judgments, fines or settlement amounts. The Company agrees that it would not be just and equitable if contribution pursuant to this Section&nbsp;2(d) were determined
by pro rata allocation or any other method of allocation which does not take account of the foregoing equitable considerations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e)
Enforcement. If a claim for indemnification (following the final disposition of such Proceeding) under Section&nbsp;2(a) or advancement of Expenses under Section&nbsp;2(b) is not paid in full within thirty days after a written claim therefor by the
Indemnitee has been presented to the Company, the Indemnitee may file suit against the Company to recover the unpaid amount of such claim and, if successful in whole or in part, shall be entitled to be paid the expense of prosecuting such claim. In
addition, Indemnitee may file suit against the Company to establish a right to indemnification or advancement of Expenses arising under this Agreement, the Pacto Social, Panamanian law or otherwise. In any such action the Company shall have the
burden of proving by clear and convincing evidence that the Indemnitee is not entitled to the requested indemnification or advancement of Expenses under applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3. Notification and Defense of Proceeding. Promptly after receipt by Indemnitee of notice of the commencement of or threat of the commencement
of any Proceeding, Indemnitee shall, if a request for indemnification in respect thereof is to be made against the Company under this Agreement, notify the Company of the commencement thereof; but the failure to notify the Company will not relieve
the Company from any liability which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such omission can be shown to have prejudiced the Company&#146;s ability to defend the Proceeding. Except as
otherwise provided below, the Company shall be entitled to assume the defense of such Proceeding, with counsel approved by Indemnitee (which approval shall not be unreasonably withheld). After notice from the Company to Indemnitee of its election to
assume the defense thereof, the Company will not be liable to Indemnitee under this Agreement for any legal or other expenses subsequently incurred by Indemnitee in connection with the defense thereof other than reasonable costs of investigation or
as otherwise provided below. Indemnitee shall have the right to employ its counsel in such Proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the expense
of Indemnitee unless (i)&nbsp;the employment of counsel by Indemnitee has been authorized by the Company, (ii)&nbsp;Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the
conduct of the defense of such Proceeding or (iii)&nbsp;the Company shall not in fact have employed counsel to assume the defense of such Proceeding, in each of which cases the fees and expenses of counsel shall be at the expense of the Company. The
Company shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company or as to which the Indemnitee shall have made the conclusion provided for in clause (ii)&nbsp;of this Section&nbsp;3. The Company shall not
settle any Proceeding in any manner, which would impose any penalty, limitation, admission, loss or Expense on the Indemnitee without the Indemnitee&#146;s prior written consent. Neither the Company nor the Indemnitee will unreasonably withhold its
consent to any proposed settlement, provided that Indemnitee may, in Indemnitee&#146;s sole discretion, withhold consent to any proposed settlement that would impose any penalty, limitation, admission, loss or Expense on the Indemnitee. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">4. Limitation on Indemnification. Notwithstanding the terms of Section&nbsp;2: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) the obligations of the Company set forth in Section&nbsp;2 shall be subject to the presumption that Indemnitee is entitled indemnification
here under unless the Reviewing Party shall have determined (based on a written opinion of independent outside counsel in all cases) that Indemnitee would not be permitted to be so indemnified under applicable law; provided, however, that if
Indemnitee has commenced or thereafter commences legal proceedings in a court of competent jurisdiction to secure a determination that Indemnitee should be indemnified under applicable law, any determination made by the Reviewing Party that
Indemnitee would not be permitted to be indemnified under applicable law shall not be binding and Indemnitee shall not be required to reimburse the Company for any advancement of Expenses until a final judicial determination is made with respect
thereto (as to which all rights of appeal therefrom have been exhausted or lapsed) and the Company shall not be obligated to indemnify or advance to Indemnitee any additional amounts covered by such Reviewing Party determination (unless there has
been a determination by a court of competent jurisdiction that the Indemnitee would be permitted to be so indemnified under applicable law); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) the Company shall not be required to indemnify or advance Expenses to the Indemnitee with respect to a Proceeding (or part thereof) by the
Indemnitee (and not by way of defense), except if the commencement of such Proceeding (i)&nbsp;is expressly required to be made by applicable law, and (ii)&nbsp;was authorized in the specific case by the Board of Directors or (ii)&nbsp;brought to
establish or enforce a right to indemnification and/or advancement of Expenses arising under this Agreement, the Pacto Social, Panamanian law or otherwise; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) the Company shall not be obligated pursuant to the terms of this Agreement to indemnify the Indemnitee for any amounts paid in settlement
of a Proceeding unless the Company consents in advance in writing to such settlement, which consent shall not be unreasonably withheld; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) the Company shall not be obligated pursuant to the terms of this Agreement to indemnify the Indemnitee on account of any suit in which
judgment is rendered against the Indemnitee for an accounting of profits made from the purchase or sale by the Indemnitee of securities of the Company pursuant to the provisions of Section l6(b) of the Securities Exchange Act of 1934, as amended or
similar provisions of any federal, state or local statutory law; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) the Company shall not be obligated pursuant to the terms of this
Agreement to indemnify the Indemnitee if a final decision by a court having jurisdiction in the matter shall determine that such indemnification is not lawful; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) the Company shall not be obligated pursuant to the terms of this Agreement to make any payment in connection with any Proceeding to the
extent Indemnitee has otherwise actually received payment (under any insurance policy or otherwise) of the amounts otherwise indemnifiable under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) the Company shall not be obligated pursuant to the terms of this Agreement to indemnify the Indemnitee if a final decision by a Court
having jurisdiction in the matter shall determine that the actions that give rise to the Indemnification Event are proven to be the result of Indemnitee&#146;s willful misconduct or gross negligence. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">5. Change in Control of Company. The Company agrees that if there is a Change in Control of
the Company, then with respect to all matters thereafter arising concerning the rights of Indemnitee to indemnity payments and Expense advances under this Agreement, any other agreements, the Pacto Social now or hereafter in effect relating to
Proceedings for Indemnifiable Events, the Company shall seek legal advice only from special independent counsel selected by Indemnitee and approved by the Company&#146;s Board of Directors (which approval shall not be unreasonably withheld), and who
has not otherwise performed services for the Company (other than in connection with such matters) or Indemnitee. Such special independent counsel, among other things, shall determine whether and to what extent the Indemnitee would be permitted to be
indemnified under applicable law and shall render its written opinion to the Company and Indemnitee to such effect. The Company agrees to pay the reasonable fees of the special independent counsel referred to above and to fully indemnify such
counsel against any and all expenses (including attorneys&#146; fees), Proceedings, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6. Subrogation. In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to
all of the rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring
suit to enforce such rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7. No Presumptions. For purposes of this Agreement, the termination of any Proceeding against Indemnitee by
judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that Indemnitee did not meet any particular standard of conduct or have any
particular belief or that a court has determined that indemnification is not permitted by applicable law. In addition, neither the failure of the Reviewing Party to have made a determination as to whether Indemnitee has met any particular standard
of conduct or had any particular belief, nor an actual determination by the Reviewing Party that Indemnitee has not met such standard of conduct or did not have such belief shall be a defense to Indemnitee&#146;s Proceeding for indemnification or
create a presumption that Indemnitee has not met any particular standard of conduct or did not have any particular belief shall be a defense to Indemnitee&#146;s Proceeding for indemnification or create a presumption that Indemnitee has not a met
any particular standard of conduct or did not have a particular belief. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">8. <FONT STYLE="white-space:nowrap">Non-Exclusivity.</FONT> The
rights conferred on the Indemnitee by this Agreement shall not be exclusive of any other rights which the Indemnitee may have or hereafter acquire under any statute, provision of the Pacto Social, agreement, vote of stockholders or disinterested
directors or otherwise, and to the extent that during the Indemnification Period such rights are more favorable than the rights currently provided under this Agreement to Indemnitee, Indemnitee shall be entitled to the full benefits of such more
favorable rights to the extent permitted by law. Other than as set forth in this Section&nbsp;8, in the case of any inconsistency between the indemnification provisions of this Agreement and any other agreement relating to the indemnification of an
Indemnitee, the indemnification provisions of this Agreement shall control. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">9. Liability Insurance. The Company may, to the extent that the Board of Directors in good
faith determines it to be economically reasonable, maintain a policy of directors&#146; and officers&#146; liability insurance, on such terms conditions as may be approved by the Board of Directors. To the extent the Company maintains
directors&#146; and officers&#146; liability insurance, the Indemnitee shall be covered by such policy in such a manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Company&#146;s
directors. Notice of any termination or failure to renew such policy shall be provided to Indemnitee promptly upon the Company&#146;s becoming aware of such termination or failure to renew. The Company shall provide copies of all such insurance
policies and any endorsements thereto whenever such documents have been provided to the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">10. Amendment/Waiver. No supplement,
modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this
Agreement (whether or not similar) nor shall such waiver constitute a continuing waiver. Any waiver to this Agreement shall be in writing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">11. Binding Effect. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their
respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company, spouses, heirs, and personal and legal
representatives. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">12. Survival. This Agreement shall continue in effect during the Indemnification Period, regardless of whether
Indemnitee continues to serve as a director of the Company or of any other enterprise at the Company&#146;s request. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">13. Severability.
The provisions of this Agreement shall be severable in the event that any provision of this Agreement (including any provision within a single section, paragraph or sentence) is held by a court of competent jurisdiction to be invalid, void or
otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">14. Period of
Limitations. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against Indemnitee, Indemnitee&#146;s estate, spouse, heirs, executors or personal or legal representatives after the expiration
of three years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such three year period;
provided, however, that if any shorter period of limitations is otherwise applicable to any such cause of action, such shorter period shall govern. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">15. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the Republic of Panama
without giving effect to the principles of conflicts of laws. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">16. Choice of Forum. With respect to any legal action relating to the interpretation or
enforcement of this Agreement, the parties hereto irrevocably agree and consent to be subject to the jurisdiction of the Courts of the Republic of Panama. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">COPA HOLDINGS, S.A.</TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
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<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top" COLSPAN="3">[INDEMNITEE]</TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
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<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXHIBIT 4.13 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF AMENDED&nbsp;&amp; RESTATED TRADEMARK LICENSE AGREEMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Amended&nbsp;&amp; Restated Trademark License Agreement (the &#147;Agreement&#148;) is made effective as of the
<U></U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of <U></U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2005, by and between CONTINENTAL AIRLINES, INC.
(&#147;Continental&#148;), a corporation duly organized and validly existing under the laws of the State of Delaware, U.S.A., with its principal office at 1600 Smith Street, Houston, Texas, U.S.A. 77002, and COMPANIA PANAMENA DE AVIACION, S.A.
(together with its Affiliates that are reasonably acceptable to Continental in terms of safety and quality of service, &#147;COPA&#148;), a corporation (sociedad anonima) duly organized and validly existing under the laws of the Republic of Panama
(&#147;Panama&#148;), with its principal office at Ave. Justo Arosemena y Calle 39, Apartado 1572, Panama 1, Panama. &#147;Affiliate&#148; shall have the meaning given to such term in the Alliance Agreement. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RECITALS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Continental
and COPA entered into an alliance agreement dated May 22, 1998, as amended and restated on the date hereof , (&#147;Alliance Agreement&#148;) regarding the providing of airline transportation services; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Continental is the owner of the names, marks, trade dress, and associated design elements set forth in Schedule 1 hereto, including
any United States and foreign registrations and pending United States and foreign applications therefor and the goodwill attendant thereto (&#147;Continental Marks&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, COPA is the owner of the names, marks, trade dress, and associated design elements set forth on Schedule 2 hereto, including any
United States and foreign registrations thereon and pending United States and foreign applications therefor and the goodwill attendant thereto (&#147;COPA Marks&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Continental and COPA agreed in the Alliance Agreement to develop a new brand for COPA that will extend the brand identity of
Continental (i.e., it will, subject to this Agreement, utilize as its principal elements the Continental Marks); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, in connection
with the development of COPA brand, the Continental Marks are being used as part of the composite marks and trade dress set forth on Schedule 3 hereto (&#147;Continental/COPA Co-Branded Marks&#148;) pursuant to the terms of this Agreement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS Continental and COPA have previously entered into a Trademark License Agreement dated May 24, 1999, and, for good and valuable
consideration the parties now desire to amend and restate that prior Agreement through this Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in consideration of
the mutual promises and covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, Continental and COPA agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. Grant. Subject to the provisions of Section&nbsp;2 herein, Continental hereby grants to COPA, and COPA accepts, a non-exclusive, personal,
non-transferable, royalty-free right and license to adopt and use the Continental Marks as part of the Continental/COPA Co-Branded Marks in connection with the rendering of airline transportation services, subject to the conditions and restrictions
set forth herein. Continental and COPA may mutually agree in writing to add additional Continental/COPA Co-Branded Marks to the list specified in Schedule 3. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. Limitations on Continental Grants to Third Parties. Continental shall not license the globe element of the Continental/COPA Co-Branded
Marks to any airline without the prior written consent of COPA. Continental further agrees that it will not license the Continental/COPA Co-Branded Marks or the COPA Marks to any other airline after the termination of this Agreement without the
prior written consent of COPA, and at no time shall Continental license any mark that incorporates or refers to the term COPA or any other mark owned or used exclusively by COPA. The limitations detailed in this paragraph 2 shall survive the
termination of this Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. Use and Ownership of the Continental/COPA Co-Branded Marks. COPA is not required to use
the Continental/COPA Co-Branded Marks. However, to the extent that COPA does use such marks, COPA shall use the Continental Marks as part of the Continental/COPA Co-Branded Marks only as authorized herein by Continental and in accordance with such
standards of quality as Continental may establish. Continental shall at all times remain the owner of the Continental/COPA Co-Branded Marks and any registrations thereof. COPA&#146;s use of any Continental Marks and the Continental/COPA Co-Branded
Marks shall, in all commercially reasonable instances, clearly identify Continental as the owner of such marks to protect Continental&#146;s interest therein. All use </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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by COPA of the Continental Marks as part of the Continental/COPA Co-Branded Marks shall inure to the benefit of Continental and COPA shall obtain no right, title or interest in and to the
Continental Marks or the elements of the Continental/COPA Co-Branded Marks derived from the Continental Marks, or any other word, words, term, design, name or mark that is confusingly similar to the Continental Marks. Continental agrees that it
shall obtain no right, title, or interest in and to any element of the Continental/COPA Co-Branded Marks that are derived exclusively from COPA&#146;s marks, such as the mark COPA and the beige &#147;streak&#148; design element of the
Continental/COPA Co-Branded Marks, thus preserving the distinctive reference to COPA&#146;s identity. Should Continental cease all use of and abandon its &#147;Globe Design&#148; (such design being shown in Schedules 1-1 and 1-2) such that
Continental no longer uses the &#147;Globe Design&#148; or a similar design during the term of this Agreement, Continental will promptly assign all right, title, and interest in the globe element of the Continental/COPA Co-Branded Marks, including
United States Trademark Registration No.&nbsp;2,360,006, to COPA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. Registration. In the event COPA wishes to have any of the
Continental/COPA Co-Branded Marks registered in any jurisdiction, it shall submit to Continental a written request for registration. Continental agrees that it will permit any such registrations as requested. All expenses incurred in connection with
such requests for registration of the Continental/COPA Co-Branded Marks shall be paid by COPA. COPA shall promptly transfer to Continental, in accordance with applicable law, any application(s) filed by or on behalf of COPA to register any
Continental/COPA Co-Branded Mark. COPA shall retain all rights in elements of any Continental/COPA Co-Branded Mark derived from the COPA Marks, and may register such elements in its own name without Continental&#146;s prior approval. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. Continental-Controlled Litigation. Continental at its sole expense shall take all steps that in its opinion and sole discretion are
necessary and desirable to protect the Continental/COPA Co-Branded Marks against any infringement or dilution of any element of the Continental/COPA Co-Branded Marks derived from the Continental Marks. COPA agrees to cooperate fully with Continental
in the defense and protection of the Continental/COPA Co-Branded Marks as reasonably requested by Continental. COPA shall report to Continental any infringement or imitation of, or challenge to, the </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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Continental/COPA Co-Branded Marks, immediately upon becoming aware of same. COPA shall not be entitled to bring, or compel Continental to bring, an action or other legal proceedings on account of
any infringements, imitations, or challenges to any element of the Continental/COPA Co-Branded Marks derived from the Continental Marks without the written agreement of Continental. Continental shall not be liable for any loss, cost, damage or
expense suffered or incurred by COPA because of the failure or inability to take or consent to the taking of any action on account of any such infringements, imitations or challenges or because of the failure of any such action or proceeding. In the
event that Continental shall commence any action or legal proceeding on account of such infringements, imitations or challenges, COPA agrees to provide all reasonable assistance requested by Continental in preparing for and prosecuting the same.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. COPA-Controlled Litigation. COPA at its sole expense shall take all steps that in its opinion and sole discretion are necessary and
desirable to protect the Continental/COPA Co-Branded Marks against any infringement or dilution of any element of the Continental/COPA Co-Branded Marks derived from the COPA Marks. Continental agrees to cooperate fully with COPA in the defense and
protection of the Continental/COPA Co-Branded Marks as reasonably requested by COPA. Continental shall report to COPA any infringement or imitation of, or challenge to, the Continental/COPA Co-Branded Marks, immediately upon becoming aware of same.
Continental shall not be entitled to bring, or compel COPA to bring, an action or other legal proceedings on account of any infringements, imitations, or challenges to any element of the Continental/COPA Co-Branded Marks derived from the COPA Marks
without the written agreement of COPA. COPA shall not be liable for any loss, cost, damage or expense suffered or incurred by Continental because of the failure or inability to take or consent to the taking of any action on account of any such
infringements, imitations or challenges or because of the failure of any such action or proceeding. In the event that COPA shall commence any action or legal proceeding on account of such infringements, imitations or challenges, Continental agrees
to provide all reasonable assistance requested by COPA in preparing for and prosecuting the same. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. Term. The initial term of this Agreement shall be coextensive with the term of the
Alliance Agreement referenced above. The Agreement may be extended past the initial term, as set out in Section&nbsp;9 below (&#147;Wind-Up Term&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. Termination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">8.1 Material
Breach. This Agreement and the non-exclusive license granted herein may be terminated by either party in the event of a material breach of this Agreement by the other party, provided that the breaching party does not cure such material breach to the
reasonable satisfaction of the other party within thirty (30)&nbsp;days of receipt of written notice specifying the nature of the breach. The termination of this Agreement and the non-exclusive license granted herein shall be effective after the
expiration of said thirty (30)&nbsp;day period, unless the identified material breach is cured within such period. 8.2 Alliance Agreement. This Agreement and the non-exclusive license granted herein may be terminated by either party if the Alliance
Agreement is duly terminated (other than pursuant to Section D.3(a) or D.3(b)(iv) of the Alliance Agreement) by the terminating party pursuant to the terms thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. Wind-Up. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">9.1 Continental
Termination. Upon termination of this Agreement by Continental pursuant to Sections 8.1 or 8.2 hereof (i)&nbsp;COPA shall cease all use of the globe element of the Continental/COPA Co-Branded Marks within two (2)&nbsp;years of the termination of
this Agreement (unless such termination was related to a safety related breach by COPA, in which case COPA shall cease all use of the globe element of the Continental/COPA Co-Branded Marks within one (1)&nbsp;year of the termination of this
Agreement) and (ii)&nbsp;COPA shall cease all use of the Continental/COPA Co-Branded Marks that encompass any other Continental Mark(s) within 45 days of such termination. COPA&#146;s post-termination use of the Continental/COPA Co-Branded Marks
shall comply with all conditions and limitations set forth in this Agreement, as if this Agreement were still in effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">9.2 Other
Termination. Upon termination of this Agreement by COPA pursuant to Sections 8.1 or 8.2 hereof or the initial term of this Agreement ends because either party terminates the Alliance Agreement pursuant to Section 3.D(a) or
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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3.D(b)(iv) thereof, the initial term of this Agreement will end and this Agreement will enter the Wind-Up Term. The Wind-Up Term will be in effect for so long as there exists a Continuing
Relationship between COPA and Continental. For purposes of this Agreement, &#147;Continuing Relationship&#148; shall mean that Continental and COPA (a)&nbsp;are members of the same global Alliance, and/or (b)&nbsp;are parties to a commercial
agreement with respect to frequent flyer cooperation or code share service between Continental and COPA. Although the parties will no longer have a Continuing Relationship, prior to the Applicable Date, COPA may request and Continental shall
consider extending the Wind-up Term. As of the date that there ceases to be a Continuing Relationship between COPA and Continental (the &#147;Applicable Date&#148;), the Wind-Up Term will immediately end and the Agreement will automatically
terminate. Thereafter, (i)&nbsp;COPA shall cease all use of the Continental/COPA Co-Branded Marks that encompass any Continental Mark(s) as part of its airplane paint scheme as soon as practicable but in no event later than within five
(5)&nbsp;years of the Applicable Date, (ii)&nbsp;COPA shall cease all use of the Continental/COPA Co-Branded Marks that encompass any Continental Mark(s) on airport and other signage as soon as practicable but in no event later than within eighteen
(18)&nbsp;months of the Applicable Date, and (iii)&nbsp;COPA shall cease all other use of the Continental/COPA Co-Branded Marks that encompass any Continental Mark(s) as soon as practicable but in no event later than within nine (9)&nbsp;months of
the Applicable Date. COPA&#146;s post-termination use of the Continental/COPA Co-Branded Marks shall comply with all conditions and limitations set forth in this Agreement, as if this Agreement were still in effect. COPA further agrees that after
the Applicable Date it shall not repaint any airplanes with a paint scheme containing the Continental/COPA Co-Branded Marks that encompass any Continental Mark(s), nor will it replace or re-stock or otherwise contract any materials containing the
Continental/COPA Co-Branded Marks that encompass any Continental Mark(s). For example, if one year after the Applicable Date, a COPA airplane needs to be repainted (or a sign replaced), COPA shall not repaint the airplane (or replace the sign) with
a paint scheme (or a new sign) containing the Continental/COPA Co-Branded Marks that encompass any Continental Mark(s). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.3 Post Wind-Up. After the applicable wind-up period, COPA shall not make use of any word,
words, term, design, name, trade dress, or mark confusingly similar with the Continental Marks so that any such word, words, term, design, name or mark would present a likelihood of confusion or otherwise suggest a continuing relationship between
COPA and Continental, and Continental shall not make use of any word, words, term, design, name or mark confusingly similar with the COPA Marks so that any such word, words, term, design, name or mark would present a likelihood of confusion or
otherwise suggest a continuing relationship between COPA and Continental. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. Relationship of the Parties. The relationship of
Continental and COPA pursuant to this Agreement shall be that of independent contractors. The relationship between Continental and COPA by virtue of this Agreement is not that of partners, joint venturers, or principal/agent. Continental shall not
by virtue of this Agreement control or have the right to control the methods and means by which COPA offers its goods or services in association with the Continental/COPA Co-Branded Marks. In the event that COPA fails to use the Continental/COPA
Co-Branded Marks in accordance with Continental&#146;s quality standards, Continental shall not have the right pursuant to this Agreement to exercise any control over the activities of COPA; instead, Continental&#146;s right pursuant to this
Agreement shall be to terminate COPA&#146;s right to use the Continental/COPA Co-Branded Marks. COPA shall defend, indemnify and hold harmless Continental from and against any and all third party claims, demands or causes of action for personal
injury, property damage, or economic loss caused by COPA&#146;s actions or inactions that in any way involve, arise out of, relate to or are based upon COPA&#146;s use of the Continental/COPA Co-Branded Marks (other than a third party claim that
Continental does not have clear title to the Continental/COPA Co-Branded Marks or that an element of a Continental/COPA Co-Branded Mark infringes the third party&#146;s trademark rights), and all losses, expenses (including reasonable attorneys
fees), liabilities or judgment incurred by Continental as a result of such third party claims, demands or causes of action. This contractual right of indemnification shall apply even if Continental is alleged or adjudicated to have been negligent or
otherwise at fault in allowing COPA to use the Continental/COPA Co-Branded Marks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. Assignment. The non-exclusive license granted by
Continental to COPA is personal to COPA and may not be assigned, sub-licensed or transferred by COPA in any manner without the written consent of a duly authorized representative of Continental. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. Miscellaneous. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">12.1 Entire Agreement. This Agreement constitutes the entire agreement and understanding between the parties with respect to the subject
matter hereof and merges all prior discussions, representations and negotiations with respect to the Continental/COPA Co-Branded Marks. Notwithstanding the foregoing, the provisions of Section F.5. of the Alliance Agreement shall remain in effect.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">12.2. Governing Law. This Agreement shall be interpreted, construed and enforced pursuant to the laws of the State of Texas. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">12.3 Amendments Only in Writing. This Agreement may only be amended or modified in a writing signed and subscribed to by both parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">12.4. Severability. The provisions of this Agreement are independent of each other and the invalidity of any provision or a portion hereof
shall not affect the validity or enforceability of any other provision. In the event that any particular provision is found to be invalid or unenforceable, the parties will negotiate in good faith to replace such provision with a valid and
enforceable provision that approximates as closely as possible the intent of the parties as reflected in the original provision. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">12.5
Waiver. Any delay or failure on the part of either party to enforce its rights hereunder to which it may be entitled shall not be construed as a waiver of the right and privilege to do so at any subsequent time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">12.6 Binding Agreement. The provisions of this Agreement will be binding upon and inure to the benefit of the parties and their respective
subsidiaries, related and affiliated companies, and agents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">12.7 Counterparts. This Agreement shall be executed in counterparts, each of
which shall be deemed to be an original. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">12.8 Section Headings. Any section headings herein are for convenience only and shall not be
considered in the interpretation of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">12.9 Bankruptcy. The parties hereto acknowledge and accept the provisions of 11
U.S.C. Section&nbsp;365(n) governing the rights of licensees in the event of a licensor&#146;s bankruptcy. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">12.10 Further Assurances. Each party agrees to provide such further assurances and execute
such additional documents as may be reasonably requested by the other in furtherance of the purpose and terms of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN
WITNESS WHEREOF, Continental and COPA, appearing through their duly authorized representatives, having executed this instrument to be effective as of the date first above written. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">CONTINENTAL AIRLINES, INC.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">COMPANIA PANAMENA DE AVIACION, S.A.</TD></TR>
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<TD HEIGHT="16" COLSPAN="4"></TD></TR>
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<TD VALIGN="bottom" COLSPAN="3">By:&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">By:&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">Title:<U></U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:<U></U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SCHEDULE 1 </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CONTINENTAL MARKS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BUSINESSFIRST </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CONTINENTAL </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CONTINENTAL AIRLINES </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CONTINENTAL CARGO </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CONTINENTAL VACATIONS </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ONEPASS </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PRESIDENTS CLUB </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PRESTIGE PACKS </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">QUICKPAK </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">REWARDONE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WORK HARD. FLY RIGHT. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WORLD OF THANKS </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CONTINENTAL MARKS </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CONTINENTAL&#146;S GLOBE LOGO (DESIGN) IN COLOR </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CONTINENTAL&#146;S GLOBE LOGO (DESIGN) IN BLACK&nbsp;&amp; WHITE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CONTINENTAL&nbsp;&amp; DESIGN </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">e.g.: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(CONTINENTAL AIRLINES LOGO) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule 1-1 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SCHEDULE 1 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CONTINENTAL MARKS </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CONTINENTAL
AIRLINES </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#147;AIRCRAFT LIVERY&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule 1-2 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SCHEDULE 2 </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COPA MARKS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPAAIR.COM </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPAAIR.COM ENTRA, AHORRA Y GANA </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA AIRLINES </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA AIRLINES BUSINESS REWARDS </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA AIRLINES CLASE EJECUTIVA </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA CONVENCIONES </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA CONVENTION </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA AIRLINES CONVENTION </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPAPASS </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPACLUB </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA CARGO </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA AIRLINES CARGO </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA AIRLINES PRIORITY CARGO </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA COURIER </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA AIRLINES CORPORATE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA VACACIONES </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA VACATIONS </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA AIRLINES VACATIONS </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">E-RRESISTIBLES </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">VOLANDITO </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">LA FORMA MAS DIRECTA DE CONECTARSE CON AMERICA </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">LA GRAN LINEA
AEREA DE PANAMA </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE AIRLINE OF PANAMA </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">HUB OF THE AMERICAS
&#150; PANAMA </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">HUB DE LAS AMERICAS </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PANORAMA DE LAS AMERICAS
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3-prong beige streak design </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA AND DESIGN </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">e.g.: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule 1-2 </P>
</DIV></Center>

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<DOCUMENT>
<TYPE>EX-4.14
<SEQUENCE>16
<FILENAME>d128959dex414.htm
<DESCRIPTION>EX-4.14
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.14</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 4.14 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TREATS AS PRIVATE OR CONFIDENTIAL </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Supplemental Agreement No.&nbsp;11 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Purchase Agreement
No.&nbsp;2191 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">between </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The
Boeing Company </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COPA
Holdings, S.A., Inc. Relating to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Boeing Model 737 Aircraft </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">THIS SUPPLEMENTAL AGREEMENT entered into as of August 30, 2006 by and between THE BOEING COMPANY, a Delaware corporation with its principal
office in Seattle, Washington, (Boeing) and COPA HOLDINGS, S.A., INC. (Customer); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, the parties hereto entered into Purchase
Agreement No.&nbsp;2191 dated November 25, 1998 (the Agreement), as amended and supplemented, relating to Boeing Model 737-7V3 and 737-8V3 aircraft (the Aircraft); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, Customer and Boeing have come to agreement on the **Material Redacted** and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, Boeing and Buyer have mutually agreed to amend the Agreement to incorporate the effect of these and certain other changes; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties agree to amend the Agreement as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Table of Contents, Tables and Exhibits</U>: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Remove and replace, in its entirety the &#147;<U>Table of Contents</U>&#148;, with the &#147;<U>Table of
Contents</U>&#148; attached hereto and hereby made a part of the Agreement, to reflect the changes made by this Supplemental Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Table 1-4 entitled &#147;<U>Aircraft Information Table for Model 737- 7V3 Aircraft</U> &#148; is attached
hereto to reflect the deletion of the November 2007 737-7V3 aircraft from this table. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Table 1-5 entitled &#147;<U>Aircraft Information Table for Model 737- 8V3 Aircraft</U> &#148; is attached
hereto to reflect the addition of the November 2007 737-8V3 aircraft to this table. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Page 1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 10</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 4.14 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Letter Agreements</U>: No. 6-1162-LAJ-982R3, entitled &#147;<U>Special Matters</U>&#148; Article 14 has been
updated to correct various manufacturer&#146;s serial numbers and to include our agreement on **Material Redacted** for certain future aircraft. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Purchase Agreement will be deemed to be supplemented to the extent herein provided as of the date hereof and as so supplemented will continue in full
force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing and Customer have each caused this Supplemental Agreement to be duly executed as of the day and year first written above. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center">THE BOEING COMPANY</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center">COPA HOLDINGS, S.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Its:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Attorney-In-Fact</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP>Its:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Chief Executive Officer</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Page 2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 10</TD></TR></TABLE>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 4.14 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="81%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><U>ARTICLES</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman"><U></U></P></TD>
<TD VALIGN="top" ALIGN="center">SA<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>NUMBER</U></P></TD>
<TD NOWRAP VALIGN="top">&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">1.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Quantity, Model and Description</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">2.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Delivery Schedule</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">3.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Price</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">4.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">5.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miscellaneous</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>TABLE</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">1-1</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft Information Table for Model 737-7V3 Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA 4</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">1-2</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft Information Table for Model 737-8V3 Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA 5</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">1-3</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft Information Table for Model 737-7V3 Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA 7</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">1-4</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft Information Table for Model 737-7V3 Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA 11</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">1-5</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft Information Table for Model 737-8V3 Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA 11</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>EXHIBIT</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">A-1</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft Configuration for Model 737-7V3 Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">A-2</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft Configuration for Model 737-8V3 Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">B.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft Delivery Requirements and Responsibilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman; "><U>SUPPLEMENTAL EXHIBITS</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">AE1.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Escalation Adjustment Airframe and Optional Features</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA 10</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">BFE1.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BFE Variables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">CS1.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Customer Support Variables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">EE1.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Engine Escalation/Engine Warranty and Patent Indemnity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">SLP1.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Service Life Policy Components</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 10</TD></TR></TABLE>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 4.14 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="74%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman; "><U>LETTER AGREEMENTS</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="white-space:nowrap">2191-01</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Demonstration Flight Waiver</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="white-space:nowrap">2191-02</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Escalation Sharing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="white-space:nowrap">2191-03</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Seller Purchased Equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman; "><U>RESTRICTED LETTER AGREEMENTS</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN&nbsp;-0123</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Performance Guarantees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN&nbsp;-0124</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN&nbsp;-0155</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Airframe Escalation Revision</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN&nbsp;-0156</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Year 2000 Ready Software, Hardware and Firmware</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN&nbsp;-0157</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miscellaneous Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-MJB-0017</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-MJB-0030</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-874R</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">SA&nbsp;5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-874R1</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">SA 6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-874R2</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">SA 7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-982</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">SA 8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-982R3</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">SA&nbsp;11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-RLL-3852</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">737-800 Performance Guarantees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">SA 9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="42%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="39%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>SUPPLEMENTAL AGREEMENTS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>&nbsp;</B></TD>
<TD VALIGN="top" ALIGN="right"><B>DATED&nbsp;AS&nbsp;OF:</B></TD>
<TD NOWRAP VALIGN="top"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">June 29, 2001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December&nbsp;21,&nbsp;2001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">June 14, 2002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December 20, 1002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">October 31, 2003</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 6</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">September 9, 2004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 7</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December 9, 2004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 8</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">April 15, 2005</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 9</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">March 16, 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">May 8, 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">August , 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 10</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-4 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Delivery, Description, Price and Advance Payments </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="30%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Detail&nbsp;Specification:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">D6-38808-42-1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">4th&nbsp;Qtr&nbsp;2004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Model/MTOW:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">737-700</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">154,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">(4/30/2004)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">Forecast (F)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Model:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center"><FONT STYLE="white-space:nowrap">CFM56&nbsp;-7B22</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ROWSPAN="2"><B>Airframe Price:</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD ROWSPAN="2" VALIGN="bottom"></TD>
<TD ROWSPAN="2" VALIGN="bottom"></TD>
<TD ROWSPAN="2" VALIGN="bottom"></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD ROWSPAN="2" NOWRAP VALIGN="top">&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman"></P></TD>
<TD ROWSPAN="2" NOWRAP VALIGN="top" ALIGN="right">**Material<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Redacted**</P></TD>
<TD ROWSPAN="2" NOWRAP VALIGN="top">&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Airframe Price Base Year/Escalation Formula:</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Engine Price Base Year/Escalation</B> <B>Formula:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman"></P></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">Jul-04<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">N/A</P></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman"></P></TD>
<TD NOWRAP VALIGN="bottom">ECI-MFG/CPI<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">N/A</P></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP><B><U>Airframe Escalation Data:</U></B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD ROWSPAN="2" VALIGN="bottom"></TD>
<TD ROWSPAN="2" VALIGN="bottom"></TD>
<TD ROWSPAN="2" VALIGN="bottom"></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD ROWSPAN="2" VALIGN="bottom"></TD>
<TD ROWSPAN="2" VALIGN="bottom"></TD>
<TD ROWSPAN="2" VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Optional Features:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material<BR>Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"><B>Sub-Total of Airframe and Features:</B></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman"><B></B>&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Base Year Index (ECI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Price (Per Aircraft):</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Base Year Index (CPI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman"><B></B>&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material<BR>Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Buyer Furnished Equipment</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>(BFE) Estimate:</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman"><B></B>&nbsp;</P>
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman"><B></B>&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material<BR>Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Seller Purchased Equipment</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>(SPE) Estimate:</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman"><B></B>&nbsp;</P>
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman"><B></B>&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material<BR>Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"><B>Refundable Deposit/Aircraft at Proposal</B> <B>Accept:</B></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman"><B></B><B></B>&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material<BR>Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="17%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="7%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Delivery</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation<BR>Factor<BR>(Airframe)</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Manufacturer<BR>Serial<BR>Number</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Estimate<BR>Adv&nbsp;Payment</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Base</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Price Per</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>A/P</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Advance Payment Per Aircraft<BR>Amts. Due/Mos.
Prior to Delivery):</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>At Signing</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>1%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>24 Mos.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>4%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>21/18/12/9/6</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Mos.</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>5%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Total</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>30%</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Total:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">COP&nbsp;&#151;&nbsp;SA 11</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Nov 07 &#151; Sub from -700 to a -800</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Boeing Proprietary</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Page&nbsp;1</TD></TR></TABLE>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-5 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Delivery, Description, Price and Advance Payments </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD></TD>
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<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Model/MTOW:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="center">737-8V3</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;<BR></TD>
<TD NOWRAP VALIGN="top" ALIGN="center">174,200<BR>pounds</TD>
<TD NOWRAP VALIGN="top">&nbsp;<BR>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><B>Detail Specification:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;<BR></TD>
<TD NOWRAP VALIGN="top" ALIGN="center">D6-38808-1&nbsp;Rev&nbsp;C,<BR><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">dated&nbsp;5-4-05</FONT></FONT></TD>
<TD NOWRAP VALIGN="top">&nbsp;<BR>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;<BR></TD>
<TD NOWRAP VALIGN="top">4th&nbsp;Qtr&nbsp;2005<BR>Forecast&nbsp;(F)</TD>
<TD NOWRAP VALIGN="top">&nbsp;<BR>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Model/Thrust:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="center"><FONT STYLE="white-space:nowrap">CFM56&nbsp;-7B26</FONT></TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;<BR></TD>
<TD NOWRAP VALIGN="top" ALIGN="center">26,400<BR>pounds</TD>
<TD NOWRAP VALIGN="top">&nbsp;<BR>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><B>Airframe Price Base</B> <B>Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="center">Jul-04</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top">ECI-MFG/CPI</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Price:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;<BR></TD>
<TD NOWRAP VALIGN="top" ALIGN="right">**Material<BR>Redacted**</TD>
<TD NOWRAP VALIGN="top">&nbsp;<BR>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><B>Engine Price Base Year/Escalation</B> <B>Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="center">N/A</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top">N/A</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Optional Features:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;<BR></TD>
<TD NOWRAP VALIGN="top" ALIGN="right">**Material<BR>Redacted**</TD>
<TD NOWRAP VALIGN="top">&nbsp;<BR>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B></B><U><B>Airframe Escalation Data:</B></U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"><B>Sub-Total of Airframe and Features:</B></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman"><B></B>&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Base Year Index (ECI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Price (Per Aircraft):</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Base Year Index (CPI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman"><B></B>&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material<BR>Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Buyer Furnished Equipment</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>(BFE) Estimate:</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman"><B></B>&nbsp;</P>
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman"><B></B>&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material<BR>Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Seller Purchased Equipment</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>(SPE) Estimate:</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman"><B></B>&nbsp;</P>
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman"><B></B>&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material<BR>Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"><B>Refundable Deposit/Aircraft at Proposal</B> <B>Accept:</B></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman"><B></B><B></B>&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material<BR>Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Delivery</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation Factor<BR>(Airframe)</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Manufacturer<BR>Serial Number</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Estimate<BR>Adv&nbsp;Payment</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Base</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Price Per</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>A/P</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Advance Payment Per Aircraft<BR>Amts. Due/Mos.
Prior to Delivery):</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>At Signing</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>1%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>24 Mos.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>4%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>21/18/12/9/6</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Mos.</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>5%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Total</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>30%</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Total:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="top">COP&nbsp;&#151;&nbsp;SA 11</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Nov 07 &#151; Sub from -700 to a -800</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Boeing Proprietary</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Page&nbsp;2</TD></TR></TABLE>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:49%; font-size:10pt; font-family:Times New Roman"><B>The Boeing Company </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:49%; font-size:10pt; font-family:Times New Roman">P.O. Box 3707 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:49%; font-size:10pt; font-family:Times New Roman">Seattle, WA
98124-2207 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<IMG SRC="g128959g0421074114252.jpg" ALT="LOGO">
</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-982R3</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Apartado 1572</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Avenida Justo Arosemena y Calle 39</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Panama 1, Panama</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5.00em; text-indent:-5.00em; font-size:10pt; font-family:Times New Roman">Subject:&#8195;&#8194;&#8201;Special Matters</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5.00em; text-indent:-5.00em; font-size:10pt; font-family:Times New Roman">Reference:&#8194;&#8202;Purchase Agreement
No.&nbsp;2191 (the Purchase Agreement) between The Boeing Company (Boeing) and COPA HOLDINGS, S.A. (Customer) relating to Model 737 aircraft (the Aircraft)</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Letter Agreement amends and supplements the Purchase Agreement. This Letter Agreement supersedes and replaces in its entirety Letter Agreement
6-1162-MJB-0017. All terms used but not defined in this Letter Agreement have the same meaning as in the Purchase Agreement. In consideration of the Aircraft orders, Boeing provides the following to Customer.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">1.&#8195;&#8201;**Material Redacted**</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">2.&#8195;&#8201;**Material Redacted**</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">3.&#8195;&#8201;**Material Redacted**</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">4.&#8195;&#8201;**Material Redacted**.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">5.&#8195;&#8201;**Material Redacted**</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">6.&#8195;&#8201;**Material Redacted**</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">7.&#8195;&#8201;**Material Redacted**</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">8.&#8195;&#8201;**Material Redacted**</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">9.&#8195;&#8201;**Material Redacted**</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">10.&#8194;&#8201;**Material Redacted**</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">11.&#8194;&#8201;**Material
Redacted**</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top">PA 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA 11</TD></TR></TABLE>

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<IMG SRC="g128959g0421074114252.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">12.&#8194;&#8201;**Material Redacted**</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">13.&#8194;&#8201;**Material Redacted**</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">14.&#8194;&#8201;**Material Redacted**</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">15.&#8194;&#8201;**Material Redacted**</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">16.&#8194;&#8201;**Material Redacted**</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">17.&#8194;&#8201;<U>Confidentiality</U>. Customer
understands that certain commercial and financial information contained in this Letter Agreement are considered by Boeing as confidential. Customer agrees that it will treat this Letter Agreement and the information contained herein as confidential
and will not, without the prior written consent of Boeing, disclose this Letter Agreement or any information contained herein to any other person or entity.</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">ACCEPTED&nbsp;AND&nbsp;AGREED&nbsp;TO&nbsp;this</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> , 2006</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE BOEING COMPANY</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">**Material Redacted**</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Attorney-In-Fact&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">COPA HOLDINGS, S.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>Chief Executive Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top">PA 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA 11</TD></TR></TABLE>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.15
<SEQUENCE>17
<FILENAME>d128959dex415.htm
<DESCRIPTION>EX-4.15
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.15</TITLE>
</HEAD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 4.15 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TREATS AS PRIVATE OR CONFIDENTIAL </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Supplemental Agreement No.&nbsp;12 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Purchase Agreement
No.&nbsp;2191 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">between </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The
Boeing Company </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COPA
Holdings, S.A., Inc. Relating to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Boeing Model 737 Aircraft </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">THIS SUPPLEMENTAL AGREEMENT entered into as of Feb 26, 2007 by and between THE BOEING COMPANY, a Delaware corporation with its principal
office in Seattle, Washington, (Boeing) and COPA HOLDINGS, S.A., INC. (Customer); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, the parties hereto entered into Purchase
Agreement No.&nbsp;2191 dated November 25, 1998 (the Agreement), as amended and supplemented, relating to Boeing Model 737-7V3 and 737-8V3 aircraft (the Aircraft); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, Customer and Boeing have come to agreement on the **Material Redacted** and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, Boeing and Buyer have mutually agreed to amend the Agreement to incorporate the effect of these and certain other changes; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties agree to amend the Agreement as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Table of Contents and Tables</U>: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Remove and replace, in its entirety the &#147;<U>Table of Contents</U>&#148;, with the &#147;<U>Table of
Contents</U>&#148; attached hereto and hereby made a part of the Agreement, to reflect the changes made by this Supplemental Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Table 1-4 entitled &#147;<U>Aircraft Information Table for Model 737- 7V3 Aircraft</U> &#148; is attached
hereto to reflect the deletion of the May 2008 737-7V3 aircraft from this table. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Table 1-5 entitled &#147;<U>Aircraft Information Table for Model 737- 8V3 Aircraft</U> &#148; is attached
hereto to reflect the addition of the May 2008 737-8V3 aircraft to this table. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Purchase Agreement will be deemed to be supplemented
to the extent herein provided as of the date hereof and as so supplemented will continue in full force and effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PA No.&nbsp;2191</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page&nbsp;1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">SA&nbsp;No.&nbsp;12</TD></TR></TABLE>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing and Customer have each caused this Supplemental Agreement to be duly executed as of the day and year
first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="43%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">THE BOEING COMPANY</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">COPA HOLDINGS, S.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Its:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Attorney-In-Fact</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Its:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Chief Executive Officer</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PA No.&nbsp;2191</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page&nbsp;2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">SA&nbsp;No.&nbsp;12</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="82%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>ARTICLES</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR><U></U></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">SA<BR><U>NUMBER</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1.&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Quantity, Model and Description</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2.&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Delivery Schedule</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">3.&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Price</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">4.&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Payment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">5.&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Miscellaneous</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>TABLE</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1-1&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737 - 7V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1-2&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737 - 8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1-3&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737 - 7V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1-4&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737 - 7V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1-5&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737 - 8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>EXHIBIT</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Configuration for Model 737 - 7V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Configuration for Model 737 - 8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">B.&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Delivery Requirements and Responsibilities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>SUPPLEMENTAL EXHIBITS</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">AE1.&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Escalation Adjustment Airframe and Optional Features</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">BFE1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>BFE Variables</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">CS1.&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Customer Support Variables</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">EE1.&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Engine Escalation/Engine Warranty and Patent Indemnity</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">SLP1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Service Life Policy Components</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">SA&nbsp;No.&nbsp;12</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="65%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>LETTER AGREEMENTS</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2191-01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Demonstration Flight Waiver</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2191-02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Escalation Sharing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2191-03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Seller Purchased Equipment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>RESTRICTED LETTER AGREEMENTS</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN&nbsp;
-0123</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Performance Guarantees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-DAN -0124</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-DAN -0155</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Airframe Escalation Revision</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-DAN -0156</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Year 2000 Ready Software, Hardware and Firmware</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-DAN -0157</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Miscellaneous Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-MJB-0017&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-MJB-0030&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-LAJ-874R&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-LAJ-874R1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-LAJ-874R2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-LAJ-982&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-LAJ-982R3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-RLL-3852&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>737-800 Performance Guarantees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>SUPPLEMENTAL AGREEMENTS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>DATED&nbsp;AS&nbsp;OF:</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">June 29, 2001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December 21, 2001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">June 14, 2002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December&nbsp;20,&nbsp;1002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">October 31, 2003</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;6</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">September 9, 2004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;7</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December 9, 2004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;8</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">April 15, 2005</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;9</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">March 16, 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">May 8, 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U></U>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">August <U>&nbsp;30</U> , 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;12</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U></U>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">SA&nbsp;No.&nbsp;12</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-4 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Information Table for Model 737-7V3 Aircraft </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Delivery, Description, Price and Advance Payments </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="41%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="33%"></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Airframe Model/MTOW:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">737-700</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">154,500</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Engine Model:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center"><FONT STYLE="white-space:nowrap">CFM56&nbsp;-7B22</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Airframe Price:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material&nbsp;Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Optional&nbsp;Features:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Sub-Total&nbsp;of&nbsp;Airframe and Features:</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Engine Price (Per Aircraft):</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Buyer Furnished Equipment (BFE) Estimate:</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Seller Purchased Equipment (SPE) Estimate:</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Refundable Deposit/Aircraft at Proposal Accept:</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
</TABLE> </DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="58%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="16%"></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"><B>Detail&nbsp;Specification:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">D6-38808-42-1</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">(4/30/2004)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"><B>Airframe Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Jul-04</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>ECI-MFG/CPI</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"><B>Engine Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">N/A</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>N/A</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" COLSPAN="3" NOWRAP><B>Airframe Escalation Data:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"><B>Base Year Index (ECI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>**Material&nbsp;Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"><B>Base Year Index (CPI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>**Material Redacted**</TD></TR>
</TABLE> </div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="24%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP ALIGN="center">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Delivery<BR>Date</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number of<BR>Aircraft</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>&nbsp;&nbsp;&nbsp;&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;<BR>Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Factor<BR>(Airframe)</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Manufacturer<BR>Serial&nbsp;Number</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">**Material</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">**Material</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD></TR>
</TABLE> </DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="18%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="16%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation<BR>Estimate<BR>Adv&nbsp;Payment</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Base<BR>Price&nbsp;Per&nbsp;A/P</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Advance Payment Per Aircraft<BR>(Amts. Due/Mos.
Prior to Delivery):</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>At Signing<BR>1%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>24 Mos.<BR>4%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>21/18/12/9/6</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Mos.<BR>5%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Total<BR>30%</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD></TR>
</TABLE> </div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Total:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>COP &#151; SA 12</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">May 08 &#151; Sub from -700 to a -800</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Boeing Proprietary</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Page&nbsp;1</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-5 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Information Table for Model 737-8V3 Aircraft </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Delivery, Description, Price and Advance Payments </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="41%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="33%"></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Airframe Model/MTOW:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">37-8V3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">174,200 pounds</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Engine Model/Thrust:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center"><FONT STYLE="white-space:nowrap">CFM56&nbsp;-7B26</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">26,400 pounds</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Airframe Price:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material&nbsp;Redacted**</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Optional&nbsp;Features:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Sub-Total&nbsp;of&nbsp;Airframe and Features:</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Engine Price (Per Aircraft):</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Buyer Furnished Equipment (BFE) Estimate:</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Seller Purchased Equipment (SPE) Estimate:</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Refundable Deposit/Aircraft at Proposal Accept:</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
</TABLE> </DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="52%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="14%"></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"><B>Detail&nbsp;Specification:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">D6-38808-1&nbsp;Rev&nbsp;C,</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">dated 5-4-05</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B>Airframe Price Base</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman"><B>Year/Escalation
Formula:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Jul-04</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">ECI-MFG/CPI</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"><B>Engine Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>N/A</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" COLSPAN="3" NOWRAP><B><U>Airframe Escalation Data:</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"><B>Base Year Index (ECI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>**Material&nbsp;Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"><B>Base Year Index (CPI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>**Material Redacted**</TD></TR>
</TABLE> </div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="24%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP ALIGN="center">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Delivery<BR>Date</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number of<BR>Aircraft</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>&nbsp;&nbsp;&nbsp;&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;<BR>Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Factor<BR>(Airframe)</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Manufacturer<BR>Serial&nbsp;Number</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">**Material</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">1.1101</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">35068</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">**Material</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">**Material</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">**Material</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD></TR>
</TABLE> </DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="17%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation<BR>Estimate<BR>Adv&nbsp;Payment</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Base<BR>Price&nbsp;Per&nbsp;A/P</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Advance Payment Per Aircraft<BR>(Amts. Due/Mos.
Prior to Delivery):</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>At Signing<BR>1%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>24 Mos.<BR>4%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>21/18/12/9/6</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Mos.<BR>5%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Total<BR>30%</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" NOWRAP ALIGN="right">$71,479,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">$624,790</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">$2,859,160</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">$3,573,950</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">$21,443,700</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">$ 629,620</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD></TR>
</TABLE> </div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Total:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COP &#151; SA 12</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">44193-May 08 Sub to
-700 to a -800</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Proprietary</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Page&nbsp;1</TD></TR></TABLE>

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<TYPE>EX-4.16
<SEQUENCE>18
<FILENAME>d128959dex416.htm
<DESCRIPTION>EX-4.16
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 4.16 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TREATS AS PRIVATE OR CONFIDENTIAL </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Supplemental Agreement No.&nbsp;13 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Purchase Agreement
No.&nbsp;2191 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">between </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The
Boeing Company </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COPA
Holdings, S.A., Inc. Relating to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Boeing Model 737 Aircraft </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">THIS SUPPLEMENTAL AGREEMENT entered into as of April 23, 2007 by and between THE BOEING COMPANY, a Delaware corporation with its principal
office in Seattle, Washington, (Boeing) and COPA HOLDINGS, S.A., INC. (Customer); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, the parties hereto entered into Purchase
Agreement No.&nbsp;2191 dated November 25, 1998 (the Agreement), as amended and supplemented, relating to Boeing Model 737-7V3 and 737-8V3 aircraft (the Aircraft); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, Customer and Boeing have come to agreement on the **Material Redacted** and **Material Redacted** and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, Boeing and Buyer have mutually agreed to amend the Agreement to incorporate the effect of these and certain other changes; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties agree to amend the Agreement as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Table of Contents, Tables and Letter Agreements</U>: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Remove and replace, in its entirety the &#147;<U>Table of Contents</U>&#148;, with the &#147;<U>Table of
Contents</U>&#148; attached hereto and hereby made a part of the Agreement, to reflect the changes made by this Supplemental Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Table 1-4 entitled &#147;<U>Aircraft Information Table for Model 737- 7V3 Aircraft</U> &#148; is attached
hereto to reflect the **Material Redacted** for the **Material Redacted** 737-7V3 Aircraft. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Table 1-5 entitled &#147;<U>Aircraft Information Table for Model 737- 8V3 Aircraft</U> &#148; is attached
hereto to reflect the **Material Redacted** 737-8V3 Aircraft. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PA No.&nbsp;2191</P> <P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page&nbsp;1</P>
<P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA&nbsp;No.&nbsp;13</P>
<P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Table 1-6 entitled &#147;<U>Aircraft Information Table for Model 737- 8V3 Aircraft</U> &#148; is attached
hereto to reflect the scheduled delivery months for the 737-8V3 Aircraft of **Material Redacted** </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Table 1-7 entitled &#147;<U>RLL- 3958 &#151;Option Aircraft &#151; Aircraft Information Table for Model 737-
8V3 Aircraft</U> &#148; is attached hereto to reflect the scheduled delivery months for the 737-8V3 Option Aircraft of **Material Redacted**. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Letter Agreement No. 6-1162-LAJ-982R4 entitled &#147;Special Matters&#148; to include a revision to Article 6
entitled **Material Redacted** and &#147;<U>Confidentiality</U>&#148;. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Letter Agreement No. 6-1162-RLL-3958 entitled &#147;<U>Option Aircraft</U> &#148; is attached hereto and hereby
made a part of the Agreement. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Purchase Agreement will be deemed to be supplemented to the extent herein provided as of the date
hereof and as so supplemented will continue in full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing and Customer have each caused this Supplemental Agreement to be duly
executed as of the day and year first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">THE BOEING COMPANY</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">COPA HOLDINGS, S.A.</TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Its:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Attorney-In-Fact</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP>Its:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Chief Executive Officer</P></TD></TR>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page&nbsp;2</P></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="right">SA&nbsp;No.&nbsp;13</TD></TR></TABLE>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>ARTICLES</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR><U></U></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">SA<BR><U>NUMBER</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1.&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Quantity, Model and Description</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2.&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Delivery Schedule</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
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<TD HEIGHT="16"></TD>
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<TD HEIGHT="16" COLSPAN="4"></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">3.&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Price</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">4.&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Payment SA 3</TD>
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<TD VALIGN="bottom"></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">5.&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Miscellaneous</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="top" COLSPAN="3" STYLE="padding-bottom:12pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>TABLE</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1-1&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-7V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1-2&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1-3&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-7V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1-4&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-7V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1-5&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1-6&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1-7&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Option Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" STYLE="padding-bottom:12pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>EXHIBIT</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Configuration for Model 737-7V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Configuration for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">B.&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Delivery Requirements and Responsibilities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" STYLE="padding-bottom:12pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>SUPPLEMENTAL EXHIBITS</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">AE1.&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Escalation Adjustment Airframe and Optional Features</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">BFE1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>BFE Variables</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">CS1.&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Customer Support Variables</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">EE1.&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Engine Escalation/Engine Warranty and Patent Indemnity</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">SLP1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Service Life Policy Components</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">SA&nbsp;No.&nbsp;13</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="65%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>LETTER AGREEMENTS</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2191-01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Demonstration Flight Waiver</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2191-02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Escalation Sharing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2191-03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Seller Purchased Equipment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>RESTRICTED LETTER AGREEMENTS</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN&nbsp;
-0123</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Performance Guarantees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-DAN -0124</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-DAN -0155</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Airframe Escalation Revision</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-DAN -0156</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Year 2000 Ready Software, Hardware and Firmware</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-DAN -0157</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Miscellaneous Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-MJB-0017&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-MJB-0030&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-LAJ-874R&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-LAJ-874R1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-LAJ-874R2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-LAJ-982&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-LAJ-982R3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-RLL-3852&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>737-800 Performance Guarantees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-LAJ-982R4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-RLL-3958</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>737-8V3 Option Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" STYLE="padding-bottom:12pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>SUPPLEMENTAL AGREEMENTS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:12pt ;"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:12pt ;" ALIGN="right"><B>DATED&nbsp;AS&nbsp;OF:</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:12pt ;"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">June 29, 2001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December 21, 2001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">June 14, 2002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December&nbsp;20,&nbsp;1002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">October 31, 2003</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;6</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">September 9, 2004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;7</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December 9, 2004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;8</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">April 15, 2005</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;9</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">March 16, 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">May 8, 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">August 30, 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;12</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">February 26, 2007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;13</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U></U>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2007</TD>
<TD NOWRAP VALIGN="bottom"><U></U>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">SA&nbsp;No.&nbsp;13</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-4 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Information Table Model 737-7V3 Aircraft </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Delivery, Description, Price and Advance Payments
</B></P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="41%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="33%"></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Airframe Model/MTOW:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">737-700</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">154,500</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Engine Model:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="center"><FONT STYLE="white-space:nowrap">CFM56&nbsp;-7B22</FONT></TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Airframe Price:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material&nbsp;Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Optional Features:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Sub-Total of Airframe and Features:</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Engine Price (Per Aircraft):</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Buyer Furnished Equipment (BFE) Estimate:</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Seller Purchased Equipment (SPE) Estimate:</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Refundable Deposit/Aircraft at Proposal Accept:</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
</TABLE> </DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="60%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="20%"></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" NOWRAP><B>Detail&nbsp;Specification:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center">D6-38808-42-1 (4/30/2004)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" NOWRAP><B>Airframe&nbsp;Price&nbsp;Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Jul-04</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>ECI-MFG/CPI</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" NOWRAP><B>Engine&nbsp;Price&nbsp;Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>N/A</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" NOWRAP><B><U>Airframe Escalation Data:</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" NOWRAP><B>Base Year Index (ECI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>**Material&nbsp;Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" NOWRAP><B>Base Year Index (CPI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>**Material&nbsp;Redacted**</TD></TR>
</TABLE> </div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>
 <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="8%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Delivery</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Date</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number&nbsp;of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Factor</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Airframe)</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Manufacturer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Serial&nbsp;Number</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation&nbsp;Estimate</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Adv Payment Base<BR></B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Price
Per A/P</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Advance Payment Per Aircraft (Amts. Due/Mos. Prior
to Delivery):</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>At&nbsp;Signing</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>1%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>24&nbsp;Mos.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>4%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>21/18/12/9/6&nbsp;Mos.<BR></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>5%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Total<BR></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>30%</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">**Material</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">**Material</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Total:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>COP &#151; SA 13</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">44824</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Boeing Proprietary</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Page&nbsp;1</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-5 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Information Table Model 737-8V3 Aircraft </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Delivery, Description, Price and Advance Payments </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="24%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Model/MTOW:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">737-8V3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">174,200 pounds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><B>Detail Specification:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" NOWRAP ALIGN="center">D6-38808-1 Rev C, dated 5-4-05</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Model/Thrust:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="white-space:nowrap">CFM56-7B26</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">26,400 pounds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><B>Airframe Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">Jul-04</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="white-space:nowrap">ECI-MFG/CPI&nbsp;N/A</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Price:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><B>Engine Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">N/A</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Optional Features:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><B>Airframe Escalation Data:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Sub-Total of Airframe and Features:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><B>Base Year Index (ECI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Price (Per Aircraft):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><B>Base Year Index (CPI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Buyer Furnished Equipment (BFE) Estimate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Seller Purchased Equipment (SPE) Estimate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Refundable Deposit/Aircraft at Proposal Accept:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="8%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP ALIGN="center">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Delivery<BR>Date</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number&nbsp;of<BR>Aircraft</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation<BR>Factor<BR>(Airframe)</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Manufacturer<BR>Serial&nbsp;Number</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation&nbsp;Estimate<BR>Adv&nbsp;Payment&nbsp;Base<BR>Price&nbsp;Per&nbsp;A/P</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Advance Payment Per Aircraft (Amts. Due/Mos. Prior
to Delivery):</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>At Signing</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>1%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>24 Mos.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>4%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>21/18/12/9/6&nbsp;Mos.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>5%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Total</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>30%</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>COP &#151; SA 13</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">44824</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Boeing&nbsp;Proprietary</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Page&nbsp;1</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-6 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Information Table for Model 737-8V3 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Delivery, Description, Price and Advance Payments </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Model/MTOW:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">737-8V3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">174,200 pounds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><B>Detail Specification:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" NOWRAP ALIGN="center">D6-38808-1 Rev C, dated 5-4-05</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Model/Thrust:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="white-space:nowrap">CFM56-7B26</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">26,400 pounds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><B>Airframe Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">Jul-06</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">ECI-MFG/CPI</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Price:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><B>Engine Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">N/A</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Optional Features:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><B>Airframe Escalation Data:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Sub-Total of Airframe and Features:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><B>Base Year Index (ECI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Price (Per Aircraft):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><B>Base Year Index (CPI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Buyer Furnished Equipment (BFE) Estimate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Seller Purchased Equipment (SPE) Estimate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Refundable Deposit/Aircraft at Proposal Accept:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="8%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP ALIGN="center">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Delivery<BR>Date</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number&nbsp;of<BR>Aircraft</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation<BR>Factor<BR>(Airframe)</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Manufacturer<BR>Serial&nbsp;Number</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation&nbsp;Estimate<BR>Adv&nbsp;Payment&nbsp;Base<BR>Price&nbsp;Per&nbsp;A/P</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Advance Payment Per Aircraft (Amts. Due/Mos. Prior
to Delivery):</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>At Signing</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>1%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>24 Mos.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>4%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>21/18/12/9/6&nbsp;Mos.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>5%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Total</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>30%</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>COP&nbsp;&#151;&nbsp;SA&nbsp;&#151;&nbsp;13</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">43715</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Boeing&nbsp;Proprietary</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Page&nbsp;1</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The Boeing Company </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">P.O. Box 3707 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Seattle, WA
98124-2207 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="82%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g128959g0421074114252.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-982R4</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Apartado 1572</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Avenida Justo Arosemena y Calle 39</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Panama 1, Panama</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:10pt; font-family:Times New Roman">Subject:&#8195;&#8195;&#8194;&#8201;Special
Matters</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:10pt; font-family:Times New Roman">Reference:&#8195;&#8194;&#8202;Purchase Agreement No.&nbsp;2191 (the Purchase Agreement) between The Boeing Company
(Boeing) and COPA HOLDINGS, S.A. (Customer) relating to Model 737 aircraft (the Aircraft)</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Letter Agreement amends and supplements the Purchase Agreement. This Letter Agreement supersedes and replaces in its entirety Letter Agreement
6-1162-MJB-0017. All terms used but not defined in this Letter Agreement have the same meaning as in the Purchase Agreement. In consideration of the Aircraft orders, Boeing provides the following to Customer.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. **Material Redacted**</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. **Material Redacted**</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. **Material Redacted**</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. **Material Redacted**</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. **Material Redacted**</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. **Material Redacted**</P>
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<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8. **Material Redacted**</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9. **Material Redacted**</P>
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Redacted**</P></TD></TR></TABLE> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2</P> <P STYLE="font-size:48pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">13. **Material Redacted**</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">14. **Material Redacted**</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18. **Material Redacted**</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">19. **Material Redacted**</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3</P> <P STYLE="font-size:48pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">ACCEPTED AND AGREED TO this</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Date:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;, 2007</TD></TR>
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<TD VALIGN="bottom" NOWRAP>THE BOEING COMPANY</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Material Redacted**</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>By&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
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<TD VALIGN="bottom" NOWRAP>Its&nbsp;&nbsp;&nbsp;&nbsp;<U>Attorney-In-Fact&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
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<TD VALIGN="bottom" NOWRAP>COPA HOLDINGS, S.A.</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>By&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
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<TD VALIGN="bottom" NOWRAP>Its&nbsp;&nbsp;&nbsp;&nbsp;<U>Chief Executive
Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;</U></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The Boeing Company </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">P.O. Box 3707 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Seattle, WA
98124-2207 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-RLL-3958</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Apartado 1572</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Avenida Justo Arosemena y Calle 39</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Panama 1, Panama</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:10pt; font-family:Times New Roman">Subject:&#8195;&#8195;&#8194;&#8201;Option
Aircrraft</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-6.00em; font-size:10pt; font-family:Times New Roman">Reference:&#8195;&#8194;&#8202;Purchase Agreement No.&nbsp;2191 (the Purchase Agreement) between The Boeing Company
(Boeing) and COPA HOLDINGS, S.A. (Customer) relating to Model 737 aircraft (the Aircraft)</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Letter Agreement amends the Purchase Agreement. All terms used but not defined in this Letter Agreement have the same meaning as in the Purchase
Agreement.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing agrees to manufacture and sell to Customer additional Model 737
aircraft as <B>Option Aircraft</B>. The delivery months, number of aircraft, Advance Payment Base Price per aircraft and advance payment schedule are listed in Table 1-7 to this Letter Agreement. The Airframe Price shown includes the Engine
Price.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. &nbsp;&nbsp;&nbsp;&nbsp;<U>Aircraft Description and Changes</U></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">**Material Redacted**</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. &nbsp;&nbsp;&nbsp;&nbsp;<U>Price</U></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">**Material Redacted**</P></TD></TR>
</TABLE>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2</P> <P STYLE="font-size:48pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">2.2 <U>Price Adjustments</U>.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">** Material Redacted**</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. &nbsp;&nbsp;&nbsp;&nbsp;<U>Payment</U>.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">3.1 Customer will pay a deposit to Boeing in the amount shown in Table 1-7 for each Option Aircraft (Deposit), on the date of this Letter
Agreement. If Customer exercises an option, the Deposit will be credited against the first advance payment due. If Customer does not exercise an option, Boeing will retain the Deposit for that Option Aircraft.</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">3.2 Following option exercise, advance payments in the amounts and
at the times listed in Table 1-7 will be payable for the Option Aircraft. The remainder of the Aircraft Price for the Option Aircraft will be paid at the time of delivery.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp; <U>Option Exercise</U>.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">**Material Redacted**</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp; <U>Contract Terms</U>.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Boeing and Customer will promptly confirm Customer&#146;s exercise of its rights in respect to an Option Aircraft by entering into a
definitive agreement for the purchase of an Option Aircraft, including the terms and conditions contained in this Letter Agreement, in the Purchase Agreement, and other terms and conditions as may be agreed upon. **Material Redacted**</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ACCEPTED AND AGREED TO this</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Date:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2007</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>PA&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">SA&nbsp;13</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="79%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ROWSPAN="2"> <P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em">


<IMG SRC="g128959g0421124605483.jpg" ALT="LOGO">
</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3</P> <P STYLE="font-size:48pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">By&nbsp;&nbsp;&nbsp;&nbsp;<U>**Material
Redacted**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Its&nbsp;&nbsp;&nbsp;&nbsp;<U>Attorney-In-Fact</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>COPA HOLDINGS, S.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>By&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Its&nbsp;&nbsp;&nbsp;&nbsp;<U>Chief Executive Officer
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Attachment &#151; Table 1-7</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-7 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RLL-3958 &#151; Option Aircraft </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Information Table for Model 737-8V3 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Delivery, Description, Price and Advance Payments </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Model/MTOW:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">737-8V3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">174,200 pounds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><B>Detail Specification:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" NOWRAP ALIGN="center">D6-38808-1 Rev C, dated 5-4-05</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Model/Thrust:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="white-space:nowrap">CFM56-7B26</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">26,400 pounds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><B>Airframe Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">Jul-06</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">ECI-MFG/CPI</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Price:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><B>Engine Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">N/A</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Optional Features:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><B>Airframe Escalation Data:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Sub-Total of Airframe and Features:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><B>Base Year Index (ECI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Price (Per Aircraft):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><B>Base Year Index (CPI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Buyer Furnished Equipment (BFE) Estimate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Seller Purchased Equipment (SPE) Estimate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Refundable Deposit/Aircraft at Proposal Accept:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="8%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP ALIGN="center">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Delivery<BR>Date</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number&nbsp;of<BR>Aircraft</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation<BR>Factor<BR>(Airframe)</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Manufacturer<BR>Serial&nbsp;Number</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation&nbsp;Estimate<BR>Adv&nbsp;Payment&nbsp;Base<BR>Price&nbsp;Per&nbsp;A/P</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Advance Payment Per Aircraft (Amts. Due/Mos. Prior
to Delivery):</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>At Signing</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>1%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>24 Mos.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>4%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>21/18/12/9/6&nbsp;Mos.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>5%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Total</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>30%</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">3&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="top" NOWRAP>COP&nbsp;&#151;&nbsp;SA&nbsp;&#151;&nbsp;13</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top">43715</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Boeing&nbsp;Proprietary</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Page&nbsp;1</TD></TR></TABLE>

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<DOCUMENT>
<TYPE>EX-4.17
<SEQUENCE>19
<FILENAME>d128959dex417.htm
<DESCRIPTION>EX-4.17
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.17</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL&nbsp;TREATMENT</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><B>EXHIBIT&nbsp;4.17</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TREATS AS PRIVATE OR CONFIDENTIAL </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Supplemental Agreement No.&nbsp;14 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Purchase Agreement
No.&nbsp;2191 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">between </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The
Boeing Company </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COPA
Holdings, S.A., Inc. Relating to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Boeing Model 737 Aircraft </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">THIS SUPPLEMENTAL AGREEMENT entered into as of
<U></U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2007 by and between THE BOEING COMPANY, a Delaware corporation with its principal office in Seattle, Washington, (Boeing) and COPA
HOLDINGS, S.A., INC. (Customer); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, the parties hereto entered into Purchase Agreement No.&nbsp;2191 dated November 25, 1998 (the
Agreement), as amended and supplemented, relating to Boeing Model 737-7V3 and 737-8V3 aircraft (the Aircraft); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, Customer and
Boeing have come to agreement on the **Material Redacted** and to correct two typographical errors in Supplemental Agreement Number 13; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, Boeing and Buyer have mutually agreed to amend the Agreement to incorporate the effect of these and certain other changes; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties agree to amend the Agreement as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Table of Contents and Tables</U>: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Remove and replace, in its entirety the &#147;<U>Table of Contents</U>&#148;, with the &#147;<U>Table of
Contents</U>&#148; attached hereto and hereby made a part of the Agreement, to reflect the changes made by this Supplemental Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Table 1-4 entitled &#147;<U>Aircraft Information Table for Model 737- 7V3 Aircraft</U> &#148; is attached
hereto to reflect **Material Redacted** 737-7V3 aircraft from this table. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Table 1-5 entitled &#147;<U>Aircraft Information Table for Model 737- 8V3 Aircraft</U> &#148; is attached
hereto to reflect **Material Redacted** aircraft to this table. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Page 1 of Supplemental Agreement No 13 is removed and replaced with a new page 1 that corrects the **Material
Redacted** in accordance with the agreement between the parties. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Page 7 of Letter Agreement 6-1162-LAJR4, Article 17.5 is removed and replaced with a new page 7 that changes
**Material Redacted** in accordance with the agreement between the parties. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="top">PA No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> </TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No.&nbsp;14</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page&nbsp;1 </P>

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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL&nbsp;TREATMENT</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><B>EXHIBIT&nbsp;4.17</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Purchase Agreement will be deemed to be supplemented to the extent herein provided as of the date hereof and as so
supplemented will continue in full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing and Customer have each caused this Supplemental Agreement to be duly executed as of the day
and year first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE BOEING COMPANY</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">COPA HOLDINGS, S.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P STYLE="margin-bottom:1pt; margin-top:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P STYLE="margin-bottom:1pt; margin-top:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Its:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-In-Fact</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Chief Executive Officer</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA&nbsp;No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No.&nbsp;14</TD></TR>
</TABLE> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page&nbsp;2 </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL&nbsp;TREATMENT</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><B>EXHIBIT&nbsp;4.17</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="2%"></TD>
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<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">ARTICLES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">SA<BR>NUMBER</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1. Quantity, Model and Description</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2. Delivery Schedule</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3. Price</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4. Payment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5. Miscellaneous</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">TABLE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-1</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-7V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-2</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-3</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-7V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-4</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-7V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-5</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-6</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-7</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EXHIBIT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">A-1</FONT> Aircraft Configuration for Model <FONT
STYLE="white-space:nowrap">737-7V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">A-2</FONT> Aircraft Configuration for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">B. Aircraft Delivery Requirements and Responsibilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SUPPLEMENTAL EXHIBITS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AE1. Escalation Adjustment Airframe and Optional Features</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BFE1. BFE Variables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CS1. Customer Support Variables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EE1. Engine Escalation/Engine Warranty and Patent Indemnity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SLP1. Service Life Policy Components</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> </TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No.&nbsp;14</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL&nbsp;TREATMENT</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><B>EXHIBIT&nbsp;4.17</B></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
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<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">ARTICLES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">SA<BR>NUMBER</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">LETTER AGREEMENTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">2191-01</FONT> Demonstration Flight Waiver</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">2191-02</FONT> Escalation Sharing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">2191-03</FONT> Seller Purchased Equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">RESTRICTED LETTER AGREEMENTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN-0123</FONT>
</FONT></FONT> Performance Guarantees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN-0124</FONT>
</FONT></FONT> Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN-0155</FONT>
</FONT></FONT> Airframe Escalation Revision</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN-0156</FONT>
</FONT></FONT> Year 2000 Ready Software, Hardware and Firmware</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN-0157</FONT>
</FONT></FONT> Miscellaneous Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-MJB-0017</FONT>
</FONT></FONT> Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-MJB-0030</FONT>
</FONT></FONT> Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-874R</FONT>
</FONT></FONT> Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-874R1</FONT>
</FONT></FONT> Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-874R2</FONT>
</FONT></FONT> Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-982</FONT>
</FONT></FONT> Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-RLL-3852</FONT>
</FONT></FONT> <FONT STYLE="white-space:nowrap">737-800</FONT> Performance Guarantees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-982R4</FONT>
</FONT></FONT> Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-RLL-3958</FONT>
</FONT></FONT> <FONT STYLE="white-space:nowrap">737-8V3</FONT> Option Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>SUPPLEMENTAL AGREEMENTS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>DATED&nbsp;AS&nbsp;OF:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">June&nbsp;29, 2001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December&nbsp;21,&nbsp;2001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">June&nbsp;14, 2002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December&nbsp;20, 1002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">October&nbsp;31, 2003</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;6</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">September&nbsp;9, 2004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;7</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December&nbsp;9, 2004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;8</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">April&nbsp;15, 2005</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;9</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">March&nbsp;16, 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">May&nbsp;8, 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">August&nbsp;30 , 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;12</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">February&nbsp;26, 2007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;13</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">April&nbsp;23, 2007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(2 typographical errors in SA 13 have been corrected in SA 14)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;14</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U></U>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">August <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

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<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> </TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA&nbsp;No.&nbsp;14</TD></TR>
</TABLE> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="51%"></TD>

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<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL&nbsp;TREATMENT</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><B>EXHIBIT&nbsp;4.17</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-4 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Information Table Model 737-7V3 Aircraft </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Delivery, Description, Price and Advance Payments </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Model/MTOW:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">737-700</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">154,500</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Model:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">CFM56-7B22</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Price:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Optional Features:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Sub-Total of Airframe and Features:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Price (Per Aircraft):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Buyer Furnished Equipment (BFE) Estimate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Seller Purchased Equipment (SPE) Estimate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Refundable Deposit/Aircraft at Proposal Accept:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Detail Specification:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">D6-38808-42-1&nbsp;(4/30/2004)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Jul-04</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">ECI-MFG/CPI</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">N/A</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Escalation Data:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Base Year Index (ECI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Base Year Index (CPI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP ALIGN="center">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Delivery<BR>Date</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number of<BR>Aircraft</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation<BR>Factor<BR>(Airframe)</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Manufacturer<BR>Serial&nbsp;Number</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation&nbsp;Estimate<BR>Adv&nbsp;Payment&nbsp;Base<BR>Price&nbsp;Per&nbsp;A/P</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Advance Payment Per Aircraft (Amts. Due/Mos. Prior
to<BR>Delivery):</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>At Signing</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>1%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>24 Mos.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>4%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>21/18/12/9/6&nbsp;Mos.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>5%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Total</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>30%</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Total:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA&nbsp;No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> </TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No.&nbsp;14</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL&nbsp;TREATMENT</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><B>EXHIBIT&nbsp;4.17</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-5 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Information Table Model 737-8V3 Aircraft </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Delivery, Description, Price and Advance Payments </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>

<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Model/MTOW:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">737-8V3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">174,200 pounds</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Model/Thrust:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">CFM56-7B26</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">26,400 pounds</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Price:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Optional Features:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Sub-Total of Airframe and Features:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Price (Per Aircraft):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Buyer Furnished Equipment (BFE) Estimate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Seller Purchased Equipment (SPE) Estimate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Refundable Deposit/Aircraft at Proposal Accept:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Detail Specification:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">D6-38808-1 Rev C, dated 5-4-05</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Jul-04</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">ECI-MFG/CPI</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">N/A</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Escalation Data:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Base Year Index (ECI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Base Year Index (CPI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP ALIGN="center">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Delivery<BR>Date</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number&nbsp;of<BR>Aircraft</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation<BR>Factor<BR>(Airframe)</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Manufacturer<BR>Serial&nbsp;Number</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation&nbsp;Estimate<BR>Adv&nbsp;Payment&nbsp;Base<BR>Price&nbsp;Per&nbsp;A/P</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Advance Payment Per Aircraft (Amts. Due/Mos. Prior
to Delivery):</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>At Signing</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>1%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>24 Mos.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>4%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>21/18/12/9/6&nbsp;Mos.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>5%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Total</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>30%</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Total:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right">4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA&nbsp;No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> </TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No.&nbsp;14</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL&nbsp;TREATMENT</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><B>EXHIBIT&nbsp;4.17</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Supplemental Agreement No.&nbsp;13 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Purchase Agreement
No.&nbsp;2191 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">between </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The
Boeing Company and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COPA Holdings, S.A., Inc. Relating to </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Boeing Model 737 Aircraft </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">THIS
SUPPLEMENTAL AGREEMENT entered into as of , 2007 by and between THE BOEING COMPANY, a Delaware corporation with its principal office in Seattle, Washington, (Boeing) and COPA HOLDINGS, S.A., INC. (Customer); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, the parties hereto entered into Purchase Agreement No.&nbsp;2191 dated November 25, 1998 (the Agreement), as amended and
supplemented, relating to Boeing Model 737-7V3 and 737-8V3 aircraft (the Aircraft); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, Customer and Boeing have come to
agreement on **Material Redacted** and **Material Redacted**; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, Boeing and Buyer have mutually agreed to amend the Agreement
to incorporate the effect of these and certain other changes; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties agree
to amend the Agreement as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Table of Contents, Tables and Letter Agreements</U>: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Remove and replace, in its entirety the &#147;<U>Table of Contents</U>&#148;, with the &#147;<U>Table of
Contents</U>&#148; attached hereto and hereby made a part of the Agreement, to reflect the changes made by this Supplemental Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Table 1-4 entitled &#147;<U>Aircraft Information Table for Model 737- 7V3 Aircraft</U> &#148; is attached
hereto to reflect the **Material Redacted** for the **Material Redacted** 737-7V3 Aircraft. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Table 1-5 entitled &#147;<U>Aircraft Information Table for Model 737- 8V3 Aircraft</U> &#148; is attached
hereto to reflect the **Material Redacted** 737-8V3 Aircraft. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Table 1-6 entitled &#147;<U>Aircraft Information Table for Model 737- 8V3 Aircraft</U> &#148; is attached
hereto to reflect the scheduled delivery months for the 737-8V3 Aircraft of **Material Redacted**. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> </TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No.&nbsp;14</TD></TR>
</TABLE> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">17.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">17.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">18.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">19.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">20.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Confidentiality</U>. Customer understands that certain commercial and financial information contained in
this Letter Agreement are considered by Boeing as confidential. Customer agrees that it will treat this Letter Agreement and the information contained herein as confidential and will not, without the prior written consent of Boeing, disclose this
Letter Agreement or any information contained herein to any other person or entity except its counsel and/or auditors or as otherwise required by law or legal process. </P></TD></TR></TABLE>
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<TD VALIGN="top">PA No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> </TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No.&nbsp;14</TD></TR>
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<DOCUMENT>
<TYPE>EX-4.18
<SEQUENCE>20
<FILENAME>d128959dex418.htm
<DESCRIPTION>EX-4.18
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<TITLE>EX-4.18</TITLE>
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<TD VALIGN="top"><B>CONFIDENTIAL TREATMENT</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><B>EXHIBIT 4.18</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TREATS AS PRIVATE OR CONFIDENTIAL </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Supplemental Agreement No.&nbsp;15 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Purchase Agreement
No.&nbsp;2191 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">between </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The
Boeing Company </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COPA
Holdings, S.A., Inc. Relating to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Boeing Model 737 Aircraft </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">THIS SUPPLEMENTAL AGREEMENT entered into as of
<U></U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2008 by and between THE BOEING COMPANY, a
Delaware corporation with its principal office in Seattle, Washington, (Boeing) and COPA HOLDINGS, S.A., INC. (Customer); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, the
parties hereto entered into Purchase Agreement No.&nbsp;2191 dated November 25, 1998 (the Agreement), as amended and supplemented, relating to Boeing Model 737-7V3 and 737-8V3 aircraft (the Aircraft); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, Customer and Boeing have come to agreement on the **Material Redacted**; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, Boeing and Buyer have mutually agreed to amend the Agreement to incorporate the effect of these and certain other changes; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties agree to amend the Agreement as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Table of Contents and Tables </U>: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Remove and replace, in its entirety the &#147; <U>Table of Contents </U>&#148;, with the &#147; <U>Table of
Contents </U>&#148; attached hereto and hereby made a part of the Agreement, to reflect the changes made by this Supplemental Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Table 1-4 entitled &#147; <U>Aircraft Information Table for Model 737-7V3 Aircraft </U>&#148; is attached
hereto to reflect **Material Redacted** 737-7V3 aircraft from this table. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Table 1-5 entitled &#147; <U>Aircraft Information Table for Model 737-8V3 Aircraft </U>&#148; is attached
hereto to reflect **Material Redacted** 737-8V3 aircraft to this table. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 15</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 1 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Purchase Agreement will be deemed to be supplemented to the extent herein provided as of the date hereof
and as so supplemented will continue in full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing and Customer have each caused this Supplemental Agreement to be duly executed as of
the day and year first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">THE BOEING COMPANY</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">COPA HOLDINGS, S.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">By</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">Its:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">Attorney-In-Fact</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
</TABLE>
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<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 15</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 2 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD></TD></TR>
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<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">ARTICLES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">SA<BR>NUMBER</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1. Quantity, Model and Description</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2. Delivery Schedule</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3. Price</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4. Payment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5. Miscellaneous</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">TABLE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-1</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-7V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-2</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-3</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-7V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-4</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-7V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-5</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-6</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-7</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EXHIBIT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">A-1</FONT> Aircraft Configuration for Model <FONT
STYLE="white-space:nowrap">737-7V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">A-2</FONT> Aircraft Configuration for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">B. Aircraft Delivery Requirements and Responsibilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SUPPLEMENTAL EXHIBITS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AE1. Escalation Adjustment Airframe and Optional Features</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BFE1. BFE Variables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CS1. Customer Support Variables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EE1. Engine Escalation/Engine Warranty and Patent Indemnity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SLP1. Service Life Policy Components</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 15</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">ARTICLES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">SA<BR>NUMBER</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">LETTER AGREEMENTS </P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">2191-01</FONT> Demonstration Flight Waiver</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">2191-02</FONT> Escalation Sharing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">2191-03</FONT> Seller Purchased Equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">RESTRICTED LETTER AGREEMENTS </P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">6-1162-DAN-0123</FONT></FONT></FONT> Performance Guarantees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">6-1162-DAN-0124</FONT></FONT></FONT> Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">6-1162-DAN-0155</FONT></FONT></FONT> Airframe Escalation Revision</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">6-1162-DAN-0156</FONT></FONT></FONT> Year 2000 Ready Software, Hardware and Firmware</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">6-1162-DAN-0157</FONT></FONT></FONT> Miscellaneous Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">6-1162-MJB-0017</FONT></FONT></FONT> Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">6-1162-MJB-0030</FONT></FONT></FONT> Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">6-1162-LAJ-874R</FONT></FONT></FONT> Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">6-1162-LAJ-874R1</FONT></FONT></FONT> Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">6-1162-LAJ-874R2</FONT></FONT></FONT> Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">6-1162-LAJ-982</FONT></FONT></FONT> Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">6-1162-RLL-3852</FONT></FONT></FONT> <FONT STYLE="white-space:nowrap">737-800</FONT> Performance Guarantees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">6-1162-LAJ-982R4</FONT></FONT></FONT> Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">6-1162-RLL-3958</FONT></FONT></FONT> <FONT STYLE="white-space:nowrap">737-8V3</FONT> Option Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"><B>SUPPLEMENTAL AGREEMENTS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>DATED AS OF:</B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">June&nbsp;29, 2001</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">December&nbsp;21, 2001</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">June&nbsp;14, 2002</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">December&nbsp;20, 1002</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">October&nbsp;31, 2003</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 6</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">September&nbsp;9, 2004</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 7</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">December&nbsp;9, 2004</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 8</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">April&nbsp;15, 2005</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 9</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">March&nbsp;16, 2006</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">May&nbsp;8, 2006</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">August&nbsp;30 , 2006</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 12</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">February&nbsp;26, 2007</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 13</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">April&nbsp;23, 2007</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(2 typographical errors in SA 13 have been corrected in SA 14)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 14</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">August&nbsp;31, 2007</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 15</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">February <U>&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2008</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 15</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-4 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Information Table Model 737-7V3 Aircraft </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Delivery, Description, Price and Advance Payments </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="46%"></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD WIDTH="28%"></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Model/MTOW:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">737-700</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">154,500</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Model:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="white-space:nowrap">CFM56-7B22</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Price:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Optional Features:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Sub-Total of Airframe and Features:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Price (Per Aircraft):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Buyer Furnished Equipment (BFE) Estimate:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Seller Purchased Equipment (SPE) Estimate:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Refundable Deposit/Aircraft at Proposal Accept:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Price Base Year/Escalation Formula:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Jul-04</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">ECI-MFG/CPI</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Price Base Year/Escalation Formula:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">N/A</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Escalation Data:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Base Year Index (ECI):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material&nbsp;Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Base Year Index (CPI):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material&nbsp;Redacted**</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="5%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="10%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Delivery Date</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number of<BR>Aircraft</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Factor<BR>(Airframe)</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Manufacturer<BR>Serial Number</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation&nbsp;Estimate<BR>Adv&nbsp;Payment&nbsp;Base<BR>Price Per A/P</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Advance Payment Per Aircraft (Amts. Due/Mos. Prior
to Delivery):</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>At Signing</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>1%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>24 Mos.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>4%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>21/18/12/9/6<BR>Mos. 5%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Total</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>30%</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Total:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">0</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">**</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Material Redacted** </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 15</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-5 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Information Table Model 737-8V3 Aircraft </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Delivery, Description, Price and Advance Payments </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="45%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Model/MTOW:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">737-8V3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">174,200 pounds</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Model/Thrust:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">CFM56-7B26</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">26,400 pounds</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Price:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Optional Features:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Sub-Total of Airframe and Features:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Price (Per Aircraft):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Buyer Furnished Equipment (BFE) Estimate:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Seller Purchased Equipment (SPE) Estimate:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Refundable Deposit/Aircraft at Proposal Accept:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Detail Specification:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">D6-38808-1&nbsp;Rev&nbsp;C,&nbsp;dated&nbsp;5-4-05</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Price Base Year/Escalation Formula:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Jul-04</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">ECI-MFG/CPI</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Price Base Year/Escalation Formula:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">N/A</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Escalation Data:M</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Base Year Index (ECI):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Base Year Index (CPI):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="5%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="10%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Delivery Date</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number of<BR>Aircraft</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Factor<BR>(Airframe)</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Manufacturer<BR>Serial Number</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation&nbsp;Estimate<BR>Adv&nbsp;Payment&nbsp;Base<BR>Price Per A/P</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Advance Payment Per Aircraft (Amts. Due/Mos. Prior
to Delivery):</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>At Signing</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>1%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>24 Mos.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>4%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>21/18/12/9/6<BR>Mos. 5%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Total</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>30%</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center">Total:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">6</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 15</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TYPE>EX-4.19
<SEQUENCE>21
<FILENAME>d128959dex419.htm
<DESCRIPTION>EX-4.19
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 4.19 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TREATS AS PRIVATE OR CONFIDENTIAL </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Supplemental Agreement No.&nbsp;16 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Purchase Agreement
No.&nbsp;2191 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">between </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The
Boeing Company </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COPA
Holdings, S.A., Inc. Relating to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Boeing Model 737 Aircraft </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS SUPPLEMENTAL AGREEMENT entered into as of
<U></U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2008 by and between THE BOEING COMPANY, a Delaware corporation with its principal office
in Seattle, Washington, (Boeing) and COPA HOLDINGS, S.A., INC. (Customer); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the parties hereto entered into Purchase Agreement
No.&nbsp;2191 dated November 25, 1998 (the Agreement), as amended and supplemented, relating to Boeing Model 737-7V3 and 737-8V3 aircraft (the Aircraft); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Customer and Boeing have come to agreement on the **Material Redacted**; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Boeing and Buyer have mutually agreed to amend the Agreement to incorporate the effect of these and certain other changes; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties agree to amend the Agreement as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">1.1. <U>Table of Contents, Tables and Letter Agreements</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">1.2. Remove and replace, in its entirety the &#147;<U>Table of Contents</U>&#148;, with the &#147;<U>Table of Contents</U>&#148; attached
hereto and hereby made a part of the Agreement, to reflect the changes made by this Supplemental Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">1.3. Table 1-8 entitled
&#147;<U>Aircraft Information Table for Model 737- 8V3 Aircraft</U> &#148; is attached hereto to reflect **Material Redacted**. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">1.4.
Letter Agreement No. 6-1162-LAJ-982R5 entitled &#147;Special Matters&#148; has been revised to **Material Redacted**. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">SA No.&nbsp;16</TD></TR></TABLE>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Purchase Agreement will be deemed to be supplemented to the extent herein provided as of the date hereof
and as so supplemented will continue in full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing and Customer have each caused this Supplemental Agreement to be duly executed as of
the day and year first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">THE BOEING COMPANY</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">COPA HOLDINGS, S.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Its:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Attorney-In-Fact</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Its:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Chief Executive Officer</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">SA No.&nbsp;16</TD></TR></TABLE>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>ARTICLES</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR><U></U></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="center">SA<BR><U>NUMBER</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1.&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Quantity, Model and Description</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2.&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Delivery Schedule</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">3.&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Price</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">4.&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Payment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">5.&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Miscellaneous</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" STYLE="padding-bottom:12pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>TABLE</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1-1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-7V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1-2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1-3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-7V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1-4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-7V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1-5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1-6</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1-7</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Aircraft Option Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1-8</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" STYLE="padding-bottom:12pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>EXHIBIT</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Configuration for Model 737-7V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Configuration for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">B.&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Delivery Requirements and Responsibilities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" STYLE="padding-bottom:12pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>SUPPLEMENTAL EXHIBITS</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">AE1.&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Escalation Adjustment Airframe and Optional Features</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">BFE1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>BFE Variables</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">CS1.&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Customer Support Variables</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">EE1.&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Engine Escalation/Engine Warranty and Patent Indemnity</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">SLP1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Service Life Policy Components</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">SA&nbsp;No.&nbsp;16</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="65%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" COLSPAN="3"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3" STYLE="padding-bottom:3pt ;"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>LETTER AGREEMENTS</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;">&nbsp;<BR></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;" ALIGN="center">SA<BR>NUMBER</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:3pt ;"><BR>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2191-01</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Demonstration Flight Waiver</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2191-02</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Escalation Sharing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2191-03</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Seller Purchased Equipment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>RESTRICTED LETTER AGREEMENTS</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN&nbsp;
-0123</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Performance Guarantees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-DAN -0124</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-DAN -0155</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Airframe Escalation Revision</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-DAN -0156</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Year 2000 Ready Software, Hardware and Firmware</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-DAN -0157</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Miscellaneous Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-MJB-0017&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-MJB-0030&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-LAJ-874R&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-LAJ-874R1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-LAJ-874R2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-LAJ-982&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-LAJ-982R3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">6-1162-RLL-3852&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>737-800 Performance Guarantees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">6-1162-LAJ-982R4</FONT></FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">6-1162-RLL-3958</FONT></FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">737-8V3</FONT> Option Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">6-1162-LAJ-982R5</FONT></FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><U>SUPPLEMENTAL AGREEMENTS</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B><U></U>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B><U>DATED&nbsp;AS&nbsp;OF:</U></B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">June 29, 2001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December 21, 2001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">June 14, 2002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December&nbsp;20,&nbsp;1002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">October 31, 2003</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;6</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">September 9, 2004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;7</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December 9, 2004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;8</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">April 15, 2005</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;9</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">March 16, 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">May 8, 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U></U>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">August <U>&nbsp;30</U> , 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;12</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">February&nbsp;26, 2007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;13</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">April&nbsp;23, 2007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;14</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">August&nbsp;31, 2007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;15</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">February&nbsp;21, 2008</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;16</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U></U>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,&nbsp;2008</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">SA&nbsp;No.&nbsp;16</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-8 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Information Table for 737-8V3 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Delivery, Description, Price and Advance Payments </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="40%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="8%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Model/MTOW:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">737-800</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">174200 pounds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Model/Thrust:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">CFM56-7B26</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">26400 pounds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Price:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Optional Features:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Sub -Total of Airframe and Features:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Price (Per Aircraft):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Buyer Furnished Equipment (BFE) Estimate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Seller Purchased Equipment (SPE) Estimate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Refundable Deposit/Aircraft at Proposal Accept:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Detail Specification:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">D6-38808-43-1</FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(5/4/2005)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Jul -07</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">ECI-MFG/CPI</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">N/A</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Escalation Data:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Base Year Index (ECI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Base Year Index (CPI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="30%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Advance Payment Per<BR>Aircraft (Amts. Due/Mos.<BR>Prior to Delivery):</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Delivery<BR>Date</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Number&nbsp;of<BR>Aircraft</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Escalation<BR>Factor<BR>(Airframe)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Escalation&nbsp;Estimate<BR>Adv Payment Base<BR>Price Per A/P</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>At&nbsp;Signing<BR>1%</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>24 Mos.<BR>4%</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>21/18/12<BR>/9/6<BR>Mos.<BR>5%</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Tota<BR>30%</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">**Material&nbsp;Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">**Material&nbsp;Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">Redacted**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">TOTAL:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman"></P></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">**Material<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Redacted**</P></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">SA&nbsp;No.&nbsp;16</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-982R5 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Apartado 1572 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Avenida Justo Arosemena y Calle 39 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Panama 1, Panama </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Subject: Special Matters </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Reference: Purchase Agreement No.&nbsp;2191 (the Purchase Agreement) between The Boeing Company (Boeing) and COPA HOLDINGS, S.A. (Customer)
relating to Model 737 aircraft (the Aircraft) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Letter Agreement amends and supplements the Purchase Agreement. This Letter Agreement supersedes and
replaces in its entirety Letter Agreement 6-1162-MJB-0017. All terms used but not defined in this Letter Agreement have the same meaning as in the Purchase Agreement. In consideration of the Aircraft orders, Boeing provides the following to
Customer. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">12.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Confidentiality</U>. Customer understands that certain commercial and financial information contained in
this Letter Agreement are considered by Boeing as confidential. Customer agrees that it will treat this Letter Agreement and the information contained herein as confidential and will not, without the prior written consent of Boeing, disclose this
Letter </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD WIDTH="28%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PA No.&nbsp;2191</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">SA No.&nbsp;16</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Agreement or any information contained herein to any other person or entity except its counsel and/or
auditors or as otherwise required by law or legal process. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ACCEPTED AND AGREED TO this </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2008 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE BOEING COMPANY </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By
&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Its <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-In-Fact</FONT></FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By
&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Its Chief Executive Officer </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">SA No.&nbsp;16</TD></TR></TABLE>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.20
<SEQUENCE>22
<FILENAME>d128959dex420.htm
<DESCRIPTION>EX-4.20
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.20</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 4.20 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Supplemental Agreement No.&nbsp;17 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Purchase Agreement
No.&nbsp;2191 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">between </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The
Boeing Company </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COPA
Holdings, S.A., Inc. Relating to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Boeing Model 737 Aircraft </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS SUPPLEMENTAL AGREEMENT entered into as of
<U></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2008 by and between THE BOEING COMPANY, a Delaware corporation with its principal office in Seattle, Washington,
(Boeing) and COPA HOLDINGS, S.A., INC. (Customer); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the parties hereto entered into Purchase Agreement No.&nbsp;2191 dated
November 25, 1998 (the Agreement), as amended and supplemented, relating to Boeing Model 737-7V3 and 737-8V3 aircraft (the Aircraft); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Customer and Boeing have come to agreement on the **Material Redacted**; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Customer and Boeing have mutually agreed to amend the Agreement to incorporate the effect of these and certain other changes; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties agree to amend the Agreement as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Table of Contents, Tables and Letter Agreements</U>: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Remove and replace, in its entirety the &#147;<U>Table of Contents</U>&#148;, with the &#147;<U>Table of
Contents</U>&#148; attached hereto and hereby made a part of the Agreement, to reflect the changes made by this Supplemental Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Table 1-9 entitled &#147;<U>Aircraft Information Table for Model 737- 8V3 Aircraft</U> &#148; is attached
hereto to reflect **Material Redacted**. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Letter Agreement No. 6-1162-LAJ-982R6 entitled &#147;<U>Special Matters</U>&#148; has been revised as follows:
**Material Redacted**. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Letter Agreement No. 6-1162-RLL-4092 entitled &#147;<U>Advance Payment Matters for Aircraft listed in Table 1-
9</U>&#148; is attached hereto to reflect **Material Redacted**. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No.&nbsp;17</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Purchase Agreement will be deemed to be supplemented to the extent herein provided as of the date hereof
and as so supplemented will continue in full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing and Customer have each caused this Supplemental Agreement to be duly executed as of
the day and year first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="2%"></TD>

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<TD WIDTH="31%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD WIDTH="3%"></TD>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE BOEING COMPANY</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">COPA HOLDINGS, S.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-In-Fact</FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its: Chief Executive Officer</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Page 2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 17</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><A NAME="toc"></A>TABLE OF CONTENTS </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="93%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">SA<BR>NUMBER</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>ARTICLES</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1. Quantity, Model and Description</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2. Delivery Schedule</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3. Price</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4. Payment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5. Miscellaneous</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>TABLE</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-1</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-7V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-2</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-3</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-7V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-4</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-7V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-5</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-6</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-7</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft Option Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-8</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-9</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>EXHIBIT</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">A-1</FONT> Aircraft Configuration for Model <FONT
STYLE="white-space:nowrap">737-7V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">A-2</FONT> Aircraft Configuration for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">B. Aircraft Delivery Requirements and Responsibilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>SUPPLEMENTAL EXHIBITS</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AE1. Escalation Adjustment Airframe and Optional Features</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BFE1. BFE Variables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CS1. Customer Support Variables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EE1. Engine Escalation/Engine Warranty and Patent Indemnity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SLP1. Service Life Policy Components</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 17</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="93%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">SA<BR>NUMBER</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>LETTER AGREEMENTS </U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">2191-01</FONT> Demonstration Flight Waiver</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">2191-02</FONT> Escalation Sharing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">2191-03</FONT> Seller Purchased Equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>RESTRICTED LETTER AGREEMENTS</U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN</FONT></FONT> -0123 Performance
Guarantees</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN</FONT></FONT> -0124
Special Matters</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN</FONT></FONT> -0155
Airframe Escalation Revision</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN</FONT></FONT> -0156 Year 2000 Ready
Software, Hardware and Firmware</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN</FONT></FONT> -0157 Miscellaneous
Matters</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-MJB-0017</FONT>
</FONT></FONT> Special Matters</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">6-1162-MJB-0030</FONT></FONT></FONT> Special Matters</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-874R</FONT></FONT></FONT> Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-874R1</FONT>
</FONT></FONT> Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-874R2</FONT>
</FONT></FONT> Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-982</FONT>
</FONT></FONT> Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-982R3</FONT>
</FONT></FONT> Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-RLL-3852</FONT>
</FONT></FONT> <FONT STYLE="white-space:nowrap">737-800</FONT> Performance Guarantees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-982R4</FONT>
</FONT></FONT> Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-RLL-3958</FONT>
</FONT></FONT> <FONT STYLE="white-space:nowrap">737-8V3</FONT> Option Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-982R5</FONT>
</FONT></FONT> Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-982R6</FONT>
</FONT></FONT> Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-RLL-4092</FONT>
</FONT></FONT> Advance Payment Matters for Aircraft Listed in Table <FONT STYLE="white-space:nowrap">1-9</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>SUPPLEMENTAL AGREEMENTS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>DATED AS OF:</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">June&nbsp;29, 2001</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">December&nbsp;21,&nbsp;2001</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">June&nbsp;14, 2002</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">December&nbsp;20, 1002</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">October&nbsp;31, 2003</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;6</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">September&nbsp;9, 2004</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;7</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">December&nbsp;9, 2004</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;8</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">April&nbsp;15, 2005</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;9</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">March&nbsp;16, 2006</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">May&nbsp;8, 2006</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">August&nbsp;30, 2006</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;12</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">February&nbsp;26, 2007</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;13</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">April&nbsp;23, 2007</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;14</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">August&nbsp;31, 2007</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;15</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">February&nbsp;21, 2008</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;16</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">June&nbsp;30, 2008</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;17</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">December&nbsp;&nbsp;&nbsp;&nbsp;, 2008</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 17</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table <FONT STYLE="white-space:nowrap">1-9</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Information Table for <FONT STYLE="white-space:nowrap">737-8V3</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Delivery, Description, Price and Advance Payments </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="64%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Model/MTOW:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="white-space:nowrap">737-800</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">174200 pounds</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Model/Thrust:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">CFM56-7B26</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">26400 pounds</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Price:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Optional Features:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">**Material&nbsp;Redacted**</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Sub -Total of Airframe and Features:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Price (Per Aircraft):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Buyer Furnished Equipment (BFE) Estimate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Seller Purchased Equipment (SPE) Estimate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Refundable Deposit/Aircraft at Proposal Accept:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">**Material&nbsp;Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="41%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="41%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Detail Specification:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" ALIGN="right"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">D6-38808-43-1&nbsp;Rev.&nbsp;d&nbsp;(7/20/2007)&nbsp;+&nbsp;changes&nbsp;accepted&nbsp;thru&nbsp;MSN&nbsp;
35125</FONT></FONT></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Jul <FONT STYLE="white-space:nowrap">-08</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="white-space:nowrap">ECI-MFG/CPI</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">N/A</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Escalation Data:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Base Year Index (ECI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Base Year Index (CPI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Escalation</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Escalation&nbsp;Estimate</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Advance&nbsp;Payment&nbsp;Per&nbsp;Aircraft&nbsp;(Amts.&nbsp;Due/Mos.&nbsp;Prior&nbsp;to&nbsp;Delivery):</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"><B>Delivery</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Number of</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Factor</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Adv Payment Base</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>At Signing</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>24 Mos.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>21/18/12/9/6&nbsp;Mos.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Total</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Airframe)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Price Per A/P</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>1%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>4%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>5%</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>30%</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">**Material</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">**Material</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">**Material</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">TOTAL:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 17</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-982R6 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Apartado 1572 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Avenida Justo Arosemena y Calle 39 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Panama 1, Panama </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject: &nbsp;&nbsp;&nbsp;&nbsp;Special Matters </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%" VALIGN="top" ALIGN="left">Reference:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Purchase Agreement No.&nbsp;2191 (the Purchase Agreement) between The Boeing Company (Boeing) and COPA
HOLDINGS, S.A. (Customer) relating to Model 737 aircraft (the Aircraft) </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Letter Agreement amends and supplements the Purchase
Agreement. This Letter Agreement supersedes and replaces in its entirety Letter Agreement 6-1162-MJB-0017. All terms used but not defined in this Letter Agreement have the same meaning as in the Purchase Agreement. In consideration of the Aircraft
orders, Boeing provides the following to Customer. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">12.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">13.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Confidentiality</U>. Customer understands that certain commercial and financial information contained in
this Letter Agreement are considered by Boeing as confidential. Customer agrees that it will treat this Letter Agreement and the information contained herein as confidential and will not, without the prior written consent of Boeing, disclose this
Letter Agreement or any information contained herein to any other person or entity except its counsel and/or auditors or as otherwise required by law or legal process. </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="88%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ACCEPTED AND AGREED TO this</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2008</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE BOEING COMPANY</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-In-Fact</FONT></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">COPA HOLDINGS, S.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its Chief Executive Officer</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g128959g0421101231643.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Boeing Company </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.O. Box 3707 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Seattle, WA 98124-2207 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-RLL-4092R1 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Apartado 1572 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Avenida Justo Arosemena y Calle 39 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Panama 1, Panama </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Subject:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Advance Payment Matters for Aircraft listed in Table <FONT STYLE="white-space:nowrap">1-9</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Reference:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Purchase Agreement No.&nbsp;2191 (the Purchase Agreement) between The Boeing Company (Boeing) and COPA HOLDINGS, S.A. (Customer) relating to Model 737 aircraft (the Aircraft)</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Letter Agreement amends and supplements the Purchase Agreement. All terms used but not defined in this Letter Agreement
have the same meaning as in the Purchase Agreement. In consideration of the Aircraft orders, Boeing provides the following to Customer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">**Material
Redacted** </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Confidential Treatment</U>. Customer understands that certain commercial and financial information contained
in this Letter Agreement is considered by Boeing as confidential. Customer agrees that it will treat this Letter Agreement and the information contained herein as confidential and will not, without the prior written consent of Boeing, disclose this
Letter Agreement or any information contained herein to any other person or entity. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE BOEING COMPANY</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-In-Fact</FONT></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.A. No.&nbsp;2191 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Advance
Payment Matters for Aircraft listed in Table 1-9 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BOEING PROPRIETARY </B></P>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ACCEPTED AND AGREED TO this </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2009</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3">COPA HOLDINGS, S.A.</TD></TR>
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<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its Chief Executive Officer</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.A. No.&nbsp;2191 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Advance
Payment Matters for Aircraft listed in Table 1-9 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 2 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 4.21 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Supplemental Agreement No.&nbsp;18 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Purchase Agreement
No.&nbsp;2191 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">between </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The
Boeing Company </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COPA
Holdings, S.A., Inc. Relating to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Boeing Model 737 Aircraft </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS SUPPLEMENTAL AGREEMENT entered into as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2009 by and between
THE BOEING COMPANY, a Delaware corporation with its principal office in Seattle, Washington, (Boeing) and COPA HOLDINGS, S.A., INC. (Customer); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the parties hereto entered into Purchase Agreement No.&nbsp;2191 dated November 25, 1998 (the Agreement), as amended and
supplemented, relating to Boeing Model 737-7V3 and 737-8V3 aircraft (the Aircraft); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Customer and Boeing have come to
agreement on the purchase of **Material Redacted**; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Customer and Boeing have mutually agreed to amend the Agreement to
incorporate the effect of these and certain other changes; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties agree to
amend the Agreement as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Remove and replace, in its entirety the &#147;<U>Table of Contents</U>&#148;, with the &#147;<U>Table of
Contents</U>&#148; attached hereto and hereby made a part of the Agreement, to reflect the changes made by this Supplemental Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Table 1-10 entitled &#147;<U>Aircraft Information Table for Model 737- 8V3 Aircraft</U> &#148;, attached
hereto, is added to the Agreement to reflect the scheduled delivery months for the 737-8V3 **Material Redacted**. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Exhibit A-3, Aircraft Configuration for Customer&#146;s 737-8V3 Aircraft is added which represents the changes
included in Customer&#146;s Detail Specification number **Material Redacted** dated April 24, 2009. </P></TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 18</TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Supplemental Agreement BFE1, Buyer Furnished Equipment Variables, paragraph 2 is revised as stated below to add
the preliminary on-dock dates for the Incremental Aircraft delivering in 2012. Preliminary on-dock dates for later delivery positions are not available as they are outside the current production schedule. My Boeing Configuration (MBC) can provide
on-dock dates as each Incremental Aircraft implements into the Integrated BFE Accountability System (IBAS). </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Preliminary&nbsp;On-dock&nbsp;Dates </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD>

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<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material&nbsp;Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material&nbsp;Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material&nbsp;Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Seats</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Galleys/Furnishings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Antennas and Mounting Equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Avionics Equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cabin Systems Equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miscellaneous/ Emergency Equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Textiles/Raw Material</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cargo Systems</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provision Kits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Radomes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">**Material Redacted**</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Letter Agreement No. 6-1162-RLL-3958 entitled &#147;737-8V3 Option Aircraft&#148; is revised to add Table 1-11
which provides the delivery positions for **Material Redacted** Option Aircraft, a copy of the revised Letter 6-1162-RLL- 3985R1 is attached. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Letter Agreement 6-1162-6417 entitled &#147;Boeing Offer Related to New Interior&#148; is added to the
Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 18</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted**. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Purchase Agreement will be deemed to be supplemented to the extent herein provided as of the date hereof and as so supplemented will continue in full
force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing and Customer have each caused this Supplemental Agreement to be duly executed as of the day and year first written above. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">THE&nbsp;BOEING&nbsp;COMPANY</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">COPA&nbsp;HOLDINGS,&nbsp;S.A.</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Its: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-In-Fact</FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Its: Chief Executive Officer</TD></TR>
</TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top">PA No. 2191</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 18</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 3 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">SA<br>NUMBER</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>ARTICLES</U></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Quantity, Model and Description</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Delivery Schedule</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Price</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Payment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Miscellaneous</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>TABLE</U></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-1</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model <FONT STYLE="white-space:nowrap">737-7V3</FONT> Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-2</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model <FONT STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-3</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model <FONT STYLE="white-space:nowrap">737-7V3</FONT> Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-4</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model <FONT STYLE="white-space:nowrap">737-7V3</FONT> Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-5</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model <FONT STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-6</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model <FONT STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-7</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model <FONT STYLE="white-space:nowrap">737-8V3</FONT> Aircraft Option Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-8</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model <FONT STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-9</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model <FONT STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-10</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model <FONT STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-11</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model <FONT STYLE="white-space:nowrap">737-8V3</FONT> Option Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>EXHIBIT</U></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">A-1</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Configuration for Model <FONT STYLE="white-space:nowrap">737-7V3</FONT> Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">A-2</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Configuration for Model <FONT STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">A-3</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Configuration for Model <FONT STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">B.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Delivery Requirements and Responsibilities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD WIDTH="35%"></TD>

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<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 18</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">SA<br>NUMBER</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>SUPPLEMENTAL EXHIBITS</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AE1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Escalation&nbsp;Adjustment&nbsp;Airframe&nbsp;and&nbsp;Optional&nbsp;Features</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BFE1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>BFE Variables</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CS1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Customer Support Variables</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EE1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Engine Escalation/Engine Warranty and Patent Indemnity</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SLP1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Service Life Policy Components</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="90%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><U>LETTER AGREEMENTS</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">2191-01</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Demonstration Flight Waiver</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">2191-02</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Escalation Sharing</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">2191-03</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Seller Purchased Equipment</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>RESTRICTED LETTER AGREEMENTS </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

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<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-DAN-0123</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Performance&nbsp;Guarantees</TD>
<TD VALIGN="bottom" ROWSPAN="7">&nbsp;&nbsp;</TD>
<TD ROWSPAN="7" VALIGN="bottom"></TD>
<TD ROWSPAN="7" VALIGN="bottom"></TD>
<TD ROWSPAN="7" VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-DAN-0124</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-DAN-0155</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Airframe Escalation Revision</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-DAN-0156</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Year 2000 Ready Software, Hardware and Firmware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-DAN-0157</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Miscellaneous Matters</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-MJB-0017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-MJB-0030</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-874R</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-874R1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-874R2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-982</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Mattera</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-982R3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-RLL-3852</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>737-800 Performance Guarantees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-982R4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-RLL-3958</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>737-8V3 Option Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-RLL-3958R1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>737-8V3 Option Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-982R5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-982R6</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-982R7</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-RLL-4092</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Advance Payment Matters for Aircraft Listed in Table 1-9</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-KSW-6417</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Boeing Offer Related to New Interior</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-KSW-6419</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 18</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>SUPPLEMENTAL AGREEMENTS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>DATED AS OF:</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">June&nbsp;29, 2001</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">December&nbsp;21, 2001</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">June&nbsp;14, 2002</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">December&nbsp;20,&nbsp;1002</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">October&nbsp;31, 2003</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 6</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">September&nbsp;9,&nbsp;2004</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 7</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">December&nbsp;9, 2004</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;8</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">April&nbsp;15, 2005</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 9</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">March&nbsp;16, 2006</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">May&nbsp;8, 2006</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">August&nbsp;30, 2006</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 12</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">February&nbsp;26, 2007</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;13</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">April&nbsp;23, 2007</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 14</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">August&nbsp;31, 2007</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 15</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">February&nbsp;21, 2008</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No. 16</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">June&nbsp;30, 2008</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;17</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">December&nbsp;15, 2008</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;18</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">July&nbsp;&nbsp;&nbsp;&nbsp; 2009</TD></TR>
</TABLE> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 18</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iii </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-10A </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Information Table for Model 737-8V3 Aircraft </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Delivery, Description and Advance Payments </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="25%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe&nbsp;Model/MTOW:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">737-800</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">174200&nbsp;pounds</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Detail&nbsp;Specification:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="3" VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Model/Thrust:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="white-space:nowrap">CFM56-7B26</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">26400 pounds</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Airframe Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Jul-08</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="white-space:nowrap">ECI-MFG/CPI</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Price:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Engine Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">N/A</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">N/A</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Optional Features:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material&nbsp;Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Sub-Total of Airframe and Features:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Airframe Escalation Data:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Price (Per Aircraft):</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">$0</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Base Year Index (ECI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">103.1</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Base Year Index (CPI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">208.2</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Buyer Furnished Equipment (BFE) Estimate:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">$0</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Seller Purchased Equipment (SPE) Estimate:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Refundable Deposit/Aircraft at Proposal Accept:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Escalation</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Escalation&nbsp;Estimate</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Advance&nbsp;Payment&nbsp;Per</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft&nbsp;(Amts.&nbsp;Due/Mos.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Prior&nbsp;to&nbsp;Delivery):</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Delivery</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number&nbsp;of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Factor</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Airframe)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Serial</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Escalation</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Adv&nbsp;Payment&nbsp;Base</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Price&nbsp;Per A/P</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material&nbsp;Redacted**<BR>**Material&nbsp;Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material&nbsp;Redacted**</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material&nbsp;Redacted**</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material&nbsp;Redacted**</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material&nbsp;Redacted**</P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 18</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-10B </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft
Information Table for Model 737-8V3 Aircraft </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Delivery, Description and Advance Payments </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="27%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="22%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Model/MTOW:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="white-space:nowrap">737-800</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">174200 pounds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Detail Specification:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Model/Thrust:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="white-space:nowrap">CFM56-7B26</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">26400 pounds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Airframe Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="white-space:nowrap">Jul-06</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="white-space:nowrap">ECI-MFG/CPI</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Price:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material&nbsp;Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Engine Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">N/A</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Optional Features:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><FONT STYLE="white-space:nowrap">Sub-Total</FONT> of Airframe and Features:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Airframe Escalation Data:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Price (Per Aircraft):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Base Year Index (ECI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">180.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Base Year Index (CPI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">195.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Buyer Furnished Equipment (BFE) Estimate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Seller Purchased Equipment (SPE) Estimate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Option Deposit Paid</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Escalation</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Escalation&nbsp;Estimate</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Advance&nbsp;Payment&nbsp;Per</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft&nbsp;(Amts.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Due/Mos.&nbsp;Prior&nbsp;to</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Delivery):</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>21/18/12/9/</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"><B>Delivery</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Number&nbsp;of</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Factor</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Serial</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Adv&nbsp;Payment Base</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>At&nbsp;Signing</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>24&nbsp;Mos.</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>6&nbsp;Mos.</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Total</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Airframe)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Price Per A/P</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>**Material&nbsp;Redacted**</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>**Material&nbsp;Redacted**</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>**Material&nbsp;Redacted**</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>**Material&nbsp;Redacted**</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Total:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="35%"></TD>

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<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 18</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-11 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft
Information Table for Model 737-8V3 Aircraft </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Delivery, Description and Advance Payments </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe&nbsp;Model/MTOW:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">737-800</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">174200&nbsp;pounds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Detail&nbsp;Specification:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="3" VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Model/Thrust:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="white-space:nowrap">CFM56-7B26</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">26400 pounds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Airframe Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Jul-08</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT STYLE="white-space:nowrap">ECI-MFG/CPI</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Price:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material&nbsp;Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Engine Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">N/A</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Optional Features:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Sub-Total of Airframe and Features:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Airframe Escalation Data:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Price (Per Aircraft):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Base Year Index (ECI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">103.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Base Year Index (CPI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">208.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Buyer Furnished Equipment (BFE) Estimate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Seller Purchased Equipment (SPE) Estimate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Non-Refundable Deposit/Aircraft at Def Agreemt:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="3">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Factor</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00px solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>(Airframe)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Estimate</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Adv&nbsp;Payment</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Advance&nbsp;Payment&nbsp;Per</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft&nbsp;(Amts.&nbsp;Due/Mos.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Prior&nbsp;to&nbsp;Delivery):</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>21/18/12/9/6</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Delivery</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number&nbsp;of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Base</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>At&nbsp;Signing</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>24&nbsp;Mos.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Mos.</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Total</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Serial&nbsp;Number</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Escalation</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Price&nbsp;Per&nbsp;A/P</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material&nbsp;Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material&nbsp;Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material&nbsp;Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material&nbsp;Redacted**</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Redacted**</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Total:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">**Material</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 18</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AIRCRAFT CONFIGURATION </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">between </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THE BOEING COMPANY </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COPA HOLDINGS, S.A., INC.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit A-3 to Purchase Agreement Number 2191 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">P.A.&nbsp;No.&nbsp;2191&nbsp;SA-18</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">A-3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BOEING PROPRIETARY </B></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exhibit A-3 to </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Purchase Agreement No.&nbsp;2191 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AIRCRAFT CONFIGURATION </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Dated July 2009 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">relating to </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BOEING MODEL 737-8V3 AIRCRAFT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Detail Specification is **Material Redacted** dated April 24, 2009. Such Detail Specification incorporates the Options listed below,
including the effects on Manufacturer&#146;s Empty Weight (MEW) and Operating Empty Weight (OEW). The Aircraft Basic Price reflects and includes all effects of such Options, except such Aircraft Basic Price does not include the price effects of any
Buyer Furnished Equipment or Seller Purchased Equipment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Customer has accepted the proposal for the New Interior. This revision to the
Detail Specification does not include the New Interior changes nor any price change associated with the New Interior. Exhibit A will be revised at a later date to include the changes related to the New Interior. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191 SA-18</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BOEING PROPRIETARY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUPPLEMENTAL EXHIBITS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BFE Variables </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Customer</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">COP COPA Airlines</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Model</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">737-800</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">CFM56-7B26</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">2008$</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="31%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="30%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Config Item No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>AF Price</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">P.A. No. 2191 SA-18</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BOEING PROPRIETARY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUPPLEMENTAL EXHIBITS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BFE Variables </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="31%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="30%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Config&nbsp;Item&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>AF&nbsp;Price</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">P.A. No. 2191 SA-18</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BOEING PROPRIETARY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUPPLEMENTAL EXHIBITS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BFE Variables </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="31%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="30%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Config&nbsp;Item&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>AF&nbsp;Price</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">P.A. No. 2191 SA-18</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BOEING PROPRIETARY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUPPLEMENTAL EXHIBITS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BFE Variables </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="31%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="30%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Config&nbsp;Item&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>AF&nbsp;Price</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material&nbsp;Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material&nbsp;Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material&nbsp;Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">P.A. No. 2191 SA-18</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BOEING PROPRIETARY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUPPLEMENTAL EXHIBITS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BFE Variables </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="31%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="30%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Config&nbsp;Item&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>AF&nbsp;Price</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">P.A. No. 2191 SA-18</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BOEING PROPRIETARY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUPPLEMENTAL EXHIBITS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BFE Variables </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="31%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="30%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Config&nbsp;Item&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>AF&nbsp;Price</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material&nbsp;Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
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<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
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<TD VALIGN="top">**Material Redacted**</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top">**Material Redacted**</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top">**Material Redacted**</TD>
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<TD VALIGN="top">**Material Redacted**</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top">**Material Redacted**</TD>
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<TD VALIGN="top">**Material Redacted**</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
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<TD VALIGN="top">**Material Redacted**</TD>
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<TD VALIGN="top">**Material Redacted**</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top">**Material Redacted**</TD>
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<TD VALIGN="top">**Material Redacted**</TD>
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<TD HEIGHT="8"></TD>
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<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
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<TD VALIGN="top">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
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<TD VALIGN="top">**Material Redacted**</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
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<TD VALIGN="top">**Material Redacted**</TD>
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<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD></TR>
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<TD VALIGN="top">**Material Redacted**</TD>
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<TD VALIGN="top">**Material Redacted**</TD>
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</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

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<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">P.A. No. 2191 SA-18</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BOEING PROPRIETARY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g128959st379.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-RLL-3958R1 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-RLL-3958R1 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Apartado 1572 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Avenida Justo Arosemena y Calle 39 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Panama 1, Panama </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left">Subject:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Option Aircraft </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left">Reference:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Purchase Agreement No.&nbsp;2191 (the Purchase Agreement) between The Boeing Company (Boeing) and COPA
HOLDINGS, S.A. (Customer) relating to Model 737 aircraft (the Aircraft) </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Letter Agreement amends the Purchase Agreement. All terms
used but not defined in this Letter Agreement have the same meaning as in the Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing agrees to manufacture and sell to Customer
additional Model 737 aircraft as <B>Option Aircraft</B>. The options for Option Aircraft listed in Table 1-7 have been exercised as part of this Supplemental Agreement 18. New option delivery positions are provided in Table 1-11. The delivery
months, number of aircraft, Advance Payment Base Price per aircraft and advance payment schedule for these new option positions are listed in Table 1-11 to this Letter Agreement. The Airframe Price shown includes the Engine Price. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>Aircraft Description and Changes</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.1
<U>Aircraft Description</U>: The Option Aircraft are described by the Detail Specification listed in Table 1-11. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.2 <U>Changes</U>: The
Detail Specification will be revised to include: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Changes applicable to the basic Model 737 aircraft which are developed by Boeing between the date of the Detail
Specification and the signing of the definitive agreement to purchase the Option Aircraft; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Changes required to obtain required regulatory certificates; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Changes mutually agreed upon. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT</B> </P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g128959st379.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-RLL-3958R1 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>Price</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.1 The pricing elements of the Option Aircraft are listed Table 1-11. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.2 <U>Price Adjustments</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.2.1 <U>Optional Features</U>. The price for Optional Features selected for the Option Aircraft will be adjusted to Boeing&#146;s current
prices as of the date of execution of the definitive agreement for the Option Aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.2.2 <U>Escalation Adjustments</U>. The Airframe
Price and the price of Optional Features for Option Aircraft will be escalated on the same basis as the Aircraft, and will be adjusted to Boeing&#146;s current escalation provisions as of the date of execution of the definitive agreement for the
Option Aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.2.3 <U>Base Price Adjustments</U>. The Airframe Price of the Option Aircraft will be adjusted to Boeing&#146;s current
price as of the date of execution of the definitive agreement for the Option Aircraft. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. <U>Payment</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.1 Customer will pay a deposit to Boeing in the amount shown in Table 1-11 for each Option Aircraft (Deposit), on the date of this Letter
Agreement. If Customer exercises an option, the Deposit will be credited against the first advance payment due. If Customer does not exercise an option, Boeing will retain the Deposit for that Option Aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.2 Following option exercise, advance payments in the amounts and at the times listed in Table 1-11 will be payable for the Option Aircraft.
The remainder of the Aircraft Price for the Option Aircraft will be paid at the time of delivery. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. <U>Option Exercise</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.1 Customer may exercise an option by giving written notice to Boeing **Material Redacted**. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.2 **Material Redacted** </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. <U>Contract
Terms</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">**Material Redacted** </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT</B> </P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g128959st379.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-RLL-3958R1 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE BOEING COMPANY </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="88%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-In-Fact</FONT></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ACCEPTED AND AGREED TO this</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2009</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">COPA HOLDINGS, S.A., INC.</TD></TR></TABLE>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">Attachment &#151; Table <FONT STYLE="white-space:nowrap">1-11</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT</B> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g128959st379.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:55%; font-size:10pt; font-family:Times New Roman"><B>Boeing Commercial Airplanes </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:55%; font-size:10pt; font-family:Times New Roman">P.O. Box 3707 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:55%; font-size:10pt; font-family:Times New Roman">Seattle, WA
98124-2207 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-982R7 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Apartado 1572 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Avenida Justo Arosemena y Calle 39 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Panama 1, Panama </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left">Subject:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Special Matters </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left">Reference:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Purchase Agreement No.&nbsp;2191 (the Purchase Agreement) between The Boeing Company (Boeing) and COPA
HOLDINGS, S.A. (Customer) relating to Model 737 aircraft (the Aircraft) </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Letter Agreement amends and supplements the Purchase
Agreement and supersedes and replaces in its entirety Letter Agreement 6-1162-LAJ-982R6. All terms used but not defined in this Letter Agreement have the same meaning as in the Purchase Agreement. In consideration of the Aircraft orders, Boeing
provides the following to Customer. For purposes of this Letter Agreement &#147;Incremental Aircraft&#148; are &#147;Aircraft&#148; or &#147;Table 1-10A&amp;B Aircraft&#148;. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">11.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT</B> </P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g128959st379.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-KSW-6417 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 of 3
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">12.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">13.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">14.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">15.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">16.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Confidentiality</U>. Customer understands that certain commercial and financial information contained in
this Letter Agreement are considered by Boeing as confidential. Customer agrees that it will treat this Letter Agreement and the information contained herein as confidential and will not, without the prior written consent of Boeing, disclose this
Letter Agreement or any information contained herein to any other person or entity except its counsel and/or auditors or as otherwise required by law or legal process. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ACCEPTED AND AGREED TO this </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="88%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2009</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE BOEING COMPANY</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-In-Fact</FONT></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">COPA HOLDINGS, S.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its Chief Executive Officer</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT</B> </P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g128959st379.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-KSW-6417 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 of 3
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ACCEPTED AND AGREED TO this </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="88%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2009</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">BOEING COMMERCIAL AIRPLANE GROUP</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-In-Fact</FONT></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">COPA HOLDINGS, S.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Attachment &#151; Table <FONT STYLE="white-space:nowrap">1-11</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT</B> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:48%; font-size:10pt; font-family:Times New Roman"><B>Boeing Commercial Airplanes </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:48%; font-size:10pt; font-family:Times New Roman">P.O. Box 3707 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:48%; font-size:10pt; font-family:Times New Roman">Seattle, WA
98124-2207 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 1, 2009 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-KSW-6417 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Business Park, Torre Norte, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Urbanizacion Costa del Este, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Apdo: 0816-06819 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Republic of Panama </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left">Subject:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Boeing Proposal relating to the Boeing Sky Interior <B>(Proposal)</B> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left">Reference:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Purchase Agreement No.&nbsp;2191 dated November 25, 1998 <B>(Purchase Agreement) </B>between The Boeing Company
(<B>Boeing</B>) and COPA HOLDINGS, S.A. </P></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:10%; font-size:10pt; font-family:Times New Roman"><B>(Customer) </B>relating to the sale of Boeing Model 737-800 aircraft </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Sir<B>:</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing is pleased to offer a new interior of
the 737 aircraft to further improve the flying experience for passengers <B>(Boeing Sky</B> <B>Interior)</B>. The Boeing Sky Interior includes the following features: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B></B>Color LED Ceiling Lighting </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B></B>Forward and Aft Cove Lighting </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B></B>New Pivot Bins </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B></B>New Sculpted Sidewalls and Color LED Sidewall Lighting </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B></B>New PSUs with LED Reading Lights </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B></B>Brighter Color and D&eacute;cor </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B></B>New Window Reveal </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B></B>Touch Screen Attendant Panel </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B></B>Improved Operational Security Features </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B></B>Quieter Cabin </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>Implementation</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing is offering Customer the
Boeing Sky Interior for implementation beginning on your March 2011 Model 737-800 aircraft (<B>Aircraft</B>), subject to prior sale, production constraint, or other disposition and acceptance in accordance with paragraph 4 below. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT</B> </P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-KSW-6417 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 of 3
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>Boeing Sky Interior Price</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">**Material Redacted** </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. <U>Big Bin Existing Interior</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">**Material Redacted** </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. <U>Proposal Acceptance</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Customer may accept this proposal by providing its authorized signature in the space provided below and returning a copy to Boeing by no later than July 29,
2009. Upon receipt of this countersigned Proposal by the aforementioned date, Boeing will reserve the Boeing Sky Interior for the Aircraft or advise Customer of an alternate implementation schedule for the Boeing Sky Interior. Upon Customer&#146;s
and Boeing&#146;s agreement of the applicable Aircraft the parties shall agree to amend Exhibit A and other affected provisions of the Purchase Agreement (including the Aircraft Basic Price) in the form of a supplemental agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. <U>Expiration of Offer.</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unless expressly withdrawn, this
Proposal will expire on June 9, 2009 if not accepted in accordance with the provisions set forth in paragraph 3 above by such date. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. <U>Confidential
Treatment</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information contained herein represents confidential business information and has value precisely because it is not available generally
or to other parties. By receiving this Proposal, Customer agrees to limit the disclosure of its contents to employees of Customer with a need to know the contents for purposes of helping Customer evaluate or respond to the Proposal and who
understand they are not to disclose its contents to any other person or entity without the prior written consent of Boeing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT</B> </P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-KSW-6417 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 of 3
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 <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you have any questions regarding this Proposal, please feel free to contact me. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="88%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">The Boeing Company</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE BOEING COMPANY</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-In-Fact</FONT></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ACCEPTED AND AGREED TO this</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2009</TD></TR></TABLE>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="70%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">COPA HOLDINGS, S.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Signature:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Printed&nbsp;Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g128959st379.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:48%; font-size:10pt; font-family:Times New Roman"><B>Boeing Commercial Airplanes </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:48%; font-size:10pt; font-family:Times New Roman">P.O. Box 3707 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:48%; font-size:10pt; font-family:Times New Roman">Seattle, WA
98124-2207 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-KSW-6419 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A., INC. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Apartado 1572 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Avenida Justo Arosemena y Calle 39 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Panama 1, Panama </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left">Subject:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left">Reference:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Purchase Agreement No.&nbsp;2191, including without limitation all exhibits, attachments and amendments thereto
(the Purchase Agreement), between The Boeing Company (Boeing) and COPA HOLDINGS, S.A., INC. (Customer) relating to Model 737-8V3 aircraft (the Aircraft) </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">**Material Redacted** </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Recitals</U>: **Material Redacted**
<U> </U></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Agreement</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. **Material Redacted** </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. **Material Redacted** </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. **Material Redacted** </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. **Material Redacted** </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. **Material Redacted** </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. The information contained herein represents confidential business information and has value precisely because it is not available generally or to other
parties. Customer will limit the disclosure of its contents to employees of Customer with a need to know the contents for purposes of helping Customer perform its obligations under the Purchase Agreement and who understand they are not to disclose
its contents to any other person or entity without the prior written consent of Boeing. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT</B> </P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g128959st379.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-KSW-6419 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE BOEING COMPANY</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-In-Fact</FONT></FONT></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="88%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ACCEPTED AND AGREED TO this</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2009</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">COPA HOLDINGS, S.A.</TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.22
<SEQUENCE>24
<FILENAME>d128959dex422.htm
<DESCRIPTION>EX-4.22
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.22</TITLE>
</HEAD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 4.22 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Supplemental Agreement No.&nbsp;19 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Purchase Agreement
No.&nbsp;2191 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">between </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The
Boeing Company </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COPA
Holdings, S.A., Inc. Relating to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Boeing Model 737 Aircraft </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS SUPPLEMENTAL AGREEMENT entered into as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2009 by and between THE BOEING COMPANY, a
Delaware corporation with its principal office in Seattle, Washington, (Boeing) and COPA HOLDINGS, S.A., INC. (Customer); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the
parties hereto entered into Purchase Agreement No.&nbsp;2191 dated November&nbsp;25, 1998 (the Agreement), as amended and supplemented, relating to Boeing Model <FONT STYLE="white-space:nowrap">737-7V3</FONT> and
<FONT STYLE="white-space:nowrap">737-8V3</FONT> aircraft (the Aircraft); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Customer and Boeing have agreed to accelerate the
delivery of Aircraft serial number 40664 from June 2010 to May 2010. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Customer and Boeing have mutually agreed to amend the
Agreement to incorporate the effect of these and certain other changes; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in consideration of the mutual covenants herein contained, the
parties agree to amend the Agreement as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The &#147;<U>Table of Contents</U>&#148; is revised to reflect the changes made by this Supplemental Agreement.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Table <FONT STYLE="white-space:nowrap">1-9</FONT> entitled &#147;<U>Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</U>&#148;, is revised to **Material Redacted**. The revised Table <FONT STYLE="white-space:nowrap">1-9</FONT> is attached hereto. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 19</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Aug 2009</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT</B> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Purchase Agreement will be deemed to be supplemented to the extent herein provided as of the date hereof
and as so supplemented will continue in full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing and Customer have each caused this Supplemental Agreement to be duly executed as of
the day and year first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE BOEING COMPANY</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">COPA HOLDINGS, S.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-In-Fact</FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its: Chief Executive Officer</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 19</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Aug 2009</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 2</P> <P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">SA</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">NUMBER</P></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


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<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>ARTICLES</U></P></TD>
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<TR STYLE="font-size:1pt">
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Quantity, Model and Description</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Delivery Schedule</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom"></TD>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Price</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miscellaneous</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>TABLE</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-1</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft Information Table for Model <FONT STYLE="white-space:nowrap">737-7V3</FONT>
Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-2</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft Information Table for Model <FONT STYLE="white-space:nowrap">737-8V3</FONT>
Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-3</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft Information Table for Model <FONT STYLE="white-space:nowrap">737-7V3</FONT>
Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-4</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft Information Table for Model <FONT STYLE="white-space:nowrap">737-7V3</FONT>
Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-5</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft Information Table for Model <FONT STYLE="white-space:nowrap">737-8V3</FONT>
Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-6</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft Information Table for Model <FONT STYLE="white-space:nowrap">737-8V3</FONT>
Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-7</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft Information Table for Model <FONT STYLE="white-space:nowrap">737-8V3</FONT>
Aircraft Option Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-8</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft Information Table for Model <FONT STYLE="white-space:nowrap">737-8V3</FONT>
Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-9</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft Information Table for Model <FONT STYLE="white-space:nowrap">737-8V3</FONT>
Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-10</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft Information Table for Model <FONT STYLE="white-space:nowrap">737-8V3</FONT>
Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-11</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft Information Table for Model <FONT STYLE="white-space:nowrap">737-8V3</FONT>
Option Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>EXHIBIT</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">A-1</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft Configuration for Model <FONT STYLE="white-space:nowrap">737-7V3</FONT>
Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">A-2</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft Configuration for Model <FONT STYLE="white-space:nowrap">737-8V3</FONT>
Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">A-3</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft Configuration for Model <FONT STYLE="white-space:nowrap">737-8V3</FONT>
Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">B.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Aircraft Delivery Requirements and Responsibilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>SUPPLEMENTAL EXHIBITS</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AE1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Escalation Adjustment Airframe and Optional Features</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BFE1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BFE Variables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CS1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Customer Support Variables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EE1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Engine Escalation/Engine Warranty and Patent Indemnity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SLP1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Service Life Policy Components</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 19</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Aug 2009</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT</B> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="77%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT STYLE="font-size:8pt">SA</FONT><br><FONT STYLE="font-size:8pt">NUMBER</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>LETTER AGREEMENTS</U></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">2191-01</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Demonstration Flight Waiver</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">2191-02</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Escalation Sharing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">2191-03</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Seller Purchased Equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>RESTRICTED LETTER AGREEMENTS</U></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN&nbsp;-0123</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Performance Guarantees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN&nbsp;-0124</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN&nbsp;-0155</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Airframe Escalation Revision</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN&nbsp;-0156</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Year 2000 Ready Software, Hardware and Firmware</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN&nbsp;-0157</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miscellaneous Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-MJB-0017</FONT>
</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-MJB-0030</FONT>
</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-874R</FONT>
</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-874R1</FONT>
</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-874R2</FONT>
</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-982</FONT>
</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-982R3</FONT>
</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-RLL-3852</FONT>
</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">737-800</FONT> Performance Guarantees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-982R4</FONT>
</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-RLL-3958</FONT>
</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">737-8V3</FONT> Option Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-RLL-3958R1</FONT>
</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">737-8V3</FONT> Option Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-982R5</FONT>
</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-982R6</FONT>
</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-982R7</FONT>
</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-RLL-4092</FONT>
</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Advance Payment Matters for Aircraft Listed in Table
<FONT STYLE="white-space:nowrap">1-9</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-KSW-6417</FONT>
</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Boeing Offer Related to New Interior</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-KSW-6419</FONT>
</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 19</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Aug 2009</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT</B> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>SUPPLEMENTAL&nbsp;AGREEMENTS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>&nbsp;</B></TD>
<TD VALIGN="top" ALIGN="right"><B>DATED&nbsp;AS&nbsp;OF:</B></TD>
<TD NOWRAP VALIGN="top"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">June&nbsp;29, 2001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December&nbsp;21, 2001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">June&nbsp;14, 2002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December&nbsp;20,&nbsp;1002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">October&nbsp;31, 2003</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;6</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">September&nbsp;9, 2004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;7</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December&nbsp;9, 2004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;8</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">April&nbsp;15, 2005</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;9</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">March&nbsp;16, 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">May&nbsp;8, 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">August&nbsp;30, 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;12</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">February&nbsp;26, 2007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;13</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">April&nbsp;23,&nbsp;2007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;14</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">August&nbsp;31,&nbsp;2007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;15</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">February&nbsp;21,&nbsp;2008</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;16</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">June&nbsp;30, 2008</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;17</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December&nbsp;15, 2008</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;18</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">July&nbsp;15, 2009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;19</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">August &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 19</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Aug 2009</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iii</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT</B> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table <FONT STYLE="white-space:nowrap">1-9</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Information Table for Model <FONT STYLE="white-space:nowrap">737-8V3</FONT> Aircraft </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Delivery, Description and Advance Payments </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="30%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe&nbsp;Model/MTOW:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><FONT STYLE="white-space:nowrap">737-800</FONT><B></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">174200 pounds</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>Detail Specification:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine&nbsp;Model/Thrust:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><FONT STYLE="white-space:nowrap">CFM56-7B26</FONT><B></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">26400 pounds</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>Airframe Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="white-space:nowrap">Jul-08</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="white-space:nowrap">ECI-MFG/CPI</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Price:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>Engine Price&nbsp;Base&nbsp;Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Optional Features:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><FONT STYLE="white-space:nowrap">Sub-Total</FONT> of Airframe and Features:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>Airframe Escalation Data:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Price (Per Aircraft):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>Base Year Index (ECI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">103.1</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>Base Year Index (CPI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">208.2</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Buyer Furnished Equipment (BFE) Estimate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Seller Purchased Equipment (SPE) Estimate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Refundable Deposit/Aircraft at Proposal Accept:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Estimate</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Advance&nbsp;Payment</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Per&nbsp;Aircraft&nbsp;(Amts.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Due/Mos. Prior to</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Delivery):</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>21/18/12/9/6</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Delivery<BR>Date</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number&nbsp;of<BR></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Factor </B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Airframe)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Serial</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Adv&nbsp;Payment</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Base</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Price&nbsp;Per&nbsp;A/P</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>At&nbsp;Signing</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>**Material</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Redacted**</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>24 Mos.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>**Material</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Redacted**</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Mos.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>**Material</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Redacted**</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Total</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>**Material</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Redacted**</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Total:</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

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<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">SA No. 19</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Aug 2009</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.23
<SEQUENCE>25
<FILENAME>d128959dex423.htm
<DESCRIPTION>EX-4.23
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.23</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 4.23 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Supplemental Agreement No.&nbsp;20 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Purchase Agreement
No.&nbsp;2191 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">between </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The
Boeing Company </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COPA
Holdings, S.A., Inc. Relating to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Boeing Model 737 Aircraft </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS SUPPLEMENTAL AGREEMENT No.&nbsp;20 (&#147;Supplemental Agreement 20&#148;) is entered into as of November 19, 2009 by and between THE
BOEING COMPANY, a Delaware corporation with its principal office in Seattle, Washington, (Boeing) and COPA HOLDINGS, S.A., INC. (Customer); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the parties hereto entered into Purchase Agreement No.&nbsp;2191 dated November 25, 1998 , (as amended and supplemented and together
with all exhibits, schedules and letter agreements pertaining thereto, the &#147;Purchase Agreement&#148;), relating to Boeing Model 737-7V3 and 737-8V3 aircraft (collectively, the &#147;Aircraft&#148; and each an &#147;Aircraft&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, **Material Redacted**; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, **Material Redacted**. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Customer and Boeing have agreed **Material Redacted**; and, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Customer and Boeing have agreed that **Material Redacted**; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. The &#147;<U>Table of Contents</U>&#148; of the Purchase Agreement is revised to reflect the changes made by this Supplemental Agreement and a copy of such
Table of Contents, as so revised is attached hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. Table 1-10A entitled &#147;<U>Aircraft Delivery, Description, Price and Advance
Payments</U>&#148;, is revised so as to: **Material Redacted**. Table 1-10A as amended in accordance with this paragraph 3 is attached hereto. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA No. 20</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Nov 2009</P></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. Table 1-10B entitled &#147;<U>Aircraft Delivery, Description, Price and Advance Payments for Exercised
Options</U>&#148;, is revised so as to: (A) **Material Redacted**; (B) **Material Redacted** and (C)&nbsp;add at the bottom the following note, &#147;**Material Redacted**. The revised Table 1-10B as amended in accordance with this paragraph 4 is
attached hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. **Material Redacted** </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. Letter
Agreement 6-1162-RLL-3958R1, Option Aircraft, is revised so as to **Material Redacted**. The revised Letter Agreement 6-1162-RLL-3958R2 is attached hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7. Letter Agreement 2191-03, Seller Purchased Agreement, is revised to **Material Redacted**. The revised Letter Agreement 2191-034R1 is attached hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8. Attachments A and B were inadvertently left out of the signed original of Letter Agreement 6-1162-KSW-6419, **Material Redacted**. Letter Agreement
6-1162-KSW-6419 including Attachments A and B is attached hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9. **Material Redacted** </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10. **Material Redacted** </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Purchase Agreement will be
deemed to be supplemented and revised to the extent herein provided as of the date hereof and as so supplemented and revised will continue in full force and effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing and Customer have each caused this Supplemental Agreement to be duly executed as of the day and year first written above. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE BOEING COMPANY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>COPA HOLDINGS, S.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>By:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Its: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-In-Fact</FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Its: Chief Executive Officer</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PA No.&nbsp;2191</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">SA No.&nbsp;20</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Nov 2009</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">SA<br>NUMBER</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>ARTICLES</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Quantity, Model and Description</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">2.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Delivery Schedule</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">3.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Price</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">4.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Payment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">5.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Miscellaneous</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>TABLE</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">1-1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-7V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">1-2</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">1-3</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-7V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">1-4</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-7V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">1-5</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">1-6</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">1-7</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Aircraft Option Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">1-8</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">1-9</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">1-10</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">1-11</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Option Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>EXHIBIT</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">A-1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Configuration for Model 737-7V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">A-2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Configuration for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">A-3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Configuration for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">B.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Delivery Requirements and Responsibilities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6"><U>SUPPLEMENTAL EXHIBITS</U></TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">AE1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Escalation Adjustment Airframe and Optional Features</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">BFE1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>BFE Variables</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">CS1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Customer Support Variables</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EE1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Engine Escalation/Engine Warranty and Patent Indemnity</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">SLP1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Service Life Policy Components</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA No. 20</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Nov 2009</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="77%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">SA<br>NUMBER</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6"><U>LETTER AGREEMENTS</U></TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">2191-01</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Demonstration Flight Waiver</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">2191-02</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Escalation Sharing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">2191-03</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Seller Purchased Equipment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">2191-03R1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Seller Purchased Equipment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA-20</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6"><U>RESTRICTED LETTER AGREEMENTS</U></TD>
<TD VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6-1162-DAN-0123</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Performance Guarantees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6-1162-DAN-0124</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6-1162-DAN-0155</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Airframe Escalation Revision</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6-1162-DAN-0156</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Year 2000 Ready Software, Hardware and Firmware</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6-1162-DAN-0157</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Miscellaneous Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6-1162-MJB-0017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6-1162-MJB-0030</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6-1162-LAJ-874R</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6-1162-LAJ-874R1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6-1162-LAJ-874R2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6-1162-LAJ-982</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6-1162-LAJ-982R3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6-1162-RLL-3852</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>737-800 Performance Guarantees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6-1162-LAJ-982R4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6-1162-RLL-3958</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>737-8V3 Option Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6-1162-RLL-3958R1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>737-8V3 Option Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6-1162-RLL-3958R1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>737-8V3 Option Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>6-1162-RLL-3958R2</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>737-8V3 Option Aircraft</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 20</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6-1162-LAJ-982R5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6-1162-LAJ-982R6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6-1162-LAJ-982R7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6"><B>**Material Redacted**</B></TD>
<TD VALIGN="top"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6-1162-RLL-4092</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Advance Payment Matters for Aircraft Listed in Table 1-9</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">6-1162-KSW-6417</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Boeing Offer Related to New Interior</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>6-1162-KSW-6419</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>**Material Redacted**</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 20</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA No. 20</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Nov 2009</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>

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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>SUPPLEMENTAL AGREEMENTS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>DATED AS OF:</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">June&nbsp;29, 2001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December&nbsp;21, 2001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">June&nbsp;14, 2002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December&nbsp;20, 1002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">October&nbsp;31, 2003</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;6</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">September&nbsp;9, 2004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;7</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December&nbsp;9, 2004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;8</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">April&nbsp;15, 2005</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;9</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">March&nbsp;16,&nbsp;2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">May&nbsp;8, 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">August&nbsp;30,&nbsp;2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;12</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">February&nbsp;26,&nbsp;2007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;13</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">April&nbsp;23, 2007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;14</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">August&nbsp;31, 2007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;15</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">February&nbsp;21, 2008</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;16</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">June&nbsp;30, 2008</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;17</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December&nbsp;15,&nbsp;2008</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;18</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">July&nbsp;15, 2009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;19</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">August &nbsp;&nbsp;&nbsp;&nbsp;, 2009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;20</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">November&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;2009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA No. 20</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Nov 2009</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iii </P>


</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-10A </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Information Table for Model 737-8V3 Aircraft </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Delivery, Description and Advance Payments </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="27%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="25%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Model/MTOW:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">737-800</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">174200 pounds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Detail Specification:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD COLSPAN="9" VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Model/Thrust:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="white-space:nowrap">CFM56-7B26</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">26400 pounds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Airframe Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Jul&nbsp;-08</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">ECI-MFG/CPI</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Price:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Engine Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Optional Features:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material&nbsp;Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Sub-Total of Airframe and Features:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Airframe Escalation Data:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Engine Price (Per Aircraft):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Base Year Index (ECI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">103.1</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Base Year Index (CPI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">208.2</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Buyer Furnished Equipment (BFE) Estimate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Seller Purchased Equipment (SPE) Estimate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Refundable Deposit/Aircraft at Proposal Accept:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Escalation</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Estimate</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Advance Payment Per Aircraft (Amts. Due/Mos. Prior
to Delivery):</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Escalation</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Adv&nbsp;Payment</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>21/18/12/9/6</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"><B>Delivery</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Number&nbsp;of</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Factor</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Serial</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Base</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>At Signing</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>24 Mos.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Mos.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Total</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Airframe)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material&nbsp;Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material&nbsp;Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material&nbsp;Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material&nbsp;Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material&nbsp;Redacted**</P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">Total:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA No. 20</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Nov 2009</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-11 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft
Information Table for Model 737-8V3 Option Aircraft </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Delivery, Description and Advance Payments </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="24%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Airframe Model/MTOW:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">737-800</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">174200&nbsp;pounds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Detail Specification:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="6" VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Engine Model/Thrust:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="white-space:nowrap">CFM56-7B26</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">26400 pounds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Airframe Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Jul&nbsp;-08</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">ECI-MFG/CPI</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Airframe Price:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material&nbsp;Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Engine Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Optional Features:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Sub-Total of Airframe and Features:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Airframe Escalation Data:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Engine Price (Per Aircraft):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Base Year Index (ECI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">103.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Base Year Index (CPI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">208.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Buyer Furnished Equipment (BFE) Estimate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Seller Purchased Equipment (SPE) Estimate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Non -Refundable Deposit/Aircraft at Def<BR>Agreemt:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Escalation</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Advance&nbsp;Payment&nbsp;Per</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Estimate</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Aircraft&nbsp;(Amts.&nbsp;Due/Mos.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Escalation</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Adv&nbsp;Payment</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Prior to Delivery):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>21/18/12/9/6</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"><B>Delivery</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Number&nbsp;of</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Factor</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Base</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>At Signing</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>24 Mos.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Mos.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Total</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Airframe)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Serial&nbsp;Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Price&nbsp;Per&nbsp;A/P</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material&nbsp;Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material&nbsp;Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">**Material&nbsp;Redacted**</P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">**Material Redacted**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Total:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">**Material Redacted**</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA No. 20</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Nov 2009</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g128959sp9.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:70%; font-size:10pt; font-family:Times New Roman"><B>Boeing Commercial Airplanes </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:70%; font-size:10pt; font-family:Times New Roman">P.O. Box 3707 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:70%; font-size:10pt; font-family:Times New Roman">Seattle, WA
98124-2207 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2191-03R1 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Apartado 1572 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Avenida Justo Arosemena y Calle 39 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Panama 1 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Panama </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%" VALIGN="top" ALIGN="left">Subject:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Seller Purchased Equipment </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%" VALIGN="top" ALIGN="left">Reference:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Purchase Agreement No.&nbsp;2191 (as supplemented and amended the Purchase Agreement) between The Boeing
Company (Boeing) and COPA HOLDINGS, S.A. (Customer) relating to Model 737-7V3 aircraft (the Aircraft) </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Letter Agreement amends and
supplements the Purchase Agreement and cancels and supercedes Letter Agreement 2191-03. All terms used but not defined in this Letter Agreement have the same meaning as in the Purchase Agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Definition of Terms: </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">**Material Redacted** </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Price</U>. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Advance Payments</U>. An estimated SPE price is included in the Advance Payment Base Prices shown in Table 1 for the purpose of establishing
the advance payments for the Aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Aircraft Price</U>. **Material Redacted** </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.A. 2191</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SA-20</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Option Aircraft</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">11/09</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g128959sp9.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-RLL-3958R2 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

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<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">THE BOEING COMPANY</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>Its <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-In-Fact</FONT></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">ACCEPTED AND AGREED TO this</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2009</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">COPA HOLDINGS, S.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Its</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD WIDTH="48%"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.A. 2191</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Option Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA-20</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">11/09</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:70%; font-size:10pt; font-family:Times New Roman"><B>Boeing Commercial Airplanes </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:70%; font-size:10pt; font-family:Times New Roman">P.O. Box 3707 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:70%; font-size:10pt; font-family:Times New Roman">Seattle, WA
98124-2207 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-RLL-3958R2 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Apartado 1572 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Avenida Justo Arosemena y Calle 39 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Panama 1, Panama </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left">Subject:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Option Aircraft </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left">Reference:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Purchase Agreement No.&nbsp;2191 (the Purchase Agreement) between The Boeing Company (Boeing) and COPA
HOLDINGS, S.A. (Customer) relating to Model 737 aircraft (the Aircraft) </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Letter Agreement amends the Purchase Agreement and
supersedes and replaces in its entirety Letter Agreement 6-1162-RLL- 3958R1. All terms used but not defined in this Letter Agreement have the same meaning as in the Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">**Material Redacted** </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Aircraft Description and Changes</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">1.1 <U>Aircraft Description</U>: The Option Aircraft are described by the Detail Specification listed in Table 1-11. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">1.2 <U>Changes</U>: The Detail Specification will be revised to include: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Changes applicable to the basic Model 737 aircraft which are developed by Boeing between the date of the Detail
Specification and the signing of the definitive agreement to purchase the Option Aircraft; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Changes required to obtain required regulatory certificates; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Changes mutually agreed upon. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.A. 2191</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SA-20</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Option Aircraft</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">11/09</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-RLL-3958R2 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>Price</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.1 The pricing elements of the Option Aircraft are listed Table 1-11. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.2 <U>Price Adjustments</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.2.1 <U>Optional Features</U>. The price for Optional Features selected for the Option Aircraft will be adjusted to Boeing&#146;s current
prices as of the date of execution of the definitive agreement for the Option Aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.2.2 <U>Escalation Adjustments</U>. The Airframe
Price and the price of Optional Features for Option Aircraft will be escalated on the same basis as the Aircraft, and will be adjusted to Boeing&#146;s current escalation provisions as of the date of execution of the definitive agreement for the
Option Aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.2.3 <U>Base Price Adjustments</U>. The Airframe Price of the Option Aircraft will be adjusted to Boeing&#146;s current
price as of the date of execution of the definitive agreement for the Option Aircraft. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. <U>Payment</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.1 Customer will pay a deposit to Boeing in the amount shown in Table 1-11 for each Option Aircraft (Deposit), on the date of this Letter
Agreement. If Customer exercises an option, the Deposit will be credited against the first advance payment due. If Customer does not exercise an option, Boeing will retain the Deposit for that Option Aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.2 Following option exercise, advance payments in the amounts and at the times listed in Table 1-11 will be payable for the Option Aircraft.
The remainder of the Aircraft Price for the Option Aircraft will be paid at the time of delivery. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.A. 2191</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Option Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA-20</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">11/09</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g128959sp9.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-RLL-3958R2 </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Option Exercise</U>. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.1 Customer may exercise an option by giving written notice to Boeing on or before the **Material Redacted** in Table 1- 11 (Option Exercise
Date). For the two Quarterly Options delivering in 2012 written notice of the Option Exercise **Material Redacted**. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.2 **Material
Redacted**. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted**. </P></TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Contract Terms</U>. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Boeing and Customer will use their best efforts to reach a definitive agreement for the purchase of an Option Aircraft, including the terms and
conditions contained in this Letter Agreement, in the Purchase Agreement, and other terms and conditions as may be agreed upon. In the event the parties have not entered into a definitive agreement within 30 days following option exercise, either
party may terminate the purchase of such Option Aircraft by giving written notice to the other within 5 days. If Customer and Boeing fail to enter into such definitive agreement, Boeing will retain the Deposit for that Option Aircraft. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.A. 2191</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Option Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA-20</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">11/09</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g128959sp9.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-RLL-3958R2 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">THE BOEING COMPANY</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>Its Attorney-In-Fact</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">ACCEPTED AND AGREED TO this</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2009</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">COPA HOLDINGS, S.A., INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Its</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">Attachment &#151; Table 1-11</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.A. 2191</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Option Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA-20</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">11/09</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-KSW-6419 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A., INC. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Apartado 1572 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Avenida Justo Arosemena y Calle 39 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Panama 1, Panama </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Subject:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>**Material Redacted**</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Reference:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>**Material Redacted**</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">**Material Redacted** </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Recitals</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">**Material Redacted** <U> </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Agreement:</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">**Material Redacted** </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. The information contained herein represents confidential business information and has value precisely because it is not available generally or to other
parties. Customer will limit the disclosure of its contents to employees of Customer with a need to know the contents for purposes of helping Customer perform its obligations under the Purchase Agreement and who understand they are not to disclose
its contents to any other person or entity without the prior written consent of Boeing. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE BOEING COMPANY</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Its Attorney-In-Fact</TD></TR>
</TABLE>
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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A., INC. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-KSW-6419 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD VALIGN="top" COLSPAN="5">ACCEPTED AND AGREED TO this</TD></TR>
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<TD VALIGN="top" COLSPAN="5">Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2009</TD></TR>
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<TD VALIGN="top" COLSPAN="5">COPA HOLDINGS, S.A., INC.</TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Its</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">P.A. No.&nbsp;2191</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">SA-18</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fixing_Escalation_Factors</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">07/09</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Proprietary </B></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attachment A to Letter Agreement 6-1162-KSW-6419 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**Material Redacted** </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">**Material Redacted**
</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">P.A. No.&nbsp;2191</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">SA-18</TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="right">07/09</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Proprietary </B></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing Commercial Airplanes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.O. Box 3707 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Seattle, Washington 98124-2207 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S.A. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left">Reference:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Purchase Agreement No.&nbsp;2191 dated as of November 25, 1998, between The Boeing Company (Boeing) and COPA
HOLDINGS, S.A., INC. (the Purchase Agreement) </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left">Attention:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Vice President &#151; Contracts </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Mail Code 21-34 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">**Material Redacted** </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">THE BOEING COMPANY</TD></TR>
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<TD VALIGN="top">By:</TD>
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<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
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<TD VALIGN="bottom" NOWRAP>Its <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-in-Fact</FONT></FONT></TD></TR>
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<TD VALIGN="top">Dated</TD>
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<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">P.A. No.&nbsp;2191</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">SA-18</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fixing_Escalation_Factors</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">07/09</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Proprietary </B></P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 4.24 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Supplemental Agreement No.&nbsp;21 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Purchase Agreement
No.&nbsp;2191 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">between </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The
Boeing Company </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COPA
Holdings, S.A., Inc. Relating to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Boeing Model 737 Aircraft </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS SUPPLEMENTAL AGREEMENT No.&nbsp;21 (&#147;Supplemental Agreement 21&#148;) is entered into as of May 28, 2010 by and between THE BOEING
COMPANY, a Delaware corporation with its principal office in Seattle, Washington, (Boeing) and COPA HOLDINGS, S.A., INC. (Customer); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the parties hereto entered into Purchase Agreement No.&nbsp;2191 dated November 25, 1998, (as amended and supplemented and together
with all exhibits, schedules and letter agreements pertaining thereto, the &#147;Purchase Agreement&#148;) relating to Boeing Model 737-7V3 and 737-8V3 aircraft (collectively, the &#147;Aircraft&#148; and each an &#147;Aircraft&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Customer has exercised one (1) [***] Option Aircraft and one (1) [***] Option Aircraft; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">[***] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in
consideration of the mutual covenants herein contained, the parties agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. The one (1) [***] and one (1) [***] Aircraft that Customer has
exercised will deliver one (1) [***] with serial number [***] and one (1) in [***]with serial number [***]. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. Capitalized terms not otherwise defined
herein shall have the meanings ascribed to them in the Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. The &#147;<U>Table of Contents</U>&#148; of the Purchase Agreement is
revised to reflect the changes made by this Supplemental Agreement 21 and to delete Restricted Letter Agreement &#147;6-1162-LAJ-982R8. . . .Special Matters . . . .SA-20&#148; from the Table of Contents since it was not included in SA-20. A copy of
the revised Table of Contents is attached hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. The following changes are made to the <U>Aircraft Delivery, Description, Price and Advance Payments
Tables </U>to incorporate the [***]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">4.1. Tables 1-6, 1-9 and 1-10B are revised to change the features price and SPE price as discussed in
paragraph 4 above. Tables 1-6, 1-9 and 1-10B as revised in accordance with this paragraph 4 are attached hereto. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 1</P></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="right">SA No.&nbsp;21</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">4.2. Table 1-8 is revised to change the features price and SPE price as discussed in paragraph 4 above for the August 2011 Aircraft only. Table
1-8, as revised, is attached hereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">4.3. Table 1-10A is revised to create two Tables. Table 1-10A(1) lists only the [***] Aircraft which
continue to have the features from Exhibit A-3. Table 1-10A(2) lists the remainder of the Aircraft from Table 1-10A and includes the revised features pricing and SPE estimate as discussed in paragraph 4 above. Table 1-10A(1) and Table 1-10A(2) are
attached hereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">4.4. Table 1-12, attached hereto, provides the pricing information for the exercised [***] Aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. Exhibit A-4 entitled &#147;Aircraft Configuration for Customer&#146;s 737-8V3 Aircraft with Deliveries [***]&#148;, attached hereto, provides the features
for Aircraft with deliveries [***] including the [***]. These changes will be included in Customer&#146;s Detail Specification number [***]. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.
Supplemental Agreement BFE1, Buyer Furnished Equipment Variables, paragraph 2 is revised as stated below to add the preliminary on-dock dates for the [***] Aircraft. Preliminary On dock Dates for the [***] Aircraft are found in Supplemental
Agreement 18. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">[***]&nbsp;&nbsp;&nbsp;&nbsp;<BR>Aircraft&nbsp;&nbsp;&nbsp;&nbsp;</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7. [***] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8. Letter Agreement
6-RLL-3958R2, Table 11 entitled &#147;<U>Option Aircraft Delivery, Description, Price and Advance Payments</U>&#148;, is revised to [***]. The revised Table 11 dated May 2010 is attached hereto </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9. [***] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10. [***] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">SA No.&nbsp;21</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">May 2010</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11. At signing of this Supplemental Agreement
<U>&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;</U><U> </U>is due. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Purchase
Agreement will be deemed to be supplemented and revised to the extent herein provided as of the date hereof and as so supplemented and revised will continue in full force and effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing and Customer have each caused this Supplemental Agreement to be duly executed as of the day and year first written above. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">THE BOEING COMPANY</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>COPA HOLDINGS, S.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">


<IMG SRC="g128959g0421103730133.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TR STYLE="font-size:1pt">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
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<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attorney-In-Fact</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Its: Chief Executive Officer</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page&nbsp;3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">SA No.&nbsp;21</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="right">May 2010</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="3" NOWRAP STYLE="border-bottom:1.00pt solid #000000">ARTICLES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center">SA<BR>NUMBER</P></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman; ">1. Quantity, Model and Description</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman; ">2. Delivery Schedule</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman; ">3. Price</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman; ">4. Payment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman; ">5. Miscellaneous</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman; "><U>TABLE</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">1-1</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-7V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">1-2</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">1-3</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-7V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">1-4</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-7V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">1-5</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">1-6</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 21</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">1-7</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Aircraft Option Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">1-8</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 21</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">1-9</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 21</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">1-10</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 21</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B><FONT STYLE="white-space:nowrap">1-10A(1)</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 21</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B><FONT STYLE="white-space:nowrap">1-10A(2)</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 21</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">1-10B</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 21</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">1-11</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table for Model 737-8V3 Option Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 21</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>1-12</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Aircraft Information Table for Model 737-8V3 Aircraft</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 21</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman; "><U>EXHIBIT</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">A-1</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Configuration for Model 737-7V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">A-2</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Configuration for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">A-3</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Configuration for Model 737-8V3 Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>A-4</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Aircraft Configuration for Model 737-8V3 Aircraft</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 21</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>[***]</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">B.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Delivery Requirements and Responsibilities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">i</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">SA No.&nbsp;21</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">May 2010</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>SUPPLEMENTAL EXHIBITS</U> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="88%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AE1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Escalation Adjustment Airframe and Optional Features</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BFE1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>BFE Variables</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CS1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Customer Support Variables</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EE1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Engine Escalation/Engine Warranty and Patent Indemnity</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SLP1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Service Life Policy Components</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>LETTER AGREEMENTS</U> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="85%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">2191-01</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Demonstration Flight Waiver</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">2191-02</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Escalation Sharing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">2191-03</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Seller Purchased Equipment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">2191-03R1</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Seller Purchased Equipment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-20</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>RESTRICTED LETTER AGREEMENTS</U> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="77%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-DAN-0123</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-DAN-0124</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-DAN-0155</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Airframe Escalation Revision</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-DAN-0156</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Year 2000 Ready Software, Hardware and Firmware</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-DAN-0157</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Miscellaneous Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-MJB-0017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-MJB-0030</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-874R</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-874R1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-874R2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-982</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-982R3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-RLL-3852</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-982R4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-RLL-3958</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>737-8V3 Option Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-RLL-3958R1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>737-8V3 Option Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-RLL-3958R1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>737-8V3 Option Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>6-1162-RLL-3958R2</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>737-8V3 Option Aircraft</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 21</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-982R5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-982R6</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-982R7</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-982R8</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-RLL-4092</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Advance Payment Matters for Aircraft Listed in Table 1-9</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-KSW-6417</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Boeing Offer Related to New Interior</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-KSW-6419</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>6-1162-KSW-6471</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 21</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>LA -1000842</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Installation of Cabin Systems Equipment</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 21</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">SA No.&nbsp;21</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">May 2010</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>SUPPLEMENTAL AGREEMENTS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>DATED AS OF:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">June&nbsp;29,&nbsp;2001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December&nbsp;21,&nbsp;2001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">June 14, 2002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December 20, 1002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">October 31, 2003</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;6</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">September 9, 2004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;7</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December 9, 2004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;8</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">April 15, 2005</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;9</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">March 16, 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">May 8, 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">August 30, 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;12</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">February 26, 2007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;13</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">April 23, 2007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;14</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">August 31, 2007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;15</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">February 21, 2008</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;16</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">June 30, 2008</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;17</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December 15, 2008</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;18</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">July 15, 2009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;19</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">August 31, 2009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;20</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">November&nbsp;19,&nbsp;2009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">iii</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">SA No.&nbsp;21</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">May 2010</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-6 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft
Delivery, Description, Price and Advance Payments </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(BSI Interior) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Model/MTOW: </B>737-800</P></TD>
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<TD VALIGN="bottom" NOWRAP><B>Detail Specification:</B></TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Model/Thrust: </B>CFM56-7B26</P></TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Airframe Price Base Year/Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Formula:</B></P></TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Price:</B></P></TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Engine Price Base Year/Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Formula:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Optional Features:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Sub-Total of Airframe and Features:</B></P></TD>
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<TD VALIGN="bottom" NOWRAP><B>Airframe Escalation Data:</B></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Price (Per Aircraft):</B></P></TD>
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<TD VALIGN="bottom" NOWRAP><B>Base Year Index (ECI):</B></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></P></TD>
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<TD VALIGN="bottom" NOWRAP><B>Base Year Index (CPI):</B></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Buyer Furnished Equipment (BFE) Estimate:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Seller Purchased Equipment (SPE) Estimate:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Refundable Deposit/Aircraft at Proposal Accept:</B></P></TD>
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<TD VALIGN="bottom" ROWSPAN="2" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Delivery<BR>Date</B></P></TD>
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<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of<BR>Aircraft</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Escalation<BR>Factor<BR>(Airframe)</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Serial<BR>Number</B></TD>
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<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation<BR>Estimate<BR>Adv&nbsp;Payment<BR>Base<BR>Price&nbsp;Per&nbsp;A/P</B></P></TD>
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<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Advance Payment Per Aircraft (Amts. Due/Mos. Prior to<BR>Delivery):</B></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total:</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">COP-54041-1F.TXT</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PA No. 2191 SA-21</P></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Proprietary</B></P></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">May 2010</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page&nbsp;1</P></TD></TR></TABLE>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-8 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft
Delivery, Description, Price and Advance Payments </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Model/MTOW: </B>737-800</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="bottom" NOWRAP><B>Detail Specification: </B>see PA 2191</TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Model/Thrust: </B>CFM56-7B26</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Airframe Price Base Year/Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Formula:</B></P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Price*: see note below</B></P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Engine Price Base Year/Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Formula:</B></P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Optional Features:</B></P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Sub-Total of Airframe and Features:</B></P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="bottom" NOWRAP><B>Airframe Escalation Data:</B></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Price (Per Aircraft):</B></P></TD>
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<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0</TD>
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<TD VALIGN="bottom" NOWRAP><B>Base Year Index (ECI):</B></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="bottom" NOWRAP><B>Base Year Index (CPI):</B></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Buyer Furnished Equipment (BFE) Estimate:</B></P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">0</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Seller Purchased Equipment (SPE) Estimate:</B></P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Refundable Deposit/Aircraft at Proposal Accept:</B></P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" ROWSPAN="2" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Delivery<BR>Date</B></P></TD>
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<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number<BR>of<BR>Aircraft</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Escalation<BR>Factor<BR>(Airframe)</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Serial<BR>Number</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
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<TD COLSPAN="2" ROWSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation<BR>Estimate<BR>Adv&nbsp;Payment<BR>Base<BR>Price&nbsp;Per&nbsp;A/P</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Advance&nbsp;Payment&nbsp;Per&nbsp;Aircraft&nbsp;(Amts.&nbsp;Due/Mos.&nbsp;Prior&nbsp;to</B><br><B>Delivery):</B></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B><br><B>[***]</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B><br><B>[***]</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B><br><B>[***]</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B><br><B>[***]</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom">[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total:</P></TD>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COP-48720/54023-1F.TXT</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PA No.&nbsp;2191
SA-21</P></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Proprietary</B></P></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">May 2010</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page&nbsp;1</P></TD></TR></TABLE>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-9 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft
Delivery, Description, Price and Advance Payments </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(BSI Interior) </B></P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Model/MTOW: </B>737-800</P></TD>
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<TD VALIGN="bottom" NOWRAP><B>Detail Specification:</B></TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Model/Thrust: </B>CFM56-7B26</P></TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Airframe Price Base Year/Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Formula:</B></P></TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Price:</B></P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Engine Price Base Year/Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Formula:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Optional Features:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Sub-Total of Airframe and Features:</B></P></TD>
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<TD VALIGN="bottom" NOWRAP><B>Airframe Escalation Data:</B></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Price (Per Aircraft):</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></P></TD>
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<TD VALIGN="bottom" NOWRAP><B>Base Year Index (CPI):</B></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Buyer Furnished Equipment (BFE) Estimate:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Seller Purchased Equipment (SPE) Estimate:</B></P></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Delivery<BR>Date</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of<BR>Aircraft</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Escalation<BR>Factor<BR>(Airframe)</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Serial<BR>Number</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" ROWSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation<BR>Estimate<BR>Adv&nbsp;Payment<BR>Base<BR>Price&nbsp;Per&nbsp;A/P</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Advance Payment Per Aircraft (Amts. Due/Mos. Prior to<BR>Delivery):</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B><br><B>[***]</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B><br><B>[***]</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B><br><B>[***]</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B><br><B>[***]</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="bottom" NOWRAP>[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
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<TD VALIGN="bottom" NOWRAP>[***]</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="bottom" NOWRAP>[***]</TD>
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<TD NOWRAP VALIGN="bottom">[***]</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
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<TD VALIGN="bottom" NOWRAP>[***]</TD>
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<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom"></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total: </P></TD>
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<TD VALIGN="bottom" NOWRAP>2</TD>
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</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COP-54021-1F.TXT</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PA No.&nbsp;2191
SA-21</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Proprietary</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">May 2010</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page&nbsp;1</P></TD></TR></TABLE>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-10A(1) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft
Delivery, Description, Price and Advance Payments </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Model/MTOW: </B>737-800</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Detail Specification:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Model/Thrust: </B>CFM56-7B26</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Airframe Price Base Year/Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Formula:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Price:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Engine Price Base Year/Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Formula:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Optional Features:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD ROWSPAN="2" VALIGN="bottom"></TD>
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<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
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<TD>&nbsp;</TD>
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<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Sub-Total of Airframe and Features:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom" NOWRAP><B>Airframe Escalation Data:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Price (Per Aircraft):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Base Year Index (ECI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Base Year Index (CPI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Buyer Furnished Equipment (BFE) Estimate:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom"></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Seller Purchased Equipment (SPE) Estimate:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD HEIGHT="16"></TD>
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<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Refundable Deposit/Aircraft at Proposal Accept:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of<BR>Aircraft</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Escalation<BR>Factor<BR>(Airframe)</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Serial<BR>Number</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Escalation</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation<BR>Estimate<BR>Adv&nbsp;Payment<BR>Base<BR>Price&nbsp;Per&nbsp;A/P</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Advance Payment Per Aircraft (Amts. Due/Mos. Prior to<BR>Delivery):</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B><br><B>[***]</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B><br><B>[***]</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B><br><B>[***]</B></TD>
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<TD NOWRAP VALIGN="bottom">[***]</TD>
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<TD VALIGN="bottom" NOWRAP>[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total:</P></TD>
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<TD NOWRAP VALIGN="bottom">2</TD>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COP PA 2191 SA-20</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">51647, 52612</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Proprietary</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">11/25/09</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page&nbsp;1</P></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Table 1- 10A(2) </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Delivery, Description, Price and Advance Payments (BSI/Winglets) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Model/MTOW: </B>737-800</P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom" NOWRAP><B>Detail Specification:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Model/Thrust: </B>CFM56-7B26</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom" NOWRAP><B>Airframe Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Price:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Engine Price Base Year/Escalation Formula:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Optional Features:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Sub-Total of Airframe and Features:</B></P></TD>
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<TD VALIGN="bottom" NOWRAP><B>Airframe Escalation Data:</B></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Price (Per Aircraft):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Base Year Index (ECI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Base Year Index (CPI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Buyer Furnished Equipment (BFE) Estimate:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom"></TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Seller Purchased Equipment (SPE) Estimate:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Refundable Deposit/Aircraft at Proposal Accept:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
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<TD></TD>
<TD></TD>

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<TD></TD>

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<TD></TD>

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<TD WIDTH="8%"></TD>

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<TD></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Delivery<BR>Date</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of<BR>Aircraft</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Escalation<BR>Factor<BR>(Airframe)</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Serial<BR>Number</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fixed<BR>Escalation</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation<BR>Estimate<BR>Adv&nbsp;Payment<BR>Base<BR>Price&nbsp;Per&nbsp;A/P</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Advance Payment Per Aircraft (Amts. Due/Mos. Prior to<BR>Delivery):</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B><br><B>[***]</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B><br><B>[***]</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B><br><B>[***]</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B><br><B>[***]</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom" NOWRAP>[***]</TD>
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<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[***]</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[***]</TD>
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<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">[***]</TD>
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<TD NOWRAP VALIGN="bottom">[***]</TD>
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<TD NOWRAP VALIGN="bottom">[***]</TD>
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<TD VALIGN="bottom" NOWRAP>[***]</TD>
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<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">[***]</TD>
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<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total:</P></TD>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COP- 54019-1F.TXT</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PA No.&nbsp;2191
SA-21</P></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Proprietary</B></P></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">May 2010</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page&nbsp;1</P></TD></TR></TABLE>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-10B </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft
Delivery, Description, Price and Advance Payments </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(BSI Interior) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Model/MTOW: </B>737-800</P></TD>
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<TD VALIGN="bottom" NOWRAP><B>Detail Specification:</B></TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Model/Thrust: </B>CFM56-7B26</P></TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Airframe Price Base Year/Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Formula:</B></P></TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Price:</B></P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Engine Price Base Year/Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Formula:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Optional Features:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Sub-Total of Airframe and Features:</B></P></TD>
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<TD VALIGN="bottom" NOWRAP><B>Airframe Escalation Data:</B></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Price (Per Aircraft):</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></P></TD>
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<TD VALIGN="bottom" NOWRAP><B>Base Year Index (CPI):</B></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Buyer Furnished Equipment (BFE) Estimate:</B></P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">0</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Seller Purchased Equipment (SPE) Estimate:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Option Deposit Paid</B></P></TD>
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<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of<BR>Aircraft</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Escalation<BR>Factor<BR>(Airframe)</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Serial<BR>Number</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Escalation*</B></TD>
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<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation<BR>Estimate<BR>Adv&nbsp;Payment<BR>Base<BR>Price&nbsp;Per&nbsp;A/P</B></P></TD>
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<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Advance Payment Per Aircraft (Amts. Due/Mos. Prior to<BR>Delivery):</B></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total:</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COP- 54022-1F.TXT</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PA No.&nbsp;2191
SA-2</P></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">May 2010</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page&nbsp;1</P></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-12 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft
Delivery, Description, Price and Advance Payments </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(BSI Interior) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Model/MTOW: </B>737-800</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="bottom" NOWRAP><B>Detail Specification:</B></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Model/Thrust: </B>CFM56-7B26</P></TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Airframe Price Base Year/Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Formula:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Price:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Engine Price Base Year/Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Formula:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Optional Features:</B></P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Sub-Total of Airframe and Features:</B></P></TD>
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<TD VALIGN="bottom" NOWRAP><B>Airframe Escalation Data:</B></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Price (Per Aircraft):</B></P></TD>
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<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 0</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Base Year Index (CPI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Buyer Furnished Equipment (BFE) Estimate:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Seller Purchased Equipment (SPE) Estimate:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Option Deposit</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Delivery Date</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number of<BR>Aircraft</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Escalation<BR>Factor<BR>(Airframe)</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Serial<BR>Numbers</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD ROWSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation<BR>Estimate<BR>Adv&nbsp;Payment<BR>Base<BR>Price&nbsp;Per&nbsp;A/P</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Advance&nbsp;Payment&nbsp;Per&nbsp;Aircraft&nbsp;(Amts.&nbsp;Due/Mos.&nbsp;Prior&nbsp;to<BR>Delivery):</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B><br><B>[***]</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B><br><B>[***]</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B><br><B>[***]</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B><br><B>[***]</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[***]</TD>
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<TD VALIGN="bottom" NOWRAP>[***]</TD>
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<TD VALIGN="bottom" NOWRAP>[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[***]</TD>
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<TD VALIGN="bottom" NOWRAP>[***]</TD>
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<TD VALIGN="bottom" NOWRAP>[***]</TD>
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<TD VALIGN="bottom" NOWRAP>[***]</TD>
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<TD VALIGN="bottom" NOWRAP>[***]</TD>
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<TD VALIGN="bottom" NOWRAP>[***]</TD>
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<TD VALIGN="bottom" NOWRAP>[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COP-54019-1F. TXT</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PA No.&nbsp;2191
SA-21</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Proprietary</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">May 2010</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page&nbsp;1</P></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-11 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft
Delivery, Description, Price and Advance Payments </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(BSI Interior) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="45%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Model/MTOW: </B>737-800</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Detail Specification:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Model/Thrust: </B>CFM56-7B26</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Airframe Price Base Year/Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Formula:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Price:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Engine Price Base Year/Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Formula:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Optional Features:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Sub-Total of Airframe and Features:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Airframe Escalation Data:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Price (Per Aircraft):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Base Year Index (ECI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Base Year Index (CPI):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Buyer Furnished Equipment (BFE) Estimate:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Seller Purchased Equipment (SPE) Estimate:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Non-Refundable Deposit/Aircraft at Def Agreemt:</B></P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="10%"></TD>

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<TD WIDTH="8%"></TD>

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<TD></TD>

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<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Delivery Date</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number of<BR>Aircraft</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Escalation<BR>Factor<BR>(Airframe)</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD ROWSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD ROWSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation<BR>Estimate<BR>Adv&nbsp;Payment<BR>Base<BR>Price&nbsp;Per&nbsp;A/P</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Advance Payment Per Aircraft (Amts. Due/Mos. Prior to<BR>Delivery):</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B><br><B>[***]</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B><br><B>[***]</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B><br><B>[***]</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B><br><B>[***]</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COP-54039-10.TXT</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PA No.&nbsp;2191
SA-21</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Proprietary</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">May 2010</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page&nbsp;1</P></TD></TR></TABLE>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">11-COP38W0003-06_0511010172</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">BOEING PROPRIETARY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4/11/2011</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AIRCRAFT CONFIGURATION FOR AIRCRAFT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">WITH DELIEVERIES [***] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Between
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THE BOEING COMPANY </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">And </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COPA HOLDINGS, S.A., INC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit A-4 to Purchase Agreement Number 2191 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191 SA-21</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
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<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exhibit A-4 to </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Purchase Agreement No.&nbsp;2191 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AIRCRAFT CONFIGUARTION </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">WITH DELIEVERIES BEGINNING IN 2011 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Dated May 2010 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">relating to </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BOEING MODEL 737-8V3 AIRCRAFT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Exhibit A-4 provides the Options for Customer&#146;s Aircraft [***]. These Aircraft will have the [***]. The Detail Specification will be
[***]. Such Detail Specification will incorporate the Options listed below, including the [***]. The aircraft Basic Price reflects and includes all effects of such Options, except such Aircraft Basic Price does not include the price effects of any
Buyer Furnished Equipment or Seller Purchased Equipment. Exhibit A-4 is [***] used in the pricing Tables. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP>P.A. No.&nbsp;2191 SA-21</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-4</P></TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
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<TD VALIGN="bottom"></TD></TR></TABLE>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="top">11-COP38W0003-06_0511010172</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">BOEING PROPRIETARY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4/11/2011</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A To </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Purchase Agreement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="63%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer Log:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">COP38W0003-06</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">COP &#151; COPA Airlines</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Model:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">737-800</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Base Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Qty of A/C:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">CR</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Title</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">[***]<br>Price<br>Per&nbsp;A/C</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom">[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">[***]</TD>
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<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>PA No. 2190</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Proprietary</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">May 2010</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page&nbsp;1</P></TD></TR></TABLE>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11-COP38W0003-06_0511010172</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">BOEING&nbsp;PROPRIETARY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">4/11/2011</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A To </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Purchase Agreement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer Log:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">COP38W0003-06</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">COP &#151; COPA Airlines</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Model:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">737-800</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Base Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Qty of A/C:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD></TD>

<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>CR</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Title</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]<BR>Price<BR></B><br><B>Per&nbsp;A/C</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="bottom" NOWRAP>[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="bottom" NOWRAP>[***]</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[***]</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[***]</TD>
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<TD VALIGN="bottom" NOWRAP>[***]</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="bottom" NOWRAP>[***]</TD>
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<TD VALIGN="bottom" NOWRAP>[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="bottom" NOWRAP>[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="bottom" NOWRAP>[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="bottom" NOWRAP>[***]</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="bottom" NOWRAP>[***]</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="bottom" NOWRAP>[***]</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[***]</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD WIDTH="42%"></TD>

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<TD WIDTH="28%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">May 2010</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No.&nbsp;2190</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">BOEING PROPRIETARY</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Page&nbsp;2</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="44%"></TD>

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<TD WIDTH="26%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11-COP38W0003-06_0511010172</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">BOEING&nbsp;PROPRIETARY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">4/11/2011</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A To </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Purchase Agreement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

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<TD WIDTH="63%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer Log:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">COP38W0003-06</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">COP &#151; COPA Airlines</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Model:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">737-800</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Base Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Qty of A/C:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD></TD>

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<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>CR</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Title</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]<BR>Price<BR>Per&nbsp;A/C</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="bottom" NOWRAP>[***]</TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">May&nbsp;2010</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No.&nbsp;2190</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Page&nbsp;3</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">11-COP38W0003-06_0511010172</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">BOEING&nbsp;PROPRIETARY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">4/11/2011</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A To </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Purchase Agreement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="63%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer Log:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">COP38W0003-06</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">COP &#151; COPA Airlines</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Model:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">737-800</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Base Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Qty of A/C:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>CR</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Title</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]<BR>Price<BR></B><br><B>Per&nbsp;A/C</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="right">May 2010</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2190</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="right">Page&nbsp;4</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">11-COP38W0003-060511010172</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">BOEING PROPRIETARY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4/11/2011</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A To </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Purchase Agreement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Customer Log:</TD>
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<TD VALIGN="top">COP38W0003-06</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer:</TD>
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<TD VALIGN="top">COP &#151; COPA Airlines</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Model:</TD>
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<TD VALIGN="top">737-800</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Base Date:</TD>
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<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Qty of A/C:</TD>
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<TD VALIGN="top">[***]</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Title</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">[***]<BR>Price<BR>Per&nbsp;A/C</TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">May 2010 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>PA No. 2190</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">BOEING PROPRIETARY</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Page&nbsp;5</TD></TR></TABLE>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">11-COP38W0003-06_0511010172</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">BOEING PROPRIETARY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4/11/2011</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A To </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Purchase Agreement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

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<TD WIDTH="63%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer Log:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">COP38W0003-06</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">COP &#151; COPA Airlines</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Model:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">737-800</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Base Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Qty of A/C:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="76%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
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<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">CR</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Title</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">[***]<BR>Price<BR>Per&nbsp;A/C</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PA No. 2190</P></TD>
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<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BOEING PROPRIETARY</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">May&nbsp;2010</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page&nbsp;6</P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TD VALIGN="top">11-COP38W0003-06_0511010172</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">BOEING PROPRIETARY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4/11/2011</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A To </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Purchase Agreement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Customer Log:</TD>
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<TD VALIGN="top">COP38W0003-06</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer:</TD>
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<TD VALIGN="top">COP &#151; COPA Airlines</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Model:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">737-800</TD></TR>
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<TD VALIGN="top">Base Date:</TD>
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<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Qty of A/C:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">CR</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Title</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">[***]<BR>Price<BR>Per&nbsp;A/C</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PA No. 2190</P></TD>
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<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BOEING PROPRIETARY</P></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">May 2010</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page&nbsp;7</P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TD VALIGN="top"><B>COP38W0003-07_051110101813.XLS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A To </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Purchase Agreement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Customer Log:</TD>
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<TD VALIGN="top">COP38W0003-07</TD></TR>
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<TD VALIGN="top">Customer:</TD>
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<TD VALIGN="top">COP &#151; COPA Airlines</TD></TR>
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<TD VALIGN="top">Model:</TD>
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<TD VALIGN="top">737-800</TD></TR>
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<TD VALIGN="top">Base Date:</TD>
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<TD VALIGN="top">[***]</TD></TR>
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<TD VALIGN="top">Qty of A/C:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">CR</P></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Title</TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">[***]<BR>Price<BR>Per&nbsp;A/C</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191 SA-21</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">BOEING PROPRIETARY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">May&nbsp;2010</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page&nbsp;1</P></TD></TR></TABLE>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">12-COP38W0003-07_05110101813XLS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">BOEING PROPRIETARY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4/11/2011</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A To </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Purchase Agreement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Customer Log:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">COP38W0003-07</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">COP &#151; COPA Airlines</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Model:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">737-800</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Base Date:</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Qty of A/C:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">CR</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Title</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">[***]<BR>Price<BR>Per&nbsp;A/C</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PA 2190 SA-21</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Proprietary</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">May&nbsp;2010</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page&nbsp;2</P></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">12-COP38W0003-07_05110101813XLS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">BOEING PROPRIETARY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4/11/2011</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A To </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Purchase Agreement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="63%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer Log:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">COP38W0003-07</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">COP &#151; COPA Airlines</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Model:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">737-800</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Base Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Qty of A/C:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

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<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">CR</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Title</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">[***]<BR>Price<BR>Per&nbsp;A/C</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA 2190 SA-21</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Boeing Proprietary</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">May&nbsp;2010</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page&nbsp;3</P></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">12-COP38W0003-07_05110101813XLS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">BOEING PROPRIETARY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4/11/2011</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A To </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Purchase Agreement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="63%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer Log:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">COP38W0003-07</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">COP &#151; COPA Airlines</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Model:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">737-800</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Base Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Qty of A/C:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">CR</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Title</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">[***]<BR>Price<BR>Per&nbsp;A/C</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PA 2190 SA-21</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Proprietary</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">May&nbsp;2010</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page&nbsp;4</P></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">12-COP38W0003-07_05110101813XLS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">BOEING PROPRIETARY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4/11/2011</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A To </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Purchase Agreement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="63%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer Log:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">COP38W0003-07</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">COP &#151; COPA Airlines</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Model:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">737-800</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Base Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Qty of A/C:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="86%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">CR</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Title</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">[***]<BR>Price<BR>Per&nbsp;A/C</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">May&nbsp;2010</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA 2190 SA-21</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Boeing Proprietary</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Page&nbsp;5</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">12-COP38W0003-07_05110101813XLS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">BOEING PROPRIETARY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4/11/2011</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A To </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Purchase Agreement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="63%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer Log:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">COP38W0003-07</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">COP &#151; COPA Airlines</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Model:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">737-800</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Base Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Qty of A/C:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="88%"></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">CR</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Title</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">[***]<BR>Price<BR>Per&nbsp;A/C</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">May&nbsp;2010</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA 2190 SA-21</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Boeing Proprietary</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Page&nbsp;6</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">12-COP38W0003-07_05110101813XLS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">BOEING PROPRIETARY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4/11/2011</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A To </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Purchase Agreement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="63%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer Log:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">COP38W0003-07</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">COP &#151; COPA Airlines</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Model:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">737-800</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Base Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Qty of A/C:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">CR</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Title</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">[***]<BR>Price<BR>Per&nbsp;A/C</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="right">May&nbsp;2010</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA 2190 SA-21</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Boeing Proprietary</B></TD>
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</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">COP38W0003-08_051110095538.XLS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">BOEING PROPRIETARY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A To </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Purchase Agreement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Customer Log:</TD>
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<TD VALIGN="top">COP38W0003-08</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer:</TD>
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<TD VALIGN="top">COP &#151; COPA Airlines</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Model:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">737-800</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Base Date:</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Qty of A/C:</TD>
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<TD VALIGN="top">[***]</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">CR</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Title</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">[***]<BR>Price<BR>Per&nbsp;A/C</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No.&nbsp;2191</TD>
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<TD VALIGN="top" ALIGN="center">Page 1</TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="right">SA&nbsp;No.&nbsp;7</TD></TR></TABLE>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TD VALIGN="top">13-COP38W0003-08_05110095538.3XLS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">BOEING PROPRIETARY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4/11/2011</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A To </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Purchase Agreement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Customer Log:</TD>
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<TD VALIGN="top">COP38W0003-08</TD></TR>
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<TD VALIGN="top">COP &#151; COPA Airlines</TD></TR>
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<TD VALIGN="top">Model:</TD>
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<TD VALIGN="top">737-800</TD></TR>
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<TD VALIGN="top">Qty of A/C:</TD>
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<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">CR</P></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Title</TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">[***]<BR>Price<BR>Per&nbsp;A/C</TD>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191 SA-21</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">BOEING PROPRIETARY</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">SS10-0226</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">AERO-B-BBA4-M10-0377</TD>
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</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">13-COP38W0003-08_05110095538.3XLS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">BOEING PROPRIETARY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4/11/2011</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A To </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Purchase Agreement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Customer Log:</TD>
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<TD VALIGN="top">COP38W0003-08</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer:</TD>
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<TD VALIGN="top">COP &#151; COPA Airlines</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Model:</TD>
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<TD VALIGN="top">737-800</TD></TR>
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<TD VALIGN="top">Base Date:</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Qty of A/C:</TD>
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<TD VALIGN="top">[***]</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">CR</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Title</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">[***]<BR>Price<BR>Per&nbsp;A/C</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191 SA-21</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BOEING PROPRIETARY</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SS10-0226</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">AERO-B-BBA4-M10-0377</TD>
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<TD VALIGN="top"></TD>
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<TD VALIGN="bottom"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">13-COP38W0003-08_05110095538.3XLS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">BOEING PROPRIETARY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4/11/2011</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A To </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Purchase Agreement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Customer Log:</TD>
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<TD VALIGN="top">COP38W0003-08</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer:</TD>
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<TD VALIGN="top">COP &#151; COPA Airlines</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Model:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">737-800</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Base Date:</TD>
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<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Qty of A/C:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">CR</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Title</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">[***]<BR>Price<BR>Per&nbsp;A/C</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191 SA-21</TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center">BOEING PROPRIETARY</TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="right">SS10-0226</TD></TR>
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<TD VALIGN="top">AERO-B-BBA4-M10-0377</TD>
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</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">13-COP38W0003-08_05110095538.3XLS</TD>
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<TD VALIGN="top" ALIGN="center">BOEING PROPRIETARY</TD>
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<TD VALIGN="top" ALIGN="right">4/11/2011</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A To </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Purchase Agreement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Customer Log:</TD>
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<TD VALIGN="top">COP38W0003-08</TD></TR>
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<TD VALIGN="top">Customer:</TD>
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<TD VALIGN="top">COP &#151; COPA Airlines</TD></TR>
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<TD VALIGN="top">Model:</TD>
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<TD VALIGN="top">737-800</TD></TR>
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<TD VALIGN="top">Base Date:</TD>
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<TD VALIGN="top">Qty of A/C:</TD>
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<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">CR</P></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Title</TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">[***]<BR>Price<BR>Per&nbsp;A/C</TD>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191 SA-21</TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center">BOEING PROPRIETARY</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">SS10-0226</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">AERO-B-BBA4-M10-0377</TD>
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</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">13-COP38W0003-08_05110095538.3XLS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">BOEING&nbsp;PROPRIETARY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">4/11/2011</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A To </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Purchase Agreement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Customer Log:</TD>
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<TD VALIGN="top">COP38W0003-08</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Customer:</TD>
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<TD VALIGN="top">COP &#151; COPA Airlines</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Model:</TD>
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<TD VALIGN="top">737-800</TD></TR>
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<TD VALIGN="top">Base Date:</TD>
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<TD VALIGN="top">Qty of A/C:</TD>
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<TD VALIGN="top">[***]</TD></TR>
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<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">CR</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Title</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">[***]<BR>Price<BR>Per&nbsp;A/C</TD>
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</TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191 SA-21</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">SS10-0226</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">AERO-B-BBA4-M10-0377</TD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">13-COP38W0003-08_05110095538.3XLS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">BOEING&nbsp;PROPRIETARY</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">4/11/2011</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A To </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Purchase Agreement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Customer&nbsp;Log:</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Customer:</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Model:</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Base Date:</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Qty of A/C:</P></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COP38W0003-08</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COP &#151; COPA Airlines</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">737-800</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[***]</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">[***]</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Title</B></TD>
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<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B><br><B>Price</B><br><B>Per&nbsp;A/C</B></TD></TR>


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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191 SA-21</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">BOEING PROPRIETARY</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">SS10-0226</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">AERO-B-BBA4-M10-0377</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attachment to Letter Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No. 6-1162-KSW-6471 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CFM56-7B26 Engines </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 1 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>MODEL 737-8V3 [***]</B> </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FOR COPA (COPA HOLDINGS, S.A. INC.) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>CONTENTS</B></TD>
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<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191 SA-21</TD>
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<TD VALIGN="top" NOWRAP ALIGN="center">BOEING&nbsp;PROPRIETARY</TD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attachment to Letter Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No. 6-1162-KSW-6471 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CFM56-7B26 Engines </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P>
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<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191 SA-21</TD>
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<TD VALIGN="top" NOWRAP ALIGN="center">BOEING&nbsp;PROPRIETARY</TD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attachment to Letter Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No. 6-1162-KSW-6471 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CFM-56-7B26 Engines </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 </P>
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<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191 SA-21</TD>
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<TD VALIGN="top" NOWRAP ALIGN="center">BOEING&nbsp;PROPRIETARY</TD>
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<TD VALIGN="top" NOWRAP>AERO-B-BBA4-M10-0377</TD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attachment to Letter Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No. 6-1162-KSW-6471 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CFM56-7B26 Engines </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 4 </P>
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<TD VALIGN="top" NOWRAP>PA No.&nbsp;2191 SA-21</TD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<IMG SRC="g128959g0421103730258.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">The Boeing Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">P.O. Box 3707 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Seattle, WA
98124-2207 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">LA-1000842 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Apartado 1572 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Avenida Justo Arosemena y Calle 390 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Panama 1, Paname </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left">Subject:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Installation of Cabin Systems Equipment </P></TD></TR></TABLE>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left">Reference:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Purchase Agreement No.&nbsp;2191 (Purchase Agreement) between The Boeing Company (Boeing) and COPA HOLDINGS,
S.A (Customer) relating to Model 737-8V3 Aircraft [***] </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">This letter agreement (Letter Agreement) amends and supplements
the Purchase Agreement. All terms used but not defined in this Letter Agreement will have the same meaning as in the Purchase Agreement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g128959g0421103730258.jpg" ALT="LOGO">
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&nbsp;&nbsp;[***]&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>&nbsp;&nbsp;&nbsp;&nbsp;[***]&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
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<TD VALIGN="top">PA No.&nbsp;2191</TD>
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<TD VALIGN="top" ALIGN="center">1</TD>
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<TD VALIGN="top" ALIGN="right">SA No.&nbsp;7</TD></TR>
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<IMG SRC="g128959g0421103730258.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA
HOLDINGS, S.A.,INC. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">LA-1 000842 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP>P.A. No.&nbsp;2190 SA-21</TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2</P></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">May 2010</P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g128959g0421103730258.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL </B></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA
HOLDINGS, S.A.,INC. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">LA-1 000842 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE BOEING COMPANY </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">By</TD>
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<IMG SRC="g128959g0421103730133.jpg" ALT="LOGO">
</TD></TR>
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<TD VALIGN="top"> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Its
&nbsp;&nbsp;&nbsp;&nbsp;Attorney-In-Fact</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ACCEPTED AND AGREED TO this </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: May <U></U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2010 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA (COPA HOLDINGS, S.A., INC. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">By</TD>
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<TD VALIGN="bottom">Its&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>PA&nbsp;2190 SA-21</TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3</P></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">May 2010</P></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL </B></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A.,INC. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">LA-1 000842 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>P.A. No.&nbsp;2190 SA-20</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4</P></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">May 2010</P></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL </B></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A.,INC. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">LA-1 000842 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>P.A. No.&nbsp;2190 SA-21</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">May 2010</P></TD></TR></TABLE>

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<DOCUMENT>
<TYPE>EX-4.25
<SEQUENCE>27
<FILENAME>d128959dex425.htm
<DESCRIPTION>EX-4.25
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.25</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 4.25 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Supplemental Agreement No.&nbsp;22 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Purchase Agreement
No.&nbsp;2191 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">between </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The
Boeing Company </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COPA
Holdings, S.A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Relating to Boeing Model 737 Aircraft </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS SUPPLEMENTAL AGREEMENT No.&nbsp;22 (&#147;Supplemental Agreement 22&#148;) is entered into as of September 24, 2010 by and between THE
BOEING COMPANY, a Delaware corporation with its principal office in Seattle, Washington, (Boeing) and COPA HOLDINGS, S.A. (Customer); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the parties hereto entered into Purchase Agreement No.&nbsp;2191 dated November 25, 1998, (as amended and supplemented and together
with all exhibits, schedules and letter agreements pertaining thereto, the &#147;Purchase Agreement&#148;) relating to Boeing Model 737-7V3 and 737-8V3 aircraft (collectively, the &#147;Aircraft&#148; and each an &#147;Aircraft&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Customer is purchasing [***] aircraft [***]; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Customer and Boeing have mutually agreed to amend the Agreement to incorporate the effect of these and certain other changes; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Purchase Agreement. The [***] 737-8V3 aircraft that Customer
is purchasing are hereinafter defined as the Table 1-13 Aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. The &#147;<U>Table of Contents</U>&#148; of the Purchase Agreement is revised to
reflect the changes made by this Supplemental Agreement 22 and a copy of such revised Table of Contents is attached hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. Table 1-13, &#147;Aircraft
Delivery, Description, Price and Advance Payments&#148;, attached hereto, is added to the Purchase Agreement providing the delivery and pricing information for the Table 1-13 Aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. Exhibit A-4 entitled &#147;Aircraft Configuration for Customer&#146;s 737-8V3 [***]&#148; provides the configuration for the Table 1-13 Aircraft. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA No. 22</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">September 2010</P></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7. Supplemental Exhibit BFE1, Buyer Furnished Equipment Variables is not revised because preliminary on-dock
dates for these delivery positions are not available as they are outside the current production schedule. [***] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8. [***] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9. Letter Agreement 6-RLL-1162-3958R2, entitled &#147;<U>Option Aircraft Delivery, Description, Price and Advance Payments</U>&#148;, is [***]. The revised
letter agreement 6-1962-RLL-3958R3 is attached hereto </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10. [***] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11. [***] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12. Letter Agreement COP-2191-LA-10001606 entitled
[***] attached hereto, is added to the Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[***] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Purchase Agreement will be deemed to be supplemented and revised to the extent herein provided as of the date hereof and as so supplemented and revised
will continue in full force and effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Page 2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA No. 22</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">September 2010</P></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing and Customer have each caused this Supplemental Agreement to be duly executed as of the day and year
first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD VALIGN="bottom"></TD>
<TD WIDTH="35%"></TD>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE BOEING COMPANY</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>COPA HOLDINGS, S.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its: Attorney-In-Fact</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Its: Chief Executive Officer</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Page 3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA No. 22</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">September 2010</P></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="93%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">ARTICLES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">SA<BR>NUMBER</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1. Quantity, Model and Description</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2. Delivery Schedule</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3. Price</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4. Payment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5. Miscellaneous</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>TABLE</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-1</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-7V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-2</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-3</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-7V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-4</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-7V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-5</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-6</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-7</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft Option Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-8</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-9</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-10</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-10A(1)</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-10A(2)</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-10B</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">1-11</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Option Aircraft</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 22</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-12</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">1-13</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 22</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">1-14</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Option Aircraft</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 22</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>EXHIBIT</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">A-1</FONT> Aircraft Configuration for Model <FONT
STYLE="white-space:nowrap">737-7V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">A-2</FONT> Aircraft Configuration for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">A-3</FONT> Aircraft Configuration for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">A-4</FONT> Aircraft Configuration for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 22</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">B. Aircraft Delivery Requirements and Responsibilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">i</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA No. 22</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">September 2010</P></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="74%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>SUPPLEMENTAL EXHIBITS</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AE1. Escalation Adjustment Airframe and Optional Features</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BFE1. BFE Variables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 22</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CS1. Customer Support Variables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EE1. Engine Escalation/Engine Warranty and Patent Indemnity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SLP1. Service Life Policy Components</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>LETTER AGREEMENTS</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">2191-01</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Demonstration Flight Waiver</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">2191-02</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">2191-03</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Seller Purchased Equipment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2191-03R1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Seller Purchased Equipment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-20</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>RESTRICTED LETTER AGREEMENTS</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-DAN-0123</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Performance Guarantees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-DAN-0124</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-DAN-0155</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Airframe Escalation Revision</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-DAN-0156</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Year 2000 Ready Software, Hardware and Firmware</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-DAN-0157</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Miscellaneous Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-MJB-0017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-MJB-0030</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-874R</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-874R1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-874R2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-982</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-982R3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-RLL-3852</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>737-800 Performance Guarantees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-982R4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-RLL-3958</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>737-8V3 Option Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-RLL-3958R1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>737-8V3 Option Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-RLL-3958R2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>737-8V3 Option Aircraft</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>6-1162-RLL-3958R3</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>737-8V3 Option Aircraft</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 22</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-982R5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-982R6</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-982R7</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Special Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>6-1162-LAJ-982R8</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Special Matters</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 22</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-RLL-4092</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Advance Payment Matters for Aircraft Listed in Table 1-9</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-KSW-6417</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6-1162-KSW-6419</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>6-1162-KSW-6419R1</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 22</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>6-1162-KSW-6471</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">LA-1000842</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Installation of Cabin Systems Equipment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>LA-10001606</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 22</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">ii</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA No. 22</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">September 2010</P></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>SUPPLEMENTAL AGREEMENTS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>DATED&nbsp;AS&nbsp;OF:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">June&nbsp;29, 2001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December&nbsp;21, 2001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">June&nbsp;14, 2002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December&nbsp;20,&nbsp;2002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">October&nbsp;31,&nbsp;2003</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;6</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">September&nbsp;9,&nbsp;2004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;7</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December&nbsp;9, 2004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;8</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">April&nbsp;15, 2005</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;9</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">March&nbsp;16, 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">May&nbsp;8, 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">August&nbsp;30, 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;12</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">February&nbsp;26, 2007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;13</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">April&nbsp;23, 2007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;14</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">August&nbsp;31, 2007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;15</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">February&nbsp;21, 2008</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;16</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">June&nbsp;30, 2008</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;17</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December 15, 2008</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;18</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">July 15, 2009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;19</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">August 31, 2009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;20</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">November&nbsp;19,&nbsp;2009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Supplemental Agreement No.&nbsp;21</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>May 28, 2010</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">iii</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA No. 22</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">September 2010</P></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-13 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Delivery, Description, Price and Advance Payments </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="40%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Model/MTOW: </B><FONT STYLE="white-space:nowrap">737-800</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Detail Specification:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Model/Thrust: </B>CFM56-7B26</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Price Base Year/Escalation Formula:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Price:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Price Base Year/Escalation Formula:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Optional Features:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Sub-Total</FONT> of Airframe and Features:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Escalation Data:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Price (Per Aircraft):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Base Year Index (ECI):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Base Year Index (CPI):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Buyer Furnished Equipment (BFE) Estimate:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Seller Purchased Equipment (SPE) Estimate:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Refundable Deposit/Aircraft at Proposal Accept:</B></P></TD>
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</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="16%"></TD>

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<TD WIDTH="12%"></TD>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="3">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="3">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Factor</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Airframe)</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="3">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Serial</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="3">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="3">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation<BR>Estimate<BR>Adv&nbsp;Payment</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Base</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Price&nbsp;Per&nbsp;A/P</B></P></TD>
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<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Advance Payment Per Aircraft</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Amts. Due/Mos. Prior to Delivery):</B></P></TD></TR>
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<TD VALIGN="bottom" ROWSPAN="2" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Delivery</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Date</B></P></TD>
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</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PA 2191 SA 22</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">54965 54958</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Boeing Proprietary</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">9/2010</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">2</P></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g128959st379.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:39%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Boeing Commercial Airplanes </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:39%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">P.O. Box 3707 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:39%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Seattle, WA 98124-2207 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-982R8 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Urbanizacion Costa del Este </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.O. Box 0816-06819 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Panama, Republic of Panama </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%" VALIGN="top" ALIGN="left">Subject:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Special Matters </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%" VALIGN="top" ALIGN="left">Reference:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Purchase Agreement No.&nbsp;2191 as amended to date, including without limitation all exhibits, attachments,
schedules and letter agreements thereto (the Purchase Agreement) between The Boeing Company (Boeing) and COPA HOLDINGS, S.A. (Customer) relating to Model 737 aircraft (the Aircraft) </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Letter Agreement amends and supplements the Purchase Agreement and supersedes and replaces in its entirety Letter Agreement 6-1162-LAJ-982R7. All terms
used but not defined in this Letter Agreement have the same meaning as in the Purchase Agreement. For purposes of this Letter Agreement &#147;Incremental Aircraft&#148; as defined in Supplemental Agreement 18 are &#147;Aircraft&#148; or &#147;Table
1-10A&amp;B Aircraft&#148;; the exercised Option Aircraft in Supplemental Agreement 21 are &#147;Table 1-12 Aircraft&#148; and &#147;Aircraft&#148; and the &#147;Table 1-13 Aircraft&#148; are &#147;Table 1-13 Aircraft&#148; and &#147;Aircraft&#148;.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[***] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top">PA 2191 SA 22</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">9/2010</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g128959st379.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-LAJ-982R8 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">13.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Confidentiality</U>. The information contained herein represents confidential business information and has
value precisely because it is not available generally or to other parties. Except as otherwise required by applicable law, regulation or legal process, Customer will limit the disclosure of its contents to employees, counsel and auditors of Customer
with a need to know the contents for purposes of helping Customer perform its obligations under the Purchase Agreement or advising Customer with respect thereto and who understand they are not to disclose its contents to any other person or entity
in violation of the provisions of this Paragraph 13. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE BOEING COMPANY</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Its <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-In-Fact</FONT></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ACCEPTED AND AGREED TO this</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Date:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2010</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">COPA HOLDINGS, S.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
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<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Its</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD WIDTH="32%"></TD>

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<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA 2191 SA-22</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">9/2010</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g128959st379.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:39%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Boeing Commercial Airplanes </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:39%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">P.O. Box 3707 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:39%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Seattle, WA 98124-2207 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-RLL-3958R3 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Urbanizacion Costa del Este </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.O. Box 0816-06819 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Panama, Republic of Panama </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%" VALIGN="top" ALIGN="left">Subject:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Option Aircraft </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="11%" VALIGN="top" ALIGN="left">Reference:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Purchase Agreement No.&nbsp;2191 as amended to date, including without limitation all exhibits, attachments,
schedules and letter agreements thereto (the Purchase Agreement) between The Boeing Company (Boeing) and COPA HOLDINGS, S.A. (Customer) relating to Model 737 aircraft (the Aircraft) </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Letter Agreement amends the Purchase Agreement and supersedes and replaces in its entirety Letter Agreement 6-1162-RLL- 3958R2. All terms used but not
defined in this Letter Agreement have the same meaning as in the Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[***] </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>Aircraft Description and Changes</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.1
<U>Aircraft Description</U>: The Option Aircraft are described by the Detail Specification [***]. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.2 <U>Changes</U>: The Detail
Specification will be revised to include: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">[***] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PA No.&nbsp;2191</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Option Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA-22</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">9/10</P></TD></TR></TABLE>

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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g128959st379.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-RLL-3958R3 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Price</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">[***] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">2.2 [***] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. <U>Payment</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">[***] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.A. No.&nbsp;2191</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Option Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA-22</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">9/10</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g128959st379.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-RLL-3958R3 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. <U>Option Exercise</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.1 [***] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.2 [***] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. [***] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.1 [***] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. <U>Contract Terms</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">[***] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.A. No.&nbsp;2191</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Option Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA-22</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">9/10</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g128959st379.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-RLL-3958R3 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="93%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE BOEING COMPANY</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Its <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-In-Fact</FONT></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ACCEPTED AND AGREED TO this</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Date: September &nbsp;&nbsp;&nbsp;&nbsp;, 2010</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">COPA HOLDINGS, S.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
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<TD WIDTH="92%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Its</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Attachment &#151; Table <FONT STYLE="white-space:nowrap">1-11</FONT> and <FONT STYLE="white-space:nowrap">1-14</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.A. No.&nbsp;2191</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Option Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA-22</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">9/10</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-11 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Option Aircraft Delivery, Description, Price and Advance Payments </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="39%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

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<TD></TD>
<TD></TD>
<TD></TD>

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<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Model/MTOW: </B>737-800</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Detail Specification:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Model/Thrust: </B>CFM56-7B26</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Price Base Year/Escalation Formula:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Price:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Price Base Year/Escalation Formula:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Optional Features:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Sub-Total of Airframe and Features:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Escalation Data:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Price (Per Aircraft):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Base Year Index (ECI):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Base Year Index (CPI):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Buyer Furnished Equipment (BFE) Estimate:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Seller Purchased Equipment (SPE) Estimate:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Non-Refundable Deposit/Aircraft at Def Agreemt:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="3">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="3">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Factor</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Airframe)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="3">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Estimate</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Adv&nbsp;Payment&nbsp;Base</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Price Per A/P</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Advance Payment Per Aircraft</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Amts. Due/Mos. Prior to&nbsp;Delivery):</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Delivery</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Date</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD ROWSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD ROWSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>[***]</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>[***]</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>[***]</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>[***]</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>[***]</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>[***]</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>[***]</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>[***]</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">[***]</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">[***]</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">[***]</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">[***]</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COP-54039-10.TXT</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PA No.&nbsp;2191
SA-22</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Boeing Proprietary</B></TD>
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Sep 2010</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 1</P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attachment to </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-RLL-3958R3 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-14 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Option Aircraft Delivery, Description, Price and Advance Payments </B></P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Model/MTOW: </B><FONT STYLE="white-space:nowrap">737-800</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Model/Thrust: </B>CFM56 -7B26</P></TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Price Base Year/Escalation Formula:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Price:</B></P></TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Price Base Year/Escalation Formula:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Sub-Total</FONT> of Airframe and Features:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Price (Per Aircraft):</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Buyer Furnished Equipment (BFE) Estimate:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Seller Purchased Equipment (SPE) Estimate:</B></P></TD>
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<TD VALIGN="bottom" ROWSPAN="3" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Delivery</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Date</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="3">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number of</B><br><B>Aircraft</B></TD>
<TD VALIGN="bottom" ROWSPAN="3">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Escalation</B><br><B>Factor</B><br><B>(Airframe)</B></TD>
<TD VALIGN="bottom" ROWSPAN="3">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Escalation</B><br><B>Estimate</B><br><B>Adv&nbsp;Payment&nbsp;Base</B><br><B>Price Per A/P</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="7" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery):</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B></TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B></TD>
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</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COP{ PA 2191 SA-22</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">54695-1O.TXT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Boeing Proprietary</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">9/2010</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 1</P></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g128959st379.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:39%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Boeing Commercial Airplanes </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:39%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">P.O. Box 3707 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:39%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Seattle, WA 98124-2207 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-KSW-6419R1 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Urbanizacion Costa del Este </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.O. Box 0816-06819 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Panama, Republic of Panama </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left">Subject:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">[***] </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left">Reference:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Purchase Agreement No.&nbsp;2191, as amended to date, including without limitation all exhibits, attachments,
schedules and letter agreements thereto (the Purchase Agreement), between The Boeing Company (Boeing) and COPA HOLDINGS, S.A. (Customer) relating to Model 737-8V3 aircraft (the Aircraft) </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[***] </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g128959st379.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A., INC. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6-1162-KSW-6419R1 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. The information contained herein represents confidential business information and has value precisely because it is not available generally or to other
parties. Except as otherwise required by applicable law, regulation or legal process, Customer will limit the disclosure of its contents to employees, counsel and auditors of Customer with a need to know the contents for purposes of helping Customer
perform its obligations under the Purchase Agreement or advising Customer with respect thereto and who understand they are not to disclose its contents to any other person or entity in violation of the provisions of this Paragraph 6. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE BOEING COMPANY</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Its <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-In-Fact</FONT></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ACCEPTED AND AGREED TO this</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Date:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2010</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">COPA HOLDINGS, S.A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
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<TD WIDTH="84%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Its</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.A. No.&nbsp;2191</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[***]</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">09/10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA-22</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Boeing Proprietary</B></P></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attachment A to Letter Agreement 6-1162-KSW-6419R1 </P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Model</B></P></TD>
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<TD VALIGN="bottom" NOWRAP>737-800</TD>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">CFM56-7B26</FONT></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Subject&nbsp;Aircraft<BR>Serial Number</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Applicable<BR>Combined<BR>Airframe/Engine<BR>Escalation<BR>Provisions</B></TD>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top">P.A. No.&nbsp;2191</TD>
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<TD VALIGN="bottom" ALIGN="center"><B>Boeing Proprietary</B></TD>
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA-22</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">09/10</P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attachment A to Letter Agreement 6-1162-KSW-6419R1 </P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Delivery Month and Year</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Subject&nbsp;Aircraft</B><br><B>Serial Number</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Applicable<BR>Combined<BR>Airframe/Engine<BR>Escalation<BR>Provisions</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Election&nbsp;Period</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">P.A. No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Proprietary</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA-22</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">09/10</P></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing Commercial Airplanes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.O. Box 3707 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Seattle, Washington 98124-2207 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S.A. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%" VALIGN="top" ALIGN="left">Reference:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Purchase Agreement No.&nbsp;2191 dated as of November 25, 1998, as amended to date, including all exhibits,
attachments, schedules and letter agreements thereto, between The Boeing Company (Boeing) and COPA HOLDINGS, S.A. (the Purchase Agreement) </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%" VALIGN="top" ALIGN="left">Attention:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Vice President &#151; Contracts </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mail Code 21-34 </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to Article 2 of Letter Agreement 6-1162-KSW-6419 (Letter Agreement) to the Purchase Agreement and subject to the provisions of Article 3 of such
Letter Agreement, COPA HOLDINGS, S.A. [***]: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="48%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Model:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Airframe Price Base Year:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Model:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Engine Price Base Year:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="76%"></TD>

<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Delivery Month and Year</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Candidate&nbsp;Aircraft<BR>Serial Number</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Combined<BR>Airframe/Engine<BR>Escalation&nbsp;Factor</B></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">COPA HOLDINGS, S.A.</TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Its</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Dated <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">[***]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE BOEING COMPANY</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its <FONT STYLE="white-space:nowrap">Attorney-in-Fact</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Dated <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
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<TD VALIGN="top">P.A. No.&nbsp;2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Proprietary</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA-22</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">09/10</P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Boeing Company</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.O. Box 3707</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Seattle,&nbsp;WA&nbsp;98124-2207</FONT></P></TD></TR>
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<IMG SRC="g128959st379.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">LA-1001606 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS
S.A. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Urbanizaci&oacute;n Costa del Este </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.O. Box 0816-06819
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Panama, Republic of Panama </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="11%" VALIGN="top" ALIGN="left">Subject:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">[***] </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="11%" VALIGN="top" ALIGN="left">Reference:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Purchase Agreement No. PA-2191 as amended to date, including without limitation all exhibits, attachments,
schedules and letter agreements thereto (Purchase Agreement) between The Boeing Company (Boeing) and COPA Holdings S.A. (Customer) relating to Model 737-800 aircraft (Aircraft) </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[***] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.2 [***] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COP-PA-2191-LA-1001606</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Proprietary</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA-22</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">LA Page 1</P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g128959st379.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. <U>Confidential Treatment.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information contained herein represents confidential business information and has value precisely because it is not available generally or
to other parties. Except as otherwise required by applicable law, regulation or legal process, Customer will limit the disclosure of its contents to employees, counsel and auditors of Customer with a need to know the contents for purposes of helping
Customer perform its obligations under the Purchase Agreement or advising Customer with respect thereto and who understand they are not to disclose its contents to any other person or entity in violation of the provisions of this Paragraph 4. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COP-PA-2191-LA-1001606</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Boeing
Proprietary</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA-22</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">LA Page 2</P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt;margin-bottom:0pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3">THE BOEING COMPANY</TD></TR>
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<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Its Attorney-in -Fact</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3">ACCEPTED AND AGREED TO this</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3">Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
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<TD VALIGN="top" COLSPAN="3">COPA Holdings, S.A.</TD></TR>
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<TD VALIGN="top">By</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
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<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Its</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COP-PA-2191-LA-1001606</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Proprietary</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA-22</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">LA Page 3</P></TD></TR></TABLE>

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<DESCRIPTION>EX-4.26
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 4.26 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Supplemental Agreement No.&nbsp;23 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">to </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Purchase Agreement
No.&nbsp;2191 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">between </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The
Boeing Company </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COPA
Holdings, S.A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Relating to Boeing Model 737 Aircraft </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS SUPPLEMENTAL AGREEMENT No.&nbsp;23 (&#147;Supplemental Agreement 23&#148;) is entered into as of October <U></U>&nbsp;&nbsp;&nbsp;&nbsp;,
2010 by and between THE BOEING COMPANY, a Delaware corporation with its principal office in Seattle, Washington, (Boeing) and COPA HOLDINGS, S.A. (Customer); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the parties hereto entered into Purchase Agreement No.&nbsp;2191 dated November 25, 1998, (as amended and supplemented and together
with all exhibits, schedules and letter agreements pertaining thereto, the &#147;Purchase Agreement&#148;) relating to Boeing Model 737-7V3 and 737-8V3 aircraft (collectively, the &#147;Aircraft&#148; and each an &#147;Aircraft&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">[***]; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Customer and
Boeing have mutually agreed to amend the Agreement to incorporate the effect of these and certain other changes; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in
consideration of the mutual covenants herein contained, the parties agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. Capitalized terms not otherwise defined herein shall have the
meanings ascribed to them in the Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. The &#147;<U>Table of Contents</U>&#148; of the Purchase Agreement is revised to reflect the
changes made by this Supplemental Agreement 23 and a copy of such revised Table of Contents is attached hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. [***]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. Tables 1-10A(2) and 1-10B, &#147;Aircraft Delivery, Description, Price and Advance Payments&#148;, attached hereto, [***]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. Attachment A of Letter Agreement 6-1162-KSW-6419R1 [***]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Purchase Agreement will be deemed to be supplemented and revised to the extent herein provided as of the date hereof and as so supplemented and revised
will continue in full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boeing and Customer have each caused this Supplemental Agreement to be duly executed as of the day and year first
written above. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Page 1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA No. 22</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">September 2010</P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">THE BOEING COMPANY</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP>COPA HOLDINGS, S.A.</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">By:&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Its: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-In-Fact</FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Its: Chief Executive Officer</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Page 2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA No. 22</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">September 2010</P></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="74%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="3" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">ARTICLES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">SA<BR>NUMBER</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="3"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1. Quantity, Model and Description</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="3"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2. Delivery Schedule</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="3"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3. Price</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="3"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4. Payment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="3"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5. Miscellaneous</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><U>TABLE</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-1</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-7V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-2</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-3</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-7V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-4</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-7V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-5</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-6</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-7</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft Option Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-8</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-9</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-10</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-10A(1)</FONT> Aircraft Information Table for
Model <FONT STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-10A(2)</FONT> Aircraft Information Table for
Model <FONT STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-10B</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">1-11</FONT> Aircraft Information Table for
Model <FONT STYLE="white-space:nowrap">737-8V3</FONT> Option Aircraft</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 22</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-12</FONT> Aircraft Information Table for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">1-13</FONT> Aircraft Information Table for
Model <FONT STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 22</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">1-14</FONT> Aircraft Information Table for
Model <FONT STYLE="white-space:nowrap">737-8V3</FONT> Option Aircraft</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 22</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><U>EXHIBIT</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">A-1</FONT> Aircraft Configuration for Model <FONT
STYLE="white-space:nowrap">737-7V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">A-2</FONT> Aircraft Configuration for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">A-3</FONT> Aircraft Configuration for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">A-4</FONT> Aircraft Configuration for Model <FONT
STYLE="white-space:nowrap">737-8V3</FONT> Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 22</B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">B. Aircraft Delivery Requirements and Responsibilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">i</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA No. 22</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">September 2010</P></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="74%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><U>SUPPLEMENTAL EXHIBITS</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="3"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AE1. Escalation Adjustment Airframe and Optional Features</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="3"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BFE1. BFE Variables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 22</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="3"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CS1. Customer Support Variables</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="3"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EE1. Engine Escalation/Engine Warranty and Patent Indemnity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="3"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SLP1. Service Life Policy Components</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6"><U>LETTER AGREEMENTS</U></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">2191-01</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Demonstration Flight Waiver</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">2191-02</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Escalation Sharing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">2191-03</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Seller Purchased Equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">2191-03R1</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Seller Purchased Equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-20</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6"><U>RESTRICTED LETTER AGREEMENTS</U></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN</FONT></FONT> <FONT STYLE="white-space:nowrap">-01</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Performance Guarantees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN</FONT></FONT> -0124</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN</FONT></FONT> -0155</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Airframe Escalation Revision</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN</FONT></FONT> -0156</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Year 2000 Ready Software, Hardware and Firmware</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-DAN</FONT></FONT> -0157</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miscellaneous Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-MJB-0017</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-MJB-0030</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-874R</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-874R1</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-874R2</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-982</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-982R3</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA&nbsp;11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-RLL-3852</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">737-800</FONT> Performance Guarantees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-982R4</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-RLL-3958</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">737-8V3</FONT> Option Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-RLL-3958R1</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">737-8V3</FONT> Option Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-RLL-3958R2</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">737-8V3</FONT> Option Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-RLL-3958R3</FONT></FONT></FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">737-8V3</FONT> Option Aircraft</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 22</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-982R5</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-982R6</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-982R7</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Matters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-LAJ-982R8</FONT></FONT></FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Special Matters</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 22</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-RLL-4092</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Advance Payment Matters for Aircraft</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Listed in Table <FONT STYLE="white-space:nowrap">1-9</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-KSW-6417</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-KSW-6419</FONT></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-KSW-6419R1</FONT></FONT></FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>[***]</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 22</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">6-1162-KSW-6471</FONT></FONT></FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>[***]</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 22</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">LA-1000842</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Installation of Cabin Systems Equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">SA 21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>LA-10001606</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>[***]</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>SA 22</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">ii</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA No. 22</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">September 2010</P></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>SUPPLEMENTAL AGREEMENTS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>DATED&nbsp;AS&nbsp;OF:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">June 29, 2001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December&nbsp;21,&nbsp;2001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">June 14, 2002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December 20, 2002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">October 31, 2003</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;6</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">September 9, 2004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;7</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December 9, 2004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;8</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">April 15, 2005</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;9</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">March 16, 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">May 8, 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">August 30, 2006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;12</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">February 26, 2007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;13</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">April &nbsp;&nbsp;&nbsp;&nbsp;, 2007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;14</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">August 31, 2007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;15</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">February 21, 2008</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;16</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">June 30, 2008</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;17</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">December 15, 2008</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;18</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">July 15, 2009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;19</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">August 31, 2009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;20</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">November&nbsp;19,&nbsp;2009</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Supplemental Agreement No.&nbsp;21</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>May 28, 2010</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PA No. 2191</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">iii</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">SA No. 22</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">September 2010</P></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-10A(2) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft
Delivery, Description, Price and Advance Payments (BSI/Winglets) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD></TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Model/MTOW: </B><FONT STYLE="white-space:nowrap">737-800</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Detail Specification:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Model/Thrust: </B>CFM56-7B26</P></TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Price Base Year/Escalation Formula:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Price:</B></P></TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Price Base Year/Escalation Formula:</B></P></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Optional Features:</B></P></TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Sub-Total</FONT> of Airframe and Features:</B></P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Escalation Data:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Price (Per Aircraft):</B></P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Base Year Index (ECI):</B></P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Base Year Index (CPI):</B></P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Buyer Furnished Equipment (BFE) Estimate:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Seller Purchased Equipment (SPE) Estimate:</B></P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Refundable Deposit/Aircraft at Proposal Accept:</B></P></TD>
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<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B></B>[***]</TD>
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</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="3" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Delivery</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Date</B></P></TD>
<TD VALIGN="bottom" ROWSPAN="3">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of</B><br><B>Aircraft</B></TD>
<TD VALIGN="bottom" ROWSPAN="3">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="3">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Escalation<BR>Factor</B><br><B>(Airframe)</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Serial</B><br><B>Number</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fixed</B><br><B>Escalation</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Escalation<BR>Estimate<BR>Adv&nbsp;Payment<BR>Base&nbsp;Price<BR>Per&nbsp;A/P</B></TD>
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<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Advance Payment Per Aircraft<BR>(Amts. Due/Mos. Prior to<BR>Delivery):</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>[***]</B></TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[***]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COP-54019-1F.TXT</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PA No.&nbsp;2191
SA-23</P></TD>
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<TD VALIGN="top"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Proprietary</B></P></TD>
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Oct. 2010</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 1</P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL TREATMENT </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1-10B </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Delivery, Description, Price and Advance Payments </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(BSI Interior) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Model/MTOW: </B>737-800</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Model/Thrust: </B>CFM56-7B26</P></TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Price Base Year/Escalation Formula:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Airframe Price:</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Sub-Total</FONT> of Airframe and Features:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Price (Per Aircraft):</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Buyer Furnished Equipment (BFE) Estimate:</B></P></TD>
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<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Date</B></P></TD>
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<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Escalation<BR>Factor</B><br><B>(Airframe)</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Serial</B><br><B>Number</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Escalation*</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Escalation&nbsp;Estimate<BR>Adv&nbsp;Payment Base<BR>Price Per&nbsp;A/P</B></TD>
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<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Advance Payment Per Aircraft<BR>(Amts.&nbsp;Due/Mos.&nbsp;Prior&nbsp;to&nbsp;Delivery):</B></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total:</P></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">COP-54022-1F.TXT</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PA No.&nbsp;2191 SA-23</P></TD>
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<TD VALIGN="top"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing Proprietary</B></P></TD>
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">10/10</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page 1</P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>CONFIDENTIAL </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attachment A to Letter Agreement 6-1162-KSW-6419R1 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[***] </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Model</B></P></TD>
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<TD VALIGN="bottom" NOWRAP>737-800</TD></TR>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">CFM56-7B26</FONT></TD></TR>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Subject<BR>Aircraft<BR>Serial<BR>Number</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Applicable</B><br><B>Combined<BR>Airframe/Engine<BR>Escalation<BR>Provisions</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Election&nbsp;Period</B></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[</TD>
<TD NOWRAP VALIGN="bottom">***]&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[</TD>
<TD NOWRAP VALIGN="bottom">***]&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[</TD>
<TD NOWRAP VALIGN="bottom">***]&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[</TD>
<TD NOWRAP VALIGN="bottom">***]&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[</TD>
<TD NOWRAP VALIGN="bottom">***]&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[</TD>
<TD NOWRAP VALIGN="bottom">***]&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[</TD>
<TD NOWRAP VALIGN="bottom">***]&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[</TD>
<TD NOWRAP VALIGN="bottom">***]&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[</TD>
<TD NOWRAP VALIGN="bottom">***]&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[***]</P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">[</TD>
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</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top">PA No. 2191 SA23</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
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<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">10/10</P></TD></TR></TABLE>

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<DOCUMENT>
<TYPE>EX-4.27
<SEQUENCE>29
<FILENAME>d128959dex427.htm
<DESCRIPTION>EX-4.27
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<TITLE>EX-4.27</TITLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>CONFIDENTIAL TREATMENT</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><B>EXHIBIT 4.27</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE
TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OnPoint<SUP STYLE="font-size:85%; vertical-align:top">sm</SUP> Solutions
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RATE PER ENGINE FLIGHT HOUR </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ENGINE SERVICES AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BETWEEN </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GE ENGINE
SERVICES, LLC </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COMPANIA PANAMENA DE AVIACION, S.A. and Lease Management Services, LLC </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Agreement Number: 1-2637292281 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Dated: April 15, 2012 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PROPRIETARY INFORMATION NOTICE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
information contained in this document is GE Engine Services, LLC <B>(&#147;GE&#148;) </B>Proprietary Information and is disclosed in confidence. It is the property of GE and will not be used, disclosed to others or reproduced without the express
written consent of GE. If consent is given for reproduction in whole or in part, this notice and the notice set forth on each page of this document will appear in any such reproduction. U.S. export control laws may also control the information
contained in this document. Unauthorized export or re-export is prohibited. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ARTICLE 1 &#150; DEFINITIONS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>2</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ARTICLE 2 &#150; TERM/ENGINES/SERVICES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>2</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ARTICLE 3 &#150; RATE PER EFH SERVICES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>3</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ARTICLE 4 &#150; SUPPLEMENTAL WORK</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>5</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ARTICLE 5 &#150; PRICING</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>6</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ARTICLE 6 &#150; INVOICING AND PAYMENT</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>7</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ARTICLE 7 &#150; FLEET MANAGEMENT</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>8</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ARTICLE 8 &#150; WARRANTY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>9</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ARTICLE 9 &#150; DELIVERY/REDELIVERY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>10</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ARTICLE 10 &#150; ADDITION OF ENGINES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>11</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ARTICLE 11 &#150; REMOVAL OF ENGINES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>11</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ARTICLE 12 &#150; TERMINATION</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>12</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ARTICLE 13 &#150; REPRESENTATIONS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>13</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ARTICLE 14 &#150; GENERAL TERMS AND CONDITIONS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>13</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>EXHIBIT A: DEFINITIONS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>15</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>EXHIBIT B: ENGINES COVERED</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>19</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>EXHIBIT C: RATE ADJUSTMENT</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>20</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>EXHIBIT D: PRICE ADJUSTMENT MATRIX</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>21</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>EXHIBIT E: SUPPLEMENTAL WORK PRICING</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>24</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>EXHIBIT F: SUPPLEMENTAL WORK PRICING &#150; ANNUAL ADJUSTMENT</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>25</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>EXHIBIT G: SUPPLEMENTAL WORK PRICING &#150; FIXED PRICE LABOR SCHEDULE</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>26</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>EXHIBIT H: SUPPLEMENTAL <FONT STYLE="white-space:nowrap">ON-WING</FONT> SUPPORT</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>29</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>EXHIBIT I: LINE REPLACEABLE UNITS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>30</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>EXHIBIT J: GENERAL TERMS AND CONDITIONS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>31</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>EXHIBIT K: DESIGNATION LETTER</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>37</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR></TABLE>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OnPoint<SUP STYLE="font-size:85%; vertical-align:top">SM</SUP> Solutions Engine Services
Agreement </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS ENGINE SERVICES AGREEMENT is made and is effective as of this &nbsp;&nbsp;&nbsp;&nbsp;day of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (the &#147;Effective Date&#148;) by and between
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compania Panamena de Aviacion SA, having its principal place of business at Po Box 1572 Panama 1 Ave. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Justo Arosemena Y Calle 3, Panama (&#147;Customer&#148;), Lease Management Services, LLC., having its principal place of business in Delaware, USA,
(&#147;Fleet Manager&#148;) and GE Engine Services, LLC, having its principal place of business at One Neumann Way, Cincinnati, Ohio 45215 (&#147;GE&#148;) (either a &#147;Party&#148; or collectively, the &#147;Parties&#148;). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 1 &#150; DEFINITIONS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Capitalized
terms used in this Agreement and not otherwise defined have the meaning set forth in Exhibit A. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 2 &#150; TERM/ENGINES/SERVICES
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.1 <U>Term</U>. Each Party&#146;s obligation to perform will commence upon March 1, 2012 (the &#147;Commencement Date&#148;) and such obligation
will continue, unless sooner terminated, for a period of fifteen (15)&nbsp;years, through April 30, 2026 (the &#147;Initial Term&#148;). Parties may renew or extend this Agreement upon mutual agreement prior to the end of the Initial Term. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.2 <U>Engines</U>. The Engines covered by this Agreement are set forth on Exhibit B. During the term of this Agreement, GE shall be the exclusive provider of
both Rate Per EFH and Supplemental Work Services for the Engines. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.3 <U>Services Provided</U>. GE will provide Services to restore Engines to Serviceable
condition in accordance with the Repair Specification, the Workscope and the terms of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.4 <U>Eligibility</U>. New Engines are eligible for
Rate Per EFH Services and Supplemental Work Services on the date of their delivery. Any Used Engines covered under this Agreement are eligible for Supplemental Services as of the Commencement Date and are eligible for Rate Per EFH Services either as
of the date of the completion of a Qualifying Shop Visit (&#147;QSV&#148;) or, if GE has determined that a QSV is not necessary, as of the Commencement Date. For the avoidance of doubt, all Engines installed on aircraft listed in Exhibit B shall be
considered &#147;New Engines&#148; for purposes of this Agreement provided they have not undergone a shop visit. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR></TABLE>

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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 3 &#150; RATE PER EFH SERVICES </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Covered Services</U>. GE will provide the following Services (the &#147;Rate Per EFH Services&#148;) at a
shop visit on a Rate Per EFH basis: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Provide, either at a Repair Station, an approved subcontractor, or such other location as agreed by Customer
and GE, all labor, materials and parts necessary to return an Engine to a Serviceable condition, including Engine test. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[***]</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Recommend, as appropriate, the replacement of a Delivered Engine with a Serviceable replacement Engine of like
configuration and condition. If Customer agrees to such replacement, title to the removed Engine will vest with GE and title to the replacement Engine will vest with Customer (or its designee), provided the terms of such replacement comply with any
aircraft lease or other financing arrangement applicable to such replaced Engine. Each Party will make its best commercial efforts to facilitate such title passage. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[***]</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Repair CFM approved LRU&#146;s identified in Exhibit I received with an Engine for a Rate Per EFH Shop Visit
and which were installed on the Engine when it was removed from the aircraft for Services, as evidenced by records provided in accordance with Article 9. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">f.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[***]</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">g.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[***]</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Rate per EFH Shop Visit</U>. Engines that require maintenance or repair that cannot be performed on-wing (as
determined by Customer and GE&#146;s Customer Program Manager or delegate), will be eligible for a shop visit at which GE will provide Rate Per EFH Services (a &#147;Rate Per EFH Shop Visit&#148;) if the shop visit is necessary to:
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">After troubleshooting by Customer in accordance with the Aircraft Maintenance Manual (AMM) and/or Fault
Isolation Manual (FIM), correct a known deficiency or performance deterioration which has created an Unserviceable condition; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Comply with an AD if such AD mandates compliance prior to the next scheduled shop visit per the Removal
Schedule. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Transportation</U>. <B>[***]</B> </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR></TABLE>

</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[***]</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[***]</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">[***] </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Within 24 hours of being notified by Customer that the AOG situation exists, GE will use its best efforts to
advise Customer of the location of the closest available lease engine. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">[***] </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">GE&#146;s obligation to provide such lease engine will terminate when the AOG condition is corrected by the
Redelivery of an Engine to Customer, subject to Customer&#146;s obligation to return the lease engine set forth below. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">[***] </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">[***] </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Lease Engine Condition</U>. GE&#146;s provision of such lease engine is predicated upon the following:
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Parties have established a mutually agreeable Removal Schedule; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">[***] </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Customer has executed a lease agreement in form and substance satisfactory to Customer with GE, or a GE
affiliate, in respect of the lease engine; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Customer is not in material breach of this Agreement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">[***] </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Sole Remedy</U>. The foregoing provisions of this Article 3.4 will constitute the sole remedy of Customer
and the sole liability of GE for lease engine availability and resolution of AOG conditions under this Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[***]</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[***] </B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[***] </B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[***] </B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">d.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[***] </B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[***] </B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">f.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[***] </B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">g.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[***]</B> </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any information provided to Customer by GE for use in troubleshooting and managing operations is advisory
only. GE is not responsible for line maintenance or other actions resulting from such advice. Customer is responsible for identifying and resolving any aircraft or Engine faults or adverse trends. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[***]</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 4 &#150; SUPPLEMENTAL WORK </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Supplemental Work</U>. Supplemental Work will include, but will not be limited to: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any and all Services not covered under Article 3 as Rate Per EFH Services or Rate Per EFH Shop Visits;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any Services provided on Engines not eligible for Rate Per EFH Services or Rate Per EFH Shop Visits;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Services required as a result of: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[***]</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[***] </B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[***] </B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[***]</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">[***] </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">[***] </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">[***] </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">[***] </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ix)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">[***] </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(x)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">[***] </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(xi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">[***] </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(xii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">[***] </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">[***] </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">[***] </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">f.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Services provided at a shop visit for which Customer Delivered an Engine for Services against the advice and
consent of GE&#146;s Customer Program Manager or delegate unless it is determined after Delivery of the Engine that such shop visit does qualify as a Rate Per EFH Shop Visit under Article 3.2. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 5 &#150; PRICING </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Rate Per EFH Pricing</U>. Unless otherwise stated, all rates and prices are in January 2011. Rate Per EFH
Services will be performed by GE at the Rate Per EFH as follows: </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">[***] [***] </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">[***] [***] </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">[***] [***] </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">[***] </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Rate Per EFH Operating Parameters</U>. The Rate Per EFH is predicated on the following parameters:
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="24%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">[***] [***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">[***] [***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Rate Per EFH Adjustment</U> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Escalation</U>. All rates shall adjust on an annual basis on January 1 of each year in accordance with the
escalation formula set forth on Exhibit C. <B>[***]</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Severity</U>. The Rate Per EFH will be adjusted when there is a deviation from the parameters in Article 5.2
per the Price Adjustment Matrix. Customer will provide information regarding the above parameters on a monthly basis and in a mutually agreed upon format in accordance with Article 6. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Supplemental Pricing</U>. Supplemental Work Services will be performed by GE in accordance with pricing
provisions set forth on Exhibit E. This rate shall adjust on an annual basis in accordance with the escalation formula set forth on Exhibit F. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a. <U>Service Credits.</U> <B>[***]:</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>[***]</B> <B>[***]</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">[***]
[***] </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">[***] [***] </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">[***]
[***] </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">[***] [***] </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">[***] </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">[***] </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">[***] </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">[***] </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 6 &#150; INVOICING AND PAYMENT </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Rate Per EFH Payments</U>. <I>Monthly Billing. </I><B>[***] </B>This rate, multiplied by the total EFH for
each Engine elapsed in the prior month, will be provided to the Customer in the monthly invoice no later than the twentieth (20th) of each month. Customer will make payment within five (5)&nbsp;days of receipt of such invoice but in no event will
Customer be required to make payment prior to the 25th day of the month. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">[***]</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>EFH Minimum</U>. <B>[***]</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Supplemental Work Payments</U>. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Initial Invoice</U>. Upon completion of Supplemental Work Services, <B>[***]</B>. All invoices shall be
payable by Customer in arrears in satisfaction of GE&#146;s performance of Supplemental Work Services. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Final Invoice</U>. Following Redelivery, GE will issue a final invoice for Supplemental Work Services based
on actual charges to complete the Services, including any credits due Customer. Such invoice will be reconciled with the initial invoice and Customer&#146;s payment. <B>[***]</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Late Payment Remedies</U>. <B>[***] </B>In the event of a bona fide dispute regarding any the amount to be
paid pursuant to any invoice, or any portion thereof, Customer shall within fifteen (15)&nbsp;working Days of receipt of such invoice give written notice to GE of such disputed invoice, or dispute portion thereof, together with reasonable
substantiation of such dispute and any supporting documentation. GE and Customer shall use their respective best efforts and allocate sufficient resources to resolve such dispute within thirty (30)&nbsp;working Days or as soon as practicable
thereafter. In the event the Parties fail to resolve any such dispute invoice within such period, the dispute shall be resolved by designating senior managers to reach a resolution. Upon resolution, GE shall credit Customer, or Customer shall pay to
GE, as applicable, settled amount of the disputed portion of the invoice within seven (7)&nbsp;calendar days. For clarification, Customer shall be required to pay the undisputed portion of any invoice in accordance with the payment terms for
undisputed invoices set forth in this Agreement. To the extent Customer complies with the requirements of this Article 6.4, GE shall not charge a fee for late payment, as set forth above, during that period of time such amount is disputed by the
Parties. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Remittance</U>. All payments under this Agreement will be made in United States Dollars, immediately
available for use, without any right of set-off or deduction, via wire transfer by Customer to the bank account and address designated below: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">GE Engine Services, LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Account
No. <B>[***]</B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">ABA # <B>[***]</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>[***]</B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">[***] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 7 &#150; FLEET MANAGEMENT </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Program Manager</U>. GE will assign a Customer Program Manager who will be the point of contact for Customer
with respect to Services and who will: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Work with the Customer, on a monthly basis, to develop a Removal Schedule which will identify by serial number
the Engine(s) to be removed during the following six (6)&nbsp;month period, the anticipated reason for removal of each, and the schedule for Delivery. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Work with the Customer to develop a Repair Specification which is consistent with the CFM Workscope Planning
Guide. Customization beyond the recommendations in the Workscope Planning Guide can be addressed but may result in an adjustment in the pricing set forth in Article 5. Any subsequent changes or amendments to the Repair Specification will be mutually
agreed by the Parties and may result in an adjustment in the pricing set forth in Article 5. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Workscope</U>. Prior to Induction, GE will prepare a Workscope and provide it to Customer for approval.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Line Maintenance</U>. Customer will provide all line maintenance and repair and line station support,
consistent with Customer&#146;s historical maintenance practices and OEM recommendations. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Monitoring Equipment</U>. Customer will provide an automated method to transfer operational and maintenance
data to GE for the monitoring and diagnosis of Engine condition. If the aircraft is equipped with air-to-ground equipment such as ACARS, the Customer will forward the data directly to the GE SITA/ARINC address. If air-ground equipment is not
available, GE will work with Customer to establish an alternate electronic means of providing this data. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Designated Repair Station. <B>[***] </B>GE may change the DRS upon Customer&#146;s consent which shall not be
unreasonably withheld or delayed. GE may provide Services at a location other than a Repair Station including performance of repairs on-wing or on-site. If GE changes the DRS, Customer&#146;s obligations under this Agreement will be no greater than
if Services were performed at the original DRS. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Subcontracting</U>. All Services performed under the Agreement will be performed by GE or its designated
subcontractors at maintenance and repair facilities that are properly licensed and certified by the AAA to perform the Services. GE will obtain Customer&#146;s consent, which shall not be unreasonably withheld or delayed, prior to subcontracting
Services on an entire Engine assembly. However, GE shall not be required to obtain Customer&#146;s consent to subcontract Services on individual components of an Engine. If GE does subcontract Services, the Customer obligations under this Agreement
will be no greater than if such Services were performed at the DRS. Customer will, at its sole expense, have the right to review GE&#146;s quality system audit report(s) for such subcontractor(s). Subcontracting of any Services will not relieve GE
of its performance obligations set forth in this Agreement. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.7</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Parts Replacement Procedures</U> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Missing Parts</U>. Upon Delivery, GE will notify Customer of any (A)&nbsp;components or LRU&#146;s missing
from Engines, and (B)&nbsp;parts found to have been damaged during transportation of the Engine. GE will replace such missing items at Customer&#146;s expense as Supplemental Work, unless Customer notifies GE in writing within a reasonable period of
time of receiving GE&#146;s notice that Customer wishes to furnish such missing within a period of time specified by GE. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Parts Replacement</U>. <B>[***]</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Life Limited Parts</U>. <B>[***]</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Customer Furnished Equipment (&#147;CFE&#148;)</U>. <B>[***]</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Title to Parts or Material</U>. <B>[***]</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">f.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Scrapped Parts</U>. GE will dispose of all Scrapped Parts at its sole expense and without any further
adjustment to Customer. </P></TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 8 &#150; WARRANTY </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Workmanship Warranties</U>. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Services Warranty</U> <B> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>[***]</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">[***] </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">i) Repair or replacement of such defective workmanship using its own forces or subcontractor or, upon submission of a written quote which
includes total costs, and upon prior written approval from GE, or pay Customer&#146;s quoted costs for such repairs, and ii) reimburse Customer for transportation expenses reasonably incurred and adequately documented by Customer in connection with
the warranty claim. The warranty period for the repaired or replaced workmanship will be the remainder of the original warranty period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Conditions and Limitations &#150; Applicable to Services Warranty</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Any warranty for Engines or parts, LRU&#146;s, components and material thereof, including the design, material or engineering defects of a
manufacturer, will be the warranty, if any, of the manufacturer of such Engines or parts, LRU&#146;s, components or material thereof. <B>[***]</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>THE WARRANTIES SET FORTH HEREIN ARE EXCLUSIVE AND IN LIEU OF ALL OTHER WARRANTIES, WHETHER WRITTEN, ORAL, EXPRESSED, IMPLIED OR STATUTORY
(INCLUDING ANY EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY AND FITNESS FOR PARTICULAR PURPOSE). </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Designation of GE as Warranty Claims Administrator and Beneficiary</U>. Customer will designate GE as a
claims administrator and beneficiary for all applicable Engine warranties and guarantees using the designation letter attached as Exhibit K. Such designation letter will automatically terminate upon the termination of the Agreement.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Pre - existing Warranties</U>. Customer will assure that any requested repair of an Engine, accessory or
component that is covered under a third-party warranty to which GE is not designated as the claims administrator and beneficiary will be performed directly by that person at no expense to GE. Notwithstanding the above, GE may accept a purchase order
for the time and material repair of a warranted item from Customer or the person giving the warranty. </P></TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 9
&#150; DELIVERY/REDELIVERY </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Delivery</U>. [***] </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>External Engine Configuration</U>. Prior to the first shop visit under this Agreement, the Parties shall
agree upon an external Engine configuration specification. Upon Delivery of each Engine, GE will notify Customer of any deviations from the configuration specification of Engines Delivered for Service, and GE and Customer will work to resolve the
deviations. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Engine Documentation</U>. Upon Delivery of each Engine, Customer will provide to GE the information and
records set forth as mutually agreed. Customer&#146;s failure to timely furnish the required information may delay Induction of the Engine for Service, may cause an Excusable Delay and may result in premature LLP replacement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.4</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Packaging</U>. Customer is responsible for all packaging, labeling and associated documentation of the
Engine at Delivery, in accordance with the International Civil Aviation Organizations (ICAO) Technical Instructions for the Safe Transport of Dangerous Goods by Air, and if the Engine is to be transported over the United States of America, the US
Department of Transport Regulations 48 CFR 171-180. If required by applicable law or regulations, Customer will further provide a material safety data sheet to GE at Delivery of the Engine indicating any substances contained within the Engine to be
consigned. Customer will indemnify, defend and hold harmless GE from all or any claims, liabilities, damages, judgments, costs, penalties, fines and/or any punitive damages imposed, alleged, or assessed by any third party against GE and caused by
and to the extent of Customer&#146;s non-compliance with this Article 9.4. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Shipping Stands</U>. Customer will provide and maintain all shipping stands, shipping containers, mounting
adapters, inlet plugs and covers, required to package the Engine for Redelivery. Customer is responsible for preparing the engine for shipment. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Redelivery</U>. After completion of Services, GE will prepare and package the Engine for Redelivery to
Customer and provide a Services records package that complies with AAA regulations. </P></TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 10 &#150; ADDITION OF
ENGINES </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Addition of Engines</U>. Customer and GE may agree to amend Exhibit B to add Engines to the Agreement after
the Commencement Date. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">[***] </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[***]</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[***]</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Adjustment of Rate</U>. <B>[***]</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 11 &#150; REMOVAL OF ENGINES </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Removal of Engines</U>. <B>[***]</B> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[***] </B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[***] </B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[***]</B>. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In all cases of Engine removal, GE and Customer must mutually agree on which Engine will be removed, unless Customer&#146;s lessor dictates
otherwise. Any Engine removal will be subject to reconciliation provisions set forth below. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Reconciliation</U>. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[***]</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>[***]</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Adjustment of Rate</U>. <B>[***]</B>. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 12 &#150; TERMINATION </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">12.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Insolvency</U>. Either Party may terminate or suspend performance of all or any portion of this Agreement if
the other Party: (A)&nbsp;makes any agreement with creditors due to its inability to make timely payments of its debts; (B)&nbsp;enters into bankruptcy or liquidation, whether compulsory or voluntary; (C)&nbsp;becomes insolvent; or (D)&nbsp;becomes
subject to the appointment of a receiver of the whole or material part of its assets </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">12.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Material Provisions</U>. <B>[***] </B>Either Party may terminate this Agreement upon ninety (90)&nbsp;Days
written notice to the other for failure to comply with any material provision of this Agreement, unless the failure will have been cured or the Party in breach has substantially effected all acts required to cure the failure prior to <B>[***]</B>
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">12.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Other Agreements</U>. Customer&#146;s material breach of this Agreement, if not cured hereunder, will, at
GE&#146;s option, be a material breach of all other agreements and contracts between Customer and GE. In such an event, GE may: (A)&nbsp;suspend performance under this Agreement, and any or all of the other agreements and contracts until a
reasonable time after all defaults have been cured; (B)&nbsp;terminate this Agreement and any or all other such agreements and contracts; and/or (C)&nbsp;pursue any other remedy with respect to this Agreement or the other agreements and contracts
which the law permits. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">12.4.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Maximum Removals</U>. If the number of Engines decreases to less than fifty percent (50%) of the highest
number of Engines at any time during the term of this Agreement, GE may terminate this Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">12.5</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Payment for Services Performed</U>. In the event of termination of this Agreement for any reason, Customer
will pay GE, in addition to any other remedy allowable under this Agreement or applicable law, for all Services or work performed by GE up to the time of such termination under the applicable terms and prices of this Agreement including all costs,
fees, and charges incurred by GE in providing support and material under this Agreement including lease engines. In addition, the terms of the reconciliation of Rate Per EFH Payments under the removal of Engines provisions of Article 11 will apply.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">12.6</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Work in Process, Redelivery of Customer&#146;s Engines</U>. Upon the termination or expiration of this
Agreement, GE will complete all work in process in a diligent manner and Redeliver all Engines, parts and related documentation, provided that Customer (a)&nbsp;has paid in full all charges for all such Services and material, plus all costs, fees
and penalties, incurred by GE in providing support, including any lease engines, and (b)&nbsp;has returned all lease engines provided under this Agreement. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 13 &#150; REPRESENTATIONS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">13.1.1</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Customer represents to GE that it is a corporation, duly organized and validly existing under the laws of
Panama. GE represents that it is a limited liability company, duly organized, validly existing and in good standing under the laws of State of Delaware. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">13.1.2</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Customer and GE each represent that the execution and delivery of this Agreement has been duly and validly
authorized by all requisite action on their part. This Agreement has been duly executed and delivered on behalf of Customer and GE, and constitutes a legal, valid and binding obligation of Customer and GE enforceable in accordance with its terms.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">13.3</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Customer and GE each represent that they have had an opportunity to review this Agreement and consult with
legal counsel prior to execution, and the final form of this Agreement is the result of good faith, arms length negotiations. Customer and GE each represent that this Agreement is fair and commercially reasonable, and is an ordinary maintenance
agreement in their respective industries. Customer further represents that this Agreement is supported by mutual consideration and promises that benefits Customer even though GE may only be required to provide minimal Service during any given month.
Similarly, GE represents that this Agreement is supported by mutual consideration and promises that benefits GE even though GE may be required to provide extensive Service during any given month. </P></TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 14 &#150; GENERAL TERMS AND CONDITIONS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">The</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">General Terms and Conditions are set forth on Exhibit J. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and the year first above written. </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>GENGINE SERVICES, LLC</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>AVIACION, S.A.</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><B>COMPANIA PANAMENA DE</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>BY:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>BY:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Printed
Name:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; font-size:10pt; font-family:Times New Roman"><B>Printed
Name:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Title:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P></TD>
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<TD VALIGN="bottom" NOWRAP>
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.40em; font-size:10pt; font-family:Times New Roman"><B>Title:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P></TD></TR>
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<TD VALIGN="bottom" NOWRAP><B>LMS</B></TD></TR>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top" ALIGN="right">13</TD>
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<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>By:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P></TD></TR>

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<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Printed&nbsp;Name:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P></TD></TR>
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<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Title:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></B></P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top" ALIGN="right">14</TD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT A: DEFINITIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Capitalized terms used in the recitals and elsewhere in the Agreement but not otherwise defined in this Agreement will have the following meanings: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;ADM&#148;&#151;Average daily minimum temperature by airport as such data is set forth in the Boeing Aircraft Company Red Book. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Agreement&#148;&#151;This Rate Per EFH Engine Services Agreement, as the same may be amended or supplemented from time to time, including all its
Exhibits. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Aircraft Accident&#148;&#151;An occurrence caused by the operation of an aircraft in which any person suffers a fatal injury or serious
injury as a result of being in or upon the aircraft or by direct contact with the aircraft or anything attached to the aircraft, or in which the aircraft receives substantial damage or a third party&#146;s property is damaged in any way. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Aircraft Incident&#148;&#151;An occurrence, other than an Aircraft Accident, caused by the operation of an aircraft that affects or could affect the
safety of operations and that is investigated and reported. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Airworthiness Directive&#148; or &#147;AD&#148;&#151;A document issued by the AAA
having jurisdiction over the Engines, identifying an unsafe condition relating to such Engines and, as appropriate, prescribing inspections and the conditions and limitations, if any, under which the Engines may continue to operate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Approved Aviation Authority&#148; or &#147;AAA&#148;&#151;As applicable, the Federal Aviation Administration of the United States (&#147;FAA&#148;), the
European Aviation Safety Authority (&#147;EASA&#148;) or, as identified by Customer and agreed in writing by GE, such other equivalent foreign aviation authority having jurisdiction over the performance of Services provided hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Beyond Economic Repair&#148; or &#147;BER&#148;&#151;When the cost, calculated on a Supplemental Work basis, to restore an Engine to the requirements of
the Repair Specification exceeds 65% of the fair market value of a comparable Serviceable Engine. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;CLP&#148;&#151;The manufacturer&#146;s Current
catalog or manufacturer&#146;s Current list price pertaining to a new Engine or part thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Commencement Date&#148;&#151;March 1, 2011 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Current&#148;&#151;As of the time of the applicable Service or determination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Day&#148;&#151;Calendar day unless expressly stated otherwise in writing. If performance is due on a recognized public holiday, performance will be
postponed until the next business day. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">15</TD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Delivery&#148;&#151;<B>[***]</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Designated Repair Station&#148; or &#147;DRS&#148;&#151;The primary Repair Station designated by GE where GE performs Services on Engines.
&#147;Dollars&#148; or &#147;$&#148;&#151;The lawful currency of the United States of America. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Engine&#148;&#151;Each bare engine assembly or, as
applicable, Engine module, which is the subject of this Agreement and identified in Exhibit B, including its essential LRU&#146;s as listed in Exhibit I, controls, accessories and parts as described in the engine manufacturer&#146;s specification
manuals. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Engine Flight Hour&#148; or &#147;EFH&#148;&#151;Engine flight hour expressed in hourly increments of aircraft flight from wheels up to
wheels down. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Foreign Object Damage&#148; or &#147;FOD&#148;&#151;Damage to any portion of the Engine caused by impact with or ingestion of a
non-Engine object such as birds, hail, ice or normal runway debris. FOD may be further classified as a &#147;Major FOD,&#148; which means FOD that causes an out of limit condition per the Aircraft Maintenance Manual, and which, either immediately or
over time, requires the Engine to be removed from service or prevents the reinstallation of the Engine. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Induction&#148;&#151;The date work
commences on the Engine at the DRS when all of the following have taken place: (i)&nbsp;GE&#146;s receipt of the Engine and required data (ii)&nbsp;Parties&#146; approval of the Workscope (iii)&nbsp;Parties&#146; agreement on use of the Customer
Furnished Equipment; and (iv)&nbsp;receiving inspection (including pre-testing if needed). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Life Limited Part&#148; or &#147;LLP&#148;&#151;A part
with a limitation on use established by the OEM or the AAA, stated in cumulative EFH or cycles. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Line Replaceable Unit&#148; or
&#147;LRU&#148;&#151;A major control or accessory identified in Exhibit I that is mounted on the external portion of an Engine, which can be replaced while the Engine is on-wing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;New Engine&#148;&#151;An Engine which has not undergone a shop visit, which has less than 100 EFH since new and which contains only CFM approved parts
and CFM approved repairs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;OEM&#148;&#151;The original manufacturer of an Engine or part thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Performance Restoration&#148;&#151;The Services performed during a shop visit in which, at a minimum, the High Pressure Compressor, the combustor and
high-pressure turbine are exposed and subsequently refurbished, consistent with the Repair Specification. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Price Adjustment Matrix&#148;&#151;The
matrix set forth on Exhibit D by which the Rate Per EFH is adjusted based on Customer&#146;s operating parameters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Qualifying Shop
Visit&#148;&#151;A Repair Station visit during which the initial Performance Restoration is performed on an Engine on a Supplemental Work basis and which shall include the removal of all non-CFM parts and non-CFM approved LRU&#146;s, parts and
repairs. The purpose of the Qualifying Shop Visit is to qualify such Engine for the Rate Per EFH fixed rate pricing for subsequent shop visits. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top" ALIGN="right">16</TD>
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#147;Rate</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Per EFH&#148;&#151;The Rate Per EFH as set forth in Article 5. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Rate Per EFH Services&#148;&#151;Those Services provided pursuant to Article 3. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Rate Per EFH Payments&#148;&#151;Any payments made pursuant to Article 6. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Redelivery&#148;&#151;<B>[***]</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Removal
Schedule&#148;&#151;The schedule jointly developed by GE and Customer for Engine removals for Services or Engine removal from operation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Repair
Specification&#148;&#151;The [mutually agreed repair specification] which establishes the minimum baseline to which an Engine or part thereof will be inspected, repaired, modified, reassembled and tested to make and Engine Serviceable. Such Repair
Specification will meet or exceed the recommendations of the OEM&#146;s operational specifications, applicable OEM maintenance or overhaul manuals and Customer&#146;s maintenance plan that has been approved by the AAA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Repair Station&#148;&#151;One or more of the repair facilities owned by GE or its affiliates, now or in the future, which are certified by an
appropriate AAA to perform the applicable Service hereunder. A list of such repair facilities will be provided upon request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Repairable&#148;&#151;Capable of being made Serviceable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Rotable Part&#148;&#151;A new or used Serviceable part drawn from a common pool of parts used to support one or more customers. A Rotable Part replaces
a like part removed from an Engine when such removed part requires repair. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Scrapped Parts&#148;&#151;Those parts determined by GE to be
Unserviceable and BER. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Service(s)&#148;&#151;With respect to an Engine or part thereof, all or any part of those maintenance, repair and overhaul
services provided under this Agreement as either Rate Per EFH Services or Supplemental Work Services. &#147;Serviced&#148; will be construed accordingly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Service Bulletin&#148; or &#147;SB&#148;&#151;The document issued and identified as a Service Bulletin by an OEM to notify the operator of
modifications, substitution of parts, special inspections, special checks, amendment of existing life limits or establishment of first time life limits, or conversion of an Engine from one model to another. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Serviceable&#148;&#151;Meeting all OEM and AAA specified standards for airworthiness. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Static Temperature Adjusted to Sea Level&#148;&#151;The twelve (12)&nbsp;month rolling average of
total air temperature data collected at every available take- off using snapshot data, adjusted in each case to zero aircraft speed and sea level elevation; provided that (i)&nbsp;in the event take-off snap shot data is not available, static airport
temperature and airport altitude shall be obtained from the ADM database using Customer airport city-pair data, adjusted in each case to sea level elevation, and (ii)&nbsp;the ADM database shall be used for the first twelve (12)&nbsp;months of this
Agreement or until twelve (12)&nbsp;months of take-off snapshot data is available, whichever is first to occur. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Supplemental Work
Services&#148;&#151;Those Services provided pursuant to Article 4. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Take-Off Derate&#148;&#151;<B>[***]</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Termination&#148;&#151;The ending of this Agreement before the expiration of the Initial Term or extension thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Turn Around Time&#148;&#151;<B>[***]</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Unserviceable&#148;&#151;Not meeting all OEM and AAA specified standards for airworthiness. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Used Engine&#148;&#151;An Engine which has undergone a shop visit or which has more than 100 EFH since new. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Workscope&#148;&#151;The document written by GE and approved by Customer describing the prescribed repair or approach to repair of an Engine to meet the
requirements of the Repair Specification, including appropriate reliability and performance enhancements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Workscope Planning Guide&#148;&#151;The
document published by GE-Aviation which describes the &#147;on condition&#148; maintenance concept for the engines. This document communicates the timing and extent of work required to enable operators to achieve reliability, performance, and
maintenance cost goals. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT B: ENGINES COVERED </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[***] </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[***] </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[***] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT C: RATE ADJUSTMENT </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">[***]</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"></P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT D: PRICE ADJUSTMENT MATRIX </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[***] </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[***] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[***] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[***] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT E: SUPPLEMENTAL WORK PRICING </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[***] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT F: SUPPLEMENTAL WORK PRICING&#151;ANNUAL ADJUSTMENT </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">[***]</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"></P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT G: SUPPLEMENTAL WORK PRICING&#151;FIXED PRICE LABOR SCHEDULE </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="57%"></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="35%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
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<TD VALIGN="top" ALIGN="right">26</TD>
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="60%"></TD>

<TD VALIGN="bottom"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="35%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">[***]</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT H: SUPPLEMENTAL ON-WING SUPPORT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SERVICES </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[***] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT I: LINE REPLACEABLE UNITS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following list contains LRU that are repaired during a Rate Per EFH Shop Visit in accordance with Article 3.1(e). </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[***]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[***]</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT J: GENERAL TERMS AND CONDITIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.0 <U>LIMITATION OF LIABILITY AND INDEMNIFICATION</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.1
<U>Total Liability</U>. The total liability of GE for any and all claims, whether in contract, warranty, tort (including simple negligence but excluding willful misconduct, or gross negligence), product liability, patent infringement or otherwise,
for any damages arising out of, connected with or resulting from the performance or non-performance of any Service or from the manufacture, sale, Redelivery, resale, repair, overhaul, replacement or use of the Engine or any item or part thereof,
will not exceed <B>[***] </B>Notwithstanding the foregoing, in no event will GE have any liability hereunder, whether as a result of breach of contract, warranty, tort (including simple negligence but excluding willful misconduct or gross
negligence), product liability, or otherwise, for any special, consequential, incidental, resultant or indirect damages (including, without limitation, loss of use, profit, revenue or goodwill) or punitive or exemplary damages. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In no event will GE have any liability hereunder, whether as a result of breach of contract, warranty, tort (including negligence), product liability, patent
liability, or otherwise, for the design, material, workmanship, engineering defects or product liability and any damages whatsoever, including damages to personal property and for personal injury or death, caused in any way by the manufacturer of an
Engine, or the parts, LRU&#146;s, components or material, thereof, or related thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the event Customer uses non CFM parts or non CFM approved
LRU&#146;s, parts or repairs in an Engine and such LRU&#146;s, parts or repairs cause personal injury, death or property damage to third parties, Customer shall indemnify and hold harmless GE from all claims and liabilities associated therewith. The
preceding indemnity shall apply whether or not GE was provided a right under this Agreement to remove such LRU&#146;s, parts or repairs, and irrespective of the exercise by GE of such right. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.2 <U>Definition</U>. For the purpose of this Article 1, the term &#147;GE&#148; is deemed to include GE and its parent and affiliated companies, the
subcontractors and suppliers of any Services furnished hereunder, and the directors, officers, employees, agents and representatives of each. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.0
<U>EXCUSABLE DELAY</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.1 <U>Excusable Delay</U>. Either Party will be excused from, and will not be liable for, any delay in performance or failure to
perform hereunder (except for the obligation to pay money or credit or debit an account which will not be excused hereunder), and will not be deemed to be in default for any delay in or failure of performance hereunder due to causes beyond its
reasonable control. Such causes will be conclusively deemed to include, but not be limited to <B>[***] </B>(including disruption of technology resources), or transportation shortages (each an &#147;Excusable Delay&#148;). <B>[***]</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.2 <U>Continuing Obligations</U>. Section&nbsp;2.1 will not, however, relieve either Party from using its best commercial efforts to avoid or remove such
causes of delay and continue performance with reasonable dispatch when such causes are removed. <B>[***]</B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="49%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.3 <U>Extended Delay Termination</U>. If delay resulting from any of the foregoing causes extends for more
than <B>[***] </B>and the Parties have not agreed upon a revised basis for continuing the Services, including any adjustment of the price, then either Party, upon <B>[***] </B>written notice to the other, may terminate the performance of Services
with respect to the Engine for which Services were delayed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.0 <U>NOTICES</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.1 <U>Acknowledgment</U>. All notices required or permitted under this Agreement will be in writing and will be delivered personally, via first class return
receipt requested mail, by facsimile, by courier service, or by express mail, addressed as follows, or to such other address as either Party may designate in writing to the other Party from time to time: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">GE Engine Services, LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">[[Customer]]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
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<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Attn:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Attn:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
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<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Phone:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Phone:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
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<TD HEIGHT="4" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Fax:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Fax:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" COLSPAN="3"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Copy to:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Copy&nbsp;to:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Senior Counsel, GE Engine Services Inc.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD COLSPAN="3" VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">MD <FONT STYLE="white-space:nowrap">F-125,</FONT> Cincinnati, Ohio 45215</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD COLSPAN="3" VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.2 <U>Effect of Notices</U>. Notices will be effective and will be deemed to have been given to (or &#147;received by&#148;)
the recipient: (A)&nbsp;upon delivery, if sent by courier, express mail, or delivered personally; (B)&nbsp;on the next business day following receipt, if sent by facsimile; or (C)&nbsp;on the fifth (5th) day after posting (or on actual receipt, if
earlier) in the case of a letter sent prepaid first class mail. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.0 <U>TAXES AND OTHER</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.1 <U>Taxes, Duties or Charges</U>. In addition to the price for the Services, Customer agrees to pay, upon demand, all taxes (including, without limitation,
sales, use, excise, turnover or value added taxes), duties, fees, charges or assessments of any nature (but excluding any income taxes) (&#147;Taxes&#148;) assessed or levied in connection with performance of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.2 <U>Withholdings</U>. All payments by Customer to GE under this Agreement will be free of all withholdings of any nature whatsoever except to the extent
otherwise required by law, and if any such withholding is so required, Customer will pay an additional amount such that after the deduction of all amounts required to be withheld, the net amount received by GE will equal the amount that GE would
have received if such withholding had not been required. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">32</TD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.0 <U>DISPUTE RESOLUTION, ARBITRATION</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.1 <U>Dispute Resolution</U>. If any dispute arises relating to this Agreement, the Parties will endeavor to resolve the dispute amicably, including by
designating senior managers who will meet and use commercially reasonable efforts to resolve any such dispute. If the Parties&#146; senior managers do not resolve the dispute within sixty (60)&nbsp;days of first written request, either party may
request that the dispute be settled and finally determined by binding arbitration, in accordance with the Commercial Arbitration Rules of the American Arbitration Association (the &#147;AAA&#148;) in New York, New York,. before three arbitrators in
accordance with the Commercial Arbitration Rules of the AAA. Each of GE and Customer shall select one arbitrator and the two arbitrators so selected will select the third arbitrator. If the two arbitrators fail to reach agreement on the selection of
third arbitrator within thirty (30)&nbsp;days, then such third arbitrator shall be appointed by the AAA. The arbitrator(s) will have no authority to award punitive damages, attorney&#146;s fees and related costs or any other damages not measured by
the prevailing party&#146;s actual damages, and may not, in any event, make any ruling, finding or award that does not conform to the terms and conditions of the Agreement and applicable law. The award of the arbitrator(s) will be final, binding and
non-appealable, and judgment may be entered thereon in any court of competent jurisdiction. All statements made or materials produced in connection with this dispute resolution process and arbitration are confidential and will not be disclosed to
any third party except as required by law or subpoena. The Parties intend that the dispute resolution process set forth in this Article will be their exclusive remedy for any dispute arising under or relating to this Agreement or its subject matter.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.2 <U>Exception</U>. Either Party may at any time, without inconsistency with this Article, seek from a court of competent jurisdiction any equitable,
interim, or provisional relief to avoid irreparable harm or injury. This Article will not apply to and will not bar litigation regarding claims related to a party&#146;s proprietary or intellectual property rights, nor will this Article be construed
to modify or displace the ability of the Parties to effectuate any termination contemplated in Article 12 of the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.0 <U>NONDISCLOSURE OF
PROPRIETARY DATA</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.1 <U>Non- Disclosure</U>. Unless the Parties otherwise agree in writing, any written information or data that is marked
proprietary or confidential which the Parties have or may disclose to each other shall be held in confidence and may not be either disclosed or used for any purpose, except that GE may disclose the same to its affiliates, subsidiaries, joint venture
participants, engineering service provider, or consultants as needed to perform the Services provided under this Agreement. Customer may disclose it to its affiliates, and subsidiaries, and permitted assignees in accordance with Section&nbsp;9.1
(ii). The preceding clause will not apply to information which (1)&nbsp;is or becomes part of the general public knowledge or literature otherwise than as a result of breach of any confidentiality obligation to GE, or (2)&nbsp;was, as shown by
written records, known to the receiving party prior to receipt from the disclosing party. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">33</TD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.2 <U>Intellectual Property</U>. Nothing contained in this Agreement will convey to either Party the right
to use the trademarks of the other, or convey or grant to Customer any license under any patent owned or controlled by GE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.0 <U>PATENTS</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.1 <U>Claims</U>. GE shall indemnify Customer and Customer&#146;s subsidiaries, affiliates, directors, officers, subcontractors, employees, successors and
assigns (collectively, the &#147;Indemnitees&#148;), and defend and hold each Indemnitee harmless from and against any and all liabilities, losses, damages, settlements, claims, actions, suits, penalties, fines, costs and expenses (including,
without limitation, reasonable attorneys&#146; fees and other expenses of litigation) incurred by any Indemnitee, relating to or arising from any claim that any material or process or part thereof used in the repair of any items under this Agreement
constitutes <B>[***]</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.2 <U>Liability.</U> Customer shall promptly notify GE in writing of any such claims. To the extent Customer fails to so
notify GE, such failure will relieve GE of its obligations under this Article 7 only to the extent that GE&#146;s ability to defend the applicable claim is prejudiced by such lack of notice. GE&#146;s liability under this Article 7 is expressly
conditioned upon Customer giving GE reasonable authority, information and assistance (at GE expense) for the handling, defense or settlement of any claim, suit or proceeding. In case such material or process is held in such suit to constitute
infringement and the use of said material or process is enjoined, GE will, at GE&#146;s own expense and at GE&#146;s option, either, (1)&nbsp;settle or defend such claim or suit or proceeding arising therefrom, or (2)&nbsp;procure for Customer the
right to continue using said material or process in the item repaired under this Agreement, or (3)&nbsp;replace or modify such item with an item incorporating non-infringing material or process. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.3 <U>Indemnification.</U> The preceding Section&nbsp;7.2 will not apply to any material or process or part thereof of Customer design or specification, or
used at Customer&#146;s direction in any repair under this Agreement. As to any material or process or use described in the preceding sentence, GE assumes no liability whatsoever for patent or copyright infringement, and Customer will, in the same
manner as GE is obligated to Customer above, indemnify, defend and hold GE harmless from and against any claim or liability, including costs and expense in defending any such claim or liability in respect thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7.4 <U>Remedy</U>. THE FOREGOING WILL CONSTITUTE CUSTOMER&#146;S SOLE REMEDY AND GE&#146;S SOLE LIABILITY FOR PATENT OR COPYRIGHT INFRINGEMENT BY ANY MATERIAL
OR PROCESS AND IS SUBJECT TO THE LIMITATION OF LIABILITY SET FORTH IN ARTICLE 1, &#147;LIMITATION OF LIABILITY&#148;; PROVIDED, HOWEVER, THERE WILL BE NO EXCLUSION OF CONSEQUENTIAL DAMAGES CLAIMED BY THE PATENT HOLDER. THE PATENT WARRANTY
OBLIGATIONS RECITED ABOVE ARE IN LIEU OF ALL OTHER PATENT WARRANTIES WHATSOEVER, WHETHER ORAL, WRITTEN, EXPRESSED, IMPLIED OR STATUTORY (INCLUDING ANY WARRANTY OF MERCHANTABILITY AND FITNESS FOR PARTICULAR PURPOSE OR ANY IMPLIED WARRANTY ARISING
FROM COURSE OF DEALING, COURSE OF PERFORMANCE, OR USAGE OF TRADE). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">34</TD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.0 <U>LIENS</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8.1 <U>Liens</U>. Customer: (i)&nbsp;acknowledges that GE may have the legal right to assert mechanic&#146;s liens or other statutory or common law liens
under applicable law (foreign or domestic) against Engines following performance of Services under this Agreement. With respect to Engines leased by Customer, GE understands that Customer has been authorized and required by the owners to cause
Services to be performed. GE may, at its option, notify the owners of </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.0 <U>GENERAL PROVISIONS</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.1 <U>Assignment</U>. This Agreement, any related purchase order or any rights or obligations hereunder may not be assigned without the prior written consent
of the other Party, except that (i)&nbsp;Customer&#146;s consent will not be required for an assignment by GE to one of GE&#146;s affiliates (provided that GE remains primarily liable hereunder). In the event of any such substitution, Customer will
be so advised in writing. Any assignment in contradiction of this clause will be considered null and void. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.2 <U>Governing Law, Waiver of Immunity</U>.
The Agreement will be interpreted and applied in accordance with the substantive laws of the State of New York, without giving effect to its choice of law or conflict of law provisions, rules or procedures (except to the extent that the validity,
perfection or creation of any lien or security interest hereunder and the exercise of rights or remedies with respect of such lien or security interest for a particular item of equipment are governed by the laws of a jurisdiction other than New
York). <B>[***]</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.3 <U>Savings Clause</U>. If any portion of this Agreement will be determined to be a violation of or contrary to any controlling
law, rule or regulation issued by a court of competent jurisdiction, then that portion will be unenforceable in such jurisdiction. However, the balance of this Agreement will remain in full force and effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.4 <U>Beneficiaries</U>. Except as herein expressly provided to the contrary, the provisions of this Agreement are for the Parties&#146; mutual benefit and
not for the benefit of any third party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.5 <U>Controlling Language</U>. The English language will be used in the interpretation and performance of this
Agreement. All correspondence and documentation arising out of or connected with this Agreement and any related purchase order(s), including Engine records and Engine logs, will be in the English language. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.6 <U>Non-Waiver of Rights and Remedies</U>. Any failure or delay in the exercise of rights or remedies hereunder will not operate to waive or impair such
rights or remedies. Any waiver given will not be construed to require future or further waivers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.7 <U>Titles/Subtitles</U>. The titles and subtitles
given to the sections of the Agreement are for convenience. They do not limit or restrict the context of the article or section to which they relate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.8
<U>Currency Judgment</U>. This is an international transaction in which the specification of United States Dollars is of the essence. No payments required to be made under this Agreement will be discharged by payments in any currency other than
United States Dollars, whether pursuant to a judgment, arbitration award or otherwise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">35</TD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.9 <U>No Agency Fees</U>. Customer represents and warrants that no officer, employee, representative or
agent of Customer has been or will be paid a fee or otherwise has received or will receive any personal compensation or consideration by or from GE in connection with the obtaining, arranging or negotiation of this Agreement or other documents
entered into or executed in connection herewith. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.10 <U>On-Site Representative</U>. Subject to the following conditions, GE agrees to permit one
Designated Representative, from time to time during the term of this Agreement, to enter onto its premises at the Designated Repair Station for the purpose of supporting the Services on Engines. GE will furnish such Designated Representative the use
of a non-exclusive workspace, including the use of a local telephone line and parking accommodations. Costs incurred by such Designated Representative, including long distance telephone charges, fax or computer charges will be the responsibility of
Customer, and if charged to GE in the first instance, will be invoiced to Customer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.11 <U>No Agency</U>. Nothing in this Agreement will be interpreted
or construed to create a partnership, agency or joint venture between GE and Customer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.12 <U>Entire Agreement</U>. This Agreement, together with its
Exhibits, contains and constitutes the entire understanding and agreement between the Parties hereto respecting the subject matter hereof, and supersedes and cancels all previous negotiations, agreements, representations and writings in connection
herewith. This Agreement may not be released, discharged, abandoned, supplemented, modified or waived, in whole or in part, in any manner, orally or otherwise, except by a writing of concurrent or subsequent date signed and delivered by a duly
authorized officer or representative of each of the Parties hereto making specific reference to this Agreement and the provisions hereof being released, discharged, abandoned, supplemented, modified or waived. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.13 <U>Counterparts</U>. This Agreement may be executed in one or more counterparts, all of which counterparts will be treated as the same binding agreement,
which will be effective as of the date set forth on the first page hereof, upon execution and delivery by each Party hereto to the other Party of one or more such counterparts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.14 <U>Governmental Authorization</U>. Customer will be the importer and/or exporter of record and will be responsible for timely obtaining any import
license, export license, exchange permit or other required governmental authorization relating to the Engine. At Customer&#146;s request and expense, GE will assist Customer in its application for any required U.S. export licenses. GE will not be
liable if any authorization is not renewed or is delayed, denied, revoked or restricted, and Customer will not thereby be relieved of its obligation to pay for Services performed by GE. All transported Engines will be subject to the U.S. Export
Administration Regulations and/or International Traffic in Arms Regulations. Customer agrees not to dispose of U.S. origin items provided by GE other than in and to the country of ultimate destination and/or as identified in an approved government
license or authorization, except as said laws and regulations may permit. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">36</TD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT K: DESIGNATION LETTER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Customer Letterhead]</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>[Name and
address of Original Engine Manufacturer]</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Manager Warranty Programs </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Re: Designation of GEES as Claims Administrator and Engine Benefits Recipient. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <I>[ </I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>] </I>(&#147;Customer&#148;) and
<I>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ] </I>(&#147;OEM&#148;) entered into General Terms Agreement Number <I>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </I>dated
<I>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </I>(the &#147;GTA&#148;), for the purchase by Customer of <I>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </I>(&#147;Engine&#148;) equipped
<I>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </I>(&#147;Aircraft&#148;) and spare engines. Pursuant to the GTA, OEM provides Customer various warranties, guarantees and other Engine related benefits introduced via
Service Bulletins and other special offerings (specifically described in paragraph 3 hereof, the &#147;Engine Benefits&#148;) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. Customer and GE Engine
Services, LLC (&#147;GEES&#148;) have entered into a separate agreement, Number Number <I>[</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>] </I>dated
<I>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </I>(&#147;Maintenance Agreement&#148;) for the maintenance, repair and overhaul of Engines. The Maintenance Agreement specifies that Customer shall, during the term of
the Agreement, designate GEES to act as claims administrator and Engine Benefits recipient. Accordingly, Customer hereby authorizes GEES from and after the date of the Maintenance Agreement to: (a)&nbsp;negotiate and enter into final settlements
with OEM for Engine Benefits and (b)&nbsp;receive from OEM in the name of GEES all proceeds of such Engine Benefits. Customer warrants to OEM that all actions undertaken by GEES pursuant to this authorization shall be binding on Customer and that
OEM may rely thereon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. Engine Benefits are specifically limited to the following, all as more fully defined in the GTA: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">a. <B>[***] </B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">b. <B>[***]
</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">c. <B>[***] </B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">d.
<B>[***]</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. OEM consents to the disclosure by Customer to GEES of Engine Benefits in the GTA, Service Bulletins or other notices. GEES agrees to hold
in confidence all such Engine Benefits information, or other OEM proprietary information, provided to GEES in order to give effect to the Engine Benefits information. This Letter may only be amended or modified by the written agreement of the
parties hereto, and shall remain in effect throughout the term (including extensions) of the Maintenance Agreement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Customer</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>GEES</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>OEM</B></TD></TR>
</TABLE>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">37</TD>
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<TD VALIGN="top"><B>By:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>By:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>By:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Title:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Title:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Title:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>GE PROPRIETARY INFORMATION</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Subject to restrictions on the cover or first page</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<DOCUMENT>
<TYPE>EX-4.28
<SEQUENCE>30
<FILENAME>d128959dex428.htm
<DESCRIPTION>EX-4.28
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.28</TITLE>
</HEAD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT
MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.28 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PURCHASE AGREEMENT NUMBER <FONT STYLE="white-space:nowrap">PA-03774</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>between </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE BOEING
COMPANY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COPA HOLDINGS S.A. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Relating to Boeing Model 737 MAX Aircraft </B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">COP-PA-03774</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Page&nbsp;1</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="85%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP><B>ARTICLES</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>SA<BR>NUMBER</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article&nbsp;1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Quantity, Model and Description</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article&nbsp;2.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Delivery Schedule</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article&nbsp;3.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Price</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article&nbsp;4.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Payment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Article&nbsp;5.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Additional Terms</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><U>TABLE</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table <FONT STYLE="white-space:nowrap">737-8</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-11</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-2</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table <FONT STYLE="white-space:nowrap">737-9</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-11</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-3</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table <FONT STYLE="white-space:nowrap">737-10</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-10</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">1-4</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Information Table <FONT STYLE="white-space:nowrap">737-9</FONT> 2011</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-11</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Number 11 and On</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><U>EXHIBIT</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">A</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Configuration <FONT STYLE="white-space:nowrap">737-8</FONT> MAX</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">A-1-2011</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Configuration <FONT STYLE="white-space:nowrap">737-9</FONT> MAX</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-11</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">A-2</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Configuration <FONT STYLE="white-space:nowrap">737-10</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-10</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">B.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Aircraft Delivery Requirements and Responsibilities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><U>SUPPLEMENTAL EXHIBITS</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AE1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Escalation Adjustment/Airframe and Optional Features</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BFE1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>BFE Variables</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CS1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Customer Support Variables</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EE1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Engine Escalation, Engine Warranty and Patent Indemnity</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SLP1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Service Life Policy Components</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="22%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="54%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">SA-11</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Page&nbsp;2</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="93%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP><B>LETTER AGREEMENTS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>SA</B><br><B>NUMBER</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">LA-1207593R1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-10</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">LA-1207596</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">LA-1207601R1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-10</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">LA-1207602</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">LA-1207605</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">LA-1207607R1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-10</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">LA-1702975</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-10</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="22%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="54%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">SA-11</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Page&nbsp;3</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="93%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP><B>RESTRICTED LETTER AGREEMENTS:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>SA</B><br><B>NUMBER</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">LA-1207594R1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-10</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><FONT STYLE="white-space:nowrap">LA-1207595</FONT> R1</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B><FONT STYLE="white-space:nowrap">SA-11</FONT></B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">LA-1207597R1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-4</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">LA-1207599R1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-10</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">LA-1207600</FONT></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">LA-1207604</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><FONT STYLE="white-space:nowrap">LA-1207608,</FONT> R3</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B><FONT STYLE="white-space:nowrap">SA-11</FONT></B></TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">LA-1207930</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">LA-1207931</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">LA-1208299</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">LA-1208302</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><STRIKE>LA 1208560R12 </STRIKE></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-10</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="top"><FONT STYLE="white-space:nowrap">LA-1208842</FONT></TD>
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<TD VALIGN="top"><FONT STYLE="white-space:nowrap">LA-1208845</FONT></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">LA-1208861R2</FONT></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-10</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">LA-1500213</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-4</FONT></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">LA-1601981</FONT></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-9</FONT></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">LA-1702990</FONT></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-10</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">LA-1700960</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-10</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">LA-1702992</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-10</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">LA-1703174</FONT></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-10</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">LA-1743401</FONT></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-10</FONT></TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
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<TD VALIGN="bottom"></TD></TR></TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>SUPPLEMENTAL AGREEMENTS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>DATED&nbsp;AS&nbsp;OF:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">30&nbsp;May 2013</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;2</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">28&nbsp;November&nbsp;2013</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">10&nbsp;October 2014</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">23&nbsp;February 2015</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;5</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">23&nbsp;March 2015</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;6</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">12&nbsp;August 2015</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;7</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">30&nbsp;October 2015</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;8</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">31&nbsp;March 2016</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;9</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">30&nbsp;May 2016</TD>
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<TD HEIGHT="8"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;10</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">31&nbsp;May 2017</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Supplemental Agreement No.&nbsp;11</P></TD>
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</TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Purchase Agreement No. <FONT STYLE="white-space:nowrap">PA-03774</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>between </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The Boeing
Company </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COPA HOLDINGS S.A. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
Purchase Agreement No. <FONT STYLE="white-space:nowrap">PA-03774</FONT> between The Boeing Company, a Delaware corporation, ( <B>Boeing</B> ) and COPA HOLDINGS S.A., a Panama corporation, ( <B>Customer</B> ) relating to the purchase and sale of
Boeing Model 737 MAX aircraft together with all tables, exhibits, supplemental exhibits, letter agreements and other attachments thereto, if any, (together, the &#147; <B>Purchase Agreement</B> &#148;) incorporates the terms and conditions (except
as specifically set forth below) of the Aircraft General Terms Agreement dated as of November&nbsp;25, 1998 between the parties, identified as AGTA/COP ( <B>AGTA</B> ). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>Quantity, Model and Description</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
aircraft to be delivered to Customer will be designated as Model <FONT STYLE="white-space:nowrap">737-8</FONT> MAX or <FONT STYLE="white-space:nowrap">737-9</FONT> MAX aircraft (collectively, the <B>Aircraft</B> and each an <B>Aircraft</B> ). Boeing
will manufacture and sell to Customer Aircraft conforming to the configuration described in Exhibit A in the quantities listed in Table 1 to the Purchase Agreement, as the same may be amended from time to time in accordance with the provisions of
this Purchase Agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>Delivery Schedule</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The scheduled months of delivery of the Aircraft are listed in the attached Table 1. Exhibit B describes certain responsibilities for both
Customer and Boeing in order to accomplish the delivery of the Aircraft. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. <U>Price</U> . </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.1 <U>Aircraft Basic Price</U>. The Aircraft Basic Price is listed in Table 1 and is subject to escalation in accordance with the terms of
this Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.2 <U>Advance Payment Base Prices</U>. The Advance Payment Base Prices listed in Table 1 were calculated using
the <FONT STYLE="white-space:nowrap">737-8</FONT> Airframe Price and average optional features price as of the date of this Purchase Agreement escalated at a rate of three percent (3%) per year to the scheduled delivery year. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. <U>Payment</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.1 Boeing acknowledges
receipt of a deposit in the amount shown in Table 1 for each Aircraft ( <B>Deposit</B> ). </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">COP-PA-03774</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.2 The standard advance payment schedule for the Aircraft requires Customer to make certain
advance payments, expressed in a percentage of the Advance Payment Base Price of each Aircraft beginning with a payment of one percent (1%), less the Deposit, on the effective date of the Purchase Agreement for the Aircraft. Additional advance
payments for each Aircraft are due as specified in and on the first business day of the months listed in the attached Table 1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.3 For
any Aircraft whose scheduled month of delivery is less than twenty-four (24)&nbsp;months from the date of this Purchase Agreement, the total amount of advance payments due for payment upon signing of this Purchase Agreement will include all advance
payments which would have become due and payable on or before the date hereof, in accordance with the standard advance payment schedule set forth in paragraph 4.2 above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.4 Customer will pay the balance of the Aircraft Price of each Aircraft at delivery. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. <U>Additional Terms</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.1 <U>Aircraft
Information Table</U>. Table 1 consolidates information contained in Articles 1, 2, 3 and 4 with respect to (i)&nbsp;quantity of Aircraft, (ii)&nbsp;applicable Detail Specification, (iii)&nbsp;month and year of scheduled deliveries,
(iv)&nbsp;Aircraft Basic Price, (v)&nbsp;applicable escalation factors and (vi)&nbsp;Advance Payment Base Prices and advance payments and their schedules. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.2 <U>Escalation Adjustment/Airframe and Optional Features</U>. Supplemental Exhibit AE1 contains the applicable airframe and optional
features escalation formula. The provisions of Exhibit D to the AGTA are not applicable to this Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.3 <U>Buyer
Furnished Equipment Variables</U>. Supplemental Exhibit BFE1 contains supplier selection dates, on dock dates and other variables applicable to the Aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.4 <U>Customer Support Variables</U>. Information, training, services and other things furnished by Boeing in support of introduction of the
Aircraft into Customer&#146;s fleet are described in Supplemental Exhibit CS1. The level of support to be provided under Supplemental Exhibit CS1 (Entitlements) assumes that at the time of delivery of Customer&#146;s first Aircraft under the
Purchase Agreement, Customer has not taken possession of a Boeing Model 737 aircraft whether such 737 aircraft was purchased, leased or otherwise obtained by Customer from Boeing or another party. If prior to the delivery of Customer&#146;s first
Aircraft, Customer has taken possession of a 737 aircraft, Boeing will revise the Entitlements to reflect the level of support normally provided by Boeing to operators already operating such aircraft. Under no circumstances under the Purchase
Agreement or any other agreement will Boeing provide the Entitlements more than once to support Customer&#146;s operation of 737 aircraft. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">COP-PA-03774</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.5 <U>Engine Escalation Variables</U>. Supplemental Exhibit EE1 describes the applicable
engine escalation formula and contains the engine warranty and the engine patent indemnity for the Aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.6 <U>Service Life Policy
Component Variables</U>. Supplemental Exhibit SLP1 lists the SLP Components covered by the Service Life Policy for the Aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.7
<U>Public Announcement</U>. Boeing reserves the right to make a public announcement regarding Customer&#146;s purchase of the Aircraft upon written approval of Boeing&#146;s press release by Customer&#146;s public relations department or other
authorized representative. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.8 <U>Negotiated Agreement; Entire Agreement</U>. This Purchase Agreement, including the provisions of
Article 8.2 of the AGTA relating to insurance, and Article 11 of Part 2 of Exhibit C of the AGTA relating to <U>DISCLAIMER AND RELEASE</U> and <U>EXCLUSION OF CONSEQUENTIAL AND OTHER DAMAGES</U>, has been the subject of discussion and negotiation
and is understood by the parties; the Aircraft Price and other agreements of the parties stated in this Purchase Agreement were arrived at in consideration of such provisions. This Purchase Agreement, including the AGTA, contains the entire
agreement between the parties and supersedes all previous proposals, understandings, commitments or representations whatsoever, oral or written, with respect to the purchase by customer and manufacture, sale and delivery by Boeing of the Aircraft
and may be changed only in writing signed by authorized representatives of the parties. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AGREED AND ACCEPTED this</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June&nbsp;27, 2012</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Date</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">THE BOEING COMPANY</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">COPA HOLDINGS S.A.</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Signature</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Signature</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">David L. Gossard</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Printed name</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Printed name</TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-in-Fact</FONT></FONT></P></TD>

<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Title</TD></TR>
</TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">COP-PA-03774</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1 To </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Purchase Agreement No. <FONT STYLE="white-space:nowrap">PA-03774</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Delivery, Description, Price and Advance Payments </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe&nbsp;Mode/MTOW:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">737-8</FONT></P></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine&nbsp;Model/Thrust:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">CFMLEAP-1B25</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Price:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Optional Features:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Sub-Total</FONT> of Airframe and Features:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Price (Per Aircraft):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Buyer Furnished Equipment (BFE) Estimate:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Seller Purchased Equipment (SPE) Estimate:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Deposit per Aircraft:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>$</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>140,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
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<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

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<TD></TD>
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<TD></TD>

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<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Delivery</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Date</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of<BR>Aircraft</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Escalation<BR>Factor<BR>(Airframe)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Escalation&nbsp;Estimate<BR>Adv Payment Base<BR>Price Per A/P</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="22" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Advanced&nbsp;Payment&nbsp;Per&nbsp;Aircraft&nbsp;(Amts.&nbsp;Due/<BR>Mos.&nbsp;Prior&nbsp;to&nbsp;Delivery):</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>At&nbsp;Signing<BR>1%</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>36/30&nbsp;Mos.<BR>2%</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>24&nbsp;Mos.<BR>3%</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>21/15&nbsp;Mos.<BR>5%</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>9&nbsp;Mos.<BR>2%</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total<BR>20%</B></TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">May-2020</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Jun-2020</FONT></P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Jul-2020</FONT></P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Aug-2020</FONT></P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Sep-2020</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Oct-2020</FONT></P></TD>
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<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Nov-2020</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Apr-2022</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">May-2022</FONT></P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Jun-2022</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Aug-2022</FONT></P></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Sep-2022</FONT></P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Oct-2022)</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Nov-2022</FONT></P></TD>
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<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">COP-PA-03774&nbsp;
72533F.TXT</FONT></FONT></P></TD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1 To </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Purchase Agreement No. <FONT STYLE="white-space:nowrap">PA-03774</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Delivery, Description, Price and Advance Payments </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Delivery</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Date</B></P></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Escalation<BR>Estimate<BR>Adv&nbsp;Payment&nbsp;Base<BR>Price Per A/P</B></TD>
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<TD VALIGN="bottom" COLSPAN="22" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Advanced&nbsp;Payment&nbsp;Per&nbsp;Aircraft&nbsp;(Amts.&nbsp;Due/<BR>Mos.&nbsp;Prior&nbsp;to&nbsp;Delivery):</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>At&nbsp;Signing<BR>1%</B></TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Feb-2024</FONT></P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Mar-2024</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Apr-2024</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">May-2024</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Jun-2024</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Jul-2024</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Aug-2024</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Sep-2024</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Oct-2024</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Mar-2025</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Apr-2025</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">May-2025</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Jun-2025</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notes: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Actual delivery months provided in accordance with <FONT STYLE="white-space:nowrap">LA-1207602.</FONT>
</P></TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP>
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">COP-PA-03774</FONT></FONT> 72533F.TXT</P></TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1 To </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Purchase Agreement No. <FONT STYLE="white-space:nowrap">PA-03774</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Delivery, Description, Price and Advance Payments </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="12%"></TD>

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="3%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Delivery</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Date</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number&nbsp;of<BR>Aircraft</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation<BR>Factor<BR>(Airframe)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Escalation<BR>Estimate<BR>Adv&nbsp;Payment&nbsp;Base<BR>Price Per A/P</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="11" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Advanced&nbsp;Payment&nbsp;Per&nbsp;Aircraft&nbsp;(Amts.&nbsp;Due/Mos.&nbsp;Prior&nbsp;to&nbsp;Delivery):</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>At<BR>Signing<BR>1%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>36/30&nbsp;Mos.<BR>2%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>24&nbsp;Mos.<BR>3%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>21/15&nbsp;Mos.<BR>5%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>9&nbsp;Mos.<BR>2%</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Total<BR>20%</B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">COP-PA-03774</FONT></FONT> 72533F.TXT</P></TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table <FONT STYLE="white-space:nowrap">1-2</FONT> To </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Purchase Agreement No. <FONT STYLE="white-space:nowrap">PA-03774</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">737-9</FONT> 2011 Bas Year Aircraft Delivery, Description, Price and Advance Payments </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe&nbsp;Mode/MTOW:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">737-9</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine&nbsp;Model/Thrust:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>CFMLEAP-1B28</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Price:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Optional Features:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Sub-Total</FONT> of Airframe and Features:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Price (Per Aircraft):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Buyer Furnished Equipment (BFE) Estimate:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Seller Purchased Equipment (SPE) Estimate:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Deposit per Aircraft:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="77%"></TD>

<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Delivery</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Date</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of<BR>Aircraft</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Escalation<BR>Factor<BR>(Airframe)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Feb-2023</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Mar-2023</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Apr-2023</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">May-2023</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Jun-2023</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Jul-2023</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Aug-2023</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Sep-2023</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table <FONT STYLE="white-space:nowrap">1-3</FONT> To </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Purchase Agreement No. <FONT STYLE="white-space:nowrap">PA-03774</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Boeing <FONT STYLE="white-space:nowrap">737-10</FONT> MAX </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aircraft Delivery, Description, Price and Advance Payments </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe&nbsp;Mode/MTOW:</B></P></TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">737-10</FONT></P></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine&nbsp;Model/Thrust:</B></P></TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CFMLEAP-1B28</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Airframe Price:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Optional Features:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Sub-Total</FONT> of Airframe and Features:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Engine Price (Per Aircraft):</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Aircraft Basic Price (Excluding BFE/SPE):</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Buyer Furnished Equipment (BFE) Estimate:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Seller Purchased Equipment (SPE) Estimate:</B></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Deposit per Aircraft:</B></P></TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Delivery</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Date</B></P></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of<BR>Aircraft</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Escalation<BR>Factor<BR>(Airframe)</B></TD>
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<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Escalation&nbsp;Estimate<BR>Adv Payment Base<BR>Price Per
A/P</B></P></TD>
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<TD VALIGN="bottom" COLSPAN="22" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Advanced&nbsp;Payment&nbsp;Per&nbsp;Aircraft&nbsp;(Amts.&nbsp;Due/Mos.&nbsp;Prior&nbsp;to&nbsp;Delivery):</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>At&nbsp;Signing<BR>1%</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>36/30&nbsp;Mos.<BR>2%</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>24&nbsp;Mos.<BR>3%</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>21/15&nbsp;Mos.<BR>5%</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>9&nbsp;Mos.<BR>2%</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total<BR>20%</B></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Aug-2021</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Sep-2021</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Nov-2021</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Feb-2022</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Mar-2022</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">PA-03774</FONT>
<FONT STYLE="white-space:nowrap">101321-1F.TXT</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Page&nbsp;13</TD></TR></TABLE>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AIRCRAFT CONFIGURATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>between </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE BOEING
COMPANY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COPA </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>HOLDINGS S.A.
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A to Purchase Agreement Number <FONT STYLE="white-space:nowrap">PA-03774</FONT> </B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">COP-PA-03774-EXA</FONT></FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Page&nbsp;1</TD></TR></TABLE>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AIRCRAFT CONFIGURATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>relating to </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BOEING
MODEL <FONT STYLE="white-space:nowrap">737-8</FONT> MAX AIRCRAFT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Detail Specification is Boeing document number D019A001,
revision TBD, dated as of October&nbsp;27, 2011. The Detail Specification provides further description of Customer&#146;s configuration set forth in this Exhibit A. Such Detail Specification will be comprised of Boeing configuration specification
D019A001, revision TBD, dated October&nbsp;27, 2011, as amended to incorporate the optional features ( <B>Options</B> ) yet to be defined by Customer, and the effects on Manufacturer&#146;s Empty Weight ( <B>MEW</B> ) and Operating Empty Weight (
<B>OEW</B> ). The Aircraft Basic Price reflects and includes all effects of such estimated Options, except such Aircraft Basic Price does not include the price effects of any Buyer Furnished Equipment or Seller Purchased Equipment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The content of this Exhibit A will be defined pursuant to the provisions of Letter Agreement No.&nbsp;1207602 to the Purchase Agreement,
entitled &#147;Open Matters&#148;. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">COP-PA-03774-EXA</FONT></FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Page&nbsp;2</TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AIRCRAFT CONFIGURATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>between </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE BOEING
COMPANY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COPA HOLDINGS S.A. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit <FONT STYLE="white-space:nowrap">A-1</FONT> to Purchase Agreement Number <FONT STYLE="white-space:nowrap">PA-03774</FONT> </B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">COP-PA-03774-EXA-1</FONT></FONT></FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-11</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page&nbsp;1</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit <FONT STYLE="white-space:nowrap">A-1</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AIRCRAFT CONFIGURATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>relating to </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BOEING
MODEL <FONT STYLE="white-space:nowrap">737-9</FONT> MAX AIRCRAFT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Detail Specification is Boeing document number D019A008,
revision C, dated as of March&nbsp;15, 2013. The Detail Specification provides further description of Customer&#146;s configuration set forth in this Exhibit <FONT STYLE="white-space:nowrap">A-1.</FONT> Such Detail Specification will be comprised of
Boeing configuration specification D019A008, revision C, dated as of March&nbsp;15, 2013, as amended to incorporate the optional features ( <B>Options</B> ) yet to be defined by Customer, and the effects on Manufacturer&#146;s Empty Weight (
<B>MEW</B> ) and Operating Empty Weight ( <B>OEW</B> ). The Aircraft Basic Price reflects and includes all effects of such estimated Options, except such Aircraft Basic Price does not include the price effects of any Buyer Furnished Equipment or
Seller Purchased Equipment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The content of this Exhibit <FONT STYLE="white-space:nowrap">A-1</FONT> will be defined pursuant to the
provisions of Letter Agreement No.&nbsp;1207602 to the Purchase Agreement, entitled &#147;Open Matters&#148;. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">COP-PA-03774-EXA-1</FONT></FONT></FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-11</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page&nbsp;2</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AIRCRAFT CONFIGURATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>between </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE BOEING
COMPANY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COPA HOLDINGS S.A. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">A-1-</FONT></FONT> 2011 to Purchase Agreement No. <FONT
STYLE="white-space:nowrap">PA-03774</FONT> </B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">COP-PA-03774-EXA-1-2011</FONT></FONT></FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-11</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page&nbsp;1</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">A-1-2011</FONT></FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AIRCRAFT CONFIGURATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>relating to </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BOEING
MODEL <FONT STYLE="white-space:nowrap">737-9</FONT> 2011 BASE YEAR MAX AIRCRAFT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Detail Specification is Boeing document number
D019A008, revision C, dated as of March&nbsp;15, 2013. The Detail Specification provides further description of Customer&#146;s configuration set forth in this Exhibit <FONT STYLE="white-space:nowrap">A-1.</FONT> Such Detail Specification will be
comprised of Boeing configuration specification D019A008, revision C, dated as of March&nbsp;15, 2013, as amended to incorporate the optional features ( <B>Options</B> ) yet to be defined by Customer, and the effects on Manufacturer&#146;s Empty
Weight ( <B>MEW</B> ) and Operating Empty Weight ( <B>OEW</B> ). The Aircraft Basic Price reflects and includes all effects of such estimated Options, except such Aircraft Basic Price does not include the price effects of any Buyer Furnished
Equipment or Seller Purchased Equipment. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">COP-PA-03774-EXA-1-2011</FONT></FONT></FONT></FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-11</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page&nbsp;2</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AIRCRAFT CONFIGURATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">737-10</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>between </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE BOEING
COMPANY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COPA HOLDINGS S.A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT <FONT STYLE="white-space:nowrap">A-2</FONT> to PURCHASE AGREEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NUMBER <FONT STYLE="white-space:nowrap">PA-03774</FONT> </B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">COP-PA-03774-EXA-2</FONT></FONT></FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-10</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page&nbsp;1</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT <FONT STYLE="white-space:nowrap">A-2</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AIRCRAFT CONFIGURATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>relating to </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BOEING
MODEL <FONT STYLE="white-space:nowrap">737-10</FONT> AIRCRAFT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The content of this Exhibit <FONT STYLE="white-space:nowrap">A-2</FONT>
will be defined pursuant to the provisions of Letter Agreement No.
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">COP-LA-03774-LA-1702975</FONT></FONT></FONT></FONT> to the Purchase Agreement, entitled &#147;73710 Open
Matters&#148;. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">COP-PA-03774-EXA-2</FONT></FONT></FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-10</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page&nbsp;2</P></TD></TR>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AIRCRAFT DELIVERY REQUIREMENTS AND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RESPONSIBILITIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>between </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE BOEING
COMPANY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COPA HOLDINGS S.A. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit B to Purchase Agreement Number <FONT STYLE="white-space:nowrap">PA-03774</FONT> </B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">COP-PA-03774-EXB</FONT></FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Page&nbsp;1</TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit B </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AIRCRAFT DELIVERY REQUIREMENTS AND RESPONSIBILITIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>relating to </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BOEING
MODEL 737 MAX AIRCRAFT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Both Boeing and Customer have certain documentation and approval responsibilities at various times during the
construction cycle of each of the Customer&#146;s Aircraft that are critical to making the delivery of each Aircraft a positive experience for both parties. This Exhibit B documents those responsibilities and indicates recommended completion
deadlines for the actions to be accomplished. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>GOVERNMENT DOCUMENTATION REQUIREMENTS</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain actions are required to be taken by or on behalf of Customer in advance of the scheduled delivery month of each Aircraft with respect
to obtaining certain government issued documentation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.1 Airworthiness and Registration Documents. Not later than <B>six (6)</B>
<B></B><B>months prior to delivery</B> of each Aircraft, Customer will notify Boeing of the registration number to be painted on the side of the Aircraft. In addition, and not later than <B>three (3)</B> <B></B><B>months prior to delivery</B> of
each Aircraft, Customer will or will cause, by letter to the regulatory authority having jurisdiction, such regulatory authority to authorize the temporary use of such registration numbers by Boeing during the
<FONT STYLE="white-space:nowrap">pre-delivery</FONT> testing of the Aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Customer is responsible for furnishing any Temporary or
Permanent Registration Certificates required by any governmental authority having jurisdiction to be displayed aboard the Aircraft after delivery. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.2 <U>Certificate of Sanitary Construction</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Boeing will obtain from the United States Public Health Service, a United States Certificate of Sanitary Construction to be displayed aboard
each Aircraft after delivery to Customer. The above Boeing obligation only applies to commercial passenger-configured aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.3
Customs Documentation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1.3.1 <U>Import Documentation</U>. If the Aircraft is intended to be exported from the United States, Customer
must notify Boeing not later than <B>three (3)</B> <B></B><B>months prior to delivery</B> of each Aircraft of any documentation required by the customs authorities or by any other agency of the country of import. </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">COP-PA-03774-EXB</FONT></FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top"></TD>
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<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1.3.2 <U>General Declaration</U> <U>- U.S</U>. Unless otherwise notified by Customer, Boeing
will prepare Customs Form 7507, General Declaration, for execution by U.S. Customs immediately prior to the ferry flight of the Aircraft. For this purpose, Customer will furnish to Boeing not later than <B>twenty (20)</B> <B></B><B>days prior to
delivery</B> all information required by U.S. Customs and Border Protection, including without limitation (i)&nbsp;a complete crew and passenger list identifying the names, birth dates, passport numbers and passport expiration dates of all crew and
passengers and (ii)&nbsp;a complete ferry flight itinerary, including point of exit from the United States for the Aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If Customer
intends, during the ferry flight of an Aircraft, to land at a U.S. airport after clearing Customs at delivery, Customer must notify Boeing not later than <B>twenty (20)</B> <B></B><B>days prior to delivery</B> of such intention. If Boeing receives
such notification, Boeing will provide to Customer the documents constituting a Customs permit to proceed, allowing such Aircraft to depart after any such landing. Sufficient copies of completed Form 7507, along with passenger manifest, will be
furnished to Customer to cover U.S. stops scheduled for the ferry flight. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1.3.3 <U>Export Declaration</U> <U>- U.S.</U> Boeing will file
an export declaration electronically with U.S. Customs and Border Protection ( <B>CBP</B> ) in respect of each Aircraft. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>Insurance
Certificates</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless provided earlier, Customer will provide to Boeing not later than <B>thirty (30)</B> <B></B><B>days prior to
delivery</B> of the first Aircraft, a copy of the requisite annual insurance certificate in accordance with the requirements of Article 8 of the AGTA. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.
<U>NOTICE OF FLYAWAY CONFIGURATION</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not later than <B>twenty (20)</B> <B></B><B>days prior to delivery</B> of an Aircraft, Customer
will provide to Boeing a configuration letter stating the requested &#147;flyaway configuration&#148; of such Aircraft for its ferry flight. This configuration letter should include: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the name of the company which is to furnish fuel for the ferry flight and any scheduled post-delivery flight
training, the method of payment for such fuel, and fuel load for the ferry flight; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the cargo to be loaded and where it is to be stowed on board the Aircraft, the address where cargo is to be
shipped after flyaway and notification of any hazardous materials requiring special handling; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">any BFE equipment to be removed prior to flyaway and returned to Boeing BFE stores for installation on
Customers subsequent Aircraft; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a complete list of names and citizenship of each crew member and
<FONT STYLE="white-space:nowrap">non-revenue</FONT> passenger who will be aboard the ferry flight; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a complete ferry flight itinerary. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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STYLE="white-space:nowrap">COP-PA-03774-EXB</FONT></FONT></FONT></P></TD>
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<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. <U>DELIVERY ACTIONS BY BOEING</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.1 <U>Schedule of Inspections</U>. All FAA, Boeing and Customer inspections will be scheduled by Boeing for completion prior to delivery of
each Aircraft and, if required, all US Customs Bureau or similar inspections will be provided prior to delivery or departure (in each case as required by applicable rules and procedures of the relevant governmental agency) of the Aircraft. Customer
will be informed of such schedules. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.2 <U>Schedule of Demonstration Flights</U>. All FAA and Customer demonstration flights will be
scheduled by Boeing for completion prior to delivery of the Aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.3 <U>Schedule for Customer&#146;s Flight Crew</U>. Boeing will
inform Customer of the date that a flight crew is required for acceptance routines associated with delivery of the Aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.4
<U>Flight Crew and Passenger Consumables</U>. Boeing will provide reasonable quantities of food, coat hangers, towels, toilet tissue, drinking cups and soap for the first segment of the ferry flight for the Aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.5 <U>Delivery Papers, Documents and Data</U>. Boeing will have available at the time of delivery of the Aircraft certain delivery papers,
documents and data for execution and delivery. If title for the Aircraft will be transferred to Customer through a Boeing subsidiary and if the Aircraft will be registered with the FAA, Boeing will
<FONT STYLE="white-space:nowrap">pre-position</FONT> in Oklahoma City, Oklahoma, for filing with the FAA at the time of delivery of the Aircraft an executed original Form <FONT STYLE="white-space:nowrap">8050-2,</FONT> Aircraft Bill of Sale,
indicating transfer of title to the Aircraft from Boeing&#146;s subsidiary to Customer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.6 <U>Delegation of Authority</U>. Boeing will
present a certified copy of a Resolution of Boeing&#146;s Board of Directors, designating and authorizing certain persons to act on its behalf in connection with delivery of the Aircraft. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. <U>DELIVERY ACTIONS BY CUSTOMER</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.1
<U>Aircraft Radio Station License</U>. At delivery Customer will provide or cause to be provided an Aircraft Radio Station License to be placed on board the Aircraft following delivery. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.2 <U>Aircraft Flight Loq</U>. At delivery Customer will provide or cause to be provided the Aircraft Flight Log for the Aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.3 <U>Delegation of Authority</U>. Customer will present to Boeing at delivery of the Aircraft an original or certified copy of
Customer&#146;s Delegation of Authority designating and authorizing certain persons to act on its behalf in connection with delivery of the specified Aircraft. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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STYLE="white-space:nowrap">COP-PA-03774-EXB</FONT></FONT></FONT></P></TD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.4 <U>TSA Waiver Approval</U>. Customer may be required to have an approved Transportation
Security Administration (TSA) waiver for the ferry flight depending upon the Customer&#146;s <FONT STYLE="white-space:nowrap">en-route</FONT> stop(s) and destination unless the Customer already has a TSA approved security program in place. Customer
is responsible for application for the TSA waiver and obtaining TSA approval. Customer will provide a copy of the approved TSA waiver to Boeing upon arrival at the Boeing delivery center. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.5 <U>Electronic Advance Passenger Information System</U>. Should the ferry flight of an Aircraft leave the United States, the Department of
Homeland Security office requires Customer to comply with the Electronic Advance Passenger Information System ( <B>eAPIS</B> ). Customer needs to establish their own account with US Customs and Border Protection in order to file for departure. A
copy of the eAPIS forms is to be provided by Customer to Boeing upon arrival of Customer&#146;s acceptance team at the Boeing delivery center. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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STYLE="white-space:nowrap">COP-PA-03774-EXB</FONT></FONT></FONT></P></TD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ESCALATION ADJUSTMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AIRFRAME AND OPTIONAL FEATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>between </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE BOEING
COMPANY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COPA HOLDINGS S.A. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Supplemental Exhibit AE1 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>to Purchase Agreement Number <FONT STYLE="white-space:nowrap">PA-03774</FONT> </B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ESCALATION ADJUSTMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AIRFRAME AND OPTIONAL FEATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>relating to </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BOEING
MODEL 737 MAX AIRCRAFT </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>Formula</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Airframe and
Optional Features price adjustments ( <B>Airframe Price Adjustment</B> ) are used to allow prices to be stated in current year dollars at the signing of this Purchase Agreement and to adjust the amount to be paid by Customer at delivery for the
effects of economic fluctuation. The Airframe Price Adjustment will be determined at the time of Aircraft delivery in accordance with the following formula: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">P a = (P) (L + M) - P </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Where: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P a = Airframe Price Adjustment. (For Models 737, <FONT STYLE="white-space:nowrap">747-8,</FONT> <FONT STYLE="white-space:nowrap">777-200LR,</FONT> <FONT
STYLE="white-space:nowrap">777-F,</FONT> and <FONT STYLE="white-space:nowrap">777-300ER</FONT> the Airframe Price includes the Engine Price at its basic thrust level.) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P = Airframe Price plus the price of the Optional Features (as set forth in Table 1 of this Purchase Agreement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">L=.65 x ( <U>ECI</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ECI b ) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Where: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ECI b is the base year airframe escalation index (as
set forth in Table 1 of this Purchase Agreement); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ECI is a value determined using the U.S. Department of Labor, Bureau of Labor Statistics, Employment
Cost Index for NAICS Manufacturing &#151; Total Compensation (BLS Series ID CIU20130000000001), calculated by establishing a three (3)&nbsp;month arithmetic average value (expressed as a decimal and rounded to the nearest tenth) using the values for
the 11 th , 12 th , and 13 th months prior to the month of scheduled delivery of the applicable Aircraft. As the Employment Cost Index values are only released on a quarterly basis, the value released for the first quarter will be used for the
months of January, February, and March; the value released for the second quarter will be used for the months of April, May, and June; the value released for the third quarter will be used for the months of July, August, and September; the value
released for the fourth quarter will be used for the months of October, November, and December. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">M = .35 x ( <U>CPI</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CPI b ) </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Where: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CPI b
is the base year airframe escalation index (as set forth in Table 1 of this Purchase Agreement); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CPI is a value determined using the U.S. Department
of Labor, Bureau of Labor Statistics, Consumer Price Index &#151; All Urban Consumers (BLS Series ID CUUR0000SA0), calculated as a three (3)&nbsp;month arithmetic average of the released monthly values (expressed as a decimal and rounded to the
nearest tenth) using the values for the 11 th , 12 th , and 13 th months prior to the month of scheduled delivery of the applicable Aircraft. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As an
example, for an Aircraft scheduled to be delivered in the month of July, the months of June, July, and August of the preceding year will be utilized in determining the value of ECI and CPI. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Note: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In determining the values of L and M, all calculations and resulting values will be expressed as a decimal
rounded to the nearest <FONT STYLE="white-space:nowrap">ten-thousandth.</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">.65 is the numeric ratio attributed to labor in the Airframe Price Adjustment formula. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">.35 is the numeric ratio attributed to materials in the Airframe Price Adjustment formula.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The denominators ( <B>base year indices</B> ) are the actual average values reported by the U.S. Department of
Labor, Bureau of Labor Statistics. The actual average values are calculated as a three&nbsp;(3)&nbsp;month arithmetic average of the released monthly values (expressed as a decimal and rounded to the nearest tenth) using the values for the 11th,
12th, and 13th months prior to the airframe base year. The applicable base year and corresponding denominator is provided by Boeing in Table 1 of this Purchase Agreement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The final value of P a will be rounded to the nearest dollar. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Airframe Price Adjustment will not be made if it will result in a decrease in the Aircraft Basic Price.
</P></TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">COP-PA-03774-EXHAE1</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>Values to be Utilized in the Event of Unavailability</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.1 If the Bureau of Labor Statistics substantially revises the methodology used for the determination of the values to be used to determine
the ECI and CPI values (in contrast to benchmark adjustments or other corrections of previously </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">released values), or for any reason has not released
values needed to determine the applicable Airframe Price Adjustment, the parties will, prior to the delivery of any such Aircraft, select a substitute from other Bureau of Labor Statistics data or similar data reported by <FONT
STYLE="white-space:nowrap">non-governmental</FONT> organizations. Such substitute will result in the same adjustment, insofar as possible, as would have been calculated utilizing the original values adjusted for fluctuation during the applicable
time period. However, if within twenty-four (24)&nbsp;months after delivery of the Aircraft, the Bureau of Labor Statistics should resume releasing values for the months needed to determine the Airframe Price Adjustment, such values will be used to
determine any increase or decrease in the Airframe Price Adjustment for the Aircraft from that determined at the time of delivery of the Aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.2 Notwithstanding Article 2.1 above, if prior to the scheduled delivery month of an Aircraft the Bureau of Labor Statistics changes the base
year for determination of the ECI and CPI values as defined above, such <FONT STYLE="white-space:nowrap">re-based</FONT> values will be incorporated in the Airframe Price Adjustment calculation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.3 In the event escalation provisions are made <FONT STYLE="white-space:nowrap">non-enforceable</FONT> or otherwise rendered void by any
agency of the United States Government, the parties agree, to the extent they may lawfully do so, to equitably adjust the Aircraft Price of any affected Aircraft to reflect an allowance for increases or decreases consistent with the applicable
provisions of paragraph 1 of this Supplemental Exhibit AE1 in labor compensation and material costs occurring since August of the year prior to the price base year shown in the Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.4 If within twelve (12)&nbsp;months of Aircraft delivery, the published index values are revised due to an acknowledged error by the Bureau
of Labor Statistics, the Airframe Price Adjustment will be <FONT STYLE="white-space:nowrap">re-calculated</FONT> using the revised index values (this does not include those values noted as preliminary by the Bureau of Labor Statistics). A credit
memorandum or supplemental invoice will be issued for the Airframe Price Adjustment difference. Interest charges will not apply for the period of original invoice to issuance of credit memorandum or supplemental invoice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Note: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The values released by the Bureau of Labor Statistics and available to Boeing thirty (30)&nbsp;days prior to
the first day of the scheduled delivery month of an Aircraft will be used to determine the ECI and CPI values for the applicable months (including those noted as preliminary by the Bureau of Labor Statistics) to calculate the Airframe Price
Adjustment for the Aircraft invoice at the time of delivery. The values will be considered final and no Airframe Price Adjustments will be made after Aircraft delivery for any subsequent changes in published Index values, subject always to paragraph
2.4 above. </P></TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">COP-PA-03774-EXHAE1</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The maximum number of digits to the right of the decimal after rounding utilized in any part of the Airframe
Price Adjustment equation will be four (4), where rounding of the fourth digit will be increased to the next highest digit when the 5th digit is equal to five&nbsp;(5) or greater. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"></TD>
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<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BUYER FURNISHED EQUIPMENT VARIABLES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>between </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE BOEING
COMPANY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COPA HOLDINGS S.A. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Supplemental Exhibit BFE1 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>to Purchase Agreement Number <FONT STYLE="white-space:nowrap">PA-03774</FONT> </B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">COP-PA-03774-BFE1</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-1</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page&nbsp;1</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BUYER FURNISHED EQUIPMENT VARIABLES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>relating to </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BOEING
MODEL <FONT STYLE="white-space:nowrap">737-8</FONT> MAX AIRCRAFT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Supplemental Exhibit BFE1 contains supplier selection dates, <FONT
STYLE="white-space:nowrap">on-dock</FONT> dates and other requirements applicable to the Aircraft. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>Supplier Selection</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Customer will: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Select and notify Boeing of the
suppliers and part numbers of the following BFE items by the following dates: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="84%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Galley System</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">12 months<BR>prior&nbsp;to&nbsp;first<BR>delivery</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Galley Inserts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">12 months<BR>prior to first<BR>delivery</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Seats (passenger)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">14 months<BR>prior to first<BR>delivery</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Overhead&nbsp;&amp; Audio System</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">12 months<BR>prior to first<BR>delivery</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">In-Seat</FONT> Video System</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">14 months<BR>prior to first<BR>delivery</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miscellaneous Emergency Equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">12 months<BR>prior to first<BR>delivery</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cargo Handling Systems*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(Single Aisle Programs only)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">8 months<BR>prior to first<BR>delivery</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>*</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>For a new certification, supplier requires notification ten (10)&nbsp;months prior to Cargo Handling System <FONT
STYLE="white-space:nowrap">on-dock</FONT> date.</B> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>**</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Actual Supplier Selection dates will be provided thirty six (36)&nbsp;months prior to first aircraft
delivery.</B> </P></TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Customer will enter into initial agreements with the selected Galley System, Galley Inserts,
Seats, and <FONT STYLE="white-space:nowrap">In-Seat</FONT> Video System suppliers on or before <B>twenty</B> <B></B><B>(20)</B> <B></B><B>calendar days</B> after the above supplier selection dates to actively participate with Customer and Boeing in
coordination actions including the Initial Technical Coordination Meeting ( <B>ITCM</B> ). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>On</U> <U>-dock Dates and Other Information</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On or before <B>nine (9)</B> <B></B><B>months prior to delivery of Customer&#146;s first Aircraft</B> , Boeing will provide to Customer the BFE
Requirements electronically through My Boeing Fleet ( <B>MBF</B> ) in My Boeing Configuration ( <B>MBC</B> ). These requirements may be periodically revised, setting forth the items, quantities, <FONT STYLE="white-space:nowrap">on-dock</FONT> dates
and shipping instructions and other requirements relating to the <FONT STYLE="white-space:nowrap">in-sequence</FONT> installation of BFE. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.
<U>Additional Delivery Requirements</U> <U>- Import</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Customer will be the &#147; <B>importer of record</B> &#148; (as defined by the
U.S. Customs and Border Protection) for all BFE imported into the United States, and as such, it has the responsibility to ensure all of Customer&#146;s BFE shipments comply with U.S. Customs Service regulations. In the event Customer requests
Boeing, in writing, to act as importer of record for Customer&#146;s BFE, and Boeing agrees to such request, Customer is responsible for ensuring Boeing can comply with all U.S. Customs Import Regulations by making certain that, at the time of
shipment, all BFE shipments comply with the requirements in the &#147;International Shipment Routing Instructions&#148;, including the Customs Trade Partnership Against Terrorism ( <B>C</B> <B>-TPAT</B> ), as set out on the Boeing website referenced
below. Customer agrees to include the International Shipment Routing Instructions, including <FONT STYLE="white-space:nowrap">C-TPAT</FONT> requirements, in each contract between Customer and BFE supplier. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>http://www.boeinq.com/companyoffices/doingbizJsupplier portal/index qeneral.html</U> </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-1</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page&nbsp;3</P></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CUSTOMER SUPPORT VARIABLES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>between </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE BOEING
COMPANY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COPA HOLDINGS S.A. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Supplemental Exhibit CS1 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>to Purchase Agreement Number <FONT STYLE="white-space:nowrap">PA-03774</FONT> </B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CUSTOMER SUPPORT VARIABLES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>relating to </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BOEING
MODEL 737 MAX AIRCRAFT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Customer and Boeing will conduct planning conferences approximately twelve&nbsp;(12) months prior to delivery
of the first Aircraft, or as mutually agreed, in order to develop and schedule a customized Customer Support Program to be furnished by Boeing in support of the Aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The customized Customer Services Program will be based upon and equivalent to the entitlements summarized below. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>Maintenance Training</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.1
Mechanical/Power Plant Course; one (1)&nbsp;class of fifteen (15)&nbsp;students; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.2 Electrical Systems Course; one (1)&nbsp;class of
fifteen (15)&nbsp;students; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.3 Avionics Systems Course; one (1)&nbsp;class of fifteen (15)&nbsp;students; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.4 Aircraft Rigging Course; one (1)&nbsp;class of six (6)&nbsp;students; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.5 Advanced Composite Repair Course; one (1)&nbsp;class of eight (8)&nbsp;students. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.6 Training materials will be provided to each student. In addition, one set of training materials as used in Boeing&#146;s training program,
including visual aids, Computer Based Training Courseware, instrument panel wall charts, text/graphics, video programs, etc. will be provided for use in Customer&#146;s own training program. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>Flight Training</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.1 Boeing will
provide one classroom course to acquaint up to eight&nbsp;(8)&nbsp;students (four (4)&nbsp;flight crews) with operational, systems and performance differences between Customer&#146;s newly-purchased Aircraft and an aircraft of the same model
currently operated by Customer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.2 Training materials will be provided to each student. In addition, one set of training materials as
used in Boeing&#146;s training program, including Computer Based Training Courseware, instrument panel wall charts, Flight Attendant Manuals, etc. will be provided for use in Customer&#146;s own training program. Customer is authorized to duplicate
and use Boeing provided training materials to train Customer&#146;s personnel in their own training program, it being understood that revision service for these materials is not provided by Boeing. </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. <U>Planning Assistance</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.1 <U>Maintenance Engineering</U>. Notwithstanding anything in Exhibit B to the AGTA seemingly to the contrary, Boeing will provide the
following Maintenance Engineering support: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3.1.1 <U>Maintenance Planning Assistance</U>. Upon request, Boeing will provide one <FONT
STYLE="white-space:nowrap">(1)&nbsp;on-site</FONT> visit to Customer&#146;s main base to assist with maintenance program development and to provide consulting related to maintenance planning. Consultation with Customer will be based on ground rules
and requirements information provided in advance by Customer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3.1.2 <U>ETOPS Maintenance Planning Assistance</U>. Upon request, Boeing
will provide one (1)&nbsp;on site visit to Customer&#146;s main base to assist with the development of their ETOPS maintenance program and to provide consultation related to ETOPS maintenance planning. Consultation with Customer will be based on
ground rules and requirements information provided in advance by the Customer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3.1.3 <U>GSE/Shops/Toolinq Consulting</U>. Upon request,
Boeing will provide consulting and data for ground support equipment, maintenance tooling and requirements for maintenance shops. Consultation with Customer will be based on ground rules and requirements information provided in advance by Customer.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3.1.4 <U>Maintenance Engineering Evaluation</U>. Upon request, Boeing will provide one
<FONT STYLE="white-space:nowrap">(1)&nbsp;on-site</FONT> visit to Customer&#146;s main base to evaluate Customer&#146;s maintenance and engineering organization for conformance with industry best practices. The result of such evaluation will be
documented by Boeing in a maintenance engineering evaluation presentation. Customer will be provided with a copy of the maintenance engineering evaluation presentation. Consultation with Customer will be based on ground rules and requirements
information provided in advance by Customer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.2 <U>Spares</U>. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Recommended Spares Parts List (RSPL)</U>. A customized RSPL, data and documents will be provided to identify
spare parts required for Customers support program. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Illustrated Parts Catalog (IPC)</U>. A customized IPC in accordance with ATA 100 will be provided.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Provisioning Training</U>. Provisioning training will be provided for Customer&#146;s personnel at
Boeing&#146;s facilities, where documentation and technical expertise are available. Training is focused on the initial provisioning process and calculations reflected in the Boeing RSPL. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Spares Provisioning Conference</U>. A provisioning conference will be conducted, normally at Boeing&#146;s
facilities where technical data and personnel are available. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. <U>Technical Data and Documents</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following will be provided in mutually agreed formats and quantities: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.1 <U>Flight Operations</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Airplane Flight Manual </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Operations Manual </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Quick
Reference Handbook </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Weight and Balance Manual </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Dispatch Deviation Procedures Guide </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Flight Crew Training Manual </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Performance Engineer&#146;s Manual </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Fault Reporting Manual </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">FMC
Supplemental Data Document </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Operational Performance Software </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">ETOPS Guide Vol. III </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.2
<U>Maintenance</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Aircraft Maintenance Manual </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Wiring Diagram Manual </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Systems
Schematics Manual </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Fault Isolation Manual </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Structural Repair Manual </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Overhaul/Component Maintenance Manual </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Standard Overhaul Practices Manual </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Standard Wiring Practices Manual </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-Destructive</FONT> Test Manual </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Service Bulletins and Index </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Corrosion Prevention Manual </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Fuel
Measuring Stick Calibration Document </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Power Plant Buildup Manual </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Combined Index </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Significant
Service Item Summary </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">All Operators Letters </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Structural Item Interim Advisory and Index </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Service Letters and Index </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Maintenance Tips </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Production
Management Data Base (PMDB) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Electrical Connectors Options Document </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.3 <U>Maintenance Planning</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Maintenance Planning Data Document </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Maintenance Task Cards and Index </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Maintenance Inspection Intervals Report </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.4 <U>Spares</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Illustrated
Parts Catalog </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Standards Books </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.5 <U>Facilities and Equipment Planning</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Facilities and Equipment Planning Document </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Special Tool&nbsp;&amp; Ground Handling Equipment Drawings&nbsp;&amp; Index </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Supplementary Tooling Documentation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Illustrated Tool and Equipment Manual </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Aircraft Recovery Document </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Airplane Characteristics for Airport Planning Document </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Aircraft Rescue and Firefighting Document </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Engine Handling Document </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Configuration, Maintenance and Procedures for ETOPS </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">ETOPS Guide Vols. I&nbsp;&amp; II </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.6 <U>Supplier Technical Data</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Service Bulletins </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Ground Support
Equipment Data </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Provisioning Information </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Component Maintenance/Overhaul Manuals and Index </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Publications Index </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Product
Support Supplier Directory </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.7 <U>Fleet Statistical Data and Reporting</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Fleet reliability views, charts, and reports </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.
<U>Aircraft Information</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.1 <B>Aircraft Information</B> is defined as that data provided by Customer to Boeing which falls into one
of the following categories: (i)&nbsp;aircraft operational information (including, but not limited to, flight hours, departures, schedule reliability, engine hours, number of aircraft, aircraft registries, landings, and daily utilization and
schedule interruptions for Boeing model aircraft); (ii) summary and detailed shop findings data; (iii)&nbsp;line maintenance data; (iv)&nbsp;airplane message data, (v)&nbsp;scheduled maintenance data; (vi)&nbsp;service bulletin incorporation; and
(vii)&nbsp;aircraft data generated or received by equipment installed on Customer&#146;s aircraft in analog or digital form including but not limited to information regarding the state, condition, performance, location, setting, or path of the
aircraft and associated systems, <FONT STYLE="white-space:nowrap">sub-systems</FONT> and components. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.2 <U>License Grant</U>. To the extent Customer has or obtains rights to Aircraft
Information, Customer grants to Boeing a perpetual, world-wide, <FONT STYLE="white-space:nowrap">non-exclusive</FONT> license to use and disclose Aircraft Information and create derivatives thereof in Boeing data and information and products and
services provided Customer identification information as originating from Customer is removed. Customer identification information may be retained as necessary for Boeing to provide products and services Customer has requested from Boeing or for
Boeing to inform Customer of additional Boeing products and services. This grant is in addition to any other grants of rights in the agreements governing provision of such information to Boeing regardless of whether that information is identified as
Aircraft Information in such agreement including any information submitted under the In Service Data Program (ISDP). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this
article, Boeing is defined as The Boeing Company and its wholly owned subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.3 Customer will provide Aircraft Information to
Boeing through an automated software feed necessary to support Fleet Statistical Analysis. Boeing will provide assistance to Customer under a separate agreement for mapping services to enable the automated software feed. </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ENGINE ESCALATION, </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ENGINE WARRANTY AND PATENT INDEMNITY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>between </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE BOEING
COMPANY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COPA HOLDINGS S.A. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Supplemental Exhibit EE1 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>to Purchase Agreement Number <FONT STYLE="white-space:nowrap">PA-03774</FONT> </B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ENGINE ESCALATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ENGINE WARRANTY AND PATENT INDEMNITY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>relating to </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BOEING
MODEL 737 MAX AIRCRAFT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>ENGINE ESCALATION</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No separate engine escalation methodology is applicable to the <FONT STYLE="white-space:nowrap">737-600,</FONT>
<FONT STYLE="white-space:nowrap">-700,</FONT> 800, <FONT STYLE="white-space:nowrap">-900</FONT> or -900ER, <FONT STYLE="white-space:nowrap">-7,</FONT> <FONT STYLE="white-space:nowrap">-8,</FONT> <FONT STYLE="white-space:nowrap">-9</FONT> Aircraft.
Pursuant to the AGTA, the engine prices for these Aircraft are included in and will be escalated in the same manner as the Airframe. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>ENGINE
WARRANTY AND PRODUCT SUPPORT PLAN</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Boeing has obtained from CFM International, Inc. (or CFM International, S.A., as the case may be) (
<B>CFM</B> ) the right to extend to Customer the provisions of CFM&#146;s warranty as set forth below (herein referred to as <B>Warranty</B> ); subject, however, to Customer&#146;s acceptance of the conditions set forth herein. Accordingly, Boeing
hereby extends to Customer and Customer hereby accepts the provisions of CFM&#146;s Warranty as hereinafter set forth, and such Warranty shall apply to all <FONT STYLE="white-space:nowrap">CFM56-7</FONT> and <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">CFM-LEAP-1B</FONT></FONT> type Engines (including all Modules and Parts thereof) installed in the Aircraft at the time of delivery or purchased from Boeing by Customer for support of the Aircraft except that, if Customer
and CFM have executed, or hereafter execute, a General Terms Agreement which includes by its terms such engines, then the terms of that Agreement shall be substituted for and supersede the provisions of paragraphs 2.1 through 2.10 below and
paragraphs 2.1 through 2.10 below shall be of no force or effect and neither Boeing nor CFM shall have any obligation arising therefrom. In consideration for Boeing&#146;s extension of the CFM Warranty to Customer, Customer hereby releases and
discharges Boeing from any and all claims, obligations and liabilities whatsoever arising out of the purchase or use of such <FONT STYLE="white-space:nowrap">CFM56-7</FONT> and
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">CFM-LEAP-1B</FONT></FONT> type Engines and Customer hereby waives, releases and renounces all its rights in all such claims, obligations and liabilities. In addition, Customer hereby
releases and discharges CFM from any and all claims, obligations and liabilities whatsoever arising out of the purchase or use of such <FONT STYLE="white-space:nowrap">CFM56-7</FONT> and <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">CFM-LEAP-1B</FONT></FONT> type Engines except as otherwise expressly assumed by CFM in such CFM Warranty or General Terms Agreement between Customer and CFM and Customer hereby waives, releases and renounces all its rights
in all such claims, obligations and liabilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.1 <U>Title</U> . CFM warrants that at the date of delivery, CFM has legal title to and
good and lawful right to sell its <FONT STYLE="white-space:nowrap">CFM56-7</FONT> and <FONT STYLE="white-space:nowrap">CFM-LEAP</FONT> type Engine and Products and furthermore warrants that such title is free and clear of all claims, liens and
encumbrances of any nature whatsoever. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.2 <U>Patents</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.2.1 CFM shall handle all claims and defend any suit or proceeding brought against Customer insofar as based on a claim that any product or
part furnished under this Agreement constitutes an infringement of any patent of the United States, and shall pay all damages and costs awarded therein against Customer. This paragraph shall not apply to any product or any part manufactured to
Customer&#146;s design or to the aircraft manufacturer&#146;s design. As to such product or part, CFM assumes no liability for patent infringement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.2.2 CFM&#146;s liability hereunder is conditioned upon Customer promptly notifying CFM in writing and giving CFM authority, information and
assistance (at CFM&#146;s expense) for the defense of any suit. In case said equipment or part is held in such suit to constitute infringement and the use of said equipment or part is enjoined, CFM shall expeditiously, at its own expense and at its
option, either (i)&nbsp;procure for Customer the rights to continue using said product or part; (ii)&nbsp;replace the same with a satisfactory and <FONT STYLE="white-space:nowrap">non-infringing</FONT> product or part; or (iii)&nbsp;modify the same
so it becomes satisfactory and <FONT STYLE="white-space:nowrap">non-infringing.</FONT> The foregoing shall constitute the sole remedy of Customer and the sole liability of CFM for patent infringement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.2.3 The above provisions also apply to products which are the same as those covered by this Agreement and are delivered to Customer as part
of the installed equipment on <FONT STYLE="white-space:nowrap">CFM56-7</FONT> and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">CFM-LEAP-1B</FONT></FONT> powered Aircraft. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.3 <U>Initial Warranty</U>. CFM warrants that <FONT STYLE="white-space:nowrap">CFM56-7</FONT> and <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">CFM-LEAP-1B</FONT></FONT> Engine products will conform to CFM&#146;s applicable specifications and will be free from defects in material and workmanship prior to Customer&#146;s initial use of such products. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.4 <U>Warranty Pass</U> <U>-On</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.4.1 If requested by Customer and agreed to by CFM in writing, CFM will extend warranty support for Engines sold by Customer to commercial
airline operators, or to other aircraft operators. Such warranty support will be limited to the New Engine Warranty, New Parts Warranty, Ultimate Life Warranty and Campaign Change Warranty and will require such operator(s) to agree in writing to be
bound by and comply with all the terms and conditions, including the limitations, applicable to such warranties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.4.2 Any warranties set
forth herein shall not be transferable to a third&nbsp;party, merging company or an acquiring entity of Customer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.4.3 In the event
Customer is merged with, or acquired by, another aircraft operator which has a general terms agreement with CFM, the Warranties as set forth herein shall apply to the Engines, Modules, and Parts. </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">COP-PA-03774-EXEE1</FONT></FONT></P></TD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.5 <U>New Engine Warranty</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.5.1 CFM warrants each new Engine and Module against Failure for the initial 3000 Flight Hours as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Parts Credit Allowance will be granted for any Failed Parts. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Labor Allowance for disassembly, reassembly, test and Parts repair of any new Engine Part will be granted for
replacement of Failed Parts. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Such Parts Credit Allowance and Labor Allowance will be: One hundred percent (100%) from new to two thousand
five hundred (2,500) Flight Hours and decreasing pro rata from one hundred percent (100%) at two thousand five hundred (2,500) Flight Hours to zero percent (0%) at three thousand (3,000) Flight Hours. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.5.2 As an alternative to the above allowances, CFM shall, upon request of Customer: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Arrange to have the failed Engines and Modules repaired, as appropriate, at a facility designated by CFM at no
charge to Customer for the first at two thousand five hundred (2,500) Flight Hours and at a charge to Customer increasing pro rata from zero percent (0%) of CFM&#146;s repair cost at two thousand five hundred (2,500) Flight Hours to one hundred
percent (100%) of such CFM repair costs at three thousand (3,000) Flight Hours. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Transportation to and from the designated facility shall be at Customer&#146;s expense. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.6 <U>New Parts Warranty</U>. In addition to the warranty granted for new Engines and new Modules, CFM warrants Engine and Module Parts as
follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.6.1 During the first one thousand (1,000) Flight Hours for such Parts and Expendable Parts, CFM will grant one hundred percent
(100%) Parts Credit Allowance or Labor Allowance for repair labor for failed Parts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.6.2 CFM will grant a pro rata Parts Credit
Allowance for Scrapped Parts decreasing from one hundred percent (100%) at one thousand (1,000) Flight Hours Part Time to zero percent (0%) at the applicable hours designated in Table 1. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.7 <U>Ultimate Life Warranty</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.7.1 CFM warrants Ultimate Life limits on the following Parts: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fan and Compressor Disks/Drums </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fan and Compressor Shafts </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Compressor Discharge Pressure Seal ( <B>CDP</B> ) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Turbine Disks </P></TD></TR></TABLE> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">HPT Forward and Stub Shaft </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LPT Driving Cone </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">LPT Shaft and Stub Shaft </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.7.2 CFM will grant a pro rata Parts Credit Allowance decreasing from one hundred percent (100%) when new to zero percent at twenty-five
thousand (25,000) Flight Hours or fifteen thousand (15,000) Flight Cycles, whichever comes earlier. Credit will be granted only when such Parts are permanently removed from service by a CFM or a U.S. and/or French Government imposed Ultimate Life
limitation of less than twenty-five thousand (25,000) Flight Hours or fifteen thousand&nbsp;(15,000)&nbsp;Flight Cycles. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.8 <U>Campaign
Change Warranty</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.8.1 A campaign change will be declared by CFM when a new Part design introduction, Part modification, Part
Inspection, or premature replacement of an Engine or Module is required by a mandatory time compliance CFM Service Bulletin or FAA Airworthiness Directive. Campaign change may also be declared for CFM Service Bulletins requesting new Part
introduction no later than the next Engine or Module shop visit. CFM will grant following Parts Credit Allowances: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Engines and Modules </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">One hundred percent (100%) for Parts in inventory or removed from service when new or with two thousand five
hundred (2,500) Flight Hours or less total Part Time. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fifty percent (50%) for Parts in inventory or removed from service with over two thousand five hundred (2,500)
Flight Hours since new, regardless of warranty status. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.8.2 Labor Allowance - CFM will grant one hundred percent
(100%) Labor Allowance for disassembly, reassembly, modification, testing, or Inspection of CFM supplied Engines, Modules, or Parts therefore when such action is required to comply with a mandatory time compliance CFM Service Bulletin or FAA
Airworthiness Directive. A Labor Allowance will be granted by CFM for other CFM issued Service Bulletins if so specified in such Service Bulletins. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.8.3 Life Controlled Rotating Parts retired by Ultimate Life limits including FAA and/or EASA Airworthiness Directive, are excluded from
Campaign Change Warranty. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.9 <U>Limitations</U>. THE PROVISIONS SET FORTH HEREIN ARE EXCLUSIVE AND ARE IN LIEU OF ALL OTHER WARRANTIES
WHETHER WRITTEN, ORAL OR IMPLIED. THERE ARE NO IMPLIED WARRANTIES OF FITNESS OR MERCHANTABILITY. SAID PROVISIONS SET FORTH THE MAXIMUM LIABILITY OF </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CFM WITH RESPECT TO CLAIMS OF ANY KIND, INCLUDING NEGLIGENCE, ARISING OUT OF MANUFACTURE, SALE, POSSESSION,
USE OR HANDLING OF THE PRODUCTS OR PARTS THEREOF OR THEREFORE, AND IN NO EVENT SHALL CFM&#146;S LIABILITY TO CUSTOMER EXCEED THE PURCHASE PRICE OF THE PRODUCT GIVING RISE TO CUSTOMER&#146;S CLAIM OR INCLUDE INCIDENTAL OR CONSEQUENTIAL DAMAGES. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.10 <U>Indemnity and Contribution</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.10.1 IN THE EVENT CUSTOMER ASSERTS A CLAIM AGAINST A THIRD PARTY FOR DAMAGES OF THE TYPE LIMITED OR EXCLUDED IN LIMITATIONS, PARAGRAPH 2.9.
ABOVE, CUSTOMER SHALL INDEMNIFY AND HOLD CFM HARMLESS FROM AND AGAINST ANY CLAIM BY OR LIABILITY TO SUCH THIRD PARTY FOR CONTRIBUTION OR INDEMNITY, INCLUDING COSTS AND EXPENSES (INCLUDING ATTORNEYS&#146; FEES) INCIDENT THERETO OR INCIDENT TO
ESTABLISHING SUCCESSFULLY THE RIGHT TO INDEMNIFICATION UNDER THIS PROVISION. THIS INDEMNITY SHALL APPLY WHETHER OR NOT SUCH DAMAGES WERE OCCASIONED IN WHOLE OR IN PART BY THE FAULT OR NEGLIGENCE OF CFM, WHETHER ACTIVE, PASSIVE OR IMPUTED. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2.10.2 CUSTOMER SHALL INDEMNIFY AND HOLD CFM HARMLESS FROM ANY DAMAGE, LOSS, CLAIM, AND LIABILITY OF ANY KIND (INCLUDING EXPENSES OF
LITIGATION AND ATTORNEYS&#146; FEES) FOR PHYSICAL INJURY TO OR DEATH OF ANY PERSON, OR FOR PROPERTY DAMAGE OF ANY TYPE, ARISING OUT OF THE ALLEGED DEFECTIVE NATURE OF ANY PRODUCT OR SERVICE FURNISHED UNDER THIS AGREEMENT, TO THE EXTENT THAT THE
PAYMENTS MADE OR REQUIRED TO BE MADE BY CFM EXCEED ITS ALLOCATED SHARE OF THE TOTAL FAULT OR LEGAL RESPONSIBILITY OF ALL PERSONS ALLEGED TO HAVE CAUSED SUCH DAMAGE, LOSS, CLAIM, OR LIABILITY BECAUSE OF A LIMITATION OF LIABILITY ASSERTED BY CUSTOMER
OR BECAUSE CUSTOMER DID NOT APPEAR IN AN ACTION BROUGHT AGAINST CFM. CUSTOMER&#146;S OBLIGATION TO INDEMNIFY CFM HEREUNDER SHALL BE APPLICABLE AT SUCH TIME AS CFM IS REQUIRED TO MAKE PAYMENT PURSUANT TO A FINAL JUDGEMENT IN AN ACTION OR PROCEEDING
IN WHICH CFM WAS A PARTY, PERSONALLY APPEARED, AND HAD THE OPPORTUNITY TO DEFEND ITSELF. THIS INDEMNITY SHALL APPLY WHETHER OR NOT CUSTOMER&#146;S LIABILITY IS OTHERWISE LIMITED. </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">COP-PA-03774-EXEE1</FONT></FONT></P></TD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SERVICE LIFE POLICY COMPONENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>between </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE BOEING
COMPANY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COPA HOLDINGS S.A. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Supplemental Exhibit SLP1 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>to Purchase Agreement Number <FONT STYLE="white-space:nowrap">PA-03774</FONT> </B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SERVICE LIFE POLICY COMPONENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>relating to </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BOEING
MODEL 737 MAX AIRCRAFT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This is the listing of SLP Components for the Aircraft which relate to Part 3, <U>Boeing Service Life
Policy</U> of Exhibit C, <U>Product Assurance Document</U> to the AGTA and is a part of Purchase Agreement No. <FONT STYLE="white-space:nowrap">PA-03774.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>Wing</U>. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Upper and lower wing skins and stiffeners between the forward and rear wing spars. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Wing spar webs, chords and stiffeners. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Inspar wing ribs. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Inspar splice plates and fittings. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Main landing gear support structure. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Wing center section lower beams, spanwise beams and floor beams, but not the seat tracks attached to floor
beams. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Wing-to-body</FONT></FONT> structural
attachments. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Engine strut support fittings attached directly to wing primary structure. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ix)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Support structure in the wing for spoilers and spoiler actuators; for aileron hinges and reaction links; and
for leading edge devices and trailing edge flaps. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(x)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Trailing edge flap tracks and carriages. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(xi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Aileron leading edge device and trailing edge flap internal, fixed attachment and actuator support structure.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>Body</U>. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">External surface skins and doublers, longitudinal stiffeners, longerons and circumferential rings and frames
between the forward pressure bulkhead and the vertical stabilizer rear spar bulkhead and structural support and enclosure for the APU but excluding all system components and related installation and connecting devices, insulation, lining, and
decorative panels and related installation and connecting devices. </P></TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Window and windshield structure but excluding the windows and windshields. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fixed attachment structure of the passenger doors, cargo doors and emergency exits, excluding door mechanisms
and movable hinge components. Sills and frames around the body openings for the passenger doors, cargo doors and emergency exits, excluding scuff plates and pressure seals. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Nose wheel well structure, including the wheel well walls, pressure deck, bulkheads, and gear support
structure. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Main gear wheel well structure including pressure deck and landing gear beam support structure.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Floor beams and support posts in the control cab and passenger cabin area, but excluding seat tracks.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Forward and aft pressure bulkheads. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Keel structure between the wing front spar bulkhead and the main gear wheel well aft bulkhead including
splices. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ix)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Wing front and rear spar support bulkheads, and vertical and horizontal stabilizer front and rear spar support
bulkheads including terminal fittings but excluding all system components and related installation and connecting devices, insulation, lining, and decorative panels and related installation and connecting devices. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(x)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Support structure in the body for the stabilizer pivot and stabilizer screw. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. <U>Vertical Stabilizer</U>. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">External skins between front and rear spars. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Front, rear and auxiliary spar chords, webs and stiffeners and attachment fittings. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Inspar ribs. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Rudder hinges and supporting ribs, excluding bearings. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Support structure in the vertical stabilizer for rudder hinges, reaction links and actuators.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Rudder internal, fixed attachment and actuator support structure. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Page&nbsp;3</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. <U>Horizontal Stabilizer</U>. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">External skins between front and rear spars. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Front and rear spar chords, webs and stiffeners. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Inspar ribs. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Stabilizer center section including hinge and screw support structure. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Support structure in the horizontal stabilizer for the elevator hinges, reaction links and actuators.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Elevator internal, fixed attachment and actuator support structure. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. <U>Engine Strut</U>. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Strut external surface skin and doublers and stiffeners. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Internal strut chords, frames and bulkheads. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Strut to wing fittings and diagonal brace. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Engine mount support fittings attached directly to strut structure and including the engine-mounted support
fittings. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. <U>Main Landing Gear</U>. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Outer cylinder. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Inner cylinder, including axles. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Upper and lower side struts, including spindles, universals and reaction links. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Drag strut. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Orifice support tube. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Downlock links including spindles and universals. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Torsion links. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Bell crank. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ix)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Trunnion link. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(x)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Actuator beam, support link and beam arm. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TD VALIGN="top" NOWRAP>
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">COP-PA-03774-EXEE1</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Page&nbsp;4</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7. <U>Nose Landing Gear</U>. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Outer cylinder. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Inner cylinder, including axles. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Orifice support tube. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Upper and lower drag strut, including lock links. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Steering plates and steering collars. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Torsion links. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOTE: The Service Life Policy does not cover any bearings, bolts, bushings, clamps, brackets, actuating mechanisms or latching mechanisms used
in or on the SLP Components. </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">COP-PA-03774-EXEE1</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Page&nbsp;5</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em">


<IMG SRC="g128959g35y68.jpg" ALT="LOGO">
</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The&nbsp;Boeing&nbsp;Company</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.O. Box
3707</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Seattle,&nbsp;WA&nbsp;98124-2207</FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">COP-PA-03774-LA-1207593R1</FONT></FONT></FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">COPA Holdings S.A.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Business Park, Torre Norte</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Urbanizacion Costa del Este</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Apartado 0816-06819</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Panama, Republic of Panama</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><FONT STYLE="white-space:nowrap">SA-10</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Page&nbsp;1</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g128959g35y68.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Attachment A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>Supplier Selection</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Customer will:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.1 Select and notify Boeing of the suppliers and part numbers of the following SPE items by the following dates: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">**TBD</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Seats</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Galleys/Furnishings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Antennas and Mounting Equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Avionics</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">IFE/CCS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miscellaneous Emergency Equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Textiles/Raw Material</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cargo Systems*( <I>single</I> <I>Aisle Programs only) </I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provision Kits <I>(single Aisle Programs only) </I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Radomes <I>(single Aisle Programs only) </I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">For a new certification, Customer will need to provide Supplier Selections two (2)&nbsp;months earlier than
stated above. </P></TD></TR></TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

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<TD VALIGN="bottom" NOWRAP ALIGN="right">Page&nbsp;9</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>BOEING PROPRIETARY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TYPE>EX-8.1
<SEQUENCE>31
<FILENAME>d128959dex81.htm
<DESCRIPTION>EX-8.1
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<TITLE>EX-8.1</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 8.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUBSIDIARIES OF THE REGISTRANT </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>NAME </B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>JURISDICTION OF</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>INCORPORATION</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">COPA HOLDINGS, S.A</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Panam&#225;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">COMPA&#209;&#205;A PANAME&#209;A DE AVIACI&#211;N, S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Panam&#225;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ENTERPRISES SUPPORT, INC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Panam&#225;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AEROFINANCE CORPORATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">British Virgin Islands</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AERO CORPORATION ONE LTD</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">British Virgin Islands</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AERO CORPORATION TWO LTD</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">British Virgin Islands</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">FINANCIAL LEASING HOLDINGS, INC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">British Virgin Islands</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AEROREPUBLICA, S. A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Colombia</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">OVAL FINANCIAL LEASING LTD.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">British Virgin Islands</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ALSACE HOLDINGS LTD</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">British Virgin Islands</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ANCON LEASING</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">British Virgin Islands</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">NEW WINGS LEASING, INC.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">INTERNATIONAL AVIATION LEASING GROUP LTD</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">British Virgin Islands</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">INTERNATIONAL AVIATION LEASING GROUP TWO LTD</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">British Virgin Islands</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">NEW TRIUMPH PACIFIC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">British Virgin Islands</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">NEW TRIUMPH ENGINE TWO</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">British Virgin Islands</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ONMAX ENTERPRISES LIMITED</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">British Virgin Islands</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">REGIONAL AIRCRAFT HOLDINGS, LTD</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">British Virgin Islands</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">LEASE MANAGEMENT SERVICES LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Delaware</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ASIAN AIRCRAFT LEAS. LTD.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Irlanda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ASIAN AIRCRAFT LEAS. 2 LT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Irlanda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ASIAN AIRCRAFT LEAS. 3 LT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Irlanda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ASIAN AIRCRAFT LEA 4 LTD</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Irlanda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ASIAN AIRCRAFT LEA 5 LTD</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Irlanda</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PANAMAX 20 LEASING LTD</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Irlanda</TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>32
<FILENAME>d128959dex121.htm
<DESCRIPTION>EX-12.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-12.1</TITLE>
</HEAD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 12.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Certification </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I, Pedro Heilbron, certify that:
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">I have reviewed this annual report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> of Copa Holdings, S.A.;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The company&#146;s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules <FONT STYLE="white-space:nowrap">13a-15(e)</FONT> and <FONT STYLE="white-space:nowrap">15d-15(e))</FONT> and internal control over financial reporting (as defined in Exchange Act
Rules <FONT STYLE="white-space:nowrap">13a-15(f)</FONT> and <FONT STYLE="white-space:nowrap">15d-15(f))</FONT> for the company and have: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(c) Evaluated the effectiveness of the company&#146;s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(d) Disclosed in this report any change in the company&#146;s internal control over financial reporting that occurred during the period
covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company&#146;s internal control over financial reporting; and </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The company&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the company&#146;s auditors and the audit committee of the company&#146;s board of directors (or persons performing the equivalent functions): </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the company&#146;s ability to record, process, summarize and report financial information; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the company&#146;s internal control over financial reporting. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: April&nbsp;23, 2021 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Pedro Heilbron</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pedro Heilbron</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Chief Executive
Officer</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Section 302 CEO Certification) </P>
</DIV></Center>

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<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>33
<FILENAME>d128959dex122.htm
<DESCRIPTION>EX-12.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-12.2</TITLE>
</HEAD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 12.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Certification </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I, Jose Montero, certify that:
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">I have reviewed this annual report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> of Copa Holdings, S.A.;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The company&#146;s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules <FONT STYLE="white-space:nowrap">13a-15(e)</FONT> and <FONT STYLE="white-space:nowrap">15d-15(e))</FONT> and internal control over financial reporting (as defined in Exchange Act
Rules <FONT STYLE="white-space:nowrap">13a-15(f)</FONT> and <FONT STYLE="white-space:nowrap">15d-15(f))</FONT> for the company and have: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(c) Evaluated the effectiveness of the company&#146;s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(d) Disclosed in this report any change in the company&#146;s internal control over financial reporting that occurred during the period
covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company&#146;s internal control over financial reporting; and </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The company&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the company&#146;s auditors and the audit committee of the company&#146;s board of directors (or persons performing the equivalent functions): </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the company&#146;s ability to record, process, summarize and report financial information; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the company&#146;s internal control over financial reporting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: April&nbsp;23, 2021 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Jose Montero</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jose Montero</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Chief Financial
Officer</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Section 302 CFO Certification) </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>34
<FILENAME>d128959dex131.htm
<DESCRIPTION>EX-13.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-13.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 13.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Certification </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Subsections (a)&nbsp;and (b)&nbsp;of Section&nbsp;1350, Chapter 63 of Title
18, United States Code) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a)&nbsp;and (b)&nbsp;of section 1350,
chapter 63 of title 18, United States Code), each of the undersigned officers of Copa Holdings, S.A. (the &#147; <U>Company</U> &#148;), does hereby certify, to such officer&#146;s knowledge, that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Annual Report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the year ended December&nbsp;31, 2020 of the Company fully complies
with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934 and information contained in the Form <FONT STYLE="white-space:nowrap">20-F</FONT> fairly presents, in all material respects, the financial condition and
results of operations of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: April&nbsp;23, 2021 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ Pedro Heilbron</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Pedro Heilbron</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Chief Executive Officer</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Section 906 CEO Certification) </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>35
<FILENAME>d128959dex132.htm
<DESCRIPTION>EX-13.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-13.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 13.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Certification </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Subsections (a)&nbsp;and (b)&nbsp;of Section&nbsp;1350, Chapter 63 of Title
18, United States Code) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a)&nbsp;and (b)&nbsp;of section 1350,
chapter 63 of title 18, United States Code), each of the undersigned officers of Copa Holdings, S.A. (the &#147; <U>Company</U> &#148;), does hereby certify, to such officer&#146;s knowledge, that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Annual Report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the year ended December&nbsp;31, 2020 of the Company fully complies
with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934 and information contained in the Form <FONT STYLE="white-space:nowrap">20-F</FONT> fairly presents, in all material respects, the financial condition and
results of operations of the Company. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: April&nbsp;23, 2021 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ Jose Montero</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jose Montero</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Chief Financial Officer</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Section 906 CFO Certification) </P>
</DIV></Center>

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<ifrs-full:CashFlowsFromUsedInOperatingActivities id="Factid_19474002" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">543013000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
<ifrs-full:CashFlowsFromUsedInOperations id="Factid_19474003" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">58503000</ifrs-full:CashFlowsFromUsedInOperations>
<ifrs-full:CashFlowsFromUsedInOperations id="Factid_19474004" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">856014000</ifrs-full:CashFlowsFromUsedInOperations>
<ifrs-full:CashFlowsFromUsedInOperations id="Factid_19474005" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">609491000</ifrs-full:CashFlowsFromUsedInOperations>
<ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities id="Factid_19474006" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">37631000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
<ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities id="Factid_19474007" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">42999000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
<ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities id="Factid_19474008" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">38698000</ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities>
<ifrs-full:InterestPaidClassifiedAsOperatingActivities id="Factid_19474009" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">41938000</ifrs-full:InterestPaidClassifiedAsOperatingActivities>
<ifrs-full:InterestPaidClassifiedAsOperatingActivities id="Factid_19474010" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">52234000</ifrs-full:InterestPaidClassifiedAsOperatingActivities>
<ifrs-full:InterestPaidClassifiedAsOperatingActivities id="Factid_19474011" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">49317000</ifrs-full:InterestPaidClassifiedAsOperatingActivities>
<ifrs-full:InterestReceivedClassifiedAsOperatingActivities id="Factid_19474012" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">26343000</ifrs-full:InterestReceivedClassifiedAsOperatingActivities>
<ifrs-full:InterestReceivedClassifiedAsOperatingActivities id="Factid_19474013" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">24102000</ifrs-full:InterestReceivedClassifiedAsOperatingActivities>
<ifrs-full:InterestReceivedClassifiedAsOperatingActivities id="Factid_19474014" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">21537000</ifrs-full:InterestReceivedClassifiedAsOperatingActivities>
<ifrs-full:IncreaseDecreaseInCashAndCashEquivalents id="Factid_19474015" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">46681000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalents>
<ifrs-full:IncreaseDecreaseInCashAndCashEquivalents id="Factid_19474016" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">-36774000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalents>
<ifrs-full:IncreaseDecreaseInCashAndCashEquivalents id="Factid_19474017" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">5125000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents id="Factid_19474018" contextRef="PAsOn12_31_2018" unitRef="Unit_USD" decimals="-3">156158000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents id="Factid_19474019" contextRef="PAsOn12_31_2017" unitRef="Unit_USD" decimals="-3">238792000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents id="Factid_19474021" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">-44107000</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents>
<ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents id="Factid_19474022" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">-45860000</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents>
<ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents id="Factid_19474023" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">-44792000</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary id="Factid_19474027" contextRef="P01_01_2020To12_31_2020_CopaAirlinesMemberifrsfullConsolidatedStructuredEntitiesAxis_PAifrsfullGeographicalAreasAxis" unitRef="Unit_pure" decimals="3">0.999</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary id="Factid_19474028" contextRef="P01_01_2019To12_31_2019_CopaAirlinesMemberifrsfullConsolidatedStructuredEntitiesAxis_PAifrsfullGeographicalAreasAxis" unitRef="Unit_pure" decimals="3">0.999</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474029" contextRef="PAsOn12_31_2017_ConstructionInProgressMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis_GrossCarryingAmountMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" unitRef="Unit_USD" decimals="-3">5778000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary id="Factid_19474030" contextRef="P01_01_2020To12_31_2020_COifrsfullGeographicalAreasAxis_CopaColombiaMemberifrsfullConsolidatedStructuredEntitiesAxis" unitRef="Unit_pure" decimals="3">0.999</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary id="Factid_19474031" contextRef="P01_01_2019To12_31_2019_COifrsfullGeographicalAreasAxis_CopaColombiaMemberifrsfullConsolidatedStructuredEntitiesAxis" unitRef="Unit_pure" decimals="3">0.999</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary id="Factid_19474032" contextRef="P01_01_2020To12_31_2020_OvalMemberifrsfullConsolidatedStructuredEntitiesAxis_VGifrsfullGeographicalAreasAxis" unitRef="Unit_pure" decimals="INF">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary id="Factid_19474033" contextRef="P01_01_2019To12_31_2019_OvalMemberifrsfullConsolidatedStructuredEntitiesAxis_VGifrsfullGeographicalAreasAxis" unitRef="Unit_pure" decimals="INF">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:RevenueFromContractsWithCustomers id="Factid_19474034" contextRef="P01_01_2020To12_31_2020_PassengerRevenueExcludingMilesRedeemedMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">752050000</ifrs-full:RevenueFromContractsWithCustomers>
<ifrs-full:RevenueFromContractsWithCustomers id="Factid_19474035" contextRef="P01_01_2019To12_31_2019_PassengerRevenueExcludingMilesRedeemedMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">2581179000</ifrs-full:RevenueFromContractsWithCustomers>
<ifrs-full:RevenueFromContractsWithCustomers id="Factid_19474036" contextRef="P01_01_2018To12_31_2018_PassengerRevenueExcludingMilesRedeemedMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">2567316000</ifrs-full:RevenueFromContractsWithCustomers>
<ifrs-full:RevenueFromContractsWithCustomers id="Factid_19474037" contextRef="P01_01_2020To12_31_2020_MilesRedeemedMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">8544000</ifrs-full:RevenueFromContractsWithCustomers>
<ifrs-full:RevenueFromContractsWithCustomers id="Factid_19474038" contextRef="P01_01_2019To12_31_2019_MilesRedeemedMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">31426000</ifrs-full:RevenueFromContractsWithCustomers>
<ifrs-full:RevenueFromContractsWithCustomers id="Factid_19474039" contextRef="P01_01_2018To12_31_2018_MilesRedeemedMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">20073000</ifrs-full:RevenueFromContractsWithCustomers>
<ifrs-full:RevenueFromContractsWithCustomers id="Factid_19474040" contextRef="P01_01_2020To12_31_2020_PassengerRevenueMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">760594000</ifrs-full:RevenueFromContractsWithCustomers>
<ifrs-full:RevenueFromContractsWithCustomers id="Factid_19474041" contextRef="P01_01_2019To12_31_2019_PassengerRevenueMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">2612605000</ifrs-full:RevenueFromContractsWithCustomers>
<ifrs-full:RevenueFromContractsWithCustomers id="Factid_19474042" contextRef="P01_01_2018To12_31_2018_PassengerRevenueMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">2587389000</ifrs-full:RevenueFromContractsWithCustomers>
<ifrs-full:RevenueFromContractsWithCustomers id="Factid_19474043" contextRef="P01_01_2020To12_31_2020_CargoAndMailRevenueMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">21002000</ifrs-full:RevenueFromContractsWithCustomers>
<ifrs-full:RevenueFromContractsWithCustomers id="Factid_19474044" contextRef="P01_01_2019To12_31_2019_CargoAndMailRevenueMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">62460000</ifrs-full:RevenueFromContractsWithCustomers>
<ifrs-full:RevenueFromContractsWithCustomers id="Factid_19474045" contextRef="P01_01_2018To12_31_2018_CargoAndMailRevenueMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">62483000</ifrs-full:RevenueFromContractsWithCustomers>
<ifrs-full:OtherRevenue id="Factid_19474046" contextRef="P01_01_2020To12_31_2020_FrequentFlyerProgramMarketingServicesRevenueMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">15452000</ifrs-full:OtherRevenue>
<ifrs-full:OtherRevenue id="Factid_19474047" contextRef="P01_01_2019To12_31_2019_FrequentFlyerProgramMarketingServicesRevenueMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">22170000</ifrs-full:OtherRevenue>
<ifrs-full:OtherRevenue id="Factid_19474048" contextRef="P01_01_2018To12_31_2018_FrequentFlyerProgramMarketingServicesRevenueMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">16291000</ifrs-full:OtherRevenue>
<ifrs-full:OtherRevenue id="Factid_19474049" contextRef="P01_01_2020To12_31_2020_OtherOperatingRevenuesMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">3955000</ifrs-full:OtherRevenue>
<ifrs-full:OtherRevenue id="Factid_19474050" contextRef="P01_01_2019To12_31_2019_OtherOperatingRevenuesMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">10173000</ifrs-full:OtherRevenue>
<ifrs-full:OtherRevenue id="Factid_19474051" contextRef="P01_01_2018To12_31_2018_OtherOperatingRevenuesMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">11464000</ifrs-full:OtherRevenue>
<ifrs-full:ContractLiabilities id="Factid_19474058" contextRef="PAsOn12_31_2019_FrequentFlyerLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">80326000</ifrs-full:ContractLiabilities>
<ifrs-full:ContractLiabilities id="Factid_19474059" contextRef="PAsOn12_31_2018_FrequentFlyerLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">67814000</ifrs-full:ContractLiabilities>
<ifrs-full:IncreaseDecreaseThroughCumulativeCatchupAdjustmentsToRevenueContractLiabilities id="Factid_19474061" contextRef="P01_01_2020To12_31_2020_FrequentFlyerLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">19431000</ifrs-full:IncreaseDecreaseThroughCumulativeCatchupAdjustmentsToRevenueContractLiabilities>
<ifrs-full:IncreaseDecreaseThroughCumulativeCatchupAdjustmentsToRevenueContractLiabilities id="Factid_19474062" contextRef="P01_01_2019To12_31_2019_FrequentFlyerLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">43938000</ifrs-full:IncreaseDecreaseThroughCumulativeCatchupAdjustmentsToRevenueContractLiabilities>
<ifrs-full:DecreaseThroughPerformanceObligationBeingSatisfiedContractLiabilities id="Factid_19474064" contextRef="P01_01_2020To12_31_2020_FrequentFlyerLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">8544000</ifrs-full:DecreaseThroughPerformanceObligationBeingSatisfiedContractLiabilities>
<ifrs-full:DecreaseThroughPerformanceObligationBeingSatisfiedContractLiabilities id="Factid_19474065" contextRef="P01_01_2019To12_31_2019_FrequentFlyerLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">31426000</ifrs-full:DecreaseThroughPerformanceObligationBeingSatisfiedContractLiabilities>
<ifrs-full:ContractLiabilities id="Factid_19474067" contextRef="PAsOn12_31_2020_FrequentFlyerLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">91213000</ifrs-full:ContractLiabilities>
<ifrs-full:CurrentContractLiabilities id="Factid_19474070" contextRef="PAsOn12_31_2020_FrequentFlyerLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">16041000</ifrs-full:CurrentContractLiabilities>
<ifrs-full:CurrentContractLiabilities id="Factid_19474071" contextRef="PAsOn12_31_2019_FrequentFlyerLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">35120000</ifrs-full:CurrentContractLiabilities>
<ifrs-full:NoncurrentContractLiabilities id="Factid_19474073" contextRef="PAsOn12_31_2020_FrequentFlyerLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">75172000</ifrs-full:NoncurrentContractLiabilities>
<ifrs-full:NoncurrentContractLiabilities id="Factid_19474074" contextRef="PAsOn12_31_2019_FrequentFlyerLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">45206000</ifrs-full:NoncurrentContractLiabilities>
<cpa:PassengerAndCargoAndMailRevenue id="Factid_19474076" contextRef="P01_01_2020To12_31_2020_NorthAmericaMemberifrsfullGeographicalAreasAxis" unitRef="Unit_USD" decimals="-3">233039000</cpa:PassengerAndCargoAndMailRevenue>
<cpa:PassengerAndCargoAndMailRevenue id="Factid_19474077" contextRef="P01_01_2019To12_31_2019_NorthAmericaMemberifrsfullGeographicalAreasAxis" unitRef="Unit_USD" decimals="-3">857002000</cpa:PassengerAndCargoAndMailRevenue>
<cpa:PassengerAndCargoAndMailRevenue id="Factid_19474078" contextRef="P01_01_2018To12_31_2018_NorthAmericaMemberifrsfullGeographicalAreasAxis" unitRef="Unit_USD" decimals="-3">826529000</cpa:PassengerAndCargoAndMailRevenue>
<ifrs-full:BalancesWithBanks id="Factid_19474079" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">99286000</ifrs-full:BalancesWithBanks>
<ifrs-full:BalancesWithBanks id="Factid_19474080" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">118367000</ifrs-full:BalancesWithBanks>
<ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents id="Factid_19474081" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">19500000</ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents>
<ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents id="Factid_19474082" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">40000000</ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents>
<ifrs-full:CashOnHand id="Factid_19474083" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">279000</ifrs-full:CashOnHand>
<ifrs-full:CashOnHand id="Factid_19474084" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">365000</ifrs-full:CashOnHand>
<ifrs-full:CashAndCashEquivalents id="Factid_19474085" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">119065000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents id="Factid_19474086" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">158732000</ifrs-full:CashAndCashEquivalents>
<cpa:AdjustmentForInterestRateEarningTimeDeposit id="Factid_19474087" contextRef="P01_01_2019To12_31_2019_TopOfRangeMemberifrsfullRangeAxis" unitRef="Unit_pure" decimals="INF">0.0198</cpa:AdjustmentForInterestRateEarningTimeDeposit>
<ifrs-full:CurrentInvestments id="Factid_19474088" contextRef="PAsOn12_31_2020_TimeDepositsMemberifrsfullTypesOfInvestmentPropertyAxis" unitRef="Unit_USD" decimals="-3">430000000</ifrs-full:CurrentInvestments>
<ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod id="Factid_19474089" contextRef="PAsOn12_31_2020_TimeDepositsMemberifrsfullTypesOfInvestmentPropertyAxis" unitRef="Unit_USD" decimals="-3">80000000</ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod>
<ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates id="Factid_19474090" contextRef="PAsOn12_31_2020_TimeDepositsMemberifrsfullTypesOfInvestmentPropertyAxis" unitRef="Unit_USD" decimals="-3">510000000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
<ifrs-full:CurrentInvestments id="Factid_19474091" contextRef="PAsOn12_31_2019_TimeDepositsMemberifrsfullTypesOfInvestmentPropertyAxis" unitRef="Unit_USD" decimals="-3">640500000</ifrs-full:CurrentInvestments>
<ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod id="Factid_19474092" contextRef="PAsOn12_31_2019_TimeDepositsMemberifrsfullTypesOfInvestmentPropertyAxis" unitRef="Unit_USD" decimals="-3">60000000</ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod>
<ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates id="Factid_19474093" contextRef="PAsOn12_31_2019_TimeDepositsMemberifrsfullTypesOfInvestmentPropertyAxis" unitRef="Unit_USD" decimals="-3">700500000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
<ifrs-full:CurrentInvestments id="Factid_19474094" contextRef="PAsOn12_31_2020_BondMemberifrsfullTypesOfInvestmentPropertyAxis" unitRef="Unit_USD" decimals="-3">341854000</ifrs-full:CurrentInvestments>
<ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod id="Factid_19474095" contextRef="PAsOn12_31_2020_BondMemberifrsfullTypesOfInvestmentPropertyAxis" unitRef="Unit_USD" decimals="-3">39796000</ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod>
<ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates id="Factid_19474096" contextRef="PAsOn12_31_2020_BondMemberifrsfullTypesOfInvestmentPropertyAxis" unitRef="Unit_USD" decimals="-3">381650000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
<ifrs-full:CurrentInvestments id="Factid_19474097" contextRef="PAsOn12_31_2019_BondMemberifrsfullTypesOfInvestmentPropertyAxis" unitRef="Unit_USD" decimals="-3">52573000</ifrs-full:CurrentInvestments>
<ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod id="Factid_19474098" contextRef="PAsOn12_31_2019_BondMemberifrsfullTypesOfInvestmentPropertyAxis" unitRef="Unit_USD" decimals="-3">74634000</ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod>
<ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates id="Factid_19474099" contextRef="PAsOn12_31_2019_BondMemberifrsfullTypesOfInvestmentPropertyAxis" unitRef="Unit_USD" decimals="-3">127207000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
<ifrs-full:CurrentInvestments id="Factid_19474100" contextRef="PAsOn12_31_2020_TimeDepositsAndBondsMemberifrsfullTypesOfInvestmentPropertyAxis" unitRef="Unit_USD" decimals="-3">771854000</ifrs-full:CurrentInvestments>
<ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod id="Factid_19474101" contextRef="PAsOn12_31_2020_TimeDepositsAndBondsMemberifrsfullTypesOfInvestmentPropertyAxis" unitRef="Unit_USD" decimals="-3">119796000</ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod>
<ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates id="Factid_19474102" contextRef="PAsOn12_31_2020_TimeDepositsAndBondsMemberifrsfullTypesOfInvestmentPropertyAxis" unitRef="Unit_USD" decimals="-3">891650000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
<ifrs-full:CurrentInvestments id="Factid_19474103" contextRef="PAsOn12_31_2019_TimeDepositsAndBondsMemberifrsfullTypesOfInvestmentPropertyAxis" unitRef="Unit_USD" decimals="-3">693073000</ifrs-full:CurrentInvestments>
<ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod id="Factid_19474104" contextRef="PAsOn12_31_2019_TimeDepositsAndBondsMemberifrsfullTypesOfInvestmentPropertyAxis" unitRef="Unit_USD" decimals="-3">134634000</ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod>
<ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates id="Factid_19474105" contextRef="PAsOn12_31_2019_TimeDepositsAndBondsMemberifrsfullTypesOfInvestmentPropertyAxis" unitRef="Unit_USD" decimals="-3">827707000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
<ifrs-full:CurrentInvestments id="Factid_19474106" contextRef="PAsOn12_31_2020_AllowanceForCreditLossesMemberifrsfullTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" unitRef="Unit_USD" decimals="-3">-1038000</ifrs-full:CurrentInvestments>
<ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod id="Factid_19474107" contextRef="PAsOn12_31_2020_AllowanceForCreditLossesMemberifrsfullTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" unitRef="Unit_USD" decimals="-3">-179000</ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod>
<ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates id="Factid_19474108" contextRef="PAsOn12_31_2020_AllowanceForCreditLossesMemberifrsfullTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" unitRef="Unit_USD" decimals="-3">-1217000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
<ifrs-full:CurrentInvestments id="Factid_19474109" contextRef="PAsOn12_31_2019_AllowanceForCreditLossesMemberifrsfullTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" unitRef="Unit_USD" decimals="-3">-670000</ifrs-full:CurrentInvestments>
<ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod id="Factid_19474110" contextRef="PAsOn12_31_2019_AllowanceForCreditLossesMemberifrsfullTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" unitRef="Unit_USD" decimals="-3">-287000</ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod>
<ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates id="Factid_19474111" contextRef="PAsOn12_31_2019_AllowanceForCreditLossesMemberifrsfullTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" unitRef="Unit_USD" decimals="-3">-957000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
<ifrs-full:CurrentInvestments id="Factid_19474112" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">770816000</ifrs-full:CurrentInvestments>
<ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates id="Factid_19474114" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">890433000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
<ifrs-full:CurrentInvestments id="Factid_19474115" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">692403000</ifrs-full:CurrentInvestments>
<ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates id="Factid_19474117" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">826750000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
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<cpa:PercentageOfTimeDeposits id="Factid_19474119" contextRef="PAsOn12_31_2020_ShortTermTimeDepositsMemberifrsfullTypesOfInvestmentPropertyAxis_TopOfRangeMemberifrsfullRangeAxis" unitRef="Unit_pure" decimals="INF">0.0438</cpa:PercentageOfTimeDeposits>
<cpa:PercentageOfTimeDeposits id="Factid_19474120" contextRef="PAsOn12_31_2019_BottomOfRangeMemberifrsfullRangeAxis_ShortTermTimeDepositsMemberifrsfullTypesOfInvestmentPropertyAxis" unitRef="Unit_pure" decimals="INF">0.0200</cpa:PercentageOfTimeDeposits>
<cpa:PercentageOfTimeDeposits id="Factid_19474121" contextRef="PAsOn12_31_2019_ShortTermTimeDepositsMemberifrsfullTypesOfInvestmentPropertyAxis_TopOfRangeMemberifrsfullRangeAxis" unitRef="Unit_pure" decimals="INF">0.0375</cpa:PercentageOfTimeDeposits>
<cpa:PercentageOfTimeDeposits id="Factid_19474122" contextRef="PAsOn12_31_2020_BottomOfRangeMemberifrsfullRangeAxis_LongTermTimeDepositsMemberifrsfullTypesOfInvestmentPropertyAxis" unitRef="Unit_pure" decimals="INF">0.0120</cpa:PercentageOfTimeDeposits>
<cpa:PercentageOfTimeDeposits id="Factid_19474123" contextRef="PAsOn12_31_2020_LongTermTimeDepositsMemberifrsfullTypesOfInvestmentPropertyAxis_TopOfRangeMemberifrsfullRangeAxis" unitRef="Unit_pure" decimals="INF">0.0425</cpa:PercentageOfTimeDeposits>
<cpa:PercentageOfTimeDeposits id="Factid_19474124" contextRef="PAsOn12_31_2019_BottomOfRangeMemberifrsfullRangeAxis_LongTermTimeDepositsMemberifrsfullTypesOfInvestmentPropertyAxis" unitRef="Unit_pure" decimals="INF">0.0325</cpa:PercentageOfTimeDeposits>
<cpa:PercentageOfTimeDeposits id="Factid_19474125" contextRef="PAsOn12_31_2019_LongTermTimeDepositsMemberifrsfullTypesOfInvestmentPropertyAxis_TopOfRangeMemberifrsfullRangeAxis" unitRef="Unit_pure" decimals="INF">0.0438</cpa:PercentageOfTimeDeposits>
<cpa:BorrowingsSemiAnnualInterestRate id="Factid_19474126" contextRef="P01_01_2020To12_31_2020_BottomOfRangeBondsWithSemiannualInterestPaymentMemberifrsfullRangeAxis" unitRef="Unit_pure" decimals="INF">0.0021</cpa:BorrowingsSemiAnnualInterestRate>
<cpa:BorrowingsSemiAnnualInterestRate id="Factid_19474127" contextRef="P01_01_2020To12_31_2020_TopOfRangeBondsWithSemiannualInterestPaymentMemberifrsfullRangeAxis" unitRef="Unit_pure" decimals="INF">0.0332</cpa:BorrowingsSemiAnnualInterestRate>
<cpa:BorrowingsSemiAnnualInterestRate id="Factid_19474128" contextRef="P01_01_2019To12_31_2019_BottomOfRangeBondsWithSemiannualInterestPaymentMemberifrsfullRangeAxis" unitRef="Unit_pure" decimals="INF">0.0206</cpa:BorrowingsSemiAnnualInterestRate>
<cpa:BorrowingsSemiAnnualInterestRate id="Factid_19474129" contextRef="P01_01_2019To12_31_2019_TopOfRangeBondsWithSemiannualInterestPaymentMemberifrsfullRangeAxis" unitRef="Unit_pure" decimals="INF">0.0332</cpa:BorrowingsSemiAnnualInterestRate>
<cpa:CreditCardsReceivables id="Factid_19474130" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">35882000</cpa:CreditCardsReceivables>
<cpa:CreditCardsReceivables id="Factid_19474131" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">64595000</cpa:CreditCardsReceivables>
<cpa:CargoAndOtherTravelAgenciesReceivables id="Factid_19474132" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">10052000</cpa:CargoAndOtherTravelAgenciesReceivables>
<cpa:CargoAndOtherTravelAgenciesReceivables id="Factid_19474133" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">19389000</cpa:CargoAndOtherTravelAgenciesReceivables>
<cpa:GovernmentReceivables id="Factid_19474134" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">5466000</cpa:GovernmentReceivables>
<cpa:GovernmentReceivables id="Factid_19474135" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">8031000</cpa:GovernmentReceivables>
<ifrs-full:AmountsReceivableRelatedPartyTransactions id="Factid_19474136" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">1429000</ifrs-full:AmountsReceivableRelatedPartyTransactions>
<ifrs-full:AmountsReceivableRelatedPartyTransactions id="Factid_19474137" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">147000</ifrs-full:AmountsReceivableRelatedPartyTransactions>
<ifrs-full:OtherReceivables id="Factid_19474138" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">13187000</ifrs-full:OtherReceivables>
<ifrs-full:OtherReceivables id="Factid_19474139" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">14250000</ifrs-full:OtherReceivables>
<cpa:TradeAndOtherReceivablesNetImpairment id="Factid_19474140" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">72172000</cpa:TradeAndOtherReceivablesNetImpairment>
<cpa:TradeAndOtherReceivablesNetImpairment id="Factid_19474141" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">137499000</cpa:TradeAndOtherReceivablesNetImpairment>
<ifrs-full:CurrentTradeReceivables id="Factid_19474144" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">64635000</ifrs-full:CurrentTradeReceivables>
<ifrs-full:CurrentTradeReceivables id="Factid_19474145" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">129781000</ifrs-full:CurrentTradeReceivables>
<ifrs-full:NoncurrentTradeReceivables id="Factid_19474146" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">1054000</ifrs-full:NoncurrentTradeReceivables>
<ifrs-full:NoncurrentTradeReceivables id="Factid_19474147" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">2139000</ifrs-full:NoncurrentTradeReceivables>
<cpa:TradeReceivablesPaymentTerms id="Factid_19474148" contextRef="P01_01_2020To12_31_2020_BottomOfRangeMemberifrsfullRangeAxis">P30D</cpa:TradeReceivablesPaymentTerms>
<cpa:PaymentsOnLoansBorrowingsAndFinanceLeases id="Factid_19474149" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">401333000</cpa:PaymentsOnLoansBorrowingsAndFinanceLeases>
<ifrs-full:DividendsPaidClassifiedAsFinancingActivities id="Factid_19474150" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">33990000</ifrs-full:DividendsPaidClassifiedAsFinancingActivities>
<ifrs-full:DividendsPaidClassifiedAsFinancingActivities id="Factid_19474151" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">110438000</ifrs-full:DividendsPaidClassifiedAsFinancingActivities>
<ifrs-full:DividendsPaidClassifiedAsFinancingActivities id="Factid_19474152" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">147604000</ifrs-full:DividendsPaidClassifiedAsFinancingActivities>
<ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures id="Factid_19474153" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">342898000</ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures>
<ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures id="Factid_19474154" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">0</ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures>
<ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures id="Factid_19474155" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">0</ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures>
<ifrs-full:CashFlowsFromUsedInFinancingActivities id="Factid_19474156" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">-545334000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
<ifrs-full:CashFlowsFromUsedInFinancingActivities id="Factid_19474157" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">-430191000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
<ifrs-full:CashFlowsFromUsedInFinancingActivities id="Factid_19474158" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">93609000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
<ifrs-full:PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod id="Factid_19474159" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">904570000</ifrs-full:PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod>
<ifrs-full:PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod id="Factid_19474160" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">711045000</ifrs-full:PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod>
<ifrs-full:PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod id="Factid_19474161" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">711840000</ifrs-full:PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod>
<ifrs-full:ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod id="Factid_19474162" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">840627000</ifrs-full:ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod>
<ifrs-full:ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod id="Factid_19474163" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">589602000</ifrs-full:ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod>
<ifrs-full:ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod id="Factid_19474164" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">775504000</ifrs-full:ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod>
<cpa:AdvancePaymentsOnAircraftPurchaseContractsAndOthers id="Factid_19474165" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">0</cpa:AdvancePaymentsOnAircraftPurchaseContractsAndOthers>
<cpa:AdvancePaymentsOnAircraftPurchaseContractsAndOthers id="Factid_19474166" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">75428000</cpa:AdvancePaymentsOnAircraftPurchaseContractsAndOthers>
<cpa:AdvancePaymentsOnAircraftPurchaseContractsAndOthers id="Factid_19474167" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">216732000</cpa:AdvancePaymentsOnAircraftPurchaseContractsAndOthers>
<cpa:ReimbursementOfAdvancePaymentsOnAircraftPurchaseContracts id="Factid_19474168" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">0</cpa:ReimbursementOfAdvancePaymentsOnAircraftPurchaseContracts>
<cpa:ReimbursementOfAdvancePaymentsOnAircraftPurchaseContracts id="Factid_19474169" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">48262000</cpa:ReimbursementOfAdvancePaymentsOnAircraftPurchaseContracts>
<cpa:ReimbursementOfAdvancePaymentsOnAircraftPurchaseContracts id="Factid_19474170" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">152651000</cpa:ReimbursementOfAdvancePaymentsOnAircraftPurchaseContracts>
<ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets id="Factid_19474171" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">44065000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets>
<ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets id="Factid_19474172" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">62397000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets>
<ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets id="Factid_19474173" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">118997000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets>
<ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets id="Factid_19474174" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">30666000</ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets>
<ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets id="Factid_19474175" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">43603000</ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets>
<ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets id="Factid_19474176" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">0</ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets>
<ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities id="Factid_19474177" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">16419000</ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities id="Factid_19474178" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">25465000</ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
<ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities id="Factid_19474179" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">30182000</ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
<ifrs-full:CashFlowsFromUsedInInvestingActivities id="Factid_19474180" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">-93761000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
<ifrs-full:CashFlowsFromUsedInInvestingActivities id="Factid_19474181" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">-192868000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
<ifrs-full:InventoryWritedown2011 id="Factid_19474182" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-5">31900000</ifrs-full:InventoryWritedown2011>
<cpa:PrepaidTaxes1 id="Factid_19474183" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">10022000</cpa:PrepaidTaxes1>
<cpa:PrepaidTaxes1 id="Factid_19474184" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">26164000</cpa:PrepaidTaxes1>
<cpa:PrepaidCommissions id="Factid_19474185" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">3908000</cpa:PrepaidCommissions>
<cpa:PrepaidCommissions id="Factid_19474186" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">4298000</cpa:PrepaidCommissions>
<cpa:PrepaidInsurance1 id="Factid_19474187" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">5385000</cpa:PrepaidInsurance1>
<cpa:PrepaidInsurance1 id="Factid_19474188" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">1231000</cpa:PrepaidInsurance1>
<cpa:PrepaidToSupplier id="Factid_19474189" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">17224000</cpa:PrepaidToSupplier>
<cpa:PrepaidToSupplier id="Factid_19474190" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">35084000</cpa:PrepaidToSupplier>
<ifrs-full:Prepayments id="Factid_19474191" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">36539000</ifrs-full:Prepayments>
<ifrs-full:Prepayments id="Factid_19474192" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">66777000</ifrs-full:Prepayments>
<ifrs-full:CurrentPrepaidExpenses id="Factid_19474193" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">30473000</ifrs-full:CurrentPrepaidExpenses>
<ifrs-full:CurrentPrepaidExpenses id="Factid_19474194" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">49034000</ifrs-full:CurrentPrepaidExpenses>
<cpa:TaxAdvanceOfVATAndWithholdingsTaxes id="Factid_19474199" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-5">4000000</cpa:TaxAdvanceOfVATAndWithholdingsTaxes>
<cpa:TaxAdvanceOfVATAndWithholdingsTaxes id="Factid_19474200" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-5">8400000</cpa:TaxAdvanceOfVATAndWithholdingsTaxes>
<cpa:NoncurrentIncomeTaxAdvance id="Factid_19474201" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-5">1600000</cpa:NoncurrentIncomeTaxAdvance>
<cpa:NoncurrentIncomeTaxAdvance id="Factid_19474202" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-5">1300000</cpa:NoncurrentIncomeTaxAdvance>
<cpa:TaxCredits id="Factid_19474203" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-5">4500000</cpa:TaxCredits>
<cpa:TaxCredits id="Factid_19474204" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-5">16500000</cpa:TaxCredits>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474205" contextRef="PAsOn12_31_2017_GrossCarryingAmountMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_LandMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">6301000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474206" contextRef="PAsOn12_31_2017_FlightEquipment1MemberifrsfullClassesOfPropertyPlantAndEquipmentAxis_GrossCarryingAmountMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" unitRef="Unit_USD" decimals="-3">3252229000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474207" contextRef="PAsOn12_31_2017_GrossCarryingAmountMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_PurchaseDepositsForFlightEquipmentMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">413633000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474208" contextRef="PAsOn12_31_2017_GrossCarryingAmountMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_RampAndMiscellaneousFlightEquipmentMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">48353000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474209" contextRef="PAsOn12_31_2017_FixturesAndFittingsMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis_GrossCarryingAmountMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" unitRef="Unit_USD" decimals="-3">27524000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474210" contextRef="PAsOn12_31_2017_GrossCarryingAmountMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_LeaseholdImprovementsMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">50043000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474211" contextRef="PAsOn12_31_2017_GrossCarryingAmountMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" unitRef="Unit_USD" decimals="-3">3803861000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment id="Factid_19474212" contextRef="P01_01_2018To12_31_2018_GrossCarryingAmountMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_LandMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment>
<ifrs-full:DepreciationPropertyPlantAndEquipment id="Factid_19474213" contextRef="P01_01_2020To12_31_2020_AccumulatedDepreciationAndAmortisationMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_FixturesAndFittingsMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">3134000</ifrs-full:DepreciationPropertyPlantAndEquipment>
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<cpa:ProvisionForImpairmentReceivablesAdjustedBalance id="Factid_19474346" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">5579000</cpa:ProvisionForImpairmentReceivablesAdjustedBalance>
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<cpa:BadDebtsProvisionWrittenOff id="Factid_19474354" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">551000</cpa:BadDebtsProvisionWrittenOff>
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<ifrs-full:RawMaterials id="Factid_19474358" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">69737000</ifrs-full:RawMaterials>
<ifrs-full:RawMaterials id="Factid_19474359" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">66418000</ifrs-full:RawMaterials>
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<ifrs-full:OtherInventories id="Factid_19474361" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">3686000</ifrs-full:OtherInventories>
<cpa:InventoriesGross id="Factid_19474362" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">74657000</cpa:InventoriesGross>
<cpa:InventoriesGross id="Factid_19474363" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">70104000</cpa:InventoriesGross>
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<ifrs-full:PropertyPlantAndEquipment id="Factid_19474483" contextRef="PAsOn12_31_2020_FixturesAndFittingsMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">2335000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474484" contextRef="PAsOn12_31_2020_LeaseholdImprovementsMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">25677000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474485" contextRef="PAsOn12_31_2020_ConstructionInProgressMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">6161000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474487" contextRef="PAsOn12_31_2018_LandMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">6301000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474488" contextRef="PAsOn12_31_2018_FlightEquipment1MemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">2165787000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474489" contextRef="PAsOn12_31_2018_PurchaseDepositsForFlightEquipmentMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">474060000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474490" contextRef="PAsOn12_31_2018_RampAndMiscellaneousFlightEquipmentMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">13055000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474491" contextRef="PAsOn12_31_2018_FixturesAndFittingsMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">5832000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474492" contextRef="PAsOn12_31_2018_LeaseholdImprovementsMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">18843000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474493" contextRef="PAsOn12_31_2018_ConstructionInProgressMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">14253000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474494" contextRef="PAsOn12_31_2018" unitRef="Unit_USD" decimals="-3">2698131000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474495" contextRef="PAsOn12_31_2019_LandMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">6301000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474496" contextRef="PAsOn12_31_2019_FlightEquipment1MemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">2010509000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474497" contextRef="PAsOn12_31_2019_PurchaseDepositsForFlightEquipmentMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">463274000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474498" contextRef="PAsOn12_31_2019_RampAndMiscellaneousFlightEquipmentMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">12466000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474499" contextRef="PAsOn12_31_2019_FixturesAndFittingsMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">5292000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474500" contextRef="PAsOn12_31_2019_LeaseholdImprovementsMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">28973000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474501" contextRef="PAsOn12_31_2019_ConstructionInProgressMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">5587000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474503" contextRef="PAsOn12_31_2020_AccumulatedDepreciationAndAmortisationMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_LandMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474504" contextRef="PAsOn12_31_2020_AccumulatedDepreciationAndAmortisationMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_PurchaseDepositsForFlightEquipmentMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipment id="Factid_19474505" contextRef="PAsOn12_31_2020_AccumulatedDepreciationAndAmortisationMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ConstructionInProgressMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">-4000</ifrs-full:PropertyPlantAndEquipment>
<ifrs-full:PropertyPlantAndEquipmentPledgedAsSecurity id="Factid_19474506" contextRef="PAsOn12_31_2020_AircraftMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-8">1300000000</ifrs-full:PropertyPlantAndEquipmentPledgedAsSecurity>
<ifrs-full:PropertyPlantAndEquipmentPledgedAsSecurity id="Factid_19474507" contextRef="PAsOn12_31_2019_AircraftMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-8">1500000000</ifrs-full:PropertyPlantAndEquipmentPledgedAsSecurity>
<ifrs-full:CapitalisationRateOfBorrowingCostsEligibleForCapitalisation id="Factid_19474508" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_pure" decimals="4">0.0340</ifrs-full:CapitalisationRateOfBorrowingCostsEligibleForCapitalisation>
<cpa:AverageLeaseTerm id="Factid_19474509" contextRef="P01_01_2020To12_31_2020">P10Y</cpa:AverageLeaseTerm>
<cpa:ScheduledExpirationDateOfLease id="Factid_19474510" contextRef="P01_01_2020To12_31_2020">2022</cpa:ScheduledExpirationDateOfLease>
<cpa:CarryingAmountOfFixedAssetsUnderOperatingLease id="Factid_19474511" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-5">12300000</cpa:CarryingAmountOfFixedAssetsUnderOperatingLease>
<cpa:CarryingAmountOfFixedAssetsUnderOperatingLease id="Factid_19474512" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-5">37700000</cpa:CarryingAmountOfFixedAssetsUnderOperatingLease>
<cpa:MinimumOperatingLeasePaymentsReceivableRecognizedAsIncome id="Factid_19474513" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-5">3200000</cpa:MinimumOperatingLeasePaymentsReceivableRecognizedAsIncome>
<cpa:MinimumOperatingLeasePaymentsReceivableRecognizedAsIncome id="Factid_19474514" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-5">3500000</cpa:MinimumOperatingLeasePaymentsReceivableRecognizedAsIncome>
<cpa:MinimumOperatingLeasePaymentsReceivableRecognizedAsIncome id="Factid_19474515" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-5">3500000</cpa:MinimumOperatingLeasePaymentsReceivableRecognizedAsIncome>
<cpa:MinimumLeasePaymentReceivableUnderNoncancellableOperatingLease id="Factid_19474516" contextRef="PAsOn12_31_2020_NotLaterThanOneYearMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">3000000</cpa:MinimumLeasePaymentReceivableUnderNoncancellableOperatingLease>
<cpa:MinimumLeasePaymentReceivableUnderNoncancellableOperatingLease id="Factid_19474517" contextRef="PAsOn12_31_2019_NotLaterThanOneYearMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">3220000</cpa:MinimumLeasePaymentReceivableUnderNoncancellableOperatingLease>
<cpa:MinimumLeasePaymentReceivableUnderNoncancellableOperatingLease id="Factid_19474518" contextRef="PAsOn12_31_2020_LaterThanOneYearAndNotLaterThanFiveYearsMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">2875000</cpa:MinimumLeasePaymentReceivableUnderNoncancellableOperatingLease>
<cpa:MinimumLeasePaymentReceivableUnderNoncancellableOperatingLease id="Factid_19474519" contextRef="PAsOn12_31_2019_LaterThanOneYearAndNotLaterThanFiveYearsMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">5875000</cpa:MinimumLeasePaymentReceivableUnderNoncancellableOperatingLease>
<cpa:MinimumLeasePaymentReceivableUnderNoncancellableOperatingLease id="Factid_19474520" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">5875000</cpa:MinimumLeasePaymentReceivableUnderNoncancellableOperatingLease>
<cpa:MinimumLeasePaymentReceivableUnderNoncancellableOperatingLease id="Factid_19474521" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">9095000</cpa:MinimumLeasePaymentReceivableUnderNoncancellableOperatingLease>
<ifrs-full:EstimateOfContributionsExpectedToBePaidToPlan id="Factid_19474522" contextRef="P01_01_2020To12_31_2020_NotLaterThanOneYearMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">2299000</ifrs-full:EstimateOfContributionsExpectedToBePaidToPlan>
<ifrs-full:EstimateOfContributionsExpectedToBePaidToPlan id="Factid_19474523" contextRef="P01_01_2019To12_31_2019_NotLaterThanOneYearMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">5169000</ifrs-full:EstimateOfContributionsExpectedToBePaidToPlan>
<ifrs-full:EstimateOfContributionsExpectedToBePaidToPlan id="Factid_19474524" contextRef="P01_01_2020To12_31_2020_MoreThanOneYearButLessThanFiveYearsMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">8777000</ifrs-full:EstimateOfContributionsExpectedToBePaidToPlan>
<ifrs-full:EstimateOfContributionsExpectedToBePaidToPlan id="Factid_19474525" contextRef="P01_01_2019To12_31_2019_MoreThanOneYearButLessThanFiveYearsMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">14008000</ifrs-full:EstimateOfContributionsExpectedToBePaidToPlan>
<ifrs-full:EstimateOfContributionsExpectedToBePaidToPlan id="Factid_19474526" contextRef="P01_01_2020To12_31_2020_LaterThanFiveYearsMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">14112000</ifrs-full:EstimateOfContributionsExpectedToBePaidToPlan>
<ifrs-full:EstimateOfContributionsExpectedToBePaidToPlan id="Factid_19474527" contextRef="P01_01_2019To12_31_2019_LaterThanFiveYearsMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">14049000</ifrs-full:EstimateOfContributionsExpectedToBePaidToPlan>
<ifrs-full:EstimateOfContributionsExpectedToBePaidToPlan id="Factid_19474528" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">25188000</ifrs-full:EstimateOfContributionsExpectedToBePaidToPlan>
<ifrs-full:EstimateOfContributionsExpectedToBePaidToPlan id="Factid_19474529" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">33226000</ifrs-full:EstimateOfContributionsExpectedToBePaidToPlan>
<cpa:ContributionsToPlanByEmployerNetOfRegularContributions id="Factid_19474530" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-5">2800000</cpa:ContributionsToPlanByEmployerNetOfRegularContributions>
<cpa:ContributionsToPlanByEmployerNetOfRegularContributions id="Factid_19474531" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-5">4400000</cpa:ContributionsToPlanByEmployerNetOfRegularContributions>
<cpa:ContributionsToPlanByEmployerNetOfRegularContributions id="Factid_19474532" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-5">4800000</cpa:ContributionsToPlanByEmployerNetOfRegularContributions>
<ifrs-full:ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset id="Factid_19474533" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-5">15500000</ifrs-full:ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset>
<ifrs-full:ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset id="Factid_19474534" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-5">4400000</ifrs-full:ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset>
<ifrs-full:ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset id="Factid_19474535" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-5">300000</ifrs-full:ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset>
<ifrs-full:LiabilityAssetOfDefinedBenefitPlans id="Factid_19474536" contextRef="PAsOn12_31_2017_DefinedBenefitObligationLiabilitiesMemberifrsfullNetDefinedBenefitLiabilityAssetAxis" unitRef="Unit_USD" decimals="-3">-19997000</ifrs-full:LiabilityAssetOfDefinedBenefitPlans>
<ifrs-full:LiabilityAssetOfDefinedBenefitPlans id="Factid_19474537" contextRef="PAsOn12_31_2017_FairValueOfAssetsMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">23794000</ifrs-full:LiabilityAssetOfDefinedBenefitPlans>
<ifrs-full:LiabilityAssetOfDefinedBenefitPlans id="Factid_19474538" contextRef="PAsOn12_31_2017_OtherEmployeeBenefitsLiabilityMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">-612000</ifrs-full:LiabilityAssetOfDefinedBenefitPlans>
<ifrs-full:LiabilityAssetOfDefinedBenefitPlans id="Factid_19474539" contextRef="PAsOn12_31_2017" unitRef="Unit_USD" decimals="-3">3185000</ifrs-full:LiabilityAssetOfDefinedBenefitPlans>
<ifrs-full:CurrentServiceCostNetDefinedBenefitLiabilityAsset id="Factid_19474540" contextRef="P01_01_2018To12_31_2018_DefinedBenefitObligationLiabilitiesMemberifrsfullNetDefinedBenefitLiabilityAssetAxis" unitRef="Unit_USD" decimals="-3">2105000</ifrs-full:CurrentServiceCostNetDefinedBenefitLiabilityAsset>
<ifrs-full:CurrentServiceCostNetDefinedBenefitLiabilityAsset id="Factid_19474541" contextRef="P01_01_2018To12_31_2018_FairValueOfAssetsMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:CurrentServiceCostNetDefinedBenefitLiabilityAsset>
<ifrs-full:CurrentServiceCostNetDefinedBenefitLiabilityAsset id="Factid_19474542" contextRef="P01_01_2018To12_31_2018_OtherEmployeeBenefitsLiabilityMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:CurrentServiceCostNetDefinedBenefitLiabilityAsset>
<ifrs-full:CurrentServiceCostNetDefinedBenefitLiabilityAsset id="Factid_19474543" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">2105000</ifrs-full:CurrentServiceCostNetDefinedBenefitLiabilityAsset>
<ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset id="Factid_19474544" contextRef="P01_01_2018To12_31_2018_DefinedBenefitObligationLiabilitiesMemberifrsfullNetDefinedBenefitLiabilityAssetAxis" unitRef="Unit_USD" decimals="-3">642000</ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset>
<ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset id="Factid_19474545" contextRef="P01_01_2018To12_31_2018_FairValueOfAssetsMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">-666000</ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset>
<ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset id="Factid_19474546" contextRef="P01_01_2018To12_31_2018_OtherEmployeeBenefitsLiabilityMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset>
<ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset id="Factid_19474547" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">-24000</ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset>
<ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment id="Factid_19474548" contextRef="P01_01_2019To12_31_2019_FixturesAndFittingsMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis_GrossCarryingAmountMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment>
<ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment id="Factid_19474549" contextRef="P01_01_2019To12_31_2019_GrossCarryingAmountMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_LeaseholdImprovementsMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment>
<ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment id="Factid_19474550" contextRef="P01_01_2019To12_31_2019_ConstructionInProgressMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis_GrossCarryingAmountMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment>
<ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment id="Factid_19474551" contextRef="P01_01_2019To12_31_2019_GrossCarryingAmountMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" unitRef="Unit_USD" decimals="-3">413677000</ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment>
<cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment id="Factid_19474552" contextRef="P01_01_2019To12_31_2019_GrossCarryingAmountMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_LandMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">0</cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment>
<cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment id="Factid_19474553" contextRef="P01_01_2019To12_31_2019_FlightEquipment1MemberifrsfullClassesOfPropertyPlantAndEquipmentAxis_GrossCarryingAmountMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" unitRef="Unit_USD" decimals="-3">0</cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment>
<cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment id="Factid_19474554" contextRef="P01_01_2019To12_31_2019_GrossCarryingAmountMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_PurchaseDepositsForFlightEquipmentMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">0</cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment>
<cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment id="Factid_19474555" contextRef="P01_01_2019To12_31_2019_GrossCarryingAmountMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_RampAndMiscellaneousFlightEquipmentMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">-10000</cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment>
<cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment id="Factid_19474556" contextRef="P01_01_2019To12_31_2019_FixturesAndFittingsMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis_GrossCarryingAmountMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" unitRef="Unit_USD" decimals="-3">0</cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment>
<cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment id="Factid_19474557" contextRef="P01_01_2019To12_31_2019_GrossCarryingAmountMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_LeaseholdImprovementsMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">-12752000</cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment>
<cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment id="Factid_19474558" contextRef="P01_01_2019To12_31_2019_ConstructionInProgressMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis_GrossCarryingAmountMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" unitRef="Unit_USD" decimals="-3">12762000</cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment>
<cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment id="Factid_19474559" contextRef="P01_01_2019To12_31_2019_GrossCarryingAmountMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" unitRef="Unit_USD" decimals="-3">0</cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment>
<cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment id="Factid_19474560" contextRef="P01_01_2020To12_31_2020_GrossCarryingAmountMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_RampAndMiscellaneousFlightEquipmentMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">0</cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment>
<cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment id="Factid_19474561" contextRef="P01_01_2020To12_31_2020_GrossCarryingAmountMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_LeaseholdImprovementsMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">-2382000</cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment>
<cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment id="Factid_19474562" contextRef="P01_01_2020To12_31_2020_ConstructionInProgressMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis_GrossCarryingAmountMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" unitRef="Unit_USD" decimals="-3">2626000</cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment>
<cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment id="Factid_19474563" contextRef="P01_01_2018To12_31_2018_AccumulatedDepreciationAndAmortisationMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_FlightEquipment1MemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">-268000</cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment>
<cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment id="Factid_19474564" contextRef="P01_01_2018To12_31_2018_AccumulatedDepreciationAndAmortisationMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_RampAndMiscellaneousFlightEquipmentMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">0</cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment>
<cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment id="Factid_19474565" contextRef="P01_01_2018To12_31_2018_AccumulatedDepreciationAndAmortisationMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_FixturesAndFittingsMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">0</cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment>
<cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment id="Factid_19474566" contextRef="P01_01_2018To12_31_2018_AccumulatedDepreciationAndAmortisationMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_LeaseholdImprovementsMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">0</cpa:ReclassificationAdjustmentsOfPropertyPlantAndEquipment>
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<ifrs-full:OtherLiabilities id="Factid_19474798" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">195837000</ifrs-full:OtherLiabilities>
<cpa:OtherNoncurrentLiabilitiesIncrease id="Factid_19474799" contextRef="P01_01_2020To12_31_2020_ProvisionForLitigationsMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">59000</cpa:OtherNoncurrentLiabilitiesIncrease>
<cpa:OtherNoncurrentLiabilitiesIncrease id="Factid_19474800" contextRef="P01_01_2020To12_31_2020_ProvisionForReturnConditionMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">41051000</cpa:OtherNoncurrentLiabilitiesIncrease>
<cpa:OtherNoncurrentLiabilitiesIncrease id="Factid_19474801" contextRef="P01_01_2020To12_31_2020_DismantlingProvisionMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">0</cpa:OtherNoncurrentLiabilitiesIncrease>
<cpa:OtherNoncurrentLiabilitiesIncrease id="Factid_19474802" contextRef="P01_01_2020To12_31_2020_OtherLongTermLiabilitiesMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">685000</cpa:OtherNoncurrentLiabilitiesIncrease>
<cpa:OtherNoncurrentLiabilitiesIncrease id="Factid_19474803" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">41795000</cpa:OtherNoncurrentLiabilitiesIncrease>
<cpa:OtherNoncurrentLiabilitiesUsed id="Factid_19474804" contextRef="P01_01_2020To12_31_2020_ProvisionForLitigationsMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">0</cpa:OtherNoncurrentLiabilitiesUsed>
<cpa:OtherNoncurrentLiabilitiesUsed id="Factid_19474805" contextRef="P01_01_2020To12_31_2020_ProvisionForReturnConditionMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">0</cpa:OtherNoncurrentLiabilitiesUsed>
<cpa:OtherNoncurrentLiabilitiesUsed id="Factid_19474806" contextRef="P01_01_2020To12_31_2020_DismantlingProvisionMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">0</cpa:OtherNoncurrentLiabilitiesUsed>
<cpa:OtherNoncurrentLiabilitiesUsed id="Factid_19474807" contextRef="P01_01_2020To12_31_2020_OtherLongTermLiabilitiesMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">-4047000</cpa:OtherNoncurrentLiabilitiesUsed>
<cpa:OtherNoncurrentLiabilitiesUsed id="Factid_19474808" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">-4047000</cpa:OtherNoncurrentLiabilitiesUsed>
<cpa:OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate id="Factid_19474809" contextRef="P01_01_2020To12_31_2020_ProvisionForLitigationsMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">-2108000</cpa:OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate>
<cpa:OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate id="Factid_19474810" contextRef="P01_01_2020To12_31_2020_ProvisionForReturnConditionMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">0</cpa:OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate>
<cpa:OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate id="Factid_19474811" contextRef="P01_01_2020To12_31_2020_DismantlingProvisionMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">0</cpa:OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate>
<cpa:OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate id="Factid_19474812" contextRef="P01_01_2020To12_31_2020_OtherLongTermLiabilitiesMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">0</cpa:OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate>
<cpa:OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate id="Factid_19474813" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">-2108000</cpa:OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate>
<ifrs-full:OtherLiabilities id="Factid_19474814" contextRef="PAsOn12_31_2020_ProvisionForLitigationsMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">9922000</ifrs-full:OtherLiabilities>
<ifrs-full:OtherLiabilities id="Factid_19474815" contextRef="PAsOn12_31_2020_ProvisionForReturnConditionMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">182838000</ifrs-full:OtherLiabilities>
<ifrs-full:OtherLiabilities id="Factid_19474816" contextRef="PAsOn12_31_2020_DismantlingProvisionMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">24981000</ifrs-full:OtherLiabilities>
<ifrs-full:OtherLiabilities id="Factid_19474817" contextRef="PAsOn12_31_2020_OtherLongTermLiabilitiesMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">22173000</ifrs-full:OtherLiabilities>
<ifrs-full:OtherLiabilities id="Factid_19474818" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">239914000</ifrs-full:OtherLiabilities>
<cpa:OtherLiabilitiesCurrent1 id="Factid_19474819" contextRef="PAsOn12_31_2020_ProvisionForLitigationsMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">0</cpa:OtherLiabilitiesCurrent1>
<cpa:OtherLiabilitiesCurrent1 id="Factid_19474820" contextRef="PAsOn12_31_2020_ProvisionForReturnConditionMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">17283000</cpa:OtherLiabilitiesCurrent1>
<cpa:OtherLiabilitiesCurrent1 id="Factid_19474821" contextRef="PAsOn12_31_2020_DismantlingProvisionMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">1931000</cpa:OtherLiabilitiesCurrent1>
<cpa:OtherLiabilitiesCurrent1 id="Factid_19474822" contextRef="PAsOn12_31_2020_OtherLongTermLiabilitiesMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">4375000</cpa:OtherLiabilitiesCurrent1>
<cpa:OtherLiabilitiesCurrent1 id="Factid_19474823" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">23589000</cpa:OtherLiabilitiesCurrent1>
<cpa:NoncurrentPortionOfOtherLongtermLiabilities id="Factid_19474824" contextRef="PAsOn12_31_2020_ProvisionForLitigationsMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">9922000</cpa:NoncurrentPortionOfOtherLongtermLiabilities>
<cpa:NoncurrentPortionOfOtherLongtermLiabilities id="Factid_19474825" contextRef="PAsOn12_31_2020_ProvisionForReturnConditionMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">165555000</cpa:NoncurrentPortionOfOtherLongtermLiabilities>
<cpa:NoncurrentPortionOfOtherLongtermLiabilities id="Factid_19474826" contextRef="PAsOn12_31_2020_DismantlingProvisionMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">23050000</cpa:NoncurrentPortionOfOtherLongtermLiabilities>
<cpa:NoncurrentPortionOfOtherLongtermLiabilities id="Factid_19474827" contextRef="PAsOn12_31_2020_OtherLongTermLiabilitiesMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">17798000</cpa:NoncurrentPortionOfOtherLongtermLiabilities>
<cpa:NoncurrentPortionOfOtherLongtermLiabilities id="Factid_19474828" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">216325000</cpa:NoncurrentPortionOfOtherLongtermLiabilities>
<cpa:AmountInEscrowDeposits id="Factid_19474829" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-5">8100000</cpa:AmountInEscrowDeposits>
<cpa:AmountInEscrowDeposits id="Factid_19474830" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-5">10400000</cpa:AmountInEscrowDeposits>
<cpa:ProvisionForMaintenance id="Factid_19474831" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-5">19000000</cpa:ProvisionForMaintenance>
<cpa:ProvisionForMaintenance id="Factid_19474832" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-5">22400000</cpa:ProvisionForMaintenance>
<ifrs-full:CurrentTaxExpenseIncome id="Factid_19474833" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">14032000</ifrs-full:CurrentTaxExpenseIncome>
<ifrs-full:CurrentTaxExpenseIncome id="Factid_19474834" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">55847000</ifrs-full:CurrentTaxExpenseIncome>
<ifrs-full:CurrentTaxExpenseIncome id="Factid_19474835" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">35258000</ifrs-full:CurrentTaxExpenseIncome>
<ifrs-full:AdjustmentsForCurrentTaxOfPriorPeriod id="Factid_19474836" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">-162000</ifrs-full:AdjustmentsForCurrentTaxOfPriorPeriod>
<ifrs-full:AdjustmentsForCurrentTaxOfPriorPeriod id="Factid_19474837" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">-693000</ifrs-full:AdjustmentsForCurrentTaxOfPriorPeriod>
<ifrs-full:AdjustmentsForCurrentTaxOfPriorPeriod id="Factid_19474838" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">-261000</ifrs-full:AdjustmentsForCurrentTaxOfPriorPeriod>
<ifrs-full:CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods id="Factid_19474839" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">13870000</ifrs-full:CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods>
<ifrs-full:CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods id="Factid_19474840" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">55154000</ifrs-full:CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods>
<ifrs-full:CurrentPortionOfLongtermBorrowings id="Factid_19474841" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">127946000</ifrs-full:CurrentPortionOfLongtermBorrowings>
<ifrs-full:CurrentPortionOfLongtermBorrowings id="Factid_19474842" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">122582000</ifrs-full:CurrentPortionOfLongtermBorrowings>
<cpa:NoParValuePerShare id="Factid_19474853" contextRef="PAsOn12_31_2020_ClassBCommonStockMemberifrsfullClassesOfShareCapitalAxis" unitRef="Unit_USD_per_Share" decimals="INF">0</cpa:NoParValuePerShare>
<cpa:NoParValuePerShare id="Factid_19474854" contextRef="PAsOn12_31_2019_ClassBCommonStockMemberifrsfullClassesOfShareCapitalAxis" unitRef="Unit_USD_per_Share" decimals="INF">0</cpa:NoParValuePerShare>
<ifrs-full:ProfitLoss id="Factid_19474868" contextRef="P01_01_2020To12_31_2020_RetainedEarningsMemberifrsfullComponentsOfEquityAxis" unitRef="Unit_USD" decimals="-3">-607062000</ifrs-full:ProfitLoss>
<ifrs-full:OtherComprehensiveIncome id="Factid_19474876" contextRef="P01_01_2020To12_31_2020_AccumulatedOtherComprehensiveIncomeMemberifrsfullComponentsOfEquityAxis" unitRef="Unit_USD" decimals="-3">-15454000</ifrs-full:OtherComprehensiveIncome>
<ifrs-full:OtherComprehensiveIncome id="Factid_19474877" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">-15454000</ifrs-full:OtherComprehensiveIncome>
<cpa:IssuanceOfStockForEmployeeAwardsShares id="Factid_19474878" contextRef="P01_01_2020To12_31_2020_ClassACommonStockMemberifrsfullClassesOfShareCapitalAxis" unitRef="Unit_shares" decimals="INF">83409</cpa:IssuanceOfStockForEmployeeAwardsShares>
<cpa:IncreaseDecreaseThroughIssuanceOfStockForEmployeeAwards id="Factid_19474880" contextRef="P01_01_2020To12_31_2020_ClassACommonStockMemberifrsfullClassesOfShareCapitalAxis" unitRef="Unit_USD" decimals="-3">-57000</cpa:IncreaseDecreaseThroughIssuanceOfStockForEmployeeAwards>
<cpa:IncreaseDecreaseThroughIssuanceOfStockForEmployeeAwards id="Factid_19474882" contextRef="P01_01_2020To12_31_2020_AdditionalPaidinCapitalMemberifrsfullComponentsOfEquityAxis" unitRef="Unit_USD" decimals="-3">57000</cpa:IncreaseDecreaseThroughIssuanceOfStockForEmployeeAwards>
<ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions id="Factid_19474889" contextRef="P01_01_2020To12_31_2020_AdditionalPaidinCapitalMemberifrsfullComponentsOfEquityAxis" unitRef="Unit_USD" decimals="-3">-5263000</ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions>
<ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions id="Factid_19474893" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">-5263000</ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions>
<ifrs-full:IntangibleAssetsAndGoodwill id="Factid_19474897" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">108116000</ifrs-full:IntangibleAssetsAndGoodwill>
<ifrs-full:IntangibleAssetsAndGoodwill id="Factid_19474898" contextRef="PAsOn12_31_2020_GoodwillMemberifrsfullClassesOfIntangibleAssetsAndGoodwillAxis" unitRef="Unit_USD" decimals="-3">20380000</ifrs-full:IntangibleAssetsAndGoodwill>
<ifrs-full:IntangibleAssetsAndGoodwill id="Factid_19474899" contextRef="PAsOn12_31_2020_LicenseAndSoftwareRightsMemberifrsfullClassesOfIntangibleAssetsAndGoodwillAxis" unitRef="Unit_USD" decimals="-3">60208000</ifrs-full:IntangibleAssetsAndGoodwill>
<ifrs-full:IntangibleAssetsAndGoodwill id="Factid_19474900" contextRef="PAsOn12_31_2020_IntangibleAssetsUnderDevelopmentMemberifrsfullClassesOfIntangibleAssetsAndGoodwillAxis" unitRef="Unit_USD" decimals="-3">14980000</ifrs-full:IntangibleAssetsAndGoodwill>
<ifrs-full:IntangibleAssetsAndGoodwill id="Factid_19474901" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">95568000</ifrs-full:IntangibleAssetsAndGoodwill>
<ifrs-full:IntangibleAssetsAndGoodwill id="Factid_19474902" contextRef="PAsOn12_31_2020_CapitalisedDevelopmentExpenditureMemberifrsfullClassesOfIntangibleAssetsAndGoodwillAxis" unitRef="Unit_USD" decimals="-5">10800000</ifrs-full:IntangibleAssetsAndGoodwill>
<ifrs-full:IntangibleAssetsAndGoodwill id="Factid_19474903" contextRef="PAsOn12_31_2019_CapitalisedDevelopmentExpenditureMemberifrsfullClassesOfIntangibleAssetsAndGoodwillAxis" unitRef="Unit_USD" decimals="-5">23600000</ifrs-full:IntangibleAssetsAndGoodwill>
<ifrs-full:AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount id="Factid_19474904" contextRef="PAsOn12_31_2020_GoodwillMemberifrsfullClassesOfIntangibleAssetsAndGoodwillAxis" unitRef="Unit_USD" decimals="-8">2500000000</ifrs-full:AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount>
<ifrs-full:AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount id="Factid_19474905" contextRef="PAsOn12_31_2019_GoodwillMemberifrsfullClassesOfIntangibleAssetsAndGoodwillAxis" unitRef="Unit_USD" decimals="-8">4300000000</ifrs-full:AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount>
<cpa:PercentageOfGrowthRateToExtrapolateCashFlows id="Factid_19474906" contextRef="P01_01_2020To12_31_2020_GoodwillMemberifrsfullClassesOfIntangibleAssetsAndGoodwillAxis" unitRef="Unit_pure" decimals="3">0.045</cpa:PercentageOfGrowthRateToExtrapolateCashFlows>
<ifrs-full:CurrentInterestReceivable id="Factid_19474907" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">6457000</ifrs-full:CurrentInterestReceivable>
<ifrs-full:CurrentInterestReceivable id="Factid_19474908" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">12838000</ifrs-full:CurrentInterestReceivable>
<ifrs-full:OtherCurrentFinancialAssets id="Factid_19474909" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">1348000</ifrs-full:OtherCurrentFinancialAssets>
<ifrs-full:OtherCurrentFinancialAssets id="Factid_19474910" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">1368000</ifrs-full:OtherCurrentFinancialAssets>
<ifrs-full:OtherCurrentAssets id="Factid_19474911" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">7805000</ifrs-full:OtherCurrentAssets>
<ifrs-full:OtherCurrentAssets id="Factid_19474912" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">14206000</ifrs-full:OtherCurrentAssets>
<cpa:NoncurrentGuarantyDeposits id="Factid_19474913" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">3010000</cpa:NoncurrentGuarantyDeposits>
<cpa:NoncurrentGuarantyDeposits id="Factid_19474914" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">4121000</cpa:NoncurrentGuarantyDeposits>
<cpa:NoncurrentDepositsForLitigation id="Factid_19474915" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">8126000</cpa:NoncurrentDepositsForLitigation>
<cpa:NoncurrentDepositsForLitigation id="Factid_19474916" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">10548000</cpa:NoncurrentDepositsForLitigation>
<ifrs-full:OtherNoncurrentFinancialAssets id="Factid_19474917" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">3212000</ifrs-full:OtherNoncurrentFinancialAssets>
<ifrs-full:OtherNoncurrentFinancialAssets id="Factid_19474918" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">3212000</ifrs-full:OtherNoncurrentFinancialAssets>
<ifrs-full:OtherNoncurrentAssets id="Factid_19474919" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">14348000</ifrs-full:OtherNoncurrentAssets>
<ifrs-full:OtherNoncurrentAssets id="Factid_19474920" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">17881000</ifrs-full:OtherNoncurrentAssets>
<ifrs-full:OtherAssets id="Factid_19474921" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">22153000</ifrs-full:OtherAssets>
<ifrs-full:OtherAssets id="Factid_19474922" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">32087000</ifrs-full:OtherAssets>
<ifrs-full:Borrowings id="Factid_19474923" contextRef="PAsOn12_31_2020_TwoThousandTwentyTwoMemberifrsfullBorrowingsByNameAxis" unitRef="Unit_USD" decimals="-3">116767000</ifrs-full:Borrowings>
<ifrs-full:Borrowings id="Factid_19474924" contextRef="PAsOn12_31_2020_TwoThousandTwentyThreeMemberifrsfullBorrowingsByNameAxis" unitRef="Unit_USD" decimals="-3">96132000</ifrs-full:Borrowings>
<ifrs-full:Borrowings id="Factid_19474925" contextRef="PAsOn12_31_2020_TwothousandtwentyfourMemberifrsfullBorrowingsByNameAxis" unitRef="Unit_USD" decimals="-3">158459000</ifrs-full:Borrowings>
<ifrs-full:Borrowings id="Factid_19474926" contextRef="PAsOn12_31_2020_ThereafterMemberifrsfullBorrowingsByNameAxis" unitRef="Unit_USD" decimals="-3">289211000</ifrs-full:Borrowings>
<ifrs-full:Borrowings id="Factid_19474927" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">1163900000</ifrs-full:Borrowings>
<ifrs-full:Borrowings id="Factid_19474928" contextRef="PAsOn12_31_2020_BorrowingDueThroughTwoThousandTwentyNineMemberifrsfullBorrowingsByNameAxis_FixedInterestRateMemberifrsfullTypesOfInterestRatesAxis" unitRef="Unit_USD" decimals="-3">663293000</ifrs-full:Borrowings>
<ifrs-full:Borrowings id="Factid_19474929" contextRef="PAsOn12_31_2020_BorrowingDueThroughTwoThousandTwentyNineMemberifrsfullBorrowingsByNameAxis_FloatingInterestRateMemberifrsfullTypesOfInterestRatesAxis" unitRef="Unit_USD" decimals="-3">279778000</ifrs-full:Borrowings>
<ifrs-full:CurrentPortionOfLongtermBorrowings id="Factid_19474930" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">127946000</ifrs-full:CurrentPortionOfLongtermBorrowings>
<ifrs-full:LongtermBorrowings id="Factid_19474931" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">1035954000</ifrs-full:LongtermBorrowings>
<ifrs-full:Borrowings id="Factid_19474932" contextRef="PAsOn12_31_2019_BorrowingDueThroughTwoThousandTwentyNineMemberifrsfullBorrowingsByNameAxis_FixedInterestRateMemberifrsfullTypesOfInterestRatesAxis" unitRef="Unit_USD" decimals="-3">736790000</ifrs-full:Borrowings>
<ifrs-full:Borrowings id="Factid_19474933" contextRef="PAsOn12_31_2019_BorrowingDueThroughTwoThousandTwentyNineMemberifrsfullBorrowingsByNameAxis_FloatingInterestRateMemberifrsfullTypesOfInterestRatesAxis" unitRef="Unit_USD" decimals="-3">323975000</ifrs-full:Borrowings>
<ifrs-full:Borrowings id="Factid_19474934" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">1060765000</ifrs-full:Borrowings>
<ifrs-full:CurrentPortionOfLongtermBorrowings id="Factid_19474935" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">122582000</ifrs-full:CurrentPortionOfLongtermBorrowings>
<ifrs-full:LongtermBorrowings id="Factid_19474936" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">938183000</ifrs-full:LongtermBorrowings>
<ifrs-full:FinanceIncome id="Factid_19474937" contextRef="P01_01_2020To12_31_2020_ShortTermDepositsMemberifrsfullClassesOfFinancialInstrumentsAxis" unitRef="Unit_USD" decimals="-3">543000</ifrs-full:FinanceIncome>
<ifrs-full:ApplicableTaxRate id="Factid_19474938" contextRef="P01_01_2020To12_31_2020_PAifrsfullGeographicalAreasAxis" unitRef="Unit_pure" decimals="3">0.250</ifrs-full:ApplicableTaxRate>
<cpa:WithholdingTaxRateOnPortionOfDomesticIncome id="Factid_19474939" contextRef="P01_01_2020To12_31_2020_PAifrsfullGeographicalAreasAxis" unitRef="Unit_pure" decimals="2">0.10</cpa:WithholdingTaxRateOnPortionOfDomesticIncome>
<cpa:WithholdingTaxRateOnPortionOfForeignIncome id="Factid_19474940" contextRef="P01_01_2020To12_31_2020_PAifrsfullGeographicalAreasAxis" unitRef="Unit_pure" decimals="2">0.05</cpa:WithholdingTaxRateOnPortionOfForeignIncome>
<ifrs-full:ExplanationOfFactsAndCircumstancesOfSaleOrReclassificationAndExpectedDisposalMannerAndTiming id="Factid_19474941" contextRef="P01_01_2020To12_31_2020">The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification.	</ifrs-full:ExplanationOfFactsAndCircumstancesOfSaleOrReclassificationAndExpectedDisposalMannerAndTiming>
<cpa:EstimatedUsefulLivesOfIntangibleAsset id="Factid_19474942" contextRef="P01_01_2020To12_31_2020_BottomOfRangeMemberifrsfullRangeAxis_ComputerSoftwareLicensesMemberifrsfullIntangibleAssetsMaterialToEntityAxis">P3Y</cpa:EstimatedUsefulLivesOfIntangibleAsset>
<cpa:EstimatedUsefulLivesOfIntangibleAsset id="Factid_19474943" contextRef="P01_01_2020To12_31_2020_ComputerSoftwareLicensesMemberifrsfullIntangibleAssetsMaterialToEntityAxis_TopOfRangeMemberifrsfullRangeAxis">P8Y</cpa:EstimatedUsefulLivesOfIntangibleAsset>
<cpa:EstimatedUsefulLivesOfIntangibleAsset id="Factid_19474944" contextRef="P01_01_2020To12_31_2020_BottomOfRangeMemberifrsfullRangeAxis_SoftwareDevelopment1MemberifrsfullIntangibleAssetsMaterialToEntityAxis">P5Y</cpa:EstimatedUsefulLivesOfIntangibleAsset>
<cpa:EstimatedUsefulLivesOfIntangibleAsset id="Factid_19474945" contextRef="P01_01_2020To12_31_2020_SoftwareDevelopment1MemberifrsfullIntangibleAssetsMaterialToEntityAxis_TopOfRangeMemberifrsfullRangeAxis">P15Y</cpa:EstimatedUsefulLivesOfIntangibleAsset>
<cpa:EstimatedUsefulLivesOfIntangibleAsset id="Factid_19474946" contextRef="P01_01_2019To12_31_2019_BottomOfRangeMemberifrsfullRangeAxis_ComputerSoftwareLicensesMemberifrsfullIntangibleAssetsMaterialToEntityAxis">P3Y</cpa:EstimatedUsefulLivesOfIntangibleAsset>
<cpa:EstimatedUsefulLivesOfIntangibleAsset id="Factid_19474947" contextRef="P01_01_2019To12_31_2019_ComputerSoftwareLicensesMemberifrsfullIntangibleAssetsMaterialToEntityAxis_TopOfRangeMemberifrsfullRangeAxis">P8Y</cpa:EstimatedUsefulLivesOfIntangibleAsset>
<cpa:EstimatedUsefulLivesOfIntangibleAsset id="Factid_19474948" contextRef="P01_01_2019To12_31_2019_BottomOfRangeMemberifrsfullRangeAxis_SoftwareDevelopment1MemberifrsfullIntangibleAssetsMaterialToEntityAxis">P5Y</cpa:EstimatedUsefulLivesOfIntangibleAsset>
<cpa:EstimatedUsefulLivesOfIntangibleAsset id="Factid_19474949" contextRef="P01_01_2019To12_31_2019_SoftwareDevelopment1MemberifrsfullIntangibleAssetsMaterialToEntityAxis_TopOfRangeMemberifrsfullRangeAxis">P15Y</cpa:EstimatedUsefulLivesOfIntangibleAsset>
<cpa:TrustFund id="Factid_19474950" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-5">3000000</cpa:TrustFund>
<cpa:SalvageValueAssetsRate id="Factid_19474951" contextRef="PAsOn12_31_2020" unitRef="Unit_pure" decimals="2">0.15</cpa:SalvageValueAssetsRate>
<cpa:NumberOfAircraftUnderLessor id="Factid_19474952" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_Aircraft" decimals="INF">2</cpa:NumberOfAircraftUnderLessor>
<ifrs-full:RiskExposureAssociatedWithInstrumentsSharingCharacteristic id="Factid_19474953" contextRef="PAsOn12_31_2020_CurrencyRiskMemberifrsfullTypesOfRisksAxis" unitRef="Unit_USD" decimals="INF">0</ifrs-full:RiskExposureAssociatedWithInstrumentsSharingCharacteristic>
<ifrs-full:RiskExposureAssociatedWithInstrumentsSharingCharacteristic id="Factid_19474954" contextRef="PAsOn12_31_2020_OtherPriceRiskMemberifrsfullTypesOfRisksAxis" unitRef="Unit_USD" decimals="INF">0</ifrs-full:RiskExposureAssociatedWithInstrumentsSharingCharacteristic>
<cpa:Noncurrentrecognisedassetsandliabilitiesdefinedbenefitplan id="Factid_19474955" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">249000</cpa:Noncurrentrecognisedassetsandliabilitiesdefinedbenefitplan>
<cpa:Noncurrentrecognisedassetsandliabilitiesdefinedbenefitplan id="Factid_19474956" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">-14332000</cpa:Noncurrentrecognisedassetsandliabilitiesdefinedbenefitplan>
<ifrs-full:LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits id="Factid_19474957" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">28837000</ifrs-full:LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits>
<ifrs-full:LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits id="Factid_19474958" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">40115000</ifrs-full:LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits>
<ifrs-full:LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits id="Factid_19474959" contextRef="PAsOn12_31_2020_OtherEmployeeBenefitsMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">649000</ifrs-full:LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits>
<ifrs-full:LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits id="Factid_19474960" contextRef="PAsOn12_31_2019_DefinedBenefitObligationMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">28195000</ifrs-full:LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits>
<ifrs-full:LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits id="Factid_19474961" contextRef="PAsOn12_31_2020_DefinedBenefitObligationMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">39466000</ifrs-full:LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits>
<ifrs-full:AssetsOfBenefitPlan id="Factid_19474962" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">29086000</ifrs-full:AssetsOfBenefitPlan>
<ifrs-full:AssetsOfBenefitPlan id="Factid_19474963" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">25783000</ifrs-full:AssetsOfBenefitPlan>
<ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption id="Factid_19474964" contextRef="PAsOn12_31_2020_ActuarialAssumptionOfDiscountRatesPointFivePercentMemberifrsfullActuarialAssumptionsAxis" unitRef="Unit_USD" decimals="-3">2318000</ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption>
<ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption id="Factid_19474965" contextRef="PAsOn12_31_2020_ActuarialAssumptionOfDiscountRatesPointFivePercentMemberifrsfullActuarialAssumptionsAxis" unitRef="Unit_USD" decimals="-3">-2554000</ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption>
<ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption id="Factid_19474966" contextRef="PAsOn12_31_2019_ActuarialAssumptionOfDiscountRatesPointFivePercentMemberifrsfullActuarialAssumptionsAxis" unitRef="Unit_USD" decimals="-3">709000</ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption>
<ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption id="Factid_19474967" contextRef="PAsOn12_31_2019_ActuarialAssumptionOfDiscountRatesPointFivePercentMemberifrsfullActuarialAssumptionsAxis" unitRef="Unit_USD" decimals="-3">-751000</ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption>
<ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption id="Factid_19474968" contextRef="PAsOn12_31_2018_ActuarialAssumptionOfDiscountRatesPointFivePercentMemberifrsfullActuarialAssumptionsAxis" unitRef="Unit_USD" decimals="-3">538000</ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption>
<ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption id="Factid_19474969" contextRef="PAsOn12_31_2018_ActuarialAssumptionOfDiscountRatesPointFivePercentMemberifrsfullActuarialAssumptionsAxis" unitRef="Unit_USD" decimals="-3">-569000</ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption>
<ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption id="Factid_19474970" contextRef="PAsOn12_31_2020_ActuarialAssumptionOfDiscountRatesMemberifrsfullActuarialAssumptionsAxis" unitRef="Unit_pure" decimals="3">0.020</ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption>
<ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption id="Factid_19474971" contextRef="PAsOn12_31_2019_ActuarialAssumptionOfDiscountRatesMemberifrsfullActuarialAssumptionsAxis" unitRef="Unit_pure" decimals="3">0.025</ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption>
<ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption id="Factid_19474972" contextRef="PAsOn12_31_2018_ActuarialAssumptionOfDiscountRatesMemberifrsfullActuarialAssumptionsAxis" unitRef="Unit_pure" decimals="3">0.039</ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption>
<ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption id="Factid_19474973" contextRef="PAsOn12_31_2020_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMemberifrsfullActuarialAssumptionsAxis" unitRef="Unit_pure" decimals="3">0.040</ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption>
<ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption id="Factid_19474974" contextRef="PAsOn12_31_2019_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMemberifrsfullActuarialAssumptionsAxis" unitRef="Unit_pure" decimals="3">0.040</ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption>
<ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption id="Factid_19474975" contextRef="PAsOn12_31_2018_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMemberifrsfullActuarialAssumptionsAxis" unitRef="Unit_pure" decimals="3">0.040</ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption>
<cpa:RatioOfReasonablyPossibleIncreaseInActuarialAssumption id="Factid_19474976" contextRef="P01_01_2019To12_31_2019_ActuarialAssumptionRpTwoThousandMortalityTableNoCollarMemberifrsfullActuarialAssumptionsAxis">RP - 2000 no collar</cpa:RatioOfReasonablyPossibleIncreaseInActuarialAssumption>
<ifrs-full:ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset id="Factid_19474978" contextRef="P01_01_2018To12_31_2018_FairValueOfAssetsMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">-483000</ifrs-full:ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset>
<ifrs-full:ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset id="Factid_19474979" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">-483000</ifrs-full:ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset>
<cpa:InvestmentReturnNetDefinedBenefitLiabilityAsset id="Factid_19474980" contextRef="P01_01_2018To12_31_2018_FairValueOfAssetsMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">-67000</cpa:InvestmentReturnNetDefinedBenefitLiabilityAsset>
<cpa:InvestmentReturnNetDefinedBenefitLiabilityAsset id="Factid_19474981" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">-67000</cpa:InvestmentReturnNetDefinedBenefitLiabilityAsset>
<cpa:AssumptionChangesNetDefinedBenefitLiabilityAsset id="Factid_19474982" contextRef="P01_01_2018To12_31_2018_DefinedBenefitObligationLiabilitiesMemberifrsfullNetDefinedBenefitLiabilityAssetAxis" unitRef="Unit_USD" decimals="-3">-877000</cpa:AssumptionChangesNetDefinedBenefitLiabilityAsset>
<cpa:AssumptionChangesNetDefinedBenefitLiabilityAsset id="Factid_19474983" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">-877000</cpa:AssumptionChangesNetDefinedBenefitLiabilityAsset>
<ifrs-full:LiabilityAssetOfDefinedBenefitPlans id="Factid_19474984" contextRef="PAsOn12_31_2018_DefinedBenefitObligationLiabilitiesMemberifrsfullNetDefinedBenefitLiabilityAssetAxis" unitRef="Unit_USD" decimals="-3">-22568000</ifrs-full:LiabilityAssetOfDefinedBenefitPlans>
<ifrs-full:LiabilityAssetOfDefinedBenefitPlans id="Factid_19474985" contextRef="PAsOn12_31_2018_FairValueOfAssetsMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">28339000</ifrs-full:LiabilityAssetOfDefinedBenefitPlans>
<ifrs-full:LiabilityAssetOfDefinedBenefitPlans id="Factid_19474986" contextRef="PAsOn12_31_2018_OtherEmployeeBenefitsLiabilityMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">-680000</ifrs-full:LiabilityAssetOfDefinedBenefitPlans>
<ifrs-full:LiabilityAssetOfDefinedBenefitPlans id="Factid_19474987" contextRef="PAsOn12_31_2018" unitRef="Unit_USD" decimals="-3">5091000</ifrs-full:LiabilityAssetOfDefinedBenefitPlans>
<cpa:DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesAssetsSetOffTax id="Factid_19474988" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">-414000</cpa:DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesAssetsSetOffTax>
<cpa:DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesAssetsSetOffTax id="Factid_19474989" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">63000</cpa:DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesAssetsSetOffTax>
<cpa:DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxAssets id="Factid_19474992" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">-16380000</cpa:DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxAssets>
<cpa:InvestmentReturnNetDefinedBenefitLiabilityAsset id="Factid_19474993" contextRef="P01_01_2019To12_31_2019_FairValueOfAssetsMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">-138000</cpa:InvestmentReturnNetDefinedBenefitLiabilityAsset>
<cpa:InvestmentReturnNetDefinedBenefitLiabilityAsset id="Factid_19474994" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">-138000</cpa:InvestmentReturnNetDefinedBenefitLiabilityAsset>
<cpa:AssumptionChangesNetDefinedBenefitLiabilityAsset id="Factid_19474995" contextRef="P01_01_2019To12_31_2019_DefinedBenefitObligationLiabilitiesMemberifrsfullNetDefinedBenefitLiabilityAssetAxis" unitRef="Unit_USD" decimals="-3">1874000</cpa:AssumptionChangesNetDefinedBenefitLiabilityAsset>
<cpa:AssumptionChangesNetDefinedBenefitLiabilityAsset id="Factid_19474996" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">1874000</cpa:AssumptionChangesNetDefinedBenefitLiabilityAsset>
<ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset id="Factid_19474997" contextRef="P01_01_2020To12_31_2020_DefinedBenefitObligationLiabilitiesMemberifrsfullNetDefinedBenefitLiabilityAssetAxis" unitRef="Unit_USD" decimals="-3">706000</ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset>
<ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset id="Factid_19474998" contextRef="P01_01_2020To12_31_2020_FairValueOfAssetsMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">-731000</ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset>
<ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset id="Factid_19474999" contextRef="P01_01_2020To12_31_2020_OtherEmployeeBenefitsLiabilityMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset>
<ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset id="Factid_19475000" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">-25000</ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset>
<ifrs-full:ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset id="Factid_19475001" contextRef="P01_01_2020To12_31_2020_DefinedBenefitObligationLiabilitiesMemberifrsfullNetDefinedBenefitLiabilityAssetAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset>
<ifrs-full:ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset id="Factid_19475002" contextRef="P01_01_2020To12_31_2020_FairValueOfAssetsMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">-374000</ifrs-full:ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset>
<ifrs-full:ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset id="Factid_19475003" contextRef="P01_01_2020To12_31_2020_OtherEmployeeBenefitsLiabilityMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset>
<ifrs-full:ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset id="Factid_19475004" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">-374000</ifrs-full:ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset>
<cpa:ExperienceGainLossNetDefinedBenefitLiabilityAsset id="Factid_19475005" contextRef="P01_01_2020To12_31_2020_DefinedBenefitObligationLiabilitiesMemberifrsfullNetDefinedBenefitLiabilityAssetAxis" unitRef="Unit_USD" decimals="-3">-4001000</cpa:ExperienceGainLossNetDefinedBenefitLiabilityAsset>
<cpa:ExperienceGainLossNetDefinedBenefitLiabilityAsset id="Factid_19475006" contextRef="P01_01_2020To12_31_2020_FairValueOfAssetsMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">0</cpa:ExperienceGainLossNetDefinedBenefitLiabilityAsset>
<cpa:ExperienceGainLossNetDefinedBenefitLiabilityAsset id="Factid_19475007" contextRef="P01_01_2020To12_31_2020_OtherEmployeeBenefitsLiabilityMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">0</cpa:ExperienceGainLossNetDefinedBenefitLiabilityAsset>
<cpa:ExperienceGainLossNetDefinedBenefitLiabilityAsset id="Factid_19475008" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">-4001000</cpa:ExperienceGainLossNetDefinedBenefitLiabilityAsset>
<cpa:AssumptionChangesNetDefinedBenefitLiabilityAsset id="Factid_19475009" contextRef="P01_01_2020To12_31_2020_DefinedBenefitObligationLiabilitiesMemberifrsfullNetDefinedBenefitLiabilityAssetAxis" unitRef="Unit_USD" decimals="-3">1028000</cpa:AssumptionChangesNetDefinedBenefitLiabilityAsset>
<cpa:AssumptionChangesNetDefinedBenefitLiabilityAsset id="Factid_19475010" contextRef="P01_01_2020To12_31_2020_FairValueOfAssetsMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">0</cpa:AssumptionChangesNetDefinedBenefitLiabilityAsset>
<cpa:AssumptionChangesNetDefinedBenefitLiabilityAsset id="Factid_19475011" contextRef="P01_01_2020To12_31_2020_OtherEmployeeBenefitsLiabilityMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">0</cpa:AssumptionChangesNetDefinedBenefitLiabilityAsset>
<cpa:AssumptionChangesNetDefinedBenefitLiabilityAsset id="Factid_19475012" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">1028000</cpa:AssumptionChangesNetDefinedBenefitLiabilityAsset>
<ifrs-full:ContractLiabilities id="Factid_19475013" contextRef="PAsOn12_31_2019_AirTrafficLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">497374000</ifrs-full:ContractLiabilities>
<ifrs-full:ContractLiabilities id="Factid_19475014" contextRef="PAsOn12_31_2018_AirTrafficLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">471676000</ifrs-full:ContractLiabilities>
<ifrs-full:DecreaseThroughPerformanceObligationBeingSatisfiedContractLiabilities id="Factid_19475016" contextRef="P01_01_2020To12_31_2020_AirTrafficLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">700406000</ifrs-full:DecreaseThroughPerformanceObligationBeingSatisfiedContractLiabilities>
<ifrs-full:DecreaseThroughPerformanceObligationBeingSatisfiedContractLiabilities id="Factid_19475017" contextRef="P01_01_2019To12_31_2019_AirTrafficLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">2355626000</ifrs-full:DecreaseThroughPerformanceObligationBeingSatisfiedContractLiabilities>
<ifrs-full:ContractLiabilities id="Factid_19475019" contextRef="PAsOn12_31_2020_AirTrafficLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">470695000</ifrs-full:ContractLiabilities>
<cpa:PercentageOfGrowthRateToExtrapolateCashFlows id="Factid_19475022" contextRef="P01_01_2019To12_31_2019_GoodwillMemberifrsfullClassesOfIntangibleAssetsAndGoodwillAxis" unitRef="Unit_pure" decimals="3">0.030</cpa:PercentageOfGrowthRateToExtrapolateCashFlows>
<ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption id="Factid_19475023" contextRef="PAsOn12_31_2019_ActuarialAssumptionOfTerminationRatesAllAgesMemberifrsfullActuarialAssumptionsAxis" unitRef="Unit_pure" decimals="2">0.13</ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption>
<ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption id="Factid_19475024" contextRef="PAsOn12_31_2018_ActuarialAssumptionOfTerminationRatesAllAgesMemberifrsfullActuarialAssumptionsAxis" unitRef="Unit_pure" decimals="2">0.13</ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption>
<cpa:PercentageOfDiscountRate id="Factid_19475026" contextRef="P01_01_2020To12_31_2020_GoodwillMemberifrsfullClassesOfIntangibleAssetsAndGoodwillAxis" unitRef="Unit_pure" decimals="3">0.138</cpa:PercentageOfDiscountRate>
<cpa:PercentageOfDiscountRate id="Factid_19475027" contextRef="P01_01_2019To12_31_2019_GoodwillMemberifrsfullClassesOfIntangibleAssetsAndGoodwillAxis" unitRef="Unit_pure" decimals="3">0.135</cpa:PercentageOfDiscountRate>
<cpa:PassengerAndCargoAndMailRevenue id="Factid_19475028" contextRef="P01_01_2020To12_31_2020_SouthAmericaMemberifrsfullGeographicalAreasAxis" unitRef="Unit_USD" decimals="-3">281008000</cpa:PassengerAndCargoAndMailRevenue>
<cpa:PassengerAndCargoAndMailRevenue id="Factid_19475029" contextRef="P01_01_2019To12_31_2019_SouthAmericaMemberifrsfullGeographicalAreasAxis" unitRef="Unit_USD" decimals="-3">975530000</cpa:PassengerAndCargoAndMailRevenue>
<cpa:PassengerAndCargoAndMailRevenue id="Factid_19475030" contextRef="P01_01_2018To12_31_2018_SouthAmericaMemberifrsfullGeographicalAreasAxis" unitRef="Unit_USD" decimals="-3">1076507000</cpa:PassengerAndCargoAndMailRevenue>
<cpa:PassengerAndCargoAndMailRevenue id="Factid_19475031" contextRef="P01_01_2020To12_31_2020_CentralAmericaMemberifrsfullGeographicalAreasAxis" unitRef="Unit_USD" decimals="-3">246727000</cpa:PassengerAndCargoAndMailRevenue>
<cpa:PassengerAndCargoAndMailRevenue id="Factid_19475032" contextRef="P01_01_2019To12_31_2019_CentralAmericaMemberifrsfullGeographicalAreasAxis" unitRef="Unit_USD" decimals="-3">740358000</cpa:PassengerAndCargoAndMailRevenue>
<cpa:PassengerAndCargoAndMailRevenue id="Factid_19475033" contextRef="P01_01_2018To12_31_2018_CentralAmericaMemberifrsfullGeographicalAreasAxis" unitRef="Unit_USD" decimals="-3">648747000</cpa:PassengerAndCargoAndMailRevenue>
<cpa:PassengerAndCargoAndMailRevenue id="Factid_19475034" contextRef="P01_01_2020To12_31_2020_CarribeanMemberifrsfullGeographicalAreasAxis" unitRef="Unit_USD" decimals="-3">20822000</cpa:PassengerAndCargoAndMailRevenue>
<cpa:PassengerAndCargoAndMailRevenue id="Factid_19475035" contextRef="P01_01_2019To12_31_2019_CarribeanMemberifrsfullGeographicalAreasAxis" unitRef="Unit_USD" decimals="-3">102175000</cpa:PassengerAndCargoAndMailRevenue>
<cpa:PassengerAndCargoAndMailRevenue id="Factid_19475036" contextRef="P01_01_2018To12_31_2018_CarribeanMemberifrsfullGeographicalAreasAxis" unitRef="Unit_USD" decimals="-3">98089000</cpa:PassengerAndCargoAndMailRevenue>
<cpa:PassengerAndCargoAndMailRevenue id="Factid_19475037" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">781596000</cpa:PassengerAndCargoAndMailRevenue>
<cpa:PassengerAndCargoAndMailRevenue id="Factid_19475038" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">2675065000</cpa:PassengerAndCargoAndMailRevenue>
<cpa:PassengerAndCargoAndMailRevenue id="Factid_19475039" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">2649872000</cpa:PassengerAndCargoAndMailRevenue>
<cpa:RatioOfReasonablyPossibleIncreaseInActuarialAssumption id="Factid_19475040" contextRef="P01_01_2020To12_31_2020_ActuarialAssumptionRpTwoThousandMortalityTableNoCollarMemberifrsfullActuarialAssumptionsAxis">Panama expirence</cpa:RatioOfReasonablyPossibleIncreaseInActuarialAssumption>
<cpa:RatioOfReasonablyPossibleIncreaseInActuarialAssumption id="Factid_19475041" contextRef="P01_01_2018To12_31_2018_ActuarialAssumptionRpTwoThousandMortalityTableNoCollarMemberifrsfullActuarialAssumptionsAxis">RP -2000 no collar</cpa:RatioOfReasonablyPossibleIncreaseInActuarialAssumption>
<cpa:NumberOfOperatingSegments1 id="Factid_19475042" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_Segment" decimals="INF">1</cpa:NumberOfOperatingSegments1>
<ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan id="Factid_19475044" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">249000</ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan>
<cpa:CurrentTaxesAndInterestPayable id="Factid_19475045" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">13400000</cpa:CurrentTaxesAndInterestPayable>
<cpa:CurrentTaxesAndInterestPayable id="Factid_19475046" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">46267000</cpa:CurrentTaxesAndInterestPayable>
<ifrs-full:BorrowingsInterestRate id="Factid_19475049" contextRef="PAsOn12_31_2020_BorrowingDueThroughTwoThousandTwentyNineMemberifrsfullBorrowingsByNameAxis_FixedInterestRateMemberifrsfullTypesOfInterestRatesAxis_TopOfRangeMemberifrsfullRangeAxis" unitRef="Unit_pure" decimals="INF">0.0445</ifrs-full:BorrowingsInterestRate>
<ifrs-full:BorrowingsInterestRate id="Factid_19475050" contextRef="PAsOn12_31_2020_BorrowingDueThroughTwoThousandTwentyNineMemberifrsfullBorrowingsByNameAxis_BottomOfRangeMemberifrsfullRangeAxis_FloatingInterestRateMemberifrsfullTypesOfInterestRatesAxis" unitRef="Unit_pure" decimals="INF">0.0042</ifrs-full:BorrowingsInterestRate>
<ifrs-full:BorrowingsInterestRate id="Factid_19475051" contextRef="PAsOn12_31_2020_BorrowingDueThroughTwoThousandTwentyNineMemberifrsfullBorrowingsByNameAxis_FloatingInterestRateMemberifrsfullTypesOfInterestRatesAxis_TopOfRangeMemberifrsfullRangeAxis" unitRef="Unit_pure" decimals="INF">0.0166</ifrs-full:BorrowingsInterestRate>
<ifrs-full:BorrowingsInterestRate id="Factid_19475052" contextRef="PAsOn12_31_2019_BorrowingDueThroughTwoThousandTwentyNineMemberifrsfullBorrowingsByNameAxis_BottomOfRangeMemberifrsfullRangeAxis_FixedInterestRateMemberifrsfullTypesOfInterestRatesAxis" unitRef="Unit_pure" decimals="INF">0.0149</ifrs-full:BorrowingsInterestRate>
<ifrs-full:BorrowingsInterestRate id="Factid_19475053" contextRef="PAsOn12_31_2019_BorrowingDueThroughTwoThousandTwentyNineMemberifrsfullBorrowingsByNameAxis_FixedInterestRateMemberifrsfullTypesOfInterestRatesAxis_TopOfRangeMemberifrsfullRangeAxis" unitRef="Unit_pure" decimals="INF">0.0490</ifrs-full:BorrowingsInterestRate>
<ifrs-full:BorrowingsInterestRate id="Factid_19475054" contextRef="PAsOn12_31_2019_BorrowingDueThroughTwoThousandTwentyNineMemberifrsfullBorrowingsByNameAxis_BottomOfRangeMemberifrsfullRangeAxis_FloatingInterestRateMemberifrsfullTypesOfInterestRatesAxis" unitRef="Unit_pure" decimals="INF">0.0215</ifrs-full:BorrowingsInterestRate>
<ifrs-full:BorrowingsInterestRate id="Factid_19475055" contextRef="PAsOn12_31_2019_BorrowingDueThroughTwoThousandTwentyNineMemberifrsfullBorrowingsByNameAxis_FloatingInterestRateMemberifrsfullTypesOfInterestRatesAxis_TopOfRangeMemberifrsfullRangeAxis" unitRef="Unit_pure" decimals="INF">0.0350</ifrs-full:BorrowingsInterestRate>
<ifrs-full:Borrowings id="Factid_19475056" contextRef="PAsOn12_31_2020_TwoThousandTwentyOneMemberifrsfullBorrowingsByNameAxis" unitRef="Unit_USD" decimals="-3">127946000</ifrs-full:Borrowings>
<ifrs-full:Borrowings id="Factid_19475057" contextRef="PAsOn12_31_2020_TwoThousandTwentyFiveMemberifrsfullBorrowingsByNameAxis" unitRef="Unit_USD" decimals="-3">375385000</ifrs-full:Borrowings>
<ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment id="Factid_19475058" contextRef="P01_01_2019To12_31_2019_AccumulatedDepreciationAndAmortisationMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_FlightEquipment1MemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">-226319000</ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment>
<ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment id="Factid_19475059" contextRef="P01_01_2019To12_31_2019_AccumulatedDepreciationAndAmortisationMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" unitRef="Unit_USD" decimals="-3">-226319000</ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment>
<ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment id="Factid_19475060" contextRef="P01_01_2020To12_31_2020_AccumulatedDepreciationAndAmortisationMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_LandMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
<ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment id="Factid_19475061" contextRef="P01_01_2020To12_31_2020_AccumulatedDepreciationAndAmortisationMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_FlightEquipment1MemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
<ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment id="Factid_19475062" contextRef="P01_01_2020To12_31_2020_AccumulatedDepreciationAndAmortisationMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_PurchaseDepositsForFlightEquipmentMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
<ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment id="Factid_19475063" contextRef="P01_01_2020To12_31_2020_AccumulatedDepreciationAndAmortisationMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_RampAndMiscellaneousFlightEquipmentMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
<ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment id="Factid_19475064" contextRef="P01_01_2020To12_31_2020_AccumulatedDepreciationAndAmortisationMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_FixturesAndFittingsMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
<ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment id="Factid_19475065" contextRef="P01_01_2020To12_31_2020_AccumulatedDepreciationAndAmortisationMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_LeaseholdImprovementsMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
<ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment id="Factid_19475066" contextRef="P01_01_2020To12_31_2020_AccumulatedDepreciationAndAmortisationMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ConstructionInProgressMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">4000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
<ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment id="Factid_19475067" contextRef="P01_01_2020To12_31_2020_AccumulatedDepreciationAndAmortisationMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" unitRef="Unit_USD" decimals="-3">4000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
<ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment id="Factid_19475068" contextRef="P01_01_2020To12_31_2020_AccumulatedDepreciationAndAmortisationMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_LandMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment>
<ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment id="Factid_19475069" contextRef="P01_01_2020To12_31_2020_AccumulatedDepreciationAndAmortisationMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_FlightEquipment1MemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">-273251000</ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment>
<ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment id="Factid_19475070" contextRef="P01_01_2020To12_31_2020_AccumulatedDepreciationAndAmortisationMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_PurchaseDepositsForFlightEquipmentMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment>
<ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment id="Factid_19475071" contextRef="P01_01_2020To12_31_2020_AccumulatedDepreciationAndAmortisationMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_RampAndMiscellaneousFlightEquipmentMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment>
<ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment id="Factid_19475072" contextRef="P01_01_2020To12_31_2020_AccumulatedDepreciationAndAmortisationMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_FixturesAndFittingsMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment>
<ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment id="Factid_19475073" contextRef="P01_01_2020To12_31_2020_AccumulatedDepreciationAndAmortisationMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_LeaseholdImprovementsMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment>
<ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment id="Factid_19475074" contextRef="P01_01_2020To12_31_2020_AccumulatedDepreciationAndAmortisationMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_ConstructionInProgressMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment>
<ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment id="Factid_19475075" contextRef="P01_01_2020To12_31_2020_AccumulatedDepreciationAndAmortisationMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" unitRef="Unit_USD" decimals="-3">-273251000</ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment>
<ifrs-full:DescriptionOfKeyAssumptionsOnWhichManagementHasBasedCashFlowProjections id="Factid_19475077" contextRef="P01_01_2020To12_31_2020_Covid19MemberCPAUncertainEventAxis">To determine whether impairment exists, the recoverable amount at the level of the CGU, was determined using cash flow projections from financial forecasts approved by senior management covering a five-year period. The pre-tax discount rate applied to cash flow projections was 13.1%.</ifrs-full:DescriptionOfKeyAssumptionsOnWhichManagementHasBasedCashFlowProjections>
<ifrs-full:Borrowings id="Factid_19475079" contextRef="PAsOn12_31_2020_FinanceLeaseMemberifrsfullClassesOfLiabilitiesAxis_FixedInterestRateMemberifrsfullTypesOfInterestRatesAxis" unitRef="Unit_USD" decimals="-5">579700000</ifrs-full:Borrowings>
<ifrs-full:Borrowings id="Factid_19475080" contextRef="PAsOn12_31_2019_FinanceLeaseMemberifrsfullClassesOfLiabilitiesAxis_FixedInterestRateMemberifrsfullTypesOfInterestRatesAxis" unitRef="Unit_USD" decimals="-5">608300000</ifrs-full:Borrowings>
<ifrs-full:Borrowings id="Factid_19475081" contextRef="PAsOn12_31_2020_FinanceLeaseMemberifrsfullClassesOfLiabilitiesAxis_FloatingInterestRateMemberifrsfullTypesOfInterestRatesAxis" unitRef="Unit_USD" decimals="-5">202600000</ifrs-full:Borrowings>
<ifrs-full:Borrowings id="Factid_19475082" contextRef="PAsOn12_31_2019_FinanceLeaseMemberifrsfullClassesOfLiabilitiesAxis_FloatingInterestRateMemberifrsfullTypesOfInterestRatesAxis" unitRef="Unit_USD" decimals="-5">225200000</ifrs-full:Borrowings>
<cpa:OutstandingIndebtedness id="Factid_19475083" contextRef="PAsOn12_31_2020_ExportImportBankOfUnitedStatesMemberifrsfullBorrowingsByNameAxis" unitRef="Unit_USD" decimals="-5">160700000</cpa:OutstandingIndebtedness>
<cpa:OutstandingIndebtedness id="Factid_19475084" contextRef="PAsOn12_31_2019_ExportImportBankOfUnitedStatesMemberifrsfullBorrowingsByNameAxis" unitRef="Unit_USD" decimals="-5">227300000</cpa:OutstandingIndebtedness>
<ifrs-full:DividendsPaid id="Factid_19475086" contextRef="P01_01_2020To12_31_2020_RetainedEarningsMemberifrsfullComponentsOfEquityAxis" unitRef="Unit_USD" decimals="-3">33990000</ifrs-full:DividendsPaid>
<ifrs-full:DividendsPaid id="Factid_19475088" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">33990000</ifrs-full:DividendsPaid>
<ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity id="Factid_19475093" contextRef="P01_01_2020To12_31_2020_RetainedEarningsMemberifrsfullComponentsOfEquityAxis" unitRef="Unit_USD" decimals="-3">-105000</ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity>
<ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity id="Factid_19475095" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">-105000</ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity>
<cpa:CommercialAllianceRenewalExtensionPeriod id="Factid_19475098" contextRef="P05_01_2016To05_31_2016">P5Y</cpa:CommercialAllianceRenewalExtensionPeriod>
<cpa:NumberOfDestinations id="Factid_19475099" contextRef="PAsOn12_31_2020_ConnectMilesMemberifrsfullSignificantInvestmentsInSubsidiariesAxis_StarAllianceAirlinesMemberifrsfullConsolidatedStructuredEntitiesAxis" unitRef="Unit_Destinations" decimals="INF">1300</cpa:NumberOfDestinations>
<cpa:NumberOfCountries id="Factid_19475100" contextRef="PAsOn12_31_2020_ConnectMilesMemberifrsfullSignificantInvestmentsInSubsidiariesAxis_StarAllianceAirlinesMemberifrsfullConsolidatedStructuredEntitiesAxis" unitRef="Unit_Country" decimals="INF">195</cpa:NumberOfCountries>
<cpa:NumberOfAirlines id="Factid_19475101" contextRef="PAsOn12_31_2020_BottomOfRangeMemberifrsfullRangeAxis_ConnectMilesMemberifrsfullSignificantInvestmentsInSubsidiariesAxis_StarAllianceAirlinesMemberifrsfullConsolidatedStructuredEntitiesAxis" unitRef="Unit_Airlines" decimals="INF">26</cpa:NumberOfAirlines>
<cpa:NumberOfAircraft id="Factid_19475102" contextRef="PAsOn12_31_2020" unitRef="Unit_Aircraft" decimals="INF">77</cpa:NumberOfAircraft>
<cpa:AircraftAverageUsefulLife id="Factid_19475103" contextRef="P01_01_2020To12_31_2020">P8Y2M12D</cpa:AircraftAverageUsefulLife>
<cpa:NumberOfDailyScheduledFlights id="Factid_19475104" contextRef="PAsOn12_31_2020_CompaniaPanamenaDeAviacionMemberifrsfullSignificantInvestmentsInSubsidiariesAxis" unitRef="Unit_Flights" decimals="INF">104</cpa:NumberOfDailyScheduledFlights>
<cpa:NumberOfDestinations id="Factid_19475105" contextRef="PAsOn12_31_2020_CompaniaPanamenaDeAviacionMemberifrsfullSignificantInvestmentsInSubsidiariesAxis_NorthCentralSouthAmericaAndCaribbeanMemberifrsfullGeographicalAreasAxis" unitRef="Unit_Destinations" decimals="INF">54</cpa:NumberOfDestinations>
<cpa:NumberOfCountries id="Factid_19475106" contextRef="PAsOn12_31_2020_CompaniaPanamenaDeAviacionMemberifrsfullSignificantInvestmentsInSubsidiariesAxis" unitRef="Unit_Country" decimals="INF">25</cpa:NumberOfCountries>
<cpa:NumberOfDestinations id="Factid_19475107" contextRef="PAsOn12_31_2020_CodeshareAgreementsMemberifrsfullJointOperationsAxis_CompaniaPanamenaDeAviacionMemberifrsfullSignificantInvestmentsInSubsidiariesAxis_ForeignCountriesMemberifrsfullGeographicalAreasAxis" unitRef="Unit_Destinations" decimals="INF">200</cpa:NumberOfDestinations>
<cpa:EstimatedUsefulLivesOfTangibleAsset id="Factid_19475108" contextRef="P01_01_2020To12_31_2020_AirframeAndEnginesMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis">P27Y</cpa:EstimatedUsefulLivesOfTangibleAsset>
<cpa:EstimatedUsefulLivesOfTangibleAsset id="Factid_19475109" contextRef="P01_01_2020To12_31_2020_BottomOfRangeMemberifrsfullRangeAxis_MajorMaintenanceEventsMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis">P3Y</cpa:EstimatedUsefulLivesOfTangibleAsset>
<cpa:EstimatedUsefulLivesOfTangibleAsset id="Factid_19475110" contextRef="P01_01_2020To12_31_2020_MajorMaintenanceEventsMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis_TopOfRangeMemberifrsfullRangeAxis">P16Y</cpa:EstimatedUsefulLivesOfTangibleAsset>
<cpa:EstimatedUsefulLivesOfTangibleAsset id="Factid_19475111" contextRef="P01_01_2020To12_31_2020_GroundEquipmentMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis">P10Y</cpa:EstimatedUsefulLivesOfTangibleAsset>
<cpa:EstimatedUsefulLivesOfTangibleAsset id="Factid_19475112" contextRef="P01_01_2020To12_31_2020_BottomOfRangeMemberifrsfullRangeAxis_FurnitureFixturesAndOtherEquipmentMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis">P5Y</cpa:EstimatedUsefulLivesOfTangibleAsset>
<cpa:EstimatedUsefulLivesOfTangibleAsset id="Factid_19475113" contextRef="P01_01_2020To12_31_2020_FurnitureFixturesAndOtherEquipmentMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis_TopOfRangeMemberifrsfullRangeAxis">P10Y</cpa:EstimatedUsefulLivesOfTangibleAsset>
<cpa:SalvageValueAssetsRate id="Factid_19475115" contextRef="PAsOn12_31_2020_AirframeAndEnginesMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_pure" decimals="2">0.15</cpa:SalvageValueAssetsRate>
<cpa:PropertyPlantAndEquipmentEstimatedUsefulLifes id="Factid_19475116" contextRef="P01_01_2020To12_31_2020_LeaseholdImprovementsMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis">Lesser of remaining lease term and estimated useful life of the leasehold improvement</cpa:PropertyPlantAndEquipmentEstimatedUsefulLifes>
<cpa:DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesMaintenanceDeposits id="Factid_19475117" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">3277000</cpa:DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesMaintenanceDeposits>
<cpa:DeferredTaxLiabilitiesPrepaidDividendTax id="Factid_19475118" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">0</cpa:DeferredTaxLiabilitiesPrepaidDividendTax>
<cpa:DeferredTaxLiabilitiesPrepaidDividendTax id="Factid_19475119" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">7403000</cpa:DeferredTaxLiabilitiesPrepaidDividendTax>
<cpa:DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPrepaidDividendTax id="Factid_19475120" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">-7403000</cpa:DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPrepaidDividendTax>
<cpa:DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPrepaidDividendTax id="Factid_19475121" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">-1456000</cpa:DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPrepaidDividendTax>
<ifrs-full:CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners id="Factid_19475122" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">1083829000</ifrs-full:CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners>
<ifrs-full:CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners id="Factid_19475123" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">1114437000</ifrs-full:CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners>
<cpa:CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners id="Factid_19475124" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">135542000</cpa:CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners>
<cpa:CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners id="Factid_19475125" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">120006000</cpa:CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners>
<ifrs-full:RightofuseAssets id="Factid_19475126" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">214279000</ifrs-full:RightofuseAssets>
<ifrs-full:RightofuseAssets id="Factid_19475127" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">290843000</ifrs-full:RightofuseAssets>
<ifrs-full:CurrentLeaseLiabilities id="Factid_19475128" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">83605000</ifrs-full:CurrentLeaseLiabilities>
<ifrs-full:CurrentLeaseLiabilities id="Factid_19475129" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">97732000</ifrs-full:CurrentLeaseLiabilities>
<ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary id="Factid_19475130" contextRef="P01_01_2018To12_31_2018_RetainedEarningsMemberifrsfullComponentsOfEquityAxis" unitRef="Unit_USD" decimals="-3">-1744000</ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary>
<ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary id="Factid_19475131" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">-1744000</ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary>
<ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities id="Factid_19475132" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">93213000</ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities>
<ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities id="Factid_19475133" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">103069000</ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities>
<ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities id="Factid_19475134" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">106254000</ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities>
<ifrs-full:TradeAndOtherReceivables id="Factid_19475135" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">65689000</ifrs-full:TradeAndOtherReceivables>
<ifrs-full:TradeAndOtherReceivables id="Factid_19475136" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">131920000</ifrs-full:TradeAndOtherReceivables>
<cpa:AircraftsAcquiredThroughJapaneseOperatingLeasesWithCallOption id="Factid_19475138" contextRef="PAsOn12_31_2019_BoeingSevenHundredAndThirtySevenMaxNineAircraftMembersrtAircraftTypeAxis" unitRef="Unit_Aircraft" decimals="INF">2</cpa:AircraftsAcquiredThroughJapaneseOperatingLeasesWithCallOption>
<ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners id="Factid_19475139" contextRef="PAsOn12_31_2020_FlightEquipmentMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">129443000</ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners>
<ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners id="Factid_19475140" contextRef="PAsOn12_31_2019_FlightEquipmentMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">91252000</ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners>
<ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners id="Factid_19475141" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">135542000</ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners>
<ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners id="Factid_19475142" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">120006000</ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners>
<ifrs-full:RightofuseAssets id="Factid_19475143" contextRef="PAsOn12_31_2017_AircraftMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">350517000</ifrs-full:RightofuseAssets>
<ifrs-full:RightofuseAssets id="Factid_19475144" contextRef="PAsOn12_31_2017_RealEstateMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">33833000</ifrs-full:RightofuseAssets>
<ifrs-full:RightofuseAssets id="Factid_19475145" contextRef="PAsOn12_31_2017" unitRef="Unit_USD" decimals="-3">384350000</ifrs-full:RightofuseAssets>
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<ifrs-full:AdditionsToRightofuseAssets id="Factid_19475147" contextRef="P01_01_2018To12_31_2018_RealEstateMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">1381000</ifrs-full:AdditionsToRightofuseAssets>
<ifrs-full:AdditionsToRightofuseAssets id="Factid_19475148" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">84770000</ifrs-full:AdditionsToRightofuseAssets>
<ifrs-full:DepreciationRightofuseAssets id="Factid_19475149" contextRef="P01_01_2018To12_31_2018_AircraftMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">100857000</ifrs-full:DepreciationRightofuseAssets>
<ifrs-full:DepreciationRightofuseAssets id="Factid_19475150" contextRef="P01_01_2018To12_31_2018_RealEstateMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">6270000</ifrs-full:DepreciationRightofuseAssets>
<ifrs-full:DepreciationRightofuseAssets id="Factid_19475151" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">107127000</ifrs-full:DepreciationRightofuseAssets>
<ifrs-full:RightofuseAssets id="Factid_19475152" contextRef="PAsOn12_31_2018_AircraftMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">333049000</ifrs-full:RightofuseAssets>
<ifrs-full:RightofuseAssets id="Factid_19475153" contextRef="PAsOn12_31_2018_RealEstateMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">28944000</ifrs-full:RightofuseAssets>
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<cpa:DeferredTaxLiabilitiesOther1 id="Factid_19475161" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">4690000</cpa:DeferredTaxLiabilitiesOther1>
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<cpa:DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesProvisionForReturnConditions id="Factid_19475178" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">-2959000</cpa:DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesProvisionForReturnConditions>
<cpa:DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesProvisionForReturnConditions id="Factid_19475179" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">723000</cpa:DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesProvisionForReturnConditions>
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<ifrs-full:TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods id="Factid_19475248" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_pure" decimals="3">-0.002</ifrs-full:TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods>
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<ifrs-full:IncomeTaxExpenseContinuingOperations id="Factid_19475253" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">46437000</ifrs-full:IncomeTaxExpenseContinuingOperations>
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<ifrs-full:IncomeTaxExpenseContinuingOperations id="Factid_19475255" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">34530000</ifrs-full:IncomeTaxExpenseContinuingOperations>
<ifrs-full:AmountsReceivableRelatedPartyTransactions id="Factid_19475256" contextRef="PAsOn12_31_2020_BancoGeneralSAMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-3">1231000</ifrs-full:AmountsReceivableRelatedPartyTransactions>
<ifrs-full:AmountsReceivableRelatedPartyTransactions id="Factid_19475257" contextRef="PAsOn12_31_2019_BancoGeneralSAMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-3">24000</ifrs-full:AmountsReceivableRelatedPartyTransactions>
<ifrs-full:AmountsReceivableRelatedPartyTransactions id="Factid_19475258" contextRef="PAsOn12_31_2020_PanamaAirCargoTerminalMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-3">186000</ifrs-full:AmountsReceivableRelatedPartyTransactions>
<ifrs-full:AmountsReceivableRelatedPartyTransactions id="Factid_19475259" contextRef="PAsOn12_31_2019_PanamaAirCargoTerminalMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-3">101000</ifrs-full:AmountsReceivableRelatedPartyTransactions>
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<ifrs-full:PaymentsFromContractsHeldForDealingOrTradingPurpose id="Factid_19475261" contextRef="P01_01_2020To12_31_2020_AircraftMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="0">0</ifrs-full:PaymentsFromContractsHeldForDealingOrTradingPurpose>
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<ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment id="Factid_19475264" contextRef="P06_01_2020To06_30_2020_Embraer190FleetMembersrtAircraftTypeAxis" unitRef="Unit_USD" decimals="-5">49500000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
<cpa:NumberOfAircraft id="Factid_19475265" contextRef="PAsOn12_31_2020_BoeingSevenHundredAndThirtySevenEightHundredAircraftMembersrtAircraftTypeAxis_Covid19memberMemberCPAEventAxis" unitRef="Unit_Aircraft" decimals="INF">68</cpa:NumberOfAircraft>
<cpa:NumberOfAircraft id="Factid_19475266" contextRef="PAsOn12_31_2020_BoeingSevenHundredAndThirtySevenSevenHundredAircraftMembersrtAircraftTypeAxis_Covid19memberMemberCPAEventAxis" unitRef="Unit_Aircraft" decimals="INF">2</cpa:NumberOfAircraft>
<cpa:NumberOfAircraft id="Factid_19475267" contextRef="PAsOn12_31_2020_BoeingSevenHundredAndThirtySevenMaxAircraftMembersrtAircraftTypeAxis_Covid19memberMemberCPAEventAxis" unitRef="Unit_Aircraft" decimals="INF">7</cpa:NumberOfAircraft>
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<cpa:InterestIncomeOnRetirement id="Factid_19475271" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-5">1100000</cpa:InterestIncomeOnRetirement>
<cpa:InterestIncomeOnRetirement id="Factid_19475272" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-5">2500000</cpa:InterestIncomeOnRetirement>
<cpa:InterestIncomeOnRetirement id="Factid_19475273" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-6">0</cpa:InterestIncomeOnRetirement>
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<ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill id="Factid_19475275" contextRef="P01_01_2020To12_31_2020_AccumulatedDepreciationAmortisationAndImpairmentMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_LicenseAndSoftwareRightsMemberifrsfullClassesOfIntangibleAssetsAndGoodwillAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill>
<ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill id="Factid_19475276" contextRef="P01_01_2020To12_31_2020_AccumulatedDepreciationAmortisationAndImpairmentMemberifrsfullCarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_IntangibleAssetsUnderDevelopmentMemberifrsfullClassesOfIntangibleAssetsAndGoodwillAxis" unitRef="Unit_USD" decimals="-3">-1020000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill>
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<ifrs-full:BorrowingsInterestRate id="Factid_19475280" contextRef="PAsOn12_31_2020_SeniorConvertibleNotesDueThrough2025MemberifrsfullBorrowingsByNameAxis" unitRef="Unit_pure" decimals="INF">0.1468</ifrs-full:BorrowingsInterestRate>
<ifrs-full:Borrowings id="Factid_19475281" contextRef="PAsOn12_31_2020_SeniorConvertibleNotesDueThrough2025MemberifrsfullBorrowingsByNameAxis" unitRef="Unit_USD" decimals="-3">220829000</ifrs-full:Borrowings>
<ifrs-full:AdjustmentsForFinanceCosts id="Factid_19475282" contextRef="P01_01_2020To12_31_2020_InterestExpenseOnSeniorConvertibleNotesMemberifrsfullClassesOfFinancialInstrumentsAxis" unitRef="Unit_USD" decimals="-3">23571000</ifrs-full:AdjustmentsForFinanceCosts>
<cpa:NominalIssue id="Factid_19475283" contextRef="PAsOn04_30_2020_SeniorConvertibleNotesMemberifrsfullBorrowingsByNameAxis" unitRef="Unit_USD" decimals="-5">350000000</cpa:NominalIssue>
<cpa:PercentageOfDiscountRate id="Factid_19475287" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_pure" decimals="3">0.138</cpa:PercentageOfDiscountRate>
<ifrs-full:CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods id="Factid_19475288" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">34997000</ifrs-full:CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods>
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<ifrs-full:DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences id="Factid_19475290" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">-8717000</ifrs-full:DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences>
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<ifrs-full:IncomeTaxExpenseContinuingOperations id="Factid_19475294" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">34530000</ifrs-full:IncomeTaxExpenseContinuingOperations>
<ifrs-full:ApplicableTaxRate id="Factid_19475295" contextRef="P01_01_2018To12_31_2018_COifrsfullGeographicalAreasAxis_TaxYearTwoThousandTwentyOneMemberCPAApplicableTaxationYearsAxis" unitRef="Unit_pure" decimals="2">0.31</ifrs-full:ApplicableTaxRate>
<ifrs-full:ApplicableTaxRate id="Factid_19475296" contextRef="P01_01_2018To12_31_2018_COifrsfullGeographicalAreasAxis_TaxYearTwoThousandTwentyTwoMemberCPAApplicableTaxationYearsAxis" unitRef="Unit_pure" decimals="2">0.30</ifrs-full:ApplicableTaxRate>
<cpa:DeferredTaxLiabilitiesMaintenanceDeposits id="Factid_19475297" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">23891000</cpa:DeferredTaxLiabilitiesMaintenanceDeposits>
<cpa:DeferredTaxLiabilitiesMaintenanceDeposits id="Factid_19475298" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">29863000</cpa:DeferredTaxLiabilitiesMaintenanceDeposits>
<cpa:DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesMaintenanceDeposits id="Factid_19475299" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">-5972000</cpa:DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesMaintenanceDeposits>
<cpa:DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesMaintenanceDeposits id="Factid_19475300" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">0</cpa:DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesMaintenanceDeposits>
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<cpa:IncomeExpenseForRelatedPartyTransactions id="Factid_19475302" contextRef="P01_01_2019To12_31_2019_CommunicationsMemberifrsfullProductsAndServicesAxis_TelevisoraNacionalSaMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-3">0</cpa:IncomeExpenseForRelatedPartyTransactions>
<cpa:IncomeExpenseForRelatedPartyTransactions id="Factid_19475303" contextRef="P01_01_2018To12_31_2018_CommunicationsMemberifrsfullProductsAndServicesAxis_TelevisoraNacionalSaMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-3">0</cpa:IncomeExpenseForRelatedPartyTransactions>
<ifrs-full:AmountsReceivableRelatedPartyTransactions id="Factid_19475305" contextRef="PAsOn12_31_2020_PetroleosDeltaMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-3">12000</ifrs-full:AmountsReceivableRelatedPartyTransactions>
<ifrs-full:AmountsReceivableRelatedPartyTransactions id="Factid_19475306" contextRef="PAsOn12_31_2019_PetroleosDeltaMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-3">22000</ifrs-full:AmountsReceivableRelatedPartyTransactions>
<ifrs-full:AmountsPayableRelatedPartyTransactions id="Factid_19475309" contextRef="PAsOn12_31_2020_PetroleosDeltaMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-3">2476000</ifrs-full:AmountsPayableRelatedPartyTransactions>
<ifrs-full:AmountsPayableRelatedPartyTransactions id="Factid_19475310" contextRef="PAsOn12_31_2019_PetroleosDeltaMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-3">13330000</ifrs-full:AmountsPayableRelatedPartyTransactions>
<ifrs-full:AmountsPayableRelatedPartyTransactions id="Factid_19475311" contextRef="PAsOn12_31_2020_AssaCompaniaDeSegurosMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-3">358000</ifrs-full:AmountsPayableRelatedPartyTransactions>
<ifrs-full:AmountsPayableRelatedPartyTransactions id="Factid_19475312" contextRef="PAsOn12_31_2019_AssaCompaniaDeSegurosMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-3">283000</ifrs-full:AmountsPayableRelatedPartyTransactions>
<ifrs-full:AmountsPayableRelatedPartyTransactions id="Factid_19475313" contextRef="PAsOn12_31_2020_DesarrolloInmobiliarioDelEsteSAMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-3">51000</ifrs-full:AmountsPayableRelatedPartyTransactions>
<ifrs-full:AmountsPayableRelatedPartyTransactions id="Factid_19475314" contextRef="PAsOn12_31_2019_DesarrolloInmobiliarioDelEsteSAMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-3">20000</ifrs-full:AmountsPayableRelatedPartyTransactions>
<ifrs-full:AmountsPayableRelatedPartyTransactions id="Factid_19475315" contextRef="PAsOn12_31_2020_PanamaAirCargoTerminalMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-3">40000</ifrs-full:AmountsPayableRelatedPartyTransactions>
<ifrs-full:AmountsPayableRelatedPartyTransactions id="Factid_19475316" contextRef="PAsOn12_31_2019_PanamaAirCargoTerminalMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-3">250000</ifrs-full:AmountsPayableRelatedPartyTransactions>
<ifrs-full:AmountsPayableRelatedPartyTransactions id="Factid_19475317" contextRef="PAsOn12_31_2020_CableOndaMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-3">9000</ifrs-full:AmountsPayableRelatedPartyTransactions>
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<ifrs-full:AmountsPayableRelatedPartyTransactions id="Factid_19475319" contextRef="PAsOn12_31_2020_BancoGeneralSAMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:AmountsPayableRelatedPartyTransactions>
<ifrs-full:AmountsPayableRelatedPartyTransactions id="Factid_19475320" contextRef="PAsOn12_31_2019_BancoGeneralSAMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-3">151000</ifrs-full:AmountsPayableRelatedPartyTransactions>
<ifrs-full:AmountsPayableRelatedPartyTransactions id="Factid_19475321" contextRef="PAsOn12_31_2020_MottaInternationalSAMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:AmountsPayableRelatedPartyTransactions>
<ifrs-full:AmountsPayableRelatedPartyTransactions id="Factid_19475322" contextRef="PAsOn12_31_2019_MottaInternationalSAMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-3">32000</ifrs-full:AmountsPayableRelatedPartyTransactions>
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<cpa:IncomeExpenseForRelatedPartyTransactions id="Factid_19475343" contextRef="P01_01_2020To12_31_2020_GBMInternationalIncMemberifrsfullCategoriesOfRelatedPartiesAxis_TechnologicalSupportMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">146000</cpa:IncomeExpenseForRelatedPartyTransactions>
<cpa:IncomeExpenseForRelatedPartyTransactions id="Factid_19475344" contextRef="P01_01_2019To12_31_2019_GBMInternationalIncMemberifrsfullCategoriesOfRelatedPartiesAxis_TechnologicalSupportMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">240000</cpa:IncomeExpenseForRelatedPartyTransactions>
<cpa:IncomeExpenseForRelatedPartyTransactions id="Factid_19475345" contextRef="P01_01_2018To12_31_2018_GBMInternationalIncMemberifrsfullCategoriesOfRelatedPartiesAxis_TechnologicalSupportMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">231000</cpa:IncomeExpenseForRelatedPartyTransactions>
<cpa:IncomeExpenseForRelatedPartyTransactions id="Factid_19475346" contextRef="P01_01_2020To12_31_2020_GlobalBrandsPanamaSAMemberifrsfullCategoriesOfRelatedPartiesAxis_PurchaseMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">31000</cpa:IncomeExpenseForRelatedPartyTransactions>
<cpa:IncomeExpenseForRelatedPartyTransactions id="Factid_19475347" contextRef="P01_01_2019To12_31_2019_GlobalBrandsPanamaSAMemberifrsfullCategoriesOfRelatedPartiesAxis_PurchaseMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">108000</cpa:IncomeExpenseForRelatedPartyTransactions>
<cpa:IncomeExpenseForRelatedPartyTransactions id="Factid_19475348" contextRef="P01_01_2018To12_31_2018_GlobalBrandsPanamaSAMemberifrsfullCategoriesOfRelatedPartiesAxis_PurchaseMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">55000</cpa:IncomeExpenseForRelatedPartyTransactions>
<cpa:IncomeExpenseForRelatedPartyTransactions id="Factid_19475349" contextRef="P01_01_2020To12_31_2020_BancoGeneralSAMemberifrsfullCategoriesOfRelatedPartiesAxis_InterestIncomeMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">-2657000</cpa:IncomeExpenseForRelatedPartyTransactions>
<cpa:IncomeExpenseForRelatedPartyTransactions id="Factid_19475350" contextRef="P01_01_2019To12_31_2019_BancoGeneralSAMemberifrsfullCategoriesOfRelatedPartiesAxis_InterestIncomeMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">-4181000</cpa:IncomeExpenseForRelatedPartyTransactions>
<cpa:IncomeExpenseForRelatedPartyTransactions id="Factid_19475351" contextRef="P01_01_2018To12_31_2018_BancoGeneralSAMemberifrsfullCategoriesOfRelatedPartiesAxis_InterestIncomeMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">-3781000</cpa:IncomeExpenseForRelatedPartyTransactions>
<ifrs-full:InterestReceivable id="Factid_19475352" contextRef="PAsOn12_31_2020_BancoGeneralSAMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-5">1000000</ifrs-full:InterestReceivable>
<ifrs-full:InterestReceivable id="Factid_19475353" contextRef="PAsOn12_31_2019_BancoGeneralSAMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-5">2100000</ifrs-full:InterestReceivable>
<ifrs-full:AverageEffectiveTaxRate id="Factid_19475354" contextRef="P01_01_2018To12_31_2018_COifrsfullGeographicalAreasAxis_CopaAirlinesMemberifrsfullConsolidatedStructuredEntitiesAxis_TaxYearTwoThousandTwentyOneMemberCPAApplicableTaxationYearsAxis" unitRef="Unit_pure" decimals="2">-0.25</ifrs-full:AverageEffectiveTaxRate>
<ifrs-full:AverageEffectiveTaxRate id="Factid_19475355" contextRef="P01_01_2018To12_31_2018_COifrsfullGeographicalAreasAxis_CopaColombiaMemberifrsfullConsolidatedStructuredEntitiesAxis_TaxYearTwoThousandTwentyOneMemberCPAApplicableTaxationYearsAxis" unitRef="Unit_pure" decimals="2">-0.31</ifrs-full:AverageEffectiveTaxRate>
<ifrs-full:AverageEffectiveTaxRate id="Factid_19475356" contextRef="P01_01_2018To12_31_2018_COifrsfullGeographicalAreasAxis_OvalMemberifrsfullConsolidatedStructuredEntitiesAxis_TaxYearTwoThousandTwentyOneMemberCPAApplicableTaxationYearsAxis" unitRef="Unit_pure" decimals="2">-0.21</ifrs-full:AverageEffectiveTaxRate>
<ifrs-full:DeferredTaxAssets id="Factid_19475357" contextRef="PAsOn12_31_2020_CopaAirlinesMemberifrsfullConsolidatedStructuredEntitiesAxis" unitRef="Unit_USD" decimals="-5">11800000</ifrs-full:DeferredTaxAssets>
<ifrs-full:DeferredTaxAssets id="Factid_19475358" contextRef="PAsOn12_31_2020_CarriedForwardTaxLossesOfCopaColombiaMemberifrsfullTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" unitRef="Unit_USD" decimals="-5">9100000</ifrs-full:DeferredTaxAssets>
<ifrs-full:DeferredTaxAssets id="Factid_19475359" contextRef="PAsOn12_31_2019_CarriedForwardTaxLossesOfCopaColombiaMemberifrsfullTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" unitRef="Unit_USD" decimals="-5">1700000</ifrs-full:DeferredTaxAssets>
<cpa:TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesForWhichDeferredTaxLiabilitiesHaveNotBeenRecognized id="Factid_19475360" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-5">272500000</cpa:TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesForWhichDeferredTaxLiabilitiesHaveNotBeenRecognized>
<ifrs-full:AmountsPayableRelatedPartyTransactions id="Factid_19475361" contextRef="PAsOn12_31_2020_GalindoAriasAndLopezMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-3">36000</ifrs-full:AmountsPayableRelatedPartyTransactions>
<cpa:IncomeExpenseForRelatedPartyTransactions id="Factid_19475362" contextRef="P01_01_2020To12_31_2020_PaymentsMemberifrsfullProductsAndServicesAxis_ProfuturoAdministradoraDeFondosDePensionyCesantiaMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-3">2839000</cpa:IncomeExpenseForRelatedPartyTransactions>
<cpa:IncomeExpenseForRelatedPartyTransactions id="Factid_19475363" contextRef="P01_01_2019To12_31_2019_PaymentsMemberifrsfullProductsAndServicesAxis_ProfuturoAdministradoraDeFondosDePensionyCesantiaMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-3">5145000</cpa:IncomeExpenseForRelatedPartyTransactions>
<cpa:IncomeExpenseForRelatedPartyTransactions id="Factid_19475364" contextRef="P01_01_2018To12_31_2018_PaymentsMemberifrsfullProductsAndServicesAxis_ProfuturoAdministradoraDeFondosDePensionyCesantiaMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-3">4716000</cpa:IncomeExpenseForRelatedPartyTransactions>
<cpa:IncomeExpenseForRelatedPartyTransactions id="Factid_19475365" contextRef="P01_01_2020To12_31_2020_GalindoAriasAndLopezMemberifrsfullCategoriesOfRelatedPartiesAxis_LegalServicesMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">236000</cpa:IncomeExpenseForRelatedPartyTransactions>
<cpa:IncomeExpenseForRelatedPartyTransactions id="Factid_19475366" contextRef="P01_01_2019To12_31_2019_GalindoAriasAndLopezMemberifrsfullCategoriesOfRelatedPartiesAxis_LegalServicesMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">309000</cpa:IncomeExpenseForRelatedPartyTransactions>
<cpa:IncomeExpenseForRelatedPartyTransactions id="Factid_19475367" contextRef="P01_01_2018To12_31_2018_GalindoAriasAndLopezMemberifrsfullCategoriesOfRelatedPartiesAxis_LegalServicesMemberifrsfullProductsAndServicesAxis" unitRef="Unit_USD" decimals="-3">490000</cpa:IncomeExpenseForRelatedPartyTransactions>
<ifrs-full:RightofuseAssets id="Factid_19475368" contextRef="PAsOn12_31_2018" unitRef="Unit_USD" decimals="-3">361993000</ifrs-full:RightofuseAssets>
<ifrs-full:AdditionsToRightofuseAssets id="Factid_19475369" contextRef="P01_01_2019To12_31_2019_AircraftMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">23162000</ifrs-full:AdditionsToRightofuseAssets>
<ifrs-full:AdditionsToRightofuseAssets id="Factid_19475370" contextRef="P01_01_2019To12_31_2019_RealEstateMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">8512000</ifrs-full:AdditionsToRightofuseAssets>
<ifrs-full:AdditionsToRightofuseAssets id="Factid_19475371" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">31674000</ifrs-full:AdditionsToRightofuseAssets>
<ifrs-full:DepreciationRightofuseAssets id="Factid_19475372" contextRef="P01_01_2019To12_31_2019_AircraftMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">95564000</ifrs-full:DepreciationRightofuseAssets>
<ifrs-full:DepreciationRightofuseAssets id="Factid_19475373" contextRef="P01_01_2019To12_31_2019_RealEstateMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">7260000</ifrs-full:DepreciationRightofuseAssets>
<ifrs-full:DepreciationRightofuseAssets id="Factid_19475374" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">102824000</ifrs-full:DepreciationRightofuseAssets>
<ifrs-full:RightofuseAssets id="Factid_19475375" contextRef="PAsOn12_31_2019_AircraftMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">260647000</ifrs-full:RightofuseAssets>
<ifrs-full:RightofuseAssets id="Factid_19475376" contextRef="PAsOn12_31_2019_RealEstateMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">30196000</ifrs-full:RightofuseAssets>
<ifrs-full:CurrentLeaseLiabilities id="Factid_19475378" contextRef="PAsOn12_31_2020_AircraftMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">77777000</ifrs-full:CurrentLeaseLiabilities>
<ifrs-full:CurrentLeaseLiabilities id="Factid_19475379" contextRef="PAsOn12_31_2019_AircraftMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">91246000</ifrs-full:CurrentLeaseLiabilities>
<ifrs-full:CurrentLeaseLiabilities id="Factid_19475380" contextRef="PAsOn12_31_2020_RealEstateMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">5828000</ifrs-full:CurrentLeaseLiabilities>
<ifrs-full:CurrentLeaseLiabilities id="Factid_19475381" contextRef="PAsOn12_31_2019_RealEstateMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">6486000</ifrs-full:CurrentLeaseLiabilities>
<ifrs-full:NoncurrentLeaseLiabilities id="Factid_19475384" contextRef="PAsOn12_31_2020_AircraftMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">125216000</ifrs-full:NoncurrentLeaseLiabilities>
<ifrs-full:NoncurrentLeaseLiabilities id="Factid_19475385" contextRef="PAsOn12_31_2019_AircraftMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">179031000</ifrs-full:NoncurrentLeaseLiabilities>
<ifrs-full:NoncurrentLeaseLiabilities id="Factid_19475386" contextRef="PAsOn12_31_2020_RealEstateMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">21689000</ifrs-full:NoncurrentLeaseLiabilities>
<ifrs-full:NoncurrentLeaseLiabilities id="Factid_19475387" contextRef="PAsOn12_31_2019_RealEstateMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">27801000</ifrs-full:NoncurrentLeaseLiabilities>
<ifrs-full:DepreciationRightofuseAssets id="Factid_19475390" contextRef="P01_01_2020To12_31_2020_AircraftMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">88451000</ifrs-full:DepreciationRightofuseAssets>
<ifrs-full:DepreciationRightofuseAssets id="Factid_19475391" contextRef="P01_01_2020To12_31_2020_RealEstateMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">6390000</ifrs-full:DepreciationRightofuseAssets>
<ifrs-full:DepreciationRightofuseAssets id="Factid_19475392" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">94841000</ifrs-full:DepreciationRightofuseAssets>
<ifrs-full:RightofuseAssets id="Factid_19475393" contextRef="PAsOn12_31_2020_AircraftMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">192361000</ifrs-full:RightofuseAssets>
<ifrs-full:RightofuseAssets id="Factid_19475394" contextRef="PAsOn12_31_2020_RealEstateMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">21918000</ifrs-full:RightofuseAssets>
<cpa:LeaseLiabilitiesIncludingDismantlingProvision id="Factid_19475396" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-5">255500000</cpa:LeaseLiabilitiesIncludingDismantlingProvision>
<cpa:LeaseLiabilitiesIncludingDismantlingProvision id="Factid_19475397" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-5">328900000</cpa:LeaseLiabilitiesIncludingDismantlingProvision>
<ifrs-full:CashOutflowForLeases id="Factid_19475398" contextRef="P01_01_2020To12_31_2020_AircraftMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">97353000</ifrs-full:CashOutflowForLeases>
<ifrs-full:CashOutflowForLeases id="Factid_19475399" contextRef="P01_01_2019To12_31_2019_AircraftMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">107610000</ifrs-full:CashOutflowForLeases>
<ifrs-full:CashOutflowForLeases id="Factid_19475400" contextRef="P01_01_2020To12_31_2020_RealEstateMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">6039000</ifrs-full:CashOutflowForLeases>
<ifrs-full:CashOutflowForLeases id="Factid_19475401" contextRef="P01_01_2019To12_31_2019_RealEstateMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">9458000</ifrs-full:CashOutflowForLeases>
<ifrs-full:CashOutflowForLeases id="Factid_19475402" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">103392000</ifrs-full:CashOutflowForLeases>
<ifrs-full:CashOutflowForLeases id="Factid_19475403" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">117068000</ifrs-full:CashOutflowForLeases>
<ifrs-full:WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16 id="Factid_19475404" contextRef="PAsOn12_31_2019" unitRef="Unit_pure" decimals="4">0.0337</ifrs-full:WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16>
<cpa:DepreciationAndAmotisationRightOfUseAssets id="Factid_19475405" contextRef="P01_01_2020To12_31_2020_AircraftMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">88451000</cpa:DepreciationAndAmotisationRightOfUseAssets>
<cpa:DepreciationAndAmotisationRightOfUseAssets id="Factid_19475406" contextRef="P01_01_2019To12_31_2019_AircraftMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">95564000</cpa:DepreciationAndAmotisationRightOfUseAssets>
<cpa:DepreciationAndAmotisationRightOfUseAssets id="Factid_19475407" contextRef="P01_01_2018To12_31_2018_AircraftMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">100857000</cpa:DepreciationAndAmotisationRightOfUseAssets>
<cpa:DepreciationAndAmotisationRightOfUseAssets id="Factid_19475408" contextRef="P01_01_2020To12_31_2020_RealEstateMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">6390000</cpa:DepreciationAndAmotisationRightOfUseAssets>
<cpa:DepreciationAndAmotisationRightOfUseAssets id="Factid_19475409" contextRef="P01_01_2019To12_31_2019_RealEstateMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">7260000</cpa:DepreciationAndAmotisationRightOfUseAssets>
<cpa:DepreciationAndAmotisationRightOfUseAssets id="Factid_19475410" contextRef="P01_01_2018To12_31_2018_RealEstateMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">6270000</cpa:DepreciationAndAmotisationRightOfUseAssets>
<cpa:DepreciationAndAmotisationRightOfUseAssets id="Factid_19475411" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">94841000</cpa:DepreciationAndAmotisationRightOfUseAssets>
<cpa:DepreciationAndAmotisationRightOfUseAssets id="Factid_19475412" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">102824000</cpa:DepreciationAndAmotisationRightOfUseAssets>
<cpa:DepreciationAndAmotisationRightOfUseAssets id="Factid_19475413" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">107127000</cpa:DepreciationAndAmotisationRightOfUseAssets>
<ifrs-full:ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed id="Factid_19475414" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">90000</ifrs-full:ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed>
<ifrs-full:ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed id="Factid_19475415" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">364000</ifrs-full:ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed>
<ifrs-full:ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed id="Factid_19475416" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">1412000</ifrs-full:ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed>
<ifrs-full:ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed id="Factid_19475417" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">330000</ifrs-full:ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed>
<ifrs-full:ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed id="Factid_19475418" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">733000</ifrs-full:ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed>
<ifrs-full:ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed id="Factid_19475419" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">853000</ifrs-full:ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed>
<ifrs-full:ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities id="Factid_19475420" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">827000</ifrs-full:ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities>
<ifrs-full:ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities id="Factid_19475421" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">706000</ifrs-full:ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities>
<ifrs-full:ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities id="Factid_19475422" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">611000</ifrs-full:ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities>
<ifrs-full:InterestExpenseOnLeaseLiabilities id="Factid_19475423" contextRef="P01_01_2020To12_31_2020_AircraftMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">8185000</ifrs-full:InterestExpenseOnLeaseLiabilities>
<ifrs-full:InterestExpenseOnLeaseLiabilities id="Factid_19475424" contextRef="P01_01_2019To12_31_2019_AircraftMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">11221000</ifrs-full:InterestExpenseOnLeaseLiabilities>
<ifrs-full:InterestExpenseOnLeaseLiabilities id="Factid_19475425" contextRef="P01_01_2018To12_31_2018_AircraftMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">12074000</ifrs-full:InterestExpenseOnLeaseLiabilities>
<ifrs-full:InterestExpenseOnLeaseLiabilities id="Factid_19475426" contextRef="P01_01_2020To12_31_2020_RealEstateMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">1717000</ifrs-full:InterestExpenseOnLeaseLiabilities>
<ifrs-full:InterestExpenseOnLeaseLiabilities id="Factid_19475427" contextRef="P01_01_2019To12_31_2019_RealEstateMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">2073000</ifrs-full:InterestExpenseOnLeaseLiabilities>
<ifrs-full:InterestExpenseOnLeaseLiabilities id="Factid_19475428" contextRef="P01_01_2018To12_31_2018_RealEstateMemberifrsfullClassesOfAssetsAxis" unitRef="Unit_USD" decimals="-3">2105000</ifrs-full:InterestExpenseOnLeaseLiabilities>
<cpa:UnwindingOfDiscountAndChangesInTheDiscountRate id="Factid_19475429" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">832000</cpa:UnwindingOfDiscountAndChangesInTheDiscountRate>
<cpa:UnwindingOfDiscountAndChangesInTheDiscountRate id="Factid_19475430" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">846000</cpa:UnwindingOfDiscountAndChangesInTheDiscountRate>
<cpa:UnwindingOfDiscountAndChangesInTheDiscountRate id="Factid_19475431" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">796000</cpa:UnwindingOfDiscountAndChangesInTheDiscountRate>
<ifrs-full:FinanceCosts id="Factid_19475432" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">10734000</ifrs-full:FinanceCosts>
<ifrs-full:FinanceCosts id="Factid_19475433" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">14140000</ifrs-full:FinanceCosts>
<ifrs-full:FinanceCosts id="Factid_19475434" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">14975000</ifrs-full:FinanceCosts>
<cpa:TotalLeaseCosts id="Factid_19475435" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">107874000</cpa:TotalLeaseCosts>
<cpa:TotalLeaseCosts id="Factid_19475436" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">118767000</cpa:TotalLeaseCosts>
<cpa:TotalLeaseCosts id="Factid_19475437" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">124978000</cpa:TotalLeaseCosts>
<ifrs-full:LiabilitiesArisingFromFinancingActivities id="Factid_19475438" contextRef="PAsOn12_31_2019_LongtermBorrowingsMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">1060765000</ifrs-full:LiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities id="Factid_19475439" contextRef="P01_01_2020To12_31_2020_LongtermBorrowingsMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">220812000</ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities>
<ifrs-full:LiabilitiesArisingFromFinancingActivities id="Factid_19475443" contextRef="PAsOn12_31_2019_LeaseLiabilitiesMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">304564000</ifrs-full:LiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities id="Factid_19475444" contextRef="P01_01_2020To12_31_2020_LeaseLiabilitiesMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">-93213000</ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities id="Factid_19475449" contextRef="P01_01_2020To12_31_2020_DividendsPayableMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">-33990000</ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities>
<cpa:LiabilitiesArisingFromFinancingActivitiesIncludingDividendsPaid id="Factid_19475453" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">1365329000</cpa:LiabilitiesArisingFromFinancingActivitiesIncludingDividendsPaid>
<ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities id="Factid_19475454" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">93609000</ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities>
<ifrs-full:LiabilitiesArisingFromFinancingActivities id="Factid_19475458" contextRef="PAsOn12_31_2018_LongtermBorrowingsMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">1293541000</ifrs-full:LiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities id="Factid_19475459" contextRef="P01_01_2019To12_31_2019_LongtermBorrowingsMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">-331827000</ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities>
<ifrs-full:LiabilitiesArisingFromFinancingActivities id="Factid_19475463" contextRef="PAsOn12_31_2018_LeaseLiabilitiesMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">375683000</ifrs-full:LiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities id="Factid_19475464" contextRef="P01_01_2019To12_31_2019_LeaseLiabilitiesMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">-103069000</ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities id="Factid_19475467" contextRef="P01_01_2019To12_31_2019_DividendsPayableMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">-110438000</ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities>
<ifrs-full:LiabilitiesArisingFromFinancingActivities id="Factid_19475471" contextRef="PAsOn12_31_2018" unitRef="Unit_USD" decimals="-3">1669224000</ifrs-full:LiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities id="Factid_19475472" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">-545334000</ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities>
<cpa:AdjustmentsForChangesInDiscountRateOnProvisions id="Factid_19475476" contextRef="P01_01_2020To12_31_2020_ProvisionForLitigationsMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">0</cpa:AdjustmentsForChangesInDiscountRateOnProvisions>
<cpa:AdjustmentsForChangesInDiscountRateOnProvisions id="Factid_19475477" contextRef="P01_01_2020To12_31_2020_ProvisionForReturnConditionMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">8773000</cpa:AdjustmentsForChangesInDiscountRateOnProvisions>
<cpa:AdjustmentsForChangesInDiscountRateOnProvisions id="Factid_19475478" contextRef="P01_01_2020To12_31_2020_DismantlingProvisionMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">832000</cpa:AdjustmentsForChangesInDiscountRateOnProvisions>
<cpa:AdjustmentsForChangesInDiscountRateOnProvisions id="Factid_19475479" contextRef="P01_01_2020To12_31_2020_OtherLongTermLiabilitiesMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">0</cpa:AdjustmentsForChangesInDiscountRateOnProvisions>
<cpa:AdjustmentsForChangesInDiscountRateOnProvisions id="Factid_19475480" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">9605000</cpa:AdjustmentsForChangesInDiscountRateOnProvisions>
<cpa:AdjustmentsToOtherNonCurrentLiabilities id="Factid_19475486" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">-178000</cpa:AdjustmentsToOtherNonCurrentLiabilities>
<cpa:AdjustmentsToOtherNonCurrentLiabilities id="Factid_19475487" contextRef="P01_01_2020To12_31_2020_OtherLongTermLiabilitiesMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">0</cpa:AdjustmentsToOtherNonCurrentLiabilities>
<cpa:AdjustmentsToOtherNonCurrentLiabilities id="Factid_19475488" contextRef="P01_01_2020To12_31_2020_DismantlingProvisionMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">-178000</cpa:AdjustmentsToOtherNonCurrentLiabilities>
<cpa:AdjustmentsToOtherNonCurrentLiabilities id="Factid_19475489" contextRef="P01_01_2020To12_31_2020_ProvisionForReturnConditionMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">0</cpa:AdjustmentsToOtherNonCurrentLiabilities>
<cpa:AdjustmentsToOtherNonCurrentLiabilities id="Factid_19475490" contextRef="P01_01_2020To12_31_2020_ProvisionForLitigationsMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">0</cpa:AdjustmentsToOtherNonCurrentLiabilities>
<cpa:AreaOfBuilding id="Factid_19475491" contextRef="P01_01_2020To12_31_2020_DesarrolloInmobiliarioDelEsteSAMemberifrsfullCategoriesOfRelatedPartiesAxis_DesarrolloInmobiliarioMemberifrsfullConsolidatedStructuredEntitiesAxis" unitRef="Unit_sqft" decimals="0">105981</cpa:AreaOfBuilding>
<cpa:PercentageOfOwnershipInterest id="Factid_19475492" contextRef="PAsOn12_31_2020_ClassBSharesMemberifrsfullClassesOfShareCapitalAxis_CorporacionDeInversionesAreasMemberifrsfullCategoriesOfRelatedPartiesAxis_DesarrolloInmobiliarioMemberifrsfullConsolidatedStructuredEntitiesAxis" unitRef="Unit_pure" decimals="INF">1.00</cpa:PercentageOfOwnershipInterest>
<ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits id="Factid_19475493" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">3177000</ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits>
<ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits id="Factid_19475494" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">4969000</ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits>
<ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits id="Factid_19475495" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">6104000</ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits>
<ifrs-full:KeyManagementPersonnelCompensationPostemploymentBenefits id="Factid_19475496" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">61000</ifrs-full:KeyManagementPersonnelCompensationPostemploymentBenefits>
<ifrs-full:KeyManagementPersonnelCompensationPostemploymentBenefits id="Factid_19475497" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">95000</ifrs-full:KeyManagementPersonnelCompensationPostemploymentBenefits>
<ifrs-full:KeyManagementPersonnelCompensationPostemploymentBenefits id="Factid_19475498" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">117000</ifrs-full:KeyManagementPersonnelCompensationPostemploymentBenefits>
<ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment id="Factid_19475499" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">2362000</ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment>
<ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment id="Factid_19475500" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">3246000</ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment>
<ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment id="Factid_19475501" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">5092000</ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment>
<ifrs-full:KeyManagementPersonnelCompensation id="Factid_19475502" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">5600000</ifrs-full:KeyManagementPersonnelCompensation>
<ifrs-full:KeyManagementPersonnelCompensation id="Factid_19475503" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">8310000</ifrs-full:KeyManagementPersonnelCompensation>
<ifrs-full:KeyManagementPersonnelCompensation id="Factid_19475504" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">11313000</ifrs-full:KeyManagementPersonnelCompensation>
<cpa:FuturePaymentsPursuantToNonCompeteAgreement id="Factid_19475505" contextRef="P01_01_2020To12_31_2020_ExecutiveOfficersMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-5">3000000</cpa:FuturePaymentsPursuantToNonCompeteAgreement>
<ifrs-full:NumberOfSharesAuthorised id="Factid_19475506" contextRef="PAsOn12_31_2020_ClassBCommonStockMemberifrsfullClassesOfShareCapitalAxis" unitRef="Unit_shares" decimals="INF">80000000</ifrs-full:NumberOfSharesAuthorised>
<ifrs-full:NumberOfSharesIssued id="Factid_19475507" contextRef="PAsOn12_31_2020_ClassACommonStockMemberifrsfullClassesOfShareCapitalAxis" unitRef="Unit_shares" decimals="INF">33861872</ifrs-full:NumberOfSharesIssued>
<ifrs-full:NumberOfSharesOutstanding id="Factid_19475508" contextRef="PAsOn12_31_2020_ClassACommonStockMemberifrsfullClassesOfShareCapitalAxis" unitRef="Unit_shares" decimals="INF">31421265</ifrs-full:NumberOfSharesOutstanding>
<cpa:DividendPayableAnnualPercentage id="Factid_19475509" contextRef="P01_29_2016To02_28_2016" unitRef="Unit_pure" decimals="2">0.40</cpa:DividendPayableAnnualPercentage>
<cpa:StockRepurchaseProgramAuthorized id="Factid_19475511" contextRef="P11_01_2014To11_30_2014_TreasurySharesMemberifrsfullComponentsOfEquityAxis" unitRef="Unit_USD" decimals="INF">250000000</cpa:StockRepurchaseProgramAuthorized>
<cpa:NumberOfSharesRepurchaseProgram id="Factid_19475512" contextRef="P11_01_2014To09_30_2015_TreasurySharesMemberifrsfullComponentsOfEquityAxis" unitRef="Unit_shares" decimals="INF">2310492</cpa:NumberOfSharesRepurchaseProgram>
<cpa:StockRepurchasedDuringPeriodValue1 id="Factid_19475513" contextRef="P11_01_2014To09_30_2015_TreasurySharesMemberifrsfullComponentsOfEquityAxis" unitRef="Unit_USD" decimals="-5">136400000</cpa:StockRepurchasedDuringPeriodValue1>
<cpa:StockRepurchasedDuringPeriodValue1 id="Factid_19475514" contextRef="P01_01_2019To12_31_2019_AcceleratedShareRepurchaseMemberifrsfullComponentsOfEquityAxis" unitRef="Unit_USD" decimals="-5">113600000</cpa:StockRepurchasedDuringPeriodValue1>
<ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement id="Factid_19475515" contextRef="P01_01_2020To12_31_2020_GrantDateTwoMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">4915</ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement id="Factid_19475516" contextRef="P01_01_2020To12_31_2020_GrantDateTwoMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">5 years</ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement>
<ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement id="Factid_19475517" contextRef="P01_01_2020To12_31_2020_GrantDateThreeAMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">5839</ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement id="Factid_19475518" contextRef="P01_01_2020To12_31_2020_GrantDateThreeAMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">5 years</ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement>
<ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement id="Factid_19475519" contextRef="P01_01_2020To12_31_2020_GrantDateFiveAMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">147000</ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement id="Factid_19475520" contextRef="P01_01_2020To12_31_2020_GrantDateFiveAMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">5 years</ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement>
<ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement id="Factid_19475521" contextRef="P01_01_2020To12_31_2020_GrantDateFiveBMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">63000</ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement id="Factid_19475522" contextRef="P01_01_2020To12_31_2020_GrantDateFiveBMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">5 years</ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement>
<ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement id="Factid_19475523" contextRef="P01_01_2020To12_31_2020_GrantDateSixAMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">7899</ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement id="Factid_19475524" contextRef="P01_01_2020To12_31_2020_GrantDateSixAMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">5 years</ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement>
<ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement id="Factid_19475525" contextRef="P01_01_2020To12_31_2020_GrantDateNineMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">22012</ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement id="Factid_19475526" contextRef="P01_01_2020To12_31_2020_GrantDateNineMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">3 years</ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement>
<ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement id="Factid_19475527" contextRef="P01_01_2020To12_31_2020_GrantDateNineAMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">11980</ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement id="Factid_19475528" contextRef="P01_01_2020To12_31_2020_GrantDateNineAMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">3 years</ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement>
<ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement id="Factid_19475529" contextRef="P01_01_2020To12_31_2020_GrantDateNineBMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">2237</ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement id="Factid_19475530" contextRef="P01_01_2020To12_31_2020_GrantDateNineBMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">3 years</ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement>
<ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement id="Factid_19475531" contextRef="P01_01_2020To12_31_2020_GrantDateElevenAMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">21556</ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement id="Factid_19475532" contextRef="P01_01_2020To12_31_2020_GrantDateElevenAMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">3 years</ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement>
<ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement id="Factid_19475533" contextRef="P01_01_2020To12_31_2020_GrantDateElevenBMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">14379</ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement id="Factid_19475534" contextRef="P01_01_2020To12_31_2020_GrantDateElevenBMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">3 years</ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement>
<ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement id="Factid_19475535" contextRef="P01_01_2020To12_31_2020_GrantDateElevenCMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">1316</ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement id="Factid_19475536" contextRef="P01_01_2020To12_31_2020_GrantDateElevenCMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">5 years</ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement>
<ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement id="Factid_19475537" contextRef="P01_01_2020To12_31_2020_GrantDateTwelveMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">6104</ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement id="Factid_19475538" contextRef="P01_01_2020To12_31_2020_GrantDateTwelveMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">3 years</ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement>
<ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement id="Factid_19475539" contextRef="P01_01_2020To12_31_2020_GrantDateThirteenMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">15951</ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement id="Factid_19475540" contextRef="P01_01_2020To12_31_2020_GrantDateThirteenMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">3 years</ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement>
<ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement id="Factid_19475541" contextRef="P01_01_2020To12_31_2020_GrantDateFourteenMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">9256</ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement id="Factid_19475542" contextRef="P01_01_2020To12_31_2020_GrantDateFourteenMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">3 years</ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement>
<ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement id="Factid_19475543" contextRef="P01_01_2020To12_31_2020_GrantDateFifteenMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">977</ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement id="Factid_19475544" contextRef="P01_01_2020To12_31_2020_GrantDateFifteenMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">3 years</ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement>
<ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement id="Factid_19475545" contextRef="P01_01_2020To12_31_2020_GrantDateSixteenMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">1039</ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement id="Factid_19475546" contextRef="P01_01_2020To12_31_2020_GrantDateSixteenMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">3 years</ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement>
<ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement id="Factid_19475547" contextRef="P01_01_2020To12_31_2020_GrantDateSeventeenMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">1724</ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement id="Factid_19475548" contextRef="P01_01_2020To12_31_2020_GrantDateSeventeenMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">1 year</ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement>
<ifrs-full:NumberOfOutstandingShareOptions id="Factid_19475549" contextRef="PAsOn12_31_2019_NonVestedMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_pure" decimals="INF">211205</ifrs-full:NumberOfOutstandingShareOptions>
<ifrs-full:NumberOfOutstandingShareOptions id="Factid_19475550" contextRef="PAsOn12_31_2018_NonVestedMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_pure" decimals="INF">271904</ifrs-full:NumberOfOutstandingShareOptions>
<ifrs-full:NumberOfOutstandingShareOptions id="Factid_19475551" contextRef="PAsOn12_31_2017_NonVestedMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_pure" decimals="INF">304153</ifrs-full:NumberOfOutstandingShareOptions>
<ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement id="Factid_19475552" contextRef="P01_01_2020To12_31_2020_NonVestedMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">28201</ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement>
<ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement id="Factid_19475553" contextRef="P01_01_2019To12_31_2019_NonVestedMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">28947</ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement>
<ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement id="Factid_19475554" contextRef="P01_01_2018To12_31_2018_NonVestedMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">43355</ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement>
<ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement id="Factid_19475555" contextRef="P01_01_2020To12_31_2020_NonVestedMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">83409</ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement>
<ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement id="Factid_19475556" contextRef="P01_01_2019To12_31_2019_NonVestedMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">80170</ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement>
<ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement id="Factid_19475557" contextRef="P01_01_2018To12_31_2018_NonVestedMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">72045</ifrs-full:NumberOfShareOptionsExercisedInSharebasedPaymentArrangement>
<ifrs-full:NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement id="Factid_19475558" contextRef="P01_01_2020To12_31_2020_NonVestedMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">2076</ifrs-full:NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement>
<ifrs-full:NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement id="Factid_19475559" contextRef="P01_01_2019To12_31_2019_NonVestedMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">9476</ifrs-full:NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement>
<ifrs-full:NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement id="Factid_19475560" contextRef="P01_01_2018To12_31_2018_NonVestedMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">3559</ifrs-full:NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement>
<ifrs-full:NumberOfOutstandingShareOptions id="Factid_19475561" contextRef="PAsOn12_31_2020_NonVestedMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_pure" decimals="INF">153921</ifrs-full:NumberOfOutstandingShareOptions>
<cpa:RemainingCompensationCostNotYetRecognizedForNonvestedStockAwards id="Factid_19475564" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-5">1900000</cpa:RemainingCompensationCostNotYetRecognizedForNonvestedStockAwards>
<cpa:RemainingCompensationCostNotYetRecognizedForNonvestedStockAwards id="Factid_19475565" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-5">4000000</cpa:RemainingCompensationCostNotYetRecognizedForNonvestedStockAwards>
<ifrs-full:WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019 id="Factid_19475566" contextRef="P01_01_2020To12_31_2020">P1Y7M6D</ifrs-full:WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019>
<ifrs-full:WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019 id="Factid_19475567" contextRef="P01_01_2019To12_31_2019">P2Y1M6D</ifrs-full:WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019>
<ifrs-full:WeightedAverageShares id="Factid_19475571" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_shares" decimals="-3">42338000</ifrs-full:WeightedAverageShares>
<ifrs-full:WeightedAverageShares id="Factid_19475572" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_shares" decimals="-3">42258000</ifrs-full:WeightedAverageShares>
<ifrs-full:WeightedAverageShares id="Factid_19475573" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_shares" decimals="-3">42182000</ifrs-full:WeightedAverageShares>
<cpa:NonVestedDividendParticipatingNonVestedAwards id="Factid_19475574" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_shares" decimals="-3">170000</cpa:NonVestedDividendParticipatingNonVestedAwards>
<cpa:NonVestedDividendParticipatingNonVestedAwards id="Factid_19475575" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_shares" decimals="-3">225000</cpa:NonVestedDividendParticipatingNonVestedAwards>
<cpa:NonVestedDividendParticipatingNonVestedAwards id="Factid_19475576" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_shares" decimals="-3">274000</cpa:NonVestedDividendParticipatingNonVestedAwards>
<ifrs-full:AdjustedWeightedAverageShares id="Factid_19475577" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_shares" decimals="-3">42508000</ifrs-full:AdjustedWeightedAverageShares>
<ifrs-full:AdjustedWeightedAverageShares id="Factid_19475578" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_shares" decimals="-3">42483000</ifrs-full:AdjustedWeightedAverageShares>
<ifrs-full:AdjustedWeightedAverageShares id="Factid_19475579" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_shares" decimals="-3">42456000</ifrs-full:AdjustedWeightedAverageShares>
<ifrs-full:ContractualCapitalCommitments id="Factid_19475583" contextRef="PAsOn12_31_2020_NotLaterThanOneYearMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">560914000</ifrs-full:ContractualCapitalCommitments>
<ifrs-full:ContractualCapitalCommitments id="Factid_19475584" contextRef="PAsOn12_31_2020_LaterThanOneYearAndNotLaterThanTwoYearsMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">201544000</ifrs-full:ContractualCapitalCommitments>
<ifrs-full:ContractualCapitalCommitments id="Factid_19475585" contextRef="PAsOn12_31_2020_LaterThanTwoYearsAndNotLaterThanThreeYearsMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">408145000</ifrs-full:ContractualCapitalCommitments>
<ifrs-full:ContractualCapitalCommitments id="Factid_19475586" contextRef="PAsOn12_31_2020_LaterThanThreeYearsAndNotLaterThanFourYearsMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">439433000</ifrs-full:ContractualCapitalCommitments>
<ifrs-full:ContractualCapitalCommitments id="Factid_19475587" contextRef="PAsOn12_31_2020_LaterThanFourYearsAndNotLaterThanFiveYearsMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">514549000</ifrs-full:ContractualCapitalCommitments>
<ifrs-full:ContractualCapitalCommitments id="Factid_19475588" contextRef="PAsOn12_31_2020_LaterThanFiveYearsMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">850823000</ifrs-full:ContractualCapitalCommitments>
<ifrs-full:ContractualCapitalCommitments id="Factid_19475589" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">2975408000</ifrs-full:ContractualCapitalCommitments>
<ifrs-full:LoansAndAdvancesToCustomers id="Factid_19475590" contextRef="PAsOn12_31_2020_BoeingCompanyMemberifrsfullCounterpartiesAxis_PurchaseContractsMemberifrsfullItemsOfContingentLiabilitiesAxis" unitRef="Unit_USD" decimals="-5">410900000</ifrs-full:LoansAndAdvancesToCustomers>
<cpa:PercentageOfEmployeesUnionized id="Factid_19475591" contextRef="P01_01_2020To12_31_2020_LaborUnionsMemberifrsfullItemsOfContingentLiabilitiesAxis" unitRef="Unit_pure" decimals="3">0.663</cpa:PercentageOfEmployeesUnionized>
<ifrs-full:NumberOfEmployees id="Factid_19475592" contextRef="PAsOn12_31_2020_LaborUnionsMemberifrsfullItemsOfContingentLiabilitiesAxis" unitRef="Unit_pure" decimals="0">5667</ifrs-full:NumberOfEmployees>
<cpa:LettersOfCreditOutstandingAmount1 id="Factid_19475593" contextRef="PAsOn12_31_2019_LinesOfCreditForWorkingCapitalAndLettersOfCreditMemberifrsfullItemsOfContingentLiabilitiesAxis" unitRef="Unit_USD" decimals="-5">305000000</cpa:LettersOfCreditOutstandingAmount1>
<ifrs-full:CashAndCashEquivalents id="Factid_19475595" contextRef="PAsOn12_31_2020_CurrencyRiskMemberifrsfullTypesOfRisksAxis" unitRef="Unit_USD" decimals="-3">12322000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:CashAndCashEquivalents id="Factid_19475596" contextRef="PAsOn12_31_2019_CurrencyRiskMemberifrsfullTypesOfRisksAxis" unitRef="Unit_USD" decimals="-3">22818000</ifrs-full:CashAndCashEquivalents>
<ifrs-full:TradeAndOtherReceivables id="Factid_19475597" contextRef="PAsOn12_31_2020_CurrencyRiskMemberifrsfullTypesOfRisksAxis" unitRef="Unit_USD" decimals="-3">27670000</ifrs-full:TradeAndOtherReceivables>
<ifrs-full:TradeAndOtherReceivables id="Factid_19475598" contextRef="PAsOn12_31_2019_CurrencyRiskMemberifrsfullTypesOfRisksAxis" unitRef="Unit_USD" decimals="-3">73018000</ifrs-full:TradeAndOtherReceivables>
<ifrs-full:OtherAssets id="Factid_19475599" contextRef="PAsOn12_31_2020_CurrencyRiskMemberifrsfullTypesOfRisksAxis" unitRef="Unit_USD" decimals="-3">18942000</ifrs-full:OtherAssets>
<ifrs-full:OtherAssets id="Factid_19475600" contextRef="PAsOn12_31_2019_CurrencyRiskMemberifrsfullTypesOfRisksAxis" unitRef="Unit_USD" decimals="-3">15726000</ifrs-full:OtherAssets>
<ifrs-full:FinancialAssets id="Factid_19475601" contextRef="PAsOn12_31_2020_CurrencyRiskMemberifrsfullTypesOfRisksAxis" unitRef="Unit_USD" decimals="-3">58934000</ifrs-full:FinancialAssets>
<ifrs-full:FinancialAssets id="Factid_19475602" contextRef="PAsOn12_31_2019_CurrencyRiskMemberifrsfullTypesOfRisksAxis" unitRef="Unit_USD" decimals="-3">111562000</ifrs-full:FinancialAssets>
<cpa:TradePayablesTradeSuppliersAndAgencies id="Factid_19475603" contextRef="PAsOn12_31_2020_CurrencyRiskMemberifrsfullTypesOfRisksAxis" unitRef="Unit_USD" decimals="-3">20142000</cpa:TradePayablesTradeSuppliersAndAgencies>
<cpa:TradePayablesTradeSuppliersAndAgencies id="Factid_19475604" contextRef="PAsOn12_31_2019_CurrencyRiskMemberifrsfullTypesOfRisksAxis" unitRef="Unit_USD" decimals="-3">51313000</cpa:TradePayablesTradeSuppliersAndAgencies>
<cpa:NoncurrentPayablesOnAccumulatedTaxesAndExpenses id="Factid_19475605" contextRef="PAsOn12_31_2020_CurrencyRiskMemberifrsfullTypesOfRisksAxis" unitRef="Unit_USD" decimals="-3">13757000</cpa:NoncurrentPayablesOnAccumulatedTaxesAndExpenses>
<cpa:NoncurrentPayablesOnAccumulatedTaxesAndExpenses id="Factid_19475606" contextRef="PAsOn12_31_2019_CurrencyRiskMemberifrsfullTypesOfRisksAxis" unitRef="Unit_USD" decimals="-3">37137000</cpa:NoncurrentPayablesOnAccumulatedTaxesAndExpenses>
<ifrs-full:OtherFinancialLiabilities id="Factid_19475607" contextRef="PAsOn12_31_2020_CurrencyRiskMemberifrsfullTypesOfRisksAxis" unitRef="Unit_USD" decimals="-3">11387000</ifrs-full:OtherFinancialLiabilities>
<ifrs-full:OtherFinancialLiabilities id="Factid_19475608" contextRef="PAsOn12_31_2019_CurrencyRiskMemberifrsfullTypesOfRisksAxis" unitRef="Unit_USD" decimals="-3">18513000</ifrs-full:OtherFinancialLiabilities>
<ifrs-full:FinancialLiabilities id="Factid_19475609" contextRef="PAsOn12_31_2020_CurrencyRiskMemberifrsfullTypesOfRisksAxis" unitRef="Unit_USD" decimals="-3">45286000</ifrs-full:FinancialLiabilities>
<ifrs-full:FinancialLiabilities id="Factid_19475610" contextRef="PAsOn12_31_2019_CurrencyRiskMemberifrsfullTypesOfRisksAxis" unitRef="Unit_USD" decimals="-3">106963000</ifrs-full:FinancialLiabilities>
<cpa:FinancialAssetLiabilitiesNet id="Factid_19475611" contextRef="PAsOn12_31_2020_CurrencyRiskMemberifrsfullTypesOfRisksAxis" unitRef="Unit_USD" decimals="-3">13648000</cpa:FinancialAssetLiabilitiesNet>
<cpa:FinancialAssetLiabilitiesNet id="Factid_19475612" contextRef="PAsOn12_31_2019_CurrencyRiskMemberifrsfullTypesOfRisksAxis" unitRef="Unit_USD" decimals="-3">4599000</cpa:FinancialAssetLiabilitiesNet>
<cpa:PercentageOfForeignExchangeRiskRevenue id="Factid_19475613" contextRef="P01_01_2020To12_31_2020_CurrencyRiskMemberifrsfullTypesOfRisksAxis" unitRef="Unit_pure" decimals="3">0.657</cpa:PercentageOfForeignExchangeRiskRevenue>
<cpa:PercentageOfForeignExchangeRiskExpenses id="Factid_19475614" contextRef="P01_01_2020To12_31_2020_CurrencyRiskMemberifrsfullTypesOfRisksAxis" unitRef="Unit_pure" decimals="3">0.860</cpa:PercentageOfForeignExchangeRiskExpenses>
<cpa:PercentageOfForeignCurrencyRiskRevenue id="Factid_19475615" contextRef="P01_01_2020To12_31_2020_BRLsrtCurrencyAxis" unitRef="Unit_pure" decimals="3">0.095</cpa:PercentageOfForeignCurrencyRiskRevenue>
<cpa:PercentageOfForeignCurrencyRiskRevenue id="Factid_19475616" contextRef="P01_01_2020To12_31_2020_COPsrtCurrencyAxis" unitRef="Unit_pure" decimals="3">0.091</cpa:PercentageOfForeignCurrencyRiskRevenue>
<cpa:PercentageOfForeignCurrencyRiskRevenue id="Factid_19475617" contextRef="P01_01_2020To12_31_2020_ARSsrtCurrencyAxis" unitRef="Unit_pure" decimals="3">0.040</cpa:PercentageOfForeignCurrencyRiskRevenue>
<cpa:PercentageOfForeignCurrencyRiskRevenue id="Factid_19475618" contextRef="P01_01_2019To12_31_2019_BRLsrtCurrencyAxis" unitRef="Unit_pure" decimals="3">0.087</cpa:PercentageOfForeignCurrencyRiskRevenue>
<cpa:PercentageOfForeignCurrencyRiskRevenue id="Factid_19475619" contextRef="P01_01_2019To12_31_2019_COPsrtCurrencyAxis" unitRef="Unit_pure" decimals="3">0.083</cpa:PercentageOfForeignCurrencyRiskRevenue>
<cpa:PercentageOfForeignCurrencyRiskRevenue id="Factid_19475620" contextRef="P01_01_2019To12_31_2019_ARSsrtCurrencyAxis" unitRef="Unit_pure" decimals="3">0.048</cpa:PercentageOfForeignCurrencyRiskRevenue>
<ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets id="Factid_19475621" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">957000</ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets>
<ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets id="Factid_19475622" contextRef="PAsOn12_31_2018" unitRef="Unit_USD" decimals="-3">1218000</ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets>
<cpa:AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesAndIncomeOfFinancialAssets id="Factid_19475623" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">260000</cpa:AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesAndIncomeOfFinancialAssets>
<cpa:AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesAndIncomeOfFinancialAssets id="Factid_19475624" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">-261000</cpa:AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesAndIncomeOfFinancialAssets>
<ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets id="Factid_19475625" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">1217000</ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets>
<ifrs-full:ExpectedCreditLossRate id="Factid_19475627" contextRef="PAsOn12_31_2019_CurrentMemberifrsfullPastDueStatusAxis" unitRef="Unit_pure" decimals="3">0.001</ifrs-full:ExpectedCreditLossRate>
<ifrs-full:ExpectedCreditLossRate id="Factid_19475628" contextRef="PAsOn12_31_2019_NotLaterThanOneMonthMemberifrsfullPastDueStatusAxis" unitRef="Unit_pure" decimals="3">0.023</ifrs-full:ExpectedCreditLossRate>
<ifrs-full:ExpectedCreditLossRate id="Factid_19475629" contextRef="PAsOn12_31_2019_LaterThanOneMonthAndNotLaterThanTwoMonthsMemberifrsfullPastDueStatusAxis" unitRef="Unit_pure" decimals="3">0.037</ifrs-full:ExpectedCreditLossRate>
<ifrs-full:ExpectedCreditLossRate id="Factid_19475630" contextRef="PAsOn12_31_2019_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMemberifrsfullPastDueStatusAxis" unitRef="Unit_pure" decimals="3">0.120</ifrs-full:ExpectedCreditLossRate>
<ifrs-full:ExpectedCreditLossRate id="Factid_19475631" contextRef="PAsOn12_31_2019_LaterThanThreeMonthsMemberifrsfullPastDueStatusAxis" unitRef="Unit_pure" decimals="3">0.333</ifrs-full:ExpectedCreditLossRate>
<ifrs-full:MaximumExposureToCreditRiskOfFinancialAssets id="Factid_19475632" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">137499000</ifrs-full:MaximumExposureToCreditRiskOfFinancialAssets>
<ifrs-full:MaximumExposureToCreditRiskOfFinancialAssets id="Factid_19475633" contextRef="PAsOn12_31_2019_CurrentMemberifrsfullPastDueStatusAxis" unitRef="Unit_USD" decimals="-3">111778000</ifrs-full:MaximumExposureToCreditRiskOfFinancialAssets>
<ifrs-full:MaximumExposureToCreditRiskOfFinancialAssets id="Factid_19475634" contextRef="PAsOn12_31_2019_NotLaterThanOneMonthMemberifrsfullPastDueStatusAxis" unitRef="Unit_USD" decimals="-3">6170000</ifrs-full:MaximumExposureToCreditRiskOfFinancialAssets>
<ifrs-full:MaximumExposureToCreditRiskOfFinancialAssets id="Factid_19475635" contextRef="PAsOn12_31_2019_LaterThanOneMonthAndNotLaterThanTwoMonthsMemberifrsfullPastDueStatusAxis" unitRef="Unit_USD" decimals="-3">2786000</ifrs-full:MaximumExposureToCreditRiskOfFinancialAssets>
<ifrs-full:MaximumExposureToCreditRiskOfFinancialAssets id="Factid_19475636" contextRef="PAsOn12_31_2019_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMemberifrsfullPastDueStatusAxis" unitRef="Unit_USD" decimals="-3">1636000</ifrs-full:MaximumExposureToCreditRiskOfFinancialAssets>
<ifrs-full:MaximumExposureToCreditRiskOfFinancialAssets id="Factid_19475637" contextRef="PAsOn12_31_2019_LaterThanThreeMonthsMemberifrsfullPastDueStatusAxis" unitRef="Unit_USD" decimals="-3">15129000</ifrs-full:MaximumExposureToCreditRiskOfFinancialAssets>
<ifrs-full:UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised id="Factid_19475638" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">5579000</ifrs-full:UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised>
<ifrs-full:UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised id="Factid_19475639" contextRef="P01_01_2019To12_31_2019_CurrentMemberifrsfullPastDueStatusAxis" unitRef="Unit_USD" decimals="-3">99000</ifrs-full:UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised>
<ifrs-full:UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised id="Factid_19475640" contextRef="P01_01_2019To12_31_2019_NotLaterThanOneMonthMemberifrsfullPastDueStatusAxis" unitRef="Unit_USD" decimals="-3">141000</ifrs-full:UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised>
<ifrs-full:UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised id="Factid_19475641" contextRef="P01_01_2019To12_31_2019_LaterThanOneMonthAndNotLaterThanTwoMonthsMemberifrsfullPastDueStatusAxis" unitRef="Unit_USD" decimals="-3">104000</ifrs-full:UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised>
<ifrs-full:UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised id="Factid_19475642" contextRef="P01_01_2019To12_31_2019_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMemberifrsfullPastDueStatusAxis" unitRef="Unit_USD" decimals="-3">196000</ifrs-full:UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised>
<ifrs-full:UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised id="Factid_19475643" contextRef="P01_01_2019To12_31_2019_LaterThanThreeMonthsMemberifrsfullPastDueStatusAxis" unitRef="Unit_USD" decimals="-3">5039000</ifrs-full:UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised>
<ifrs-full:ExpectedCreditLossRate id="Factid_19475644" contextRef="PAsOn12_31_2020_CurrentMemberifrsfullPastDueStatusAxis" unitRef="Unit_pure" decimals="3">0.000</ifrs-full:ExpectedCreditLossRate>
<ifrs-full:ExpectedCreditLossRate id="Factid_19475645" contextRef="PAsOn12_31_2020_NotLaterThanOneMonthMemberifrsfullPastDueStatusAxis" unitRef="Unit_pure" decimals="3">0.001</ifrs-full:ExpectedCreditLossRate>
<ifrs-full:ExpectedCreditLossRate id="Factid_19475646" contextRef="PAsOn12_31_2020_LaterThanOneMonthAndNotLaterThanTwoMonthsMemberifrsfullPastDueStatusAxis" unitRef="Unit_pure" decimals="3">0.025</ifrs-full:ExpectedCreditLossRate>
<ifrs-full:ExpectedCreditLossRate id="Factid_19475647" contextRef="PAsOn12_31_2020_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMemberifrsfullPastDueStatusAxis" unitRef="Unit_pure" decimals="3">0.037</ifrs-full:ExpectedCreditLossRate>
<ifrs-full:ExpectedCreditLossRate id="Factid_19475648" contextRef="PAsOn12_31_2020_LaterThanThreeMonthsMemberifrsfullPastDueStatusAxis" unitRef="Unit_pure" decimals="3">0.415</ifrs-full:ExpectedCreditLossRate>
<ifrs-full:MaximumExposureToCreditRiskOfFinancialAssets id="Factid_19475649" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">72172000</ifrs-full:MaximumExposureToCreditRiskOfFinancialAssets>
<ifrs-full:MaximumExposureToCreditRiskOfFinancialAssets id="Factid_19475650" contextRef="PAsOn12_31_2020_CurrentMemberifrsfullPastDueStatusAxis" unitRef="Unit_USD" decimals="-3">50180000</ifrs-full:MaximumExposureToCreditRiskOfFinancialAssets>
<ifrs-full:MaximumExposureToCreditRiskOfFinancialAssets id="Factid_19475651" contextRef="PAsOn12_31_2020_NotLaterThanOneMonthMemberifrsfullPastDueStatusAxis" unitRef="Unit_USD" decimals="-3">3554000</ifrs-full:MaximumExposureToCreditRiskOfFinancialAssets>
<ifrs-full:MaximumExposureToCreditRiskOfFinancialAssets id="Factid_19475652" contextRef="PAsOn12_31_2020_LaterThanOneMonthAndNotLaterThanTwoMonthsMemberifrsfullPastDueStatusAxis" unitRef="Unit_USD" decimals="-3">1867000</ifrs-full:MaximumExposureToCreditRiskOfFinancialAssets>
<ifrs-full:MaximumExposureToCreditRiskOfFinancialAssets id="Factid_19475653" contextRef="PAsOn12_31_2020_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMemberifrsfullPastDueStatusAxis" unitRef="Unit_USD" decimals="-3">1228000</ifrs-full:MaximumExposureToCreditRiskOfFinancialAssets>
<ifrs-full:MaximumExposureToCreditRiskOfFinancialAssets id="Factid_19475654" contextRef="PAsOn12_31_2020_LaterThanThreeMonthsMemberifrsfullPastDueStatusAxis" unitRef="Unit_USD" decimals="-3">15343000</ifrs-full:MaximumExposureToCreditRiskOfFinancialAssets>
<ifrs-full:UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised id="Factid_19475655" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">6483000</ifrs-full:UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised>
<ifrs-full:UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised id="Factid_19475656" contextRef="P01_01_2020To12_31_2020_CurrentMemberifrsfullPastDueStatusAxis" unitRef="Unit_USD" decimals="-3">20000</ifrs-full:UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised>
<ifrs-full:UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised id="Factid_19475657" contextRef="P01_01_2020To12_31_2020_NotLaterThanOneMonthMemberifrsfullPastDueStatusAxis" unitRef="Unit_USD" decimals="-3">3000</ifrs-full:UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised>
<ifrs-full:UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised id="Factid_19475658" contextRef="P01_01_2020To12_31_2020_LaterThanOneMonthAndNotLaterThanTwoMonthsMemberifrsfullPastDueStatusAxis" unitRef="Unit_USD" decimals="-3">46000</ifrs-full:UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised>
<ifrs-full:UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised id="Factid_19475659" contextRef="P01_01_2020To12_31_2020_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMemberifrsfullPastDueStatusAxis" unitRef="Unit_USD" decimals="-3">46000</ifrs-full:UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised>
<ifrs-full:UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised id="Factid_19475660" contextRef="P01_01_2020To12_31_2020_LaterThanThreeMonthsMemberifrsfullPastDueStatusAxis" unitRef="Unit_USD" decimals="-3">6368000</ifrs-full:UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised>
<ifrs-full:BorrowingsInterestRate id="Factid_19475661" contextRef="PAsOn12_31_2020_BorrowingDueThroughTwoThousandTwentyNineMemberifrsfullBorrowingsByNameAxis_BottomOfRangeMemberifrsfullRangeAxis_FixedInterestRateMemberifrsfullTypesOfInterestRatesAxis" unitRef="Unit_pure" decimals="INF">0.0149</ifrs-full:BorrowingsInterestRate>
<ifrs-full:NoncurrentLeaseLiabilities id="Factid_19475695" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">146905000</ifrs-full:NoncurrentLeaseLiabilities>
<ifrs-full:NoncurrentLeaseLiabilities id="Factid_19475696" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">206832000</ifrs-full:NoncurrentLeaseLiabilities>
<ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Factid_19475722" contextRef="P01_01_2021To03_31_2021_MajorOrdinaryShareTransactionsMemberifrsfullNonadjustingEventsAfterReportingPeriodAxis">vest over a period of three to five years.</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
<ifrs-full:WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16 id="Factid_19475736" contextRef="PAsOn12_31_2020" unitRef="Unit_pure" decimals="4">0.0337</ifrs-full:WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16>
<ifrs-full:LeaseLiabilities id="Factid_19475748" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">230510000</ifrs-full:LeaseLiabilities>
<ifrs-full:LeaseLiabilities id="Factid_19475749" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">304564000</ifrs-full:LeaseLiabilities>
<cpa:LeaseCostOperatingAndAdimninstrativeExpenses id="Factid_19475756" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">758000</cpa:LeaseCostOperatingAndAdimninstrativeExpenses>
<cpa:LeaseCostOperatingAndAdimninstrativeExpenses id="Factid_19475757" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">1803000</cpa:LeaseCostOperatingAndAdimninstrativeExpenses>
<cpa:LeaseCostOperatingAndAdimninstrativeExpenses id="Factid_19475758" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">2876000</cpa:LeaseCostOperatingAndAdimninstrativeExpenses>
<ifrs-full:TradingIncomeExpenseOnDerivativeFinancialInstruments id="Factid_19475761" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-6">0</ifrs-full:TradingIncomeExpenseOnDerivativeFinancialInstruments>
<ifrs-full:TradingIncomeExpenseOnDerivativeFinancialInstruments id="Factid_19475762" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-6">0</ifrs-full:TradingIncomeExpenseOnDerivativeFinancialInstruments>
<ifrs-full:ActuarialAssumptionOfRetirementAge2019 id="Factid_19475763" contextRef="P01_01_2019To12_31_2019_MaleMemberifrsfullActuarialAssumptionsAxis">P62Y</ifrs-full:ActuarialAssumptionOfRetirementAge2019>
<ifrs-full:ActuarialAssumptionOfRetirementAge2019 id="Factid_19475764" contextRef="P01_01_2019To12_31_2019_FemaleMemberifrsfullActuarialAssumptionsAxis">P57Y</ifrs-full:ActuarialAssumptionOfRetirementAge2019>
<cpa:DerivativeInstrumentIncreasesPercentage id="Factid_19475766" contextRef="P01_01_2020To12_31_2020_FuelDerivativeInstrumentsMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_pure" decimals="2">0.10</cpa:DerivativeInstrumentIncreasesPercentage>
<cpa:DerivativeInstrumentExpenseIncreases id="Factid_19475767" contextRef="P01_01_2020To12_31_2020_FuelDerivativeInstrumentsMemberifrsfullCategoriesOfFinancialLiabilitiesAxis_ProjectedPeriodMemberifrsfullTypesOfHedgesAxis" unitRef="Unit_USD" decimals="-5">21300000</cpa:DerivativeInstrumentExpenseIncreases>
<ifrs-full:MethodsUsedInPreparingSensitivityAnalysisReflectingInterdependenciesBetweenRiskVariables id="Factid_19475778" contextRef="P01_01_2020To12_31_2020_InterestRateSwapContractMemberifrsfullClassesOfFinancialAssetsAxis">If the interest rate average is 100 basis points more in 2020, the variable-rate debt interest expense would increase by approximately $2.8 million and the estimated fair value of the fixed-rate debt would decreased&amp;#8211; by approximately $1.5 million.</ifrs-full:MethodsUsedInPreparingSensitivityAnalysisReflectingInterdependenciesBetweenRiskVariables>
<ifrs-full:InterestExpenseOnDebtInstrumentsIssued id="Factid_19475783" contextRef="P01_01_2020To12_31_2020_InterestRateSwapContractMemberifrsfullClassesOfFinancialAssetsAxis" unitRef="Unit_USD" decimals="-5">2800000</ifrs-full:InterestExpenseOnDebtInstrumentsIssued>
<ifrs-full:IncreaseDecreaseInCreditDerivativeFairValue id="Factid_19475784" contextRef="P01_01_2020To12_31_2020_InterestRateSwapContractMemberifrsfullClassesOfFinancialAssetsAxis" unitRef="Unit_USD" decimals="-5">1500000</ifrs-full:IncreaseDecreaseInCreditDerivativeFairValue>
<cpa:NumberOfLeaseFloor id="Factid_19475787" contextRef="P01_01_2020To12_31_2020_DesarrolloInmobiliarioDelEsteSAMemberifrsfullCategoriesOfRelatedPartiesAxis_DesarrolloInmobiliarioMemberifrsfullConsolidatedStructuredEntitiesAxis">five</cpa:NumberOfLeaseFloor>
<cpa:TheLastContractSubscribed id="Factid_19475789" contextRef="P01_01_2020To12_31_2020_PetroleosDeltaMemberifrsfullCategoriesOfRelatedPartiesAxis">June, 2020</cpa:TheLastContractSubscribed>
<ifrs-full:NumberOfSharesAuthorised id="Factid_19475795" contextRef="PAsOn12_31_2020_ClassACommonStockMemberifrsfullClassesOfShareCapitalAxis" unitRef="Unit_shares" decimals="INF">80000000</ifrs-full:NumberOfSharesAuthorised>
<ifrs-full:NumberOfSharesAuthorised id="Factid_19475796" contextRef="PAsOn12_31_2020_ClassCCommonStockMemberifrsfullClassesOfShareCapitalAxis" unitRef="Unit_shares" decimals="INF">80000000</ifrs-full:NumberOfSharesAuthorised>
<ifrs-full:NumberOfSharesIssued id="Factid_19475797" contextRef="PAsOn12_31_2019_ClassACommonStockMemberifrsfullClassesOfShareCapitalAxis" unitRef="Unit_shares" decimals="INF">33835747</ifrs-full:NumberOfSharesIssued>
<ifrs-full:NumberOfSharesOutstanding id="Factid_19475798" contextRef="PAsOn12_31_2019_ClassACommonStockMemberifrsfullClassesOfShareCapitalAxis" unitRef="Unit_shares" decimals="INF">31337856</ifrs-full:NumberOfSharesOutstanding>
<ifrs-full:NumberOfSharesIssued id="Factid_19475799" contextRef="PAsOn12_31_2020_ClassBCommonStockMemberifrsfullClassesOfShareCapitalAxis" unitRef="Unit_shares" decimals="INF">10938125</ifrs-full:NumberOfSharesIssued>
<ifrs-full:NumberOfSharesOutstanding id="Factid_19475800" contextRef="PAsOn12_31_2020_ClassBCommonStockMemberifrsfullClassesOfShareCapitalAxis" unitRef="Unit_shares" decimals="INF">10938125</ifrs-full:NumberOfSharesOutstanding>
<ifrs-full:CashCollateralPledgedSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialLiabilities id="Factid_19475801" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-5">5900000</ifrs-full:CashCollateralPledgedSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialLiabilities>
<ifrs-full:NumberOfSharesIssued id="Factid_19475802" contextRef="PAsOn12_31_2019_ClassBCommonStockMemberifrsfullClassesOfShareCapitalAxis" unitRef="Unit_shares" decimals="INF">10938125</ifrs-full:NumberOfSharesIssued>
<ifrs-full:NumberOfSharesOutstanding id="Factid_19475803" contextRef="PAsOn12_31_2019_ClassBCommonStockMemberifrsfullClassesOfShareCapitalAxis" unitRef="Unit_shares" decimals="INF">10938125</ifrs-full:NumberOfSharesOutstanding>
<ifrs-full:NumberOfSharesOutstanding id="Factid_19475804" contextRef="PAsOn12_31_2020_ClassCCommonStockMemberifrsfullClassesOfShareCapitalAxis" unitRef="Unit_shares" decimals="INF">0</ifrs-full:NumberOfSharesOutstanding>
<ifrs-full:NumberOfSharesOutstanding id="Factid_19475805" contextRef="PAsOn12_31_2019_ClassCCommonStockMemberifrsfullClassesOfShareCapitalAxis" unitRef="Unit_shares" decimals="INF">0</ifrs-full:NumberOfSharesOutstanding>
<cpa:CollectiveBargainingAgreementsTerm id="Factid_19475812" contextRef="P01_01_2020To12_31_2020_LaborUnionsMemberifrsfullItemsOfContingentLiabilitiesAxis_PAifrsfullGeographicalAreasAxis">P4Y</cpa:CollectiveBargainingAgreementsTerm>
<cpa:CollectiveBargainingAgreementsTerm id="Factid_19475813" contextRef="P01_01_2020To12_31_2020_BottomOfRangeMemberifrsfullRangeAxis_COifrsfullGeographicalAreasAxis_LaborUnionsMemberifrsfullItemsOfContingentLiabilitiesAxis">P2Y</cpa:CollectiveBargainingAgreementsTerm>
<cpa:CollectiveBargainingAgreementsTerm id="Factid_19475814" contextRef="P01_01_2020To12_31_2020_COifrsfullGeographicalAreasAxis_LaborUnionsMemberifrsfullItemsOfContingentLiabilitiesAxis_TopOfRangeMemberifrsfullRangeAxis">P3Y</cpa:CollectiveBargainingAgreementsTerm>
<cpa:LineOfCreditFacilityOutstandingBorrowings id="Factid_19475815" contextRef="PAsOn12_31_2020_LinesOfCreditForWorkingCapitalAndLettersOfCreditMemberifrsfullItemsOfContingentLiabilitiesAxis" unitRef="Unit_USD" decimals="-5">44300000</cpa:LineOfCreditFacilityOutstandingBorrowings>
<cpa:LineOfCreditFacilityOutstandingBorrowings id="Factid_19475816" contextRef="PAsOn12_31_2019_LinesOfCreditForWorkingCapitalAndLettersOfCreditMemberifrsfullItemsOfContingentLiabilitiesAxis" unitRef="Unit_USD" decimals="-5">25800000</cpa:LineOfCreditFacilityOutstandingBorrowings>
<cpa:CompensationCostRecognizedForNonvestedStockAndOptionsAwards id="Factid_19475821" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-5">5300000</cpa:CompensationCostRecognizedForNonvestedStockAndOptionsAwards>
<cpa:CompensationCostRecognizedForNonvestedStockAndOptionsAwards id="Factid_19475822" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-5">6100000</cpa:CompensationCostRecognizedForNonvestedStockAndOptionsAwards>
<cpa:CompensationCostRecognizedForNonvestedStockAndOptionsAwards id="Factid_19475823" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-5">7100000</cpa:CompensationCostRecognizedForNonvestedStockAndOptionsAwards>
<cpa:FairValueOfNonvestedStockAward id="Factid_19475826" contextRef="P07_31_2020To07_31_2020" unitRef="Unit_USD_per_Share" decimals="2">93.99</cpa:FairValueOfNonvestedStockAward>
<cpa:FairValueOfNonvestedStockAward id="Factid_19475827" contextRef="P02_28_2020To02_28_2020" unitRef="Unit_USD_per_Share" decimals="2">93.99</cpa:FairValueOfNonvestedStockAward>
<cpa:FairValueOfNonvestedStockAward id="Factid_19475828" contextRef="P07_31_2019To07_31_2019" unitRef="Unit_USD_per_Share" decimals="2">96.46</cpa:FairValueOfNonvestedStockAward>
<cpa:FairValueOfNonvestedStockAward id="Factid_19475829" contextRef="P02_28_2019To02_28_2019" unitRef="Unit_USD_per_Share" decimals="2">96.46</cpa:FairValueOfNonvestedStockAward>
<cpa:RemainingCompensationCostNotYetRecognizedForNonvestedStockAwards id="Factid_19475831" contextRef="P01_01_2020To12_31_2020_TwoThousandSeventeenMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_USD" decimals="-5">1400000</cpa:RemainingCompensationCostNotYetRecognizedForNonvestedStockAwards>
<cpa:ShareBasedPaymentArrangementVestingPeriod id="Factid_19475833" contextRef="P01_01_2020To12_31_2020_BottomOfRangeMemberifrsfullRangeAxis">P3Y</cpa:ShareBasedPaymentArrangementVestingPeriod>
<cpa:ShareBasedPaymentArrangementVestingPeriod id="Factid_19475834" contextRef="P01_01_2020To12_31_2020_TopOfRangeMemberifrsfullRangeAxis">P5Y</cpa:ShareBasedPaymentArrangementVestingPeriod>
<cpa:ShareBasedPaymentArrangementExpectedTerm id="Factid_19475835" contextRef="P01_01_2020To12_31_2020">P10Y</cpa:ShareBasedPaymentArrangementExpectedTerm>
<ifrs-full:IncreaseDecreaseThroughCumulativeCatchupAdjustmentsToRevenueArisingFromChangeInMeasureOfProgressContractLiabilities id="Factid_19475836" contextRef="P01_01_2020To12_31_2020_AirTrafficLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">887004000</ifrs-full:IncreaseDecreaseThroughCumulativeCatchupAdjustmentsToRevenueArisingFromChangeInMeasureOfProgressContractLiabilities>
<ifrs-full:IncreaseDecreaseThroughCumulativeCatchupAdjustmentsToRevenueArisingFromChangeInMeasureOfProgressContractLiabilities id="Factid_19475837" contextRef="P01_01_2019To12_31_2019_AirTrafficLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">2878814000</ifrs-full:IncreaseDecreaseThroughCumulativeCatchupAdjustmentsToRevenueArisingFromChangeInMeasureOfProgressContractLiabilities>
<cpa:IncreaseDecreaseThroughCumulativeTaxRecognitionAdjustmentsToRevenueContractLiabilities id="Factid_19475839" contextRef="P01_01_2020To12_31_2020_AirTrafficLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">-113473000</cpa:IncreaseDecreaseThroughCumulativeTaxRecognitionAdjustmentsToRevenueContractLiabilities>
<cpa:IncreaseDecreaseThroughCumulativeTaxRecognitionAdjustmentsToRevenueContractLiabilities id="Factid_19475840" contextRef="P01_01_2019To12_31_2019_AirTrafficLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">-404732000</cpa:IncreaseDecreaseThroughCumulativeTaxRecognitionAdjustmentsToRevenueContractLiabilities>
<cpa:IncreaseDecreaseThroughCumulativeReimbursementsToRevenueContractLiabilities id="Factid_19475842" contextRef="P01_01_2020To12_31_2020_AirTrafficLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">-82910000</cpa:IncreaseDecreaseThroughCumulativeReimbursementsToRevenueContractLiabilities>
<cpa:IncreaseDecreaseThroughCumulativeReimbursementsToRevenueContractLiabilities id="Factid_19475843" contextRef="P01_01_2019To12_31_2019_AirTrafficLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">-45396000</cpa:IncreaseDecreaseThroughCumulativeReimbursementsToRevenueContractLiabilities>
<cpa:IncreaseDecreaseThroughCumulativeInterlineTicketsAdjustmentsToRevenueContractLiabilities id="Factid_19475845" contextRef="P01_01_2020To12_31_2020_AirTrafficLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">-15056000</cpa:IncreaseDecreaseThroughCumulativeInterlineTicketsAdjustmentsToRevenueContractLiabilities>
<cpa:IncreaseDecreaseThroughCumulativeInterlineTicketsAdjustmentsToRevenueContractLiabilities id="Factid_19475846" contextRef="P01_01_2019To12_31_2019_AirTrafficLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">-35272000</cpa:IncreaseDecreaseThroughCumulativeInterlineTicketsAdjustmentsToRevenueContractLiabilities>
<cpa:IncreaseDecreaseThroughCumulativeOtherAdjustmentsToRevenueContractLiabilities id="Factid_19475848" contextRef="P01_01_2020To12_31_2020_AirTrafficLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">-1838000</cpa:IncreaseDecreaseThroughCumulativeOtherAdjustmentsToRevenueContractLiabilities>
<cpa:IncreaseDecreaseThroughCumulativeOtherAdjustmentsToRevenueContractLiabilities id="Factid_19475849" contextRef="P01_01_2019To12_31_2019_AirTrafficLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">-12090000</cpa:IncreaseDecreaseThroughCumulativeOtherAdjustmentsToRevenueContractLiabilities>
<ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement id="Factid_19475853" contextRef="P01_01_2020To12_31_2020_GrantDateEighteenMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">24650</ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement>
<ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement id="Factid_19475854" contextRef="P01_01_2020To12_31_2020_GrantDateNineteenMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis" unitRef="Unit_shares" decimals="INF">3551</ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement id="Factid_19475855" contextRef="P01_01_2020To12_31_2020_GrantDateEighteenMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">3 years</ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement id="Factid_19475856" contextRef="P01_01_2020To12_31_2020_GrantDateNineteenMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">1 year</ifrs-full:DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Factid_19475857" contextRef="P01_01_2020To12_31_2020_GrantDateTwoMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">15% first three anniversaries  25% fourth  30% fifth anniversary</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Factid_19475858" contextRef="P01_01_2020To12_31_2020_GrantDateThreeAMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">15% first three anniversaries  25% fourth  30% fifth anniversary</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Factid_19475859" contextRef="P01_01_2020To12_31_2020_GrantDateFiveAMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">15% first three anniversaries  25% fourth  30% fifth anniversary</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Factid_19475860" contextRef="P01_01_2020To12_31_2020_GrantDateFiveBMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">Fifth anniversary</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Factid_19475861" contextRef="P01_01_2020To12_31_2020_GrantDateSixAMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">15% first three anniversaries  25% fourth  30% fifth anniversary</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Factid_19475862" contextRef="P01_01_2020To12_31_2020_GrantDateNineMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">One-third every anniversary</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Factid_19475863" contextRef="P01_01_2020To12_31_2020_GrantDateNineAMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">One-third every anniversary</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Factid_19475864" contextRef="P01_01_2020To12_31_2020_GrantDateNineBMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">Third anniversary</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Factid_19475866" contextRef="P01_01_2020To12_31_2020_GrantDateElevenAMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">7% first month  31% first three anniversaries</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Factid_19475867" contextRef="P01_01_2020To12_31_2020_GrantDateElevenBMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">33% first three anniversaries</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
<ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan id="Factid_19475868" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">14332000</ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan>
<ifrs-full:DerivativeFinancialLiabilities id="Factid_19475869" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">245560000</ifrs-full:DerivativeFinancialLiabilities>
<ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Factid_19475870" contextRef="P01_01_2020To12_31_2020_GrantDateElevenCMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">15% first three anniversaries  25% fourth  30% fifth anniversary</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Factid_19475871" contextRef="P01_01_2020To12_31_2020_GrantDateTwelveMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">Third anniversary</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Factid_19475872" contextRef="P01_01_2020To12_31_2020_GrantDateThirteenMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">1% first month  33% first three anniversaries</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Factid_19475873" contextRef="P01_01_2020To12_31_2020_GrantDateFourteenMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">33% first three anniversaries</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Factid_19475874" contextRef="P01_01_2020To12_31_2020_GrantDateFifteenMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">33% first three anniversaries</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Factid_19475875" contextRef="P01_01_2020To12_31_2020_GrantDateSixteenMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">33% first three anniversaries</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Factid_19475876" contextRef="P01_01_2020To12_31_2020_GrantDateSeventeenMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">100% first anniversary</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
<cpa:NumberOfAirCraftsHeldForSale id="Factid_19475877" contextRef="PAsOn12_31_2020_BoeingSevenHundredAndThirtySevenSevenHundredAircraftMembersrtAircraftTypeAxis" unitRef="Unit_Aircraft" decimals="0">14</cpa:NumberOfAirCraftsHeldForSale>
<ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Factid_19475878" contextRef="P01_01_2020To12_31_2020_GrantDateEighteenMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">1% first month  33% first three anniversaries</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
<ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Factid_19475879" contextRef="P01_01_2020To12_31_2020_GrantDateNineteenMemberifrsfullTypesOfSharebasedPaymentArrangementsAxis">100% first anniversary</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
<ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives id="Factid_19475880" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">-107139000</ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives>
<cpa:AirlinesAndClearingHouseReceivables id="Factid_19475881" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">6156000</cpa:AirlinesAndClearingHouseReceivables>
<cpa:AirlinesAndClearingHouseReceivables id="Factid_19475882" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">31087000</cpa:AirlinesAndClearingHouseReceivables>
<cpa:AllowanceForExpectedCreditLossesReceivables id="Factid_19475883" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-3">6483000</cpa:AllowanceForExpectedCreditLossesReceivables>
<cpa:AllowanceForExpectedCreditLossesReceivables id="Factid_19475884" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">5579000</cpa:AllowanceForExpectedCreditLossesReceivables>
<cpa:ReturnOfCreditsOfIncomeInTaxRefundTitiles id="Factid_19475891" contextRef="P01_01_2020To12_31_2020_COCPAIncomeTaxAuthorityAxis" unitRef="Unit_USD" decimals="-5">14800000</cpa:ReturnOfCreditsOfIncomeInTaxRefundTitiles>
<cpa:LossOnSaleOfTaxRefundTitlesIncludedUnderOtherNonOperatingExpense id="Factid_19475892" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-4">10000</cpa:LossOnSaleOfTaxRefundTitlesIncludedUnderOtherNonOperatingExpense>
<ifrs-full:ShorttermBorrowings id="Factid_19475894" contextRef="PAsOn12_31_2019_PreviouslyStatedMemberifrsfullRetrospectiveApplicationAndRetrospectiveRestatementAxis" unitRef="Unit_USD" decimals="-3">117238000</ifrs-full:ShorttermBorrowings>
<ifrs-full:ShorttermBorrowings id="Factid_19475895" contextRef="PAsOn12_31_2019_IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMemberifrsfullRetrospectiveApplicationAndRetrospectiveRestatementAxis" unitRef="Unit_USD" decimals="-3">5344000</ifrs-full:ShorttermBorrowings>
<ifrs-full:ShorttermBorrowings id="Factid_19475896" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">122582000</ifrs-full:ShorttermBorrowings>
<ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners id="Factid_19475903" contextRef="PAsOn12_31_2020_ExpendablePartsAndSuppliesMemberifrsfullClassesOfPropertyPlantAndEquipmentAxis" unitRef="Unit_USD" decimals="-3">6099000</ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners>
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<cpa:NumberOfAircraftsHeldForSaleYetToBeDelivered id="Factid_19475924" contextRef="PAsOn12_31_2020_Covid19MemberCPAUncertainEventAxis" unitRef="Unit_Aircraft" decimals="0">8</cpa:NumberOfAircraftsHeldForSaleYetToBeDelivered>
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<ifrs-full:Borrowings id="Factid_19475936" contextRef="PAsOn12_31_2020_CommittedCreditFacilitiesMemberifrsfullBorrowingsByNameAxis_Covid19memberMemberCPAEventAxis" unitRef="Unit_USD" decimals="-5">305000000</ifrs-full:Borrowings>
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<cpa:AverageMonthCashConsumption id="Factid_19475938" contextRef="P07_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-5">20000000</cpa:AverageMonthCashConsumption>
<cpa:NumberOfAirCraftsHeldForSale id="Factid_19475939" contextRef="PAsOn12_31_2019" unitRef="Unit_Aircraft" decimals="0">14</cpa:NumberOfAirCraftsHeldForSale>
<ifrs-full:Borrowings id="Factid_19475940" contextRef="PAsOn12_31_2020_Covid19memberMemberCPAEventAxis_ExportimportBankOfTheUnitedStatesMemberifrsfullBorrowingsByNameAxis" unitRef="Unit_USD" decimals="-5">327900000</ifrs-full:Borrowings>
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<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19475995" contextRef="PAsOn12_31_2019_LaterThanOneYearAndNotLaterThanFourYearMemberifrsfullMaturityAxis_LeaseLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">212408000</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19475996" contextRef="PAsOn12_31_2019_LaterThanFourYearMemberifrsfullMaturityAxis_LeaseLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">9065000</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19475997" contextRef="PAsOn12_31_2019_AccountsPayable1MemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">119332000</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19475998" contextRef="PAsOn12_31_2019_AccountsPayable1MemberifrsfullCategoriesOfFinancialLiabilitiesAxis_ContractualCashFlowMemberifrsfullMeasurementAxis" unitRef="Unit_USD" decimals="-3">119332000</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19475999" contextRef="PAsOn12_31_2019_AccountsPayable1MemberifrsfullCategoriesOfFinancialLiabilitiesAxis_NotLaterThanOneYearMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">119332000</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19476000" contextRef="PAsOn12_31_2019_AccountsPayableToRelatedPartiesMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">14086000</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19476001" contextRef="PAsOn12_31_2019_AccountsPayableToRelatedPartiesMemberifrsfullCategoriesOfFinancialLiabilitiesAxis_ContractualCashFlowMemberifrsfullMeasurementAxis" unitRef="Unit_USD" decimals="-3">14086000</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19476002" contextRef="PAsOn12_31_2019_AccountsPayableToRelatedPartiesMemberifrsfullCategoriesOfFinancialLiabilitiesAxis_NotLaterThanOneYearMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">14086000</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19476003" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-3">1498747000</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19476004" contextRef="PAsOn12_31_2019_ContractualCashFlowMemberifrsfullMeasurementAxis" unitRef="Unit_USD" decimals="-3">1660082000</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19476005" contextRef="PAsOn12_31_2019_NotLaterThanOneYearMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">387408000</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19476006" contextRef="PAsOn12_31_2019_LaterThanOneYearAndNotLaterThanFourYearMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">768665000</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<ifrs-full:NumberOfEmployees id="Factid_19476009" contextRef="PAsOn12_31_2020" unitRef="Unit_Aircraft" decimals="0">418</ifrs-full:NumberOfEmployees>
<cpa:PercentageOfEmployeesUnionized id="Factid_19476010" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_pure" decimals="3">0.390</cpa:PercentageOfEmployeesUnionized>
<ifrs-full:Borrowings id="Factid_19476011" contextRef="PAsOn12_31_2021_FixedInterestRateMemberifrsfullTypesOfInterestRatesAxis_VariableRatedDebtMemberifrsfullBorrowingsByNameAxis" unitRef="Unit_USD" decimals="-5">279800000</ifrs-full:Borrowings>
<ifrs-full:Borrowings id="Factid_19476012" contextRef="PAsOn12_31_2020_FixedRatedDebtMemberifrsfullBorrowingsByNameAxis" unitRef="Unit_USD" decimals="-5">663300000</ifrs-full:Borrowings>
<ifrs-full:Borrowings id="Factid_19476023" contextRef="PAsOn12_31_2019_FinancialLiabilitiesAtFairValueMemberifrsfullClassesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">1068961000</ifrs-full:Borrowings>
<ifrs-full:Borrowings id="Factid_19476024" contextRef="PAsOn12_31_2020_FinancialLiabilitiesAtFairValueMemberifrsfullClassesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">1327282000</ifrs-full:Borrowings>
<ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod id="Factid_19476027" contextRef="PAsOn12_31_2019_FinancialAssetsAtFairValueMemberifrsfullClassesOfFinancialAssetsAxis" unitRef="Unit_USD" decimals="-3">155051000</ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod>
<ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod id="Factid_19476028" contextRef="PAsOn12_31_2020_FinancialAssetsAtFairValueMemberifrsfullClassesOfFinancialAssetsAxis" unitRef="Unit_USD" decimals="-3">120938000</ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod>
<ifrs-full:Liabilities id="Factid_19476031" contextRef="PAsOn12_31_2020_Level3OfFairValueHierarchyMemberifrsfullLevelsOfFairValueHierarchyAxis_RecurringFairValueMeasurementMemberifrsfullMeasurementAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:Liabilities>
<ifrs-full:Liabilities id="Factid_19476032" contextRef="PAsOn12_31_2020_Level2OfFairValueHierarchyMemberifrsfullLevelsOfFairValueHierarchyAxis_RecurringFairValueMeasurementMemberifrsfullMeasurementAxis" unitRef="Unit_USD" decimals="-3">245560000</ifrs-full:Liabilities>
<ifrs-full:Liabilities id="Factid_19476033" contextRef="PAsOn12_31_2020_Level1OfFairValueHierarchyMemberifrsfullLevelsOfFairValueHierarchyAxis_RecurringFairValueMeasurementMemberifrsfullMeasurementAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:Liabilities>
<ifrs-full:Liabilities id="Factid_19476034" contextRef="PAsOn12_31_2020_RecurringFairValueMeasurementMemberifrsfullMeasurementAxis" unitRef="Unit_USD" decimals="-3">245560000</ifrs-full:Liabilities>
<ifrs-full:DerivativeFinancialLiabilities id="Factid_19476035" contextRef="PAsOn12_31_2020_DerivativesMemberifrsfullClassesOfLiabilitiesAxis_Level3OfFairValueHierarchyMemberifrsfullLevelsOfFairValueHierarchyAxis_RecurringFairValueMeasurementMemberifrsfullMeasurementAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:DerivativeFinancialLiabilities>
<ifrs-full:DerivativeFinancialLiabilities id="Factid_19476036" contextRef="PAsOn12_31_2020_DerivativesMemberifrsfullClassesOfLiabilitiesAxis_Level2OfFairValueHierarchyMemberifrsfullLevelsOfFairValueHierarchyAxis_RecurringFairValueMeasurementMemberifrsfullMeasurementAxis" unitRef="Unit_USD" decimals="-3">245560000</ifrs-full:DerivativeFinancialLiabilities>
<ifrs-full:DerivativeFinancialLiabilities id="Factid_19476037" contextRef="PAsOn12_31_2020_DerivativesMemberifrsfullClassesOfLiabilitiesAxis_Level1OfFairValueHierarchyMemberifrsfullLevelsOfFairValueHierarchyAxis_RecurringFairValueMeasurementMemberifrsfullMeasurementAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:DerivativeFinancialLiabilities>
<ifrs-full:DerivativeFinancialLiabilities id="Factid_19476038" contextRef="PAsOn12_31_2020_DerivativesMemberifrsfullClassesOfLiabilitiesAxis_RecurringFairValueMeasurementMemberifrsfullMeasurementAxis" unitRef="Unit_USD" decimals="-3">245560000</ifrs-full:DerivativeFinancialLiabilities>
<ifrs-full:Assets id="Factid_19476039" contextRef="PAsOn12_31_2020_Level3OfFairValueHierarchyMemberifrsfullLevelsOfFairValueHierarchyAxis_NonrecurringFairValueMeasurementMemberifrsfullMeasurementAxis" unitRef="Unit_USD" decimals="-3">135542000</ifrs-full:Assets>
<ifrs-full:Assets id="Factid_19476040" contextRef="PAsOn12_31_2020_Level2OfFairValueHierarchyMemberifrsfullLevelsOfFairValueHierarchyAxis_NonrecurringFairValueMeasurementMemberifrsfullMeasurementAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:Assets>
<ifrs-full:Assets id="Factid_19476041" contextRef="PAsOn12_31_2020_Level1OfFairValueHierarchyMemberifrsfullLevelsOfFairValueHierarchyAxis_NonrecurringFairValueMeasurementMemberifrsfullMeasurementAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:Assets>
<ifrs-full:Assets id="Factid_19476042" contextRef="PAsOn12_31_2020_NonrecurringFairValueMeasurementMemberifrsfullMeasurementAxis" unitRef="Unit_USD" decimals="-3">135542000</ifrs-full:Assets>
<cpa:CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners id="Factid_19476043" contextRef="PAsOn12_31_2020_AssetsHeldForSaleMemberifrsfullClassesOfAssetsAxis_Level3OfFairValueHierarchyMemberifrsfullLevelsOfFairValueHierarchyAxis_NonrecurringFairValueMeasurementMemberifrsfullMeasurementAxis" unitRef="Unit_USD" decimals="-3">135542000</cpa:CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners>
<cpa:CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners id="Factid_19476044" contextRef="PAsOn12_31_2020_AssetsHeldForSaleMemberifrsfullClassesOfAssetsAxis_Level2OfFairValueHierarchyMemberifrsfullLevelsOfFairValueHierarchyAxis_NonrecurringFairValueMeasurementMemberifrsfullMeasurementAxis" unitRef="Unit_USD" decimals="-3">0</cpa:CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners>
<cpa:CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners id="Factid_19476045" contextRef="PAsOn12_31_2020_AssetsHeldForSaleMemberifrsfullClassesOfAssetsAxis_Level1OfFairValueHierarchyMemberifrsfullLevelsOfFairValueHierarchyAxis_NonrecurringFairValueMeasurementMemberifrsfullMeasurementAxis" unitRef="Unit_USD" decimals="-3">0</cpa:CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners>
<cpa:CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners id="Factid_19476046" contextRef="PAsOn12_31_2020_AssetsHeldForSaleMemberifrsfullClassesOfAssetsAxis_NonrecurringFairValueMeasurementMemberifrsfullMeasurementAxis" unitRef="Unit_USD" decimals="-3">135542000</cpa:CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners>
<cpa:StartingYearOfTaxLossesCarryforwardPutToUse id="Factid_19476049" contextRef="P01_01_2020To12_31_2020_CarriedForwardTaxLossesOfCopaColombiaMemberifrsfullTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis">P2022Y</cpa:StartingYearOfTaxLossesCarryforwardPutToUse>
<cpa:StartingYearOfTaxLossesCarryforwardPutToUse id="Factid_19476050" contextRef="P01_01_2020To12_31_2020_CopaAirlinesMemberifrsfullConsolidatedStructuredEntitiesAxis">P2023Y</cpa:StartingYearOfTaxLossesCarryforwardPutToUse>
<cpa:DuarationOfTaxLossCarryforward id="Factid_19476051" contextRef="P01_01_2020To12_31_2020_CopaAirlinesMemberifrsfullConsolidatedStructuredEntitiesAxis">P3Y</cpa:DuarationOfTaxLossCarryforward>
<cpa:DuarationOfTaxLossCarryforward id="Factid_19476052" contextRef="P01_01_2020To12_31_2020_CarriedForwardTaxLossesOfCopaColombiaMemberifrsfullTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis">P7Y</cpa:DuarationOfTaxLossCarryforward>
<ifrs-full:WeightedAverageDurationOfDefinedBenefitObligation2019 id="Factid_19476053" contextRef="P01_01_2020To12_31_2020">P9Y</ifrs-full:WeightedAverageDurationOfDefinedBenefitObligation2019>
<cpa:ProvisionForDismantaling id="Factid_19476056" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-5">1900000</cpa:ProvisionForDismantaling>
<cpa:ProvisionForReturnCondition id="Factid_19476057" contextRef="PAsOn12_31_2020" unitRef="Unit_USD" decimals="-5">17400000</cpa:ProvisionForReturnCondition>
<cpa:OtherNonCurrentLiabilitiesUnusedAmountsReversed id="Factid_19476058" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">-990000</cpa:OtherNonCurrentLiabilitiesUnusedAmountsReversed>
<cpa:OtherNonCurrentLiabilitiesUnusedAmountsReversed id="Factid_19476059" contextRef="P01_01_2020To12_31_2020_OtherLongTermLiabilitiesMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">0</cpa:OtherNonCurrentLiabilitiesUnusedAmountsReversed>
<cpa:OtherNonCurrentLiabilitiesUnusedAmountsReversed id="Factid_19476060" contextRef="P01_01_2020To12_31_2020_DismantlingProvisionMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">0</cpa:OtherNonCurrentLiabilitiesUnusedAmountsReversed>
<cpa:OtherNonCurrentLiabilitiesUnusedAmountsReversed id="Factid_19476061" contextRef="P01_01_2020To12_31_2020_ProvisionForReturnConditionMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">0</cpa:OtherNonCurrentLiabilitiesUnusedAmountsReversed>
<cpa:OtherNonCurrentLiabilitiesUnusedAmountsReversed id="Factid_19476062" contextRef="P01_01_2020To12_31_2020_ProvisionForLitigationsMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">-990000</cpa:OtherNonCurrentLiabilitiesUnusedAmountsReversed>
<ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives id="Factid_19476063" contextRef="P01_01_2020To12_31_2020_SeniorConvertibleNotesMemberifrsfullBorrowingsByNameAxis" unitRef="Unit_USD" decimals="-5">-107100000</ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives>
<cpa:ConversionPricePerPrincipalAmount id="Factid_19476065" contextRef="P01_01_2020To12_31_2020_SeniorConvertibleNotesMemberifrsfullBorrowingsByNameAxis" unitRef="Unit_USD_per_Share" decimals="INF">51.66</cpa:ConversionPricePerPrincipalAmount>
<cpa:DescriptionOfConversionRatioOfSeniorConvertibleNotes id="Factid_19476066" contextRef="P01_01_2020To12_31_2020_SeniorConvertibleNotesMemberifrsfullBorrowingsByNameAxis">The initial conversion rate is 19.3564 shares per $1,000 principal amount of notes</cpa:DescriptionOfConversionRatioOfSeniorConvertibleNotes>
<cpa:DebtInstrumentMaturityDate id="Factid_19476067" contextRef="P04_01_2020To04_30_2020_SeniorConvertibleNotesMemberifrsfullBorrowingsByNameAxis">2025-04-15</cpa:DebtInstrumentMaturityDate>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19476068" contextRef="PAsOn12_31_2020_AccountsPayable1MemberifrsfullCategoriesOfFinancialLiabilitiesAxis_NotLaterThanOneYearMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">63461000</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19476069" contextRef="PAsOn12_31_2020_AccountsPayable1MemberifrsfullCategoriesOfFinancialLiabilitiesAxis_ContractualCashFlowMemberifrsfullMeasurementAxis" unitRef="Unit_USD" decimals="-3">63461000</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19476070" contextRef="PAsOn12_31_2020_AccountsPayable1MemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">63461000</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19476071" contextRef="PAsOn12_31_2020_LaterThanFourYearMemberifrsfullMaturityAxis_LeaseLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">8720000</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19476072" contextRef="PAsOn12_31_2020_LaterThanOneYearAndNotLaterThanFourYearMemberifrsfullMaturityAxis_LeaseLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">147530000</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19476073" contextRef="PAsOn12_31_2020_LeaseLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis_NotLaterThanOneYearMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">90244000</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19476074" contextRef="PAsOn12_31_2020_ContractualCashFlowMemberifrsfullMeasurementAxis_LeaseLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">246495000</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19476075" contextRef="PAsOn12_31_2020_LeaseLiabilityMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">230510000</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19476076" contextRef="PAsOn12_31_2020_LaterThanFourYearMemberifrsfullMaturityAxis_LoansAndBorrowingsMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">297156000</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19476077" contextRef="PAsOn12_31_2020_LaterThanOneYearAndNotLaterThanFourYearMemberifrsfullMaturityAxis_LoansAndBorrowingsMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">834145000</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19476078" contextRef="PAsOn12_31_2020_LoansAndBorrowingsMemberifrsfullCategoriesOfFinancialLiabilitiesAxis_NotLaterThanOneYearMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">155902000</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19476079" contextRef="PAsOn12_31_2020_ContractualCashFlowMemberifrsfullMeasurementAxis_LoansAndBorrowingsMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">1287203000</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19476080" contextRef="PAsOn12_31_2020_LoansAndBorrowingsMemberifrsfullCategoriesOfFinancialLiabilitiesAxis" unitRef="Unit_USD" decimals="-3">1163900000</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities id="Factid_19476095" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">99051000</ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities>
<cpa:IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities id="Factid_19476096" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">0</cpa:IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities id="Factid_19476097" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">32034000</ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities id="Factid_19476098" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">-84000</ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities id="Factid_19476099" contextRef="P01_01_2019To12_31_2019_DividendsPayableMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities>
<cpa:IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities id="Factid_19476100" contextRef="P01_01_2019To12_31_2019_DividendsPayableMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">0</cpa:IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities id="Factid_19476101" contextRef="P01_01_2019To12_31_2019_DividendsPayableMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities id="Factid_19476102" contextRef="P01_01_2019To12_31_2019_DividendsPayableMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities id="Factid_19476103" contextRef="P01_01_2019To12_31_2019_LeaseLiabilitiesMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities>
<cpa:IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities id="Factid_19476104" contextRef="P01_01_2019To12_31_2019_LeaseLiabilitiesMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">0</cpa:IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities id="Factid_19476105" contextRef="P01_01_2019To12_31_2019_LeaseLiabilitiesMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">32034000</ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities id="Factid_19476106" contextRef="P01_01_2019To12_31_2019_LeaseLiabilitiesMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">-84000</ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities id="Factid_19476107" contextRef="P01_01_2019To12_31_2019_LongtermBorrowingsMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">99051000</ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities>
<cpa:IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities id="Factid_19476108" contextRef="P01_01_2019To12_31_2019_LongtermBorrowingsMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">0</cpa:IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities id="Factid_19476109" contextRef="P01_01_2019To12_31_2019_LongtermBorrowingsMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities id="Factid_19476110" contextRef="P01_01_2019To12_31_2019_LongtermBorrowingsMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities id="Factid_19476111" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">-117677000</ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities>
<cpa:IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities id="Factid_19476112" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">-489000</cpa:IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities id="Factid_19476113" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">19995000</ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities id="Factid_19476114" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">-347000</ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities id="Factid_19476115" contextRef="P01_01_2020To12_31_2020_DividendsPayableMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities>
<cpa:IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities id="Factid_19476116" contextRef="P01_01_2020To12_31_2020_DividendsPayableMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">0</cpa:IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities id="Factid_19476117" contextRef="P01_01_2020To12_31_2020_DividendsPayableMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities id="Factid_19476118" contextRef="P01_01_2020To12_31_2020_DividendsPayableMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities id="Factid_19476119" contextRef="P01_01_2020To12_31_2020_LeaseLiabilitiesMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities>
<cpa:IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities id="Factid_19476120" contextRef="P01_01_2020To12_31_2020_LeaseLiabilitiesMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">-489000</cpa:IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities id="Factid_19476121" contextRef="P01_01_2020To12_31_2020_LeaseLiabilitiesMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">19995000</ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities id="Factid_19476122" contextRef="P01_01_2020To12_31_2020_LeaseLiabilitiesMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">-347000</ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities id="Factid_19476123" contextRef="P01_01_2020To12_31_2020_LongtermBorrowingsMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">-117677000</ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities>
<cpa:IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities id="Factid_19476124" contextRef="P01_01_2020To12_31_2020_LongtermBorrowingsMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">0</cpa:IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities id="Factid_19476125" contextRef="P01_01_2020To12_31_2020_LongtermBorrowingsMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities id="Factid_19476126" contextRef="P01_01_2020To12_31_2020_LongtermBorrowingsMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities>
<ifrs-full:BorrowingsInterestRate id="Factid_19476127" contextRef="PAsOn04_30_2020_SeniorConvertibleNotesMemberifrsfullBorrowingsByNameAxis" unitRef="Unit_pure" decimals="4">0.0450</ifrs-full:BorrowingsInterestRate>
<ifrs-full:LoansAndAdvancesToCustomers id="Factid_19476128" contextRef="PAsOn12_31_2019_BoeingCompanyMemberifrsfullCounterpartiesAxis_PurchaseContractsMemberifrsfullItemsOfContingentLiabilitiesAxis" unitRef="Unit_USD" decimals="-5">468800000</ifrs-full:LoansAndAdvancesToCustomers>
<cpa:DurationOfStatuteOfLimiatationForIncomeTax id="Factid_19476130" contextRef="P01_01_2020To12_31_2020_PanamaTaxAuthorityMemberCPATaxAuthorityAxis">P3Y</cpa:DurationOfStatuteOfLimiatationForIncomeTax>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19476132" contextRef="PAsOn12_31_2019_LaterThanFourYearMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">504009000</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:InterestRateOnDerivativeInstrument id="Factid_19476134" contextRef="P01_01_2020To12_31_2020_InterestRateSwapContractMemberifrsfullClassesOfFinancialAssetsAxis" unitRef="Unit_pure" decimals="2">0.01</cpa:InterestRateOnDerivativeInstrument>
<cpa:NumberOfPurchasesContractsSubscribed id="Factid_19476136" contextRef="PAsOn12_31_2021_LaterThanOneYearAndNotLaterThanSixYearsMemberifrsfullMaturityAxis_PurchaseContractsMemberifrsfullItemsOfContingentLiabilitiesAxis" unitRef="Unit_Contract" decimals="INF">60</cpa:NumberOfPurchasesContractsSubscribed>
<cpa:NumberOfUnionOrganizations id="Factid_19476137" contextRef="PAsOn12_31_2020_LaborUnionsMemberifrsfullItemsOfContingentLiabilitiesAxis" unitRef="Unit_Organization" decimals="INF">9</cpa:NumberOfUnionOrganizations>
<cpa:NumberOfUnionOrganizations id="Factid_19476138" contextRef="PAsOn12_31_2020_LaborUnionsMemberifrsfullItemsOfContingentLiabilitiesAxis_PAifrsfullGeographicalAreasAxis" unitRef="Unit_Organization" decimals="INF">5</cpa:NumberOfUnionOrganizations>
<cpa:NumberOfUnionOrganizations id="Factid_19476139" contextRef="PAsOn12_31_2020_COifrsfullGeographicalAreasAxis_LaborUnionsMemberifrsfullItemsOfContingentLiabilitiesAxis" unitRef="Unit_Organization" decimals="INF">4</cpa:NumberOfUnionOrganizations>
<ifrs-full:Borrowings id="Factid_19476141" contextRef="PAsOn12_31_2021_Covid19memberMemberCPAEventAxis_UnsecuredCreditFacilitiesMemberifrsfullBorrowingsByNameAxis" unitRef="Unit_USD" decimals="-5">200000000</ifrs-full:Borrowings>
<ifrs-full:Borrowings id="Factid_19476142" contextRef="PAsOn12_31_2021_CommittedCreditFacilitiesMemberifrsfullBorrowingsByNameAxis_Covid19memberMemberCPAEventAxis" unitRef="Unit_USD" decimals="-5">305000000</ifrs-full:Borrowings>
<cpa:ContractAgreementTerm id="Factid_19476143" contextRef="P01_01_2020To12_31_2020_PetroleosDeltaMemberifrsfullCategoriesOfRelatedPartiesAxis">two years</cpa:ContractAgreementTerm>
<cpa:LiabilitiesArisingFromDividendsPaid id="Factid_19476144" contextRef="P01_01_2020To12_31_2020_DividendsPayableMemberifrsfullLiabilitiesArisingFromFinancingActivitiesAxis" unitRef="Unit_USD" decimals="-3">0</cpa:LiabilitiesArisingFromDividendsPaid>
<cpa:DurationOfStatuteOfLimiatationForDividendTax id="Factid_19476147" contextRef="P01_01_2020To12_31_2020_PanamaTaxAuthorityMemberCPATaxAuthorityAxis">P15Y</cpa:DurationOfStatuteOfLimiatationForDividendTax>
<ifrs-full:CashCollateralPledgedSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialLiabilities id="Factid_19476150" contextRef="PAsOn12_31_2019" unitRef="Unit_USD" decimals="-6">0</ifrs-full:CashCollateralPledgedSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialLiabilities>
<ifrs-full:RevenueFromRenderingOfPassengerTransportServices id="Factid_19514159" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">760594000</ifrs-full:RevenueFromRenderingOfPassengerTransportServices>
<ifrs-full:RevenueFromRenderingOfPassengerTransportServices id="Factid_19514160" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">2612605000</ifrs-full:RevenueFromRenderingOfPassengerTransportServices>
<ifrs-full:RevenueFromRenderingOfPassengerTransportServices id="Factid_19514161" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">2587389000</ifrs-full:RevenueFromRenderingOfPassengerTransportServices>
<ifrs-full:RevenueFromRenderingOfCargoAndMailTransportServices id="Factid_19514162" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">21002000</ifrs-full:RevenueFromRenderingOfCargoAndMailTransportServices>
<ifrs-full:RevenueFromRenderingOfCargoAndMailTransportServices id="Factid_19514163" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">62460000</ifrs-full:RevenueFromRenderingOfCargoAndMailTransportServices>
<ifrs-full:RevenueFromRenderingOfCargoAndMailTransportServices id="Factid_19514164" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">62483000</ifrs-full:RevenueFromRenderingOfCargoAndMailTransportServices>
<ifrs-full:OtherRevenue id="Factid_19514165" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">19407000</ifrs-full:OtherRevenue>
<ifrs-full:OtherRevenue id="Factid_19514166" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">32343000</ifrs-full:OtherRevenue>
<ifrs-full:OtherRevenue id="Factid_19514167" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">27755000</ifrs-full:OtherRevenue>
<ifrs-full:Revenue id="Factid_19514168" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">801003000</ifrs-full:Revenue>
<ifrs-full:Revenue id="Factid_19514169" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">2707408000</ifrs-full:Revenue>
<ifrs-full:Revenue id="Factid_19514170" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">2677627000</ifrs-full:Revenue>
<ifrs-full:FuelExpense id="Factid_19514171" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">166723000</ifrs-full:FuelExpense>
<ifrs-full:FuelExpense id="Factid_19514172" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">696249000</ifrs-full:FuelExpense>
<ifrs-full:FuelExpense id="Factid_19514173" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">765781000</ifrs-full:FuelExpense>
<ifrs-full:EmployeeBenefitsExpense id="Factid_19514174" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">256327000</ifrs-full:EmployeeBenefitsExpense>
<ifrs-full:EmployeeBenefitsExpense id="Factid_19514175" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">450439000</ifrs-full:EmployeeBenefitsExpense>
<ifrs-full:EmployeeBenefitsExpense id="Factid_19514176" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">443287000</ifrs-full:EmployeeBenefitsExpense>
<cpa:PassengerServicingExpenses id="Factid_19514177" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">27566000</cpa:PassengerServicingExpenses>
<cpa:PassengerServicingExpenses id="Factid_19514178" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">102103000</cpa:PassengerServicingExpenses>
<cpa:PassengerServicingExpenses id="Factid_19514179" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">104346000</cpa:PassengerServicingExpenses>
<cpa:AirportFacilitiesAndHandlingCharges id="Factid_19514180" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">59536000</cpa:AirportFacilitiesAndHandlingCharges>
<cpa:AirportFacilitiesAndHandlingCharges id="Factid_19514181" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">181959000</cpa:AirportFacilitiesAndHandlingCharges>
<cpa:AirportFacilitiesAndHandlingCharges id="Factid_19514182" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">186422000</cpa:AirportFacilitiesAndHandlingCharges>
<cpa:SalesMarketingAndDistributionExpenses id="Factid_19514183" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">70395000</cpa:SalesMarketingAndDistributionExpenses>
<cpa:SalesMarketingAndDistributionExpenses id="Factid_19514184" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">210623000</cpa:SalesMarketingAndDistributionExpenses>
<cpa:SalesMarketingAndDistributionExpenses id="Factid_19514185" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">210158000</cpa:SalesMarketingAndDistributionExpenses>
<ifrs-full:RepairsAndMaintenanceExpense id="Factid_19514186" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">76948000</ifrs-full:RepairsAndMaintenanceExpense>
<ifrs-full:RepairsAndMaintenanceExpense id="Factid_19514187" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">127562000</ifrs-full:RepairsAndMaintenanceExpense>
<ifrs-full:RepairsAndMaintenanceExpense id="Factid_19514188" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">110710000</ifrs-full:RepairsAndMaintenanceExpense>
<ifrs-full:DepreciationAndAmortisationExpense id="Factid_19514189" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">259336000</ifrs-full:DepreciationAndAmortisationExpense>
<ifrs-full:DepreciationAndAmortisationExpense id="Factid_19514190" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">282080000</ifrs-full:DepreciationAndAmortisationExpense>
<ifrs-full:DepreciationAndAmortisationExpense id="Factid_19514191" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">276563000</ifrs-full:DepreciationAndAmortisationExpense>
<ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment id="Factid_19514192" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">243097000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
<ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment id="Factid_19514193" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">89344000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
<ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment id="Factid_19514194" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">188624000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
<cpa:FlightOperationsExpense id="Factid_19514195" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">30028000</cpa:FlightOperationsExpense>
<cpa:FlightOperationsExpense id="Factid_19514196" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">102806000</cpa:FlightOperationsExpense>
<cpa:FlightOperationsExpense id="Factid_19514197" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">108437000</cpa:FlightOperationsExpense>
<ifrs-full:OtherExpenseByFunction id="Factid_19514198" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">71977000</ifrs-full:OtherExpenseByFunction>
<ifrs-full:OtherExpenseByFunction id="Factid_19514199" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">118090000</ifrs-full:OtherExpenseByFunction>
<ifrs-full:OtherExpenseByFunction id="Factid_19514200" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">123737000</ifrs-full:OtherExpenseByFunction>
<ifrs-full:OperatingExpense id="Factid_19514201" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">1261933000</ifrs-full:OperatingExpense>
<ifrs-full:OperatingExpense id="Factid_19514202" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">2361255000</ifrs-full:OperatingExpense>
<ifrs-full:OperatingExpense id="Factid_19514203" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">2518065000</ifrs-full:OperatingExpense>
<ifrs-full:ProfitLossFromOperatingActivities id="Factid_19514204" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">-460930000</ifrs-full:ProfitLossFromOperatingActivities>
<ifrs-full:ProfitLossFromOperatingActivities id="Factid_19514205" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">346153000</ifrs-full:ProfitLossFromOperatingActivities>
<ifrs-full:ProfitLossFromOperatingActivities id="Factid_19514206" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">159562000</ifrs-full:ProfitLossFromOperatingActivities>
<ifrs-full:AdjustmentsForFinanceCosts id="Factid_19514207" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">73045000</ifrs-full:AdjustmentsForFinanceCosts>
<ifrs-full:AdjustmentsForFinanceCosts id="Factid_19514208" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">57432000</ifrs-full:AdjustmentsForFinanceCosts>
<ifrs-full:AdjustmentsForFinanceCosts id="Factid_19514209" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">50825000</ifrs-full:AdjustmentsForFinanceCosts>
<ifrs-full:GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax id="Factid_19514213" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">-8459000</ifrs-full:GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax>
<ifrs-full:GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax id="Factid_19514214" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">-15408000</ifrs-full:GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax>
<ifrs-full:GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax id="Factid_19514215" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">-9398000</ifrs-full:GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax>
<ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives id="Factid_19514216" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">-107139000</ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives>
<cpa:OtherNonOperatingIncomeExpense1 id="Factid_19514217" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">-1169000</cpa:OtherNonOperatingIncomeExpense1>
<cpa:OtherNonOperatingIncomeExpense1 id="Factid_19514218" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">-4279000</cpa:OtherNonOperatingIncomeExpense1>
<cpa:OtherNonOperatingIncomeExpense1 id="Factid_19514219" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">-239000</cpa:OtherNonOperatingIncomeExpense1>
<cpa:NonOperatingIncomeExpense1 id="Factid_19514220" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">-169849000</cpa:NonOperatingIncomeExpense1>
<cpa:NonOperatingIncomeExpense1 id="Factid_19514221" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">-52714000</cpa:NonOperatingIncomeExpense1>
<cpa:NonOperatingIncomeExpense1 id="Factid_19514222" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">-36834000</cpa:NonOperatingIncomeExpense1>
<ifrs-full:BasicAndDilutedEarningsLossPerShare id="Factid_19514232" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD_per_Share" decimals="2">-14.28</ifrs-full:BasicAndDilutedEarningsLossPerShare>
<ifrs-full:BasicAndDilutedEarningsLossPerShare id="Factid_19514233" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD_per_Share" decimals="2">5.81</ifrs-full:BasicAndDilutedEarningsLossPerShare>
<ifrs-full:BasicAndDilutedEarningsLossPerShare id="Factid_19514234" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD_per_Share" decimals="2">2.08</ifrs-full:BasicAndDilutedEarningsLossPerShare>
<ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans id="Factid_19514320" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD" decimals="-3">-15454000</ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans>
<ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans id="Factid_19514321" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">-4401000</ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans>
<ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans id="Factid_19514322" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">-339000</ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans>
<ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory id="Factid_19514510" contextRef="P01_01_2020To12_31_2020">&lt;div style="margin-block: 0em; margin-bottom: 0px; margin-top: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Basis of preparation &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 5%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Statement of compliance &lt;/div&gt;&lt;/div&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 5%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company&amp;#8217;s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (&amp;#8220;IFRS&amp;#8221;) as issued by the International Accounting Standards Board (&amp;#8220;IASB&amp;#8221;). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 5%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;As used in these notes to the consolidated financial statements, the terms &amp;#8220;the Company&amp;#8221;, &amp;#8220;we&amp;#8221;, &amp;#8220;us&amp;#8221;, &amp;#8220;our&amp;#8221;, and similar terms refer to Copa Holdings, S. A. and, unless the context indicates otherwise, its consolidated subsidiaries. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 5%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Basis of measurement&lt;/div&gt;&lt;/div&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 5%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The consolidated financial statements have been prepared on a historical cost basis, except for the following: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;certain financial assets, certain classes of property, plant and equipment, investment property and derivative financial instruments &amp;#8211; measured at fair value &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;assets held for sale &amp;#8211; measured at fair value less cost of disposal, and &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;defined benefit pension plans &amp;#8211; plan assets measured at fair value. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 5%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Functional and presentation currency&lt;/div&gt;&lt;/div&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 5%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;These consolidated financial statements are presented in United States dollars (U.S. dollars &amp;#8220;$&amp;#8221;), which is the Company&amp;#8217;s functional currency and the legal tender of the Republic of Panama. The Republic of Panama does not issue its own paper currency; instead, the U.S. dollar is used as legal currency. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 5%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;All values are rounded to the nearest thousand in U.S. dollars ($000), except when otherwise indicated. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory>
<ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory id="Factid_19514782" contextRef="P01_01_2020To12_31_2020">&lt;div style="margin-bottom: 0px; margin-top: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;3.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Significant accounting policies &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(a)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Basis of consolidation&lt;/div&gt;&lt;/div&gt;&lt;div style="font-weight:bold;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;These consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Control is achieved when the Company is exposed to, or has right to, variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Company controls the investee, when it has: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;power over the investee, &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;exposure, or rights to, variable returns from its involvement with the investee, and &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;the ability to use its power over the investee to affect its returns. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intercompany balances, transactions, and dividends are eliminated in full. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt;  &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The following are the significant subsidiaries included in these financial statements: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:65%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td rowspan="2" style="white-space: nowrap; padding-bottom: 1pt; font-size: 8pt;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Name&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td rowspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td rowspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Country of&lt;/div&gt;&lt;br/&gt; &lt;div style="font-weight:bold;display:inline;"&gt;Incorporation&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Ownership&lt;br/&gt; interest&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Copa Airlines&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Panama&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;99.9&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;99.9&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Copa Colombia&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Colombia&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;99.9&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;99.9&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Oval&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;British&amp;#160;Virgin&amp;#160;Islands&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;100&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;100&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(b)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Current versus &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-current&lt;/div&gt; classification &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company presents assets and liabilities in the statement of financial position based on &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;current/non-current&lt;/div&gt; classification. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;An asset is current when it is: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;expected to be realized or intended to be sold or consumed in the normal operating cycle &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;expected to be realized within twelve months after the reporting period, or &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;cash or cash equivalent, unless restricted. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;All other assets are classified as &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-current.&lt;/div&gt; &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;A liability is current when: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;it is expected to be settled in the normal operating cycle &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;it is due to be settled within twelve months after the reporting period, or &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company classifies all other liabilities as &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-current.&lt;/div&gt; &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Deferred tax assets and liabilities are classified as &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-current&lt;/div&gt; assets and liabilities. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt;  &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(c)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Foreign currencies &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company&amp;#8217;s consolidated financial statements are presented in U.S. dollars, which is the Company&amp;#8217;s functional currency. The Company determines the functional currency for each entity, and the items included in the financial statements of each entity are measured using that functional currency. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Transactions and balances &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Transactions in foreign currencies are initially recorded by the Company at the respective functional currency spot rates on the date when the transaction first qualifies for recognition. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot exchange rate at the reporting date. &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Non-monetary&lt;/div&gt; items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Foreign exchange gains and losses are included in the exchange rate difference line&amp;#160;in the consolidated statement of profit or loss for the year. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt; &lt;div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;  &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(d)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Revenue recognition &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Revenue is recognized when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The consideration received or receivable is measured taking into account contractually defined terms of payment and excluding taxes or duties. The following specific recognition criteria must also be met before revenue is recognized: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Passenger revenue &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Passenger revenue is primarily composed of passenger ticket sales, frequent flyer miles redeemed and ancillaries revenues associated with a passenger&amp;#8217;s flight. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Passenger tickets &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Passenger revenue from tickets is recognized when transportation is provided rather than when a ticket is sold. The amount of passenger ticket sales, not yet recognized as revenue, is reflected under &amp;#8220;Air traffic liability&amp;#8221; in the consolidated statement of financial position. Refundable and nonrefundable tickets expire after one year from the date of issuance. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;In addition, revenue is recognized for tickets that are expected not to be used, the Company performs a monthly liability evaluation using its historical experience with refundable and nonrefundable expired tickets and other facts. A year after the sale is made, actual ticket breakage is removed from &amp;#8220;Air Traffic liability&amp;#8221; and the provision is reversed. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Typically, unused tickets expire after one year, and any revenue associated with tickets sold for future travel is recognized within 12 months. In response to &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19,&lt;/div&gt; the Company is extending the ticket expiration date up to December 2021, only for tickets purchased on or before December&amp;#160;31, 2020 and with original travel dates ending on or before December&amp;#160;31, 2020. As such, any revenue associated with these tickets will not be recognized until the new flight date. Additionally, given this change in travel schedule, the Company&amp;#8217;s estimates of revenue from unused tickets may be subject to variability and may differ from historical averages. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company sells certain tickets with connecting flights with one or more segments operated by its other airline partners. For segments operated by other airline partners, the Company has determined that it is acting as an agent on behalf of the other airlines as they are responsible for their portion of the contract. The Company, as the agent, reduces its &amp;#8220;Air traffic liability&amp;#8221; when consideration is remitted to those airlines, and recognizes revenue for the net amount representing commission to be retained by the Company for any segments flown by other airlines. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Denied boarding compensation made to customers for voluntarily or involuntarily denied boarding reduces revenue when the voucher is issued to the passenger. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Frequent flyer program &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company&amp;#8217;s frequent flyer program objective, is to reward customer loyalty. Members in this program earn miles for travel on Copa Airlines, Star Alliance partners&amp;#8217; airlines and also by purchasing the goods and services of the Company network of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-airline&lt;/div&gt; partners and &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;co-branded&lt;/div&gt; credit cards. The miles or points earned can be exchanged for flights on Copa or any of other Star Alliance partners&amp;#8217; airlines. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Passenger revenue includes flights redeemed under our frequent flyer program. When a passenger elects to receive Copa&amp;#8217;s frequent flyer miles in connection with a flight, the Company recognizes a portion of the tickets sale as revenue when the air transportation is provided and recognizes a deferred liability (Frequent flyer deferred revenue) for the portion of the ticket sale representing the value of the related miles as a separate performance obligation. To determine the amount of revenue to be deferred, the Company estimates and allocates the fair value of the miles that were essentially sold along with the airfare, based on a weighted average ticket value, which incorporates the expected redemption of miles including factors such as redemption pattern, cabin class and geographic region. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;A statistical model that estimates the percentages of points that will not be redeemed before expiration is used to estimate breakage.&amp;#160;The breakage and the fair value of the miles are reviewed at least annually, and any adjustments are reflected on a prospective basis to passenger revenues. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company calculates the short and long-term portion of the frequent flyer deferred revenue, using a model that includes estimates based on the members&amp;#180; redemption rates projected by management due to clients&amp;#8217; behavior. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Currently, when a member of another carrier frequent flyer program redeems miles on a Copa Airlines flight, those carriers pay to the Company a per mile rate. The rates paid by them depend on the class of service, the flight length, and the availability of the reward and is included in passenger revenues. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Ancillaries revenues &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Primarily composed of services performed in conjunction with a passenger&amp;#8217;s flight, including administrative fees (such as ticket change fees), baggage fees, and other ticket-related fees. These ancillary fees are part of the travel performance obligation and, as such, are recognized as passenger revenue when the travel occurs. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Cargo and mail revenue &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Cargo and mail revenue is recognized when the Company provides and completes the shipping services as requested by the client and the risks on the merchandise and goods are transferred. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other operating revenue &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Other operating revenue includes revenue associated with the marketing component of the frequent flyer program. This revenue is comprised of the marketing component of mileage sales to &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;co-branded&lt;/div&gt; card, other partners and other marketing related payments. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company sells miles to &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-airline&lt;/div&gt; businesses with which it has marketing agreements. The main contracts to sell miles are related to &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;co-branded&lt;/div&gt; credit card relationships with major banks in the region. The Company determined the selling prices of miles according to a method which allocates consideration based upon the relative selling price of the deliverables. The relative selling price of the deliverables is determined based upon the estimated standalone selling prices of each deliverable in the arrangement and is allocated between the miles sold to the passenger (as described above) and the marketing elements. Revenue allocated to the performance obligations related to, marketing components, is recorded in other operating revenue when miles are delivered. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The remaining amounts included within other revenue are related to lease income, advertising and vacation-related services. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt; &lt;div style="font-size: 18pt; margin-top: 0px; margin-bottom: 0px;"&gt;&amp;#160;&lt;/div&gt;  &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(e)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Cash and cash equivalents &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Cash and cash equivalents in the statement of financial position, comprise cash on hand and in banks, money market accounts, and time deposits with original maturities of three months or less from the date of purchase. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company evaluates the term and conditions relating to its restricted cash to determine where it should be presented, as current assets in cash and cash equivalents or as &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-current&lt;/div&gt; assets in long-term investments. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash net of outstanding bank overdrafts, if any. The Company has elected to present the statement of cash flows using the indirect method. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt;  &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(f)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Financial instruments &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Financial assets &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company&amp;#8217;s financial assets include cash and cash equivalents, short and long-term investments and accounts receivable. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(i)&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Initial recognition and measurement &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The classification of financial assets at initial recognition depends on the financial assets contractual cash flow characteristics and the Company&amp;#8217;s business model for managing them. With the exception of accounts receivables that do not contain a significant financing component or for which the Company has applied the practical expedient, the Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Accounts receivable that do not contain a significant financing component or for which the Company has applied the practical expedient are measured at the transaction price. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;In order for a financial asset to be classified and measured at amortized cost or fair value through OCI, it needs to give rise to cash flows that are &amp;#8216;solely payments of principal and interest&amp;#8217; (SPPI) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company&amp;#8217;s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;All financial assets are recognized on the trade date, which is the date on which the Company becomes a party to the contractual provisions of an instrument. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(ii)&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Subsequent measurement &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;For purposes of subsequent measurement, financial assets are classified in four categories: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial assets at amortized cost (debt instruments) &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial assets at fair value through profit or loss &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Financial assets at amortized cost &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;This category is the most relevant to the Company. The Company measures financial assets at amortized cost if both of the following conditions are met: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial assets at amortized cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company&amp;#8217;s financial assets at amortized cost includes the Company&amp;#8217;s investments and its receivables. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company invests in short-term deposits and bonds with original maturities of more than three months but less than one year, and invests in long-term deposits and bonds with maturities greater than one year. These investments are classified as short and long-term investments, respectively, in the accompanying consolidated statement of financial position. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Accounts receivable are &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-derivative&lt;/div&gt; financial assets with fixed or determinable payments that are not quoted in an active market. These financial instruments are initially recognized and carried at the original invoice amount since recognition of interest under the amortized cost would be immaterial less a provision for impairment. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Financial assets at fair value through OCI &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company measures debt instruments at fair value through OCI if both of the following conditions are met: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and selling; and &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the statement of profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recycled to profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company currently does not have assets classified under this category. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Financial assets designated at fair value through OCI &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Upon initial recognition, the Company may elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32 &lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Financial Instruments: Presentation and are not held for trading&lt;/div&gt;. The classification is determined on an &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;instrument-by-instrument&lt;/div&gt;&lt;/div&gt; basis. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as other income in the statement of profit or loss when the right of payment has been established, except when the Company benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company currently does not have assets classified under this category. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Financial assets at fair value through profit or loss &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortized cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company currently does not have assets classified under this category. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(iii)&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Derecognition &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;A financial asset is derecognized when: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;the rights to receive cash flows from the asset have expired, or &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a &amp;#8220;pass-through&amp;#8221; arrangement, and either (a)&amp;#160;the Company has transferred substantially all the risks and rewards of the asset, or (b)&amp;#160;the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates, if and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognized to the extent of the Company&amp;#8217;s continuing involvement in the asset. In that case, the Company also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(iv)&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Impairment of financial assets &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company recognizes an allowance for expected credit losses (ECLs) on financial asset measured at amortized cost. Loss allowance for financial assets are deducted from the gross carrying amount on the assets. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;12-months&lt;/div&gt; (a &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;12-month&lt;/div&gt; ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). &lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Both, lifetime ECLs and &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;12-month&lt;/div&gt; ECLs, are calculated on either an individual basis or a collective basis, depending on the nature of the underlying portfolio of financial instruments. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company has established a policy to perform an assessment, at the end of each quarterly reporting period, of whether a financial instrument&amp;#8217;s credit risk has increased significantly since initial recognition, by considering the change in the risk of default occurring over the remaining life of the financial instrument. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;For accounts receivables the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each quarterly reporting date. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company has established a provision matrix to measure ECLs. Loss rates are calculated using a &amp;#8216;roll rate&amp;#8217; method based on the probability of a receivable progressing through successive stages of delinquency to &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;write-off.&lt;/div&gt; To measure the ECLs, trade receivables have been grouped based on shared credit risk characteristics and the day past due. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Loss rates are based on actual credit loss experience over the last 12 months and adjusted for forward-looking factors specific to the debtors and the economic environment over the expected life of the receivables. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. The Company considers that there are no realistic prospects of recovery of the asset if any of the following indicators are present: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;the debtor is in a state of permanent disability &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;the Company has exhausted all legal and/or administrative recourse &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;where the account exceeds one year without decreases &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;when there are no documents that establishing the debt &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Losses arising from impairment are recognized under &amp;#8220;Other operating and administrative expenses&amp;#8221; in the consolidated statement of profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Financial liabilities &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(i)&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Initial recognition and measurement &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or derivatives designated as hedging instruments in an effective hedge, as appropriate. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company&amp;#8217;s financial liabilities include trade and other payables and loans and borrowings including bank overdrafts, and derivative financial instruments. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(ii)&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Subsequent measurement &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;For purposes of subsequent measurement, financial liabilities are classified in two categories: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial liabilities at fair value through profit or loss &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial liabilities at amortized cost (loans and borrowings) &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Financial liabilities at fair value through profit or loss &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Company that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Gains or losses on liabilities held for trading are recognized in the statement of profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Financial liabilities at amortized cost (loans and borrowings) &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Subsequent to initial recognition, all borrowings and loans are measured at amortized cost using the EIR method. Gains and losses are recognized in the consolidated statement of profit or loss when the liabilities are derecognized as well as through the EIR amortization process. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included under finance cost in the consolidated statement of profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(iii)&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Derecognition &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial liabilities are derecognized when the obligation under the liability is discharged, cancelled, or expire. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statement of profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Offsetting of financial instruments &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial assets and financial liabilities are offset and the net amount presented in the consolidated statement of financial position when, and only when, the Company has a legally enforceable right to set off the recognized amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the ordinary course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Derivative financial instruments and hedging activities &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Derivative instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at their fair value. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Derivatives are carried as financial assets when the fair value results in a right to the Company and as financial liabilities when the fair value results in an obligation. The accounting for changes in value depends on whether the derivative is designated as a hedging instrument, and if so, the classification of the hedge. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;For hedge accounting purposes, hedges are classified into: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognized firm commitment &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Hedges of a net investment in a foreign operation. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;At the inception of a hedge relationship, the Company formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Company will assess whether the hedging relationship meets the hedge effectiveness requirements. A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;There is &amp;#8216;an economic relationship&amp;#8217; between the hedged item and the hedging instrument. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The effect of credit risk does not &amp;#8216;dominate the value changes&amp;#8217; that result from that economic relationship. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Company actually hedges and the quantity of the hedging instrument that the Company actually uses to hedge that quantity of hedged item. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;As of December&amp;#160;31, 2020 and 2019, the Company does not have financial instruments designated under hedge accounting. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt;  &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(g)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Impairment of non - financial assets &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company assesses at each reporting date whether there is an indication that an asset or its cash-generating unit (CGU) may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset&amp;#8217;s or CGU&amp;#8217;s recoverable amount. The recoverable amount is the higher of an asset&amp;#8217;s or its CGU&amp;#8217;s fair value less costs to sell and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or group of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;In assessing value in use, the estimated future cash flows are discounted to their present value using a &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;pre-tax&lt;/div&gt; discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Impairment losses of continuing operations, including impairment on inventories, are recognized under &amp;#8220;Impairment of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-financial&lt;/div&gt; assets&amp;#8221; in the consolidated statement of profit or loss. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;For assets, excluding goodwill, an assessment is made at each reporting date to determine whether there is any indication that previously recognized impairment losses no longer exist or may have decreased. If such indication exists, the Company estimates the asset&amp;#8217;s or CGU&amp;#8217;s recoverable amount. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset&amp;#8217;s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt; &lt;div style="font-size: 18pt; margin-top: 0px; margin-bottom: 0px;"&gt;&amp;#160;&lt;/div&gt;  &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(h)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Senior convertible notes &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Senior convertible notes are classified as hybrid instruments that comprises a debt host contract for the interest and principal payments plus a derivative instrument for the conversion option. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The initial carrying amount of the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-derivative&lt;/div&gt; host contract is the difference between the fair value minus transaction costs of the hybrid instrument and the fair value of the embedded derivative. Under this approach, all of the transaction costs are always allocated to and deducted from the carrying amount of the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-derivative&lt;/div&gt; host contract on initial recognition. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;After initial recognition, the debt host contract would be measured at amortized cost and the derivative liability, not being closely related to the debt host contract, would be measured at fair value through profit or loss.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt;   &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(i)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Expendable parts and supplies &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Expendable parts and supplies for flight equipment are carried at the lower of the average acquisition cost or replacement cost, and are expensed when used in operations. The replacement cost is the estimated purchase price in the ordinary course of business.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt;   &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(j)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Passenger traffic commissions &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Passenger traffic commissions are recognized as expense when transportation is provided and the related revenue is recognized. Passenger traffic commissions paid but not yet recognized as expense are included under &amp;#8220;Prepaid expenses&amp;#8221; in the accompanying consolidated statement of financial position.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt;   &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(k)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Property and equipment &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Property and equipment comprise mainly airframe, engines, and other related flight equipment. All property and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;When a major maintenance inspection or overhaul cost is embedded in the initial purchase cost of an aircraft, the Company estimates the carrying amount of the component. These initial &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;built-in&lt;/div&gt; maintenance assets are depreciated over the estimated time period until the first maintenance event is performed. The cost of major maintenance events completed after the aircraft acquisition are capitalized and depreciated over the estimated time period until the next major maintenance event. The remaining value of the previously capitalized component if any, is charged to expense upon completion of the subsequent maintenance event. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company recognizes the depreciation on a straight-line basis which for some aircraft components is akin to depreciation based on use, over the estimated useful life of the assets. Depreciation is recognized in the consolidated statement of profit or loss from the date the property, and equipment is installed and ready for use. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;  &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:41%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td style="width:37%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td style="width:18%;"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="border-bottom: 1pt solid rgb(0, 0, 0); white-space: nowrap; font-size: 8pt;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Property and equipment&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Estimate&amp;#160;useful life (years)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Residual Value&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Flight equipment (*)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Airframe and engines&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;27&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;15%&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Major maintenance events&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;3-16&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Ramp and miscellaneous&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Ground equipment&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;10&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Furniture, fixture, equipment and other&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;5-10&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Leasehold improvements&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Lesser of remaining lease term and estimated useful&lt;br/&gt; life of the leasehold improvement&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td colspan="5" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;"&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td colspan="5" style="vertical-align:top;"&gt;&lt;div style="text-indent: -2em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(*)&amp;#8194;&amp;#8201;&amp;#8202;Excluding the Embraer 190 and &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;737-700&lt;/div&gt; fleet, see note 13.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;  &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;"&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td colspan="5" style="vertical-align:top;"&gt;&lt;div style="text-indent: -2em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 2em; line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;An item of property and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the asset is derecognized. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The costs of major maintenance events for leased aircraft are capitalized and depreciated over the shorter of the scheduled usage period to the next major inspection event or the remaining life of lease term (as appropriate), the remaining value of the previously capitalized maintenance or the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;right-of-use&lt;/div&gt;&lt;/div&gt; asset (&amp;#8220;ROU&amp;#8221;) component if any, is charged to expense upon completion of the subsequent maintenance event. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The residual values, useful lives, and methods of depreciation of property and equipment are reviewed at each financial &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;year-end&lt;/div&gt; and adjusted prospectively, if appropriate. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The land owned by the Company is recognized at cost less any accumulated impairment. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(l)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Leases &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;At inception of a contract, the Company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract, conveys the right to control the use of an identified asset, the Company assesses whether: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company has the right to obtain substantially all of the economic benefits from use of the identified asset; and &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company has the right to direct the use of the identified asset. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;The&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Company as a lessee &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;At the commencement date, the Company recognizes a ROU and a lease liability. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The ROU is measured at cost and comprises: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;the amount of the initial measurement of the lease liability, &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;any lease payments made at or before the commencement date, less any lease incentives received; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;any initial direct costs incurred by the lessee; and &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories. The Company incurs the obligation for those costs either at the commencement date or as a consequence of having used the underlying asset during a particular period. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The ROU is subsequently depreciated using the straight line method from the commencement date to the earlier of the end of the useful life of the ROU or component, or lease term. The estimated useful life of ROU is determined of the same basis of owned property and equipment. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The ROU assets are also subject to impairment. Refer to the accounting policies in section (g)&amp;#160;impairment of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-financial&lt;/div&gt; assets. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;In this regard, the Company applies the following, by class of underlying asset: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;for the leases of real estate, the Company has elected to separate &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-lease&lt;/div&gt; components. &lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;for aircraft leases, the value of major maintenance inspection or overhaul embedded in the aircraft is recognized as a separated component and is depreciated over the estimated time period until the first maintenance event is performed or the remaining life of lease term (as appropriate) which ever is shorter. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The lease liability, is initially measured at the present value of the lease payments that are not paid at that date, discounted using the interest rate implicit in the lease, if that rate can be readily determined or the lessee&amp;#8217;s incremental borrowing rate. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The lease payments included in the measurement of the lease liability comprise: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;fixed payments (including &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;in-substance&lt;/div&gt; fixed payments), less any lease incentives receivable; &lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;amounts expected to be payable by the lessee under residual value guarantees; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Variable lease payments that do not depend on an index or a rate are recognized as lease expenses in the period in which the event or condition that triggers the payment occurs, under &amp;#8220;Other operating and administrative expenses&amp;#8221; in the consolidated statement of profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or a rate, if there is a change in the Company&amp;#8217;s estimated amount expected to be payable under a residual value guarantee or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the ROU, or is recorded in profit or loss if the carrying amount of ROU has been reduced to zero. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financing arrangements where is certain that the asset will be purchased at the end of the lease term, are &amp;#8220;in substance purchases&amp;#8221; and not leases, in those cases, the related liability is considered a financial liability under IFRS 9 and the asset, as property and equipment, according to IAS 16. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company has elected not to recognize ROU and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low value assets. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term as &amp;#8220;Other operating and administrative expenses&amp;#8221; in the consolidated statement of profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;The&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Company as lessor &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;When assets are leased under operating leases, the asset is included in the consolidated statement of financial position according to its nature. Revenue from operating leases is recognized over the lease term on a straight-line basis as part of other operating revenue. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Initial direct costs incurred by the Company in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized as an expense over the lease term on the same basis as the related lease income. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(m)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Intangible assets &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Goodwill&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred over the net identifiable assets acquired and liabilities assumed of the acquired subsidiary at the date of acquisition. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Company&amp;#8217;s CGU or group of CGU&amp;#8217;s that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other&amp;#160;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&amp;#160;&amp;#160;intangible assets &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangible assets, excluding capitalized development costs, are not capitalized and the expenditure is reflected in the consolidated statement of profit or loss in the year in which the expenditure is incurred. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The useful lives of intangible assets are assessed as either finite or indefinite. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Intangible assets with finite lives are amortized over their useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite life is recognized in the consolidated statement of profit or loss as the expense category that is consistent with the function of the intangible assets. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Intangible assets with indefinite useful life are not amortized but are tested for impairment at least annually, either individually or at the CGU level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Gains and losses arising from the derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the consolidated statement of profit or loss when the asset is derecognized. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company&amp;#8217;s intangible assets and the policies applied are summarized as follows: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Licenses and software rights &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortized using the straight-line method over their estimated useful life (from three to eight years) and the amortization is recognized in the consolidated statement of profit or loss. Costs associated with maintaining computer software programs are recognized as an expense as incurred. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Costs that are directly associated with the production of identifiable and unique software products controlled by the Company and that are estimated to generate economic benefits exceeding costs beyond one year, are recognized as intangible assets. Direct costs include the software development employee costs and an appropriate portion of relevant overheads. These costs are amortized using the straight-line method over their estimated useful life (from five to fifteen years). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(n)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &amp;quot;times new roman&amp;quot;; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Taxes&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Income tax expense&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Income tax expense comprises current and deferred tax. It is recognized in profit or loss except when related to the items recognized directly in equity or in other comprehensive income (&amp;#8220;OCI&amp;#8221;).&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 12pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Current income tax&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company pays taxes in the Republic of Panama and in other countries in which it operates, based on regulations in effect in each respective country.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Revenue arises principally from foreign operations, and according to the Panamanian Tax Code, these foreign operations are not subject to income tax in Panama.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Panamanian tax code for the airline industry states that tax is based on net income earned for passenger traffic with origin or final destination in the Republic of Panama. The applicable tax rate is currently 25.0%. Dividends from the Panamanian subsidiaries, are separately subject to a 10% withholding tax on the portion attributable to Panamanian sourced income and a 5% withholding tax on the portion attributable to foreign sourced income.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company is also subject to local tax regulations in each of the other jurisdictions where it operates, the great majority of which are related to income taxes.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in the countries where the Company operates and generates taxable income.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions when appropriate.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 12pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Deferred tax&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Deferred tax is calculated using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilized, except:&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;when the deferred tax asset relating to the deductible temporary difference arises from initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit or loss.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;in respect of deductible temporary differences associated with investments in subsidiaries, associates, and interests in joint ventures, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 1px; margin-top: 6px; margin-bottom: 0px;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Deferred tax liabilities are recognized for all taxable temporary differences, except:&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit or loss.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;in respect of taxable temporary differences associated with investments in subsidiaries, associates, and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Deferred tax assets and liabilitie&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;s&lt;/div&gt;&amp;#160;are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 12pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Ticket taxes&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company is required to charge certain taxes and fees on its passenger tickets. These taxes and fees include transportation taxes, airport passenger facility charges, and certain governmentally imposed airport arrival and departure taxes. These taxes and fees are legal assessments on the customer. Since the Company has a legal obligation to act as a collection agent with respect to these taxes and fees, such amounts are not included in passenger revenue. The Company records a liability when these amounts are collected and derecognizes the liability when payments are made to the applicable government agency or operating carrier.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(o)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Borrowing costs &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Borrowing costs directly attributable to the acquisition, construction, or production of any qualifying asset, that necessarily takes a substantial period of time to get ready for its intended use or sale, are capitalized as part of the cost of the asset during that period of time. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. &lt;/div&gt;&lt;/div&gt;&amp;#160;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(p)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Provisions &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Provisions for costs, including restitution, restructuring and legal claims and assessments are recognized when: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;the Company has a present legal or constructive obligation as a result of past events; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;the amount of obligation can be reliably estimated. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;For aircraft leases, the Company is contractually obliged to return the aircraft in a defined condition. The Company accrues a provision for return conditions which are based on the usage of leased aircraft throughout the duration of the lease. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Return conditions are based on the net present value of the estimated costs of returning the aircraft and are recognized in the consolidated statement of profit or loss under &amp;#8220;Maintenance, materials and repairs&amp;#8221;. These costs are reviewed annually and adjustments, if any, are recognized prospectively over the remaining lease term. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(q)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Employee benefits &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Defined benefit plan&lt;/div&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company sponsors a defined benefit plan, which requires contributions to be made to a separately administered fund. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The calculation of the defined benefit obligation is performed annually by a qualified actuary using the projected unit credit actuarial cost method (PUC). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Remeasurements of the net defined benefit liability, which comprises actuarial gains and losses, the return on plan assets and the effect of the asset ceiling (if any), are recognized immediately in other comprehensive income. The Company determines the net interest by applying the discount rate to the net defined benefit liability or asset. The Company recognizes the following changes in the net defined benefit obligation in the consolidated statement of profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Share-based&amp;#160;payments&lt;/div&gt;&lt;/div&gt; &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Employees (including senior executives) of the Company receive compensation in the form of share-based payment transactions, whereby employees render services as consideration for equity instruments (equity-settled transactions). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The cost of equity-settled transactions is recognized, together with a corresponding increase in additional paid in capital in equity, over the period in which the performance and/or service conditions are fulfilled. The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company&amp;#8217;s best estimate of the number of equity instruments that will ultimately vest. Expense or credit for a period represents the movement in cumulative expense recognized as of the beginning and end of that period and is recognized under &amp;#8220;Wages, salaries, benefits and other employees&amp;#8217; expenses&amp;#8221; expense in the consolidated statement of profit or loss (note 25). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Termination benefits&lt;/div&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Termination benefits are payable when employment is terminated by the Company before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Company recognizes termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without realistic possibility of withdrawal, or providing termination benefits as a result of an offer made to encourage voluntary redundancy. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="letter-spacing: 0px; top: 0px; background: none;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(r)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Non-current&lt;/div&gt; assets held for sale and discontinued operations &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company classifies &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-current&lt;/div&gt; assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Non-current&lt;/div&gt; assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Property and equipment and intangible assets are not depreciated or amortized once classified as held for sale. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;All the financial statements include amounts for continuing operations. Additional disclosures about assets held for sale are provided in note 13. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory>
<cpa:DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory id="Factid_19516195" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(a)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Basis of consolidation&lt;/div&gt;&lt;/div&gt;&lt;div style="font-weight:bold;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;These consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Control is achieved when the Company is exposed to, or has right to, variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Company controls the investee, when it has: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;power over the investee, &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;exposure, or rights to, variable returns from its involvement with the investee, and &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;the ability to use its power over the investee to affect its returns. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intercompany balances, transactions, and dividends are eliminated in full. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt;  &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The following are the significant subsidiaries included in these financial statements: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:65%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td rowspan="2" style="white-space: nowrap; padding-bottom: 1pt; font-size: 8pt;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Name&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td rowspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td rowspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Country of&lt;/div&gt;&lt;br/&gt; &lt;div style="font-weight:bold;display:inline;"&gt;Incorporation&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Ownership&lt;br/&gt; interest&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Copa Airlines&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Panama&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;99.9&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;99.9&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Copa Colombia&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Colombia&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;99.9&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;99.9&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Oval&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;British&amp;#160;Virgin&amp;#160;Islands&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;100&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;100&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory>
<cpa:DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory id="Factid_19516198" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(b)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Current versus &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-current&lt;/div&gt; classification &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company presents assets and liabilities in the statement of financial position based on &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;current/non-current&lt;/div&gt; classification. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;An asset is current when it is: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;expected to be realized or intended to be sold or consumed in the normal operating cycle &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;expected to be realized within twelve months after the reporting period, or &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;cash or cash equivalent, unless restricted. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;All other assets are classified as &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-current.&lt;/div&gt; &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;A liability is current when: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;it is expected to be settled in the normal operating cycle &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;it is due to be settled within twelve months after the reporting period, or &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company classifies all other liabilities as &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-current.&lt;/div&gt; &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Deferred tax assets and liabilities are classified as &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-current&lt;/div&gt; assets and liabilities. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory id="Factid_19516201" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(c)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Foreign currencies &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company&amp;#8217;s consolidated financial statements are presented in U.S. dollars, which is the Company&amp;#8217;s functional currency. The Company determines the functional currency for each entity, and the items included in the financial statements of each entity are measured using that functional currency. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Transactions and balances &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Transactions in foreign currencies are initially recorded by the Company at the respective functional currency spot rates on the date when the transaction first qualifies for recognition. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot exchange rate at the reporting date. &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Non-monetary&lt;/div&gt; items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Foreign exchange gains and losses are included in the exchange rate difference line&amp;#160;in the consolidated statement of profit or loss for the year. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt; &lt;div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue id="Factid_19516211" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(d)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Revenue recognition &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Revenue is recognized when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The consideration received or receivable is measured taking into account contractually defined terms of payment and excluding taxes or duties. The following specific recognition criteria must also be met before revenue is recognized: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Passenger revenue &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Passenger revenue is primarily composed of passenger ticket sales, frequent flyer miles redeemed and ancillaries revenues associated with a passenger&amp;#8217;s flight. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Passenger tickets &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Passenger revenue from tickets is recognized when transportation is provided rather than when a ticket is sold. The amount of passenger ticket sales, not yet recognized as revenue, is reflected under &amp;#8220;Air traffic liability&amp;#8221; in the consolidated statement of financial position. Refundable and nonrefundable tickets expire after one year from the date of issuance. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;In addition, revenue is recognized for tickets that are expected not to be used, the Company performs a monthly liability evaluation using its historical experience with refundable and nonrefundable expired tickets and other facts. A year after the sale is made, actual ticket breakage is removed from &amp;#8220;Air Traffic liability&amp;#8221; and the provision is reversed. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Typically, unused tickets expire after one year, and any revenue associated with tickets sold for future travel is recognized within 12 months. In response to &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19,&lt;/div&gt; the Company is extending the ticket expiration date up to December 2021, only for tickets purchased on or before December&amp;#160;31, 2020 and with original travel dates ending on or before December&amp;#160;31, 2020. As such, any revenue associated with these tickets will not be recognized until the new flight date. Additionally, given this change in travel schedule, the Company&amp;#8217;s estimates of revenue from unused tickets may be subject to variability and may differ from historical averages. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company sells certain tickets with connecting flights with one or more segments operated by its other airline partners. For segments operated by other airline partners, the Company has determined that it is acting as an agent on behalf of the other airlines as they are responsible for their portion of the contract. The Company, as the agent, reduces its &amp;#8220;Air traffic liability&amp;#8221; when consideration is remitted to those airlines, and recognizes revenue for the net amount representing commission to be retained by the Company for any segments flown by other airlines. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Denied boarding compensation made to customers for voluntarily or involuntarily denied boarding reduces revenue when the voucher is issued to the passenger. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Frequent flyer program &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company&amp;#8217;s frequent flyer program objective, is to reward customer loyalty. Members in this program earn miles for travel on Copa Airlines, Star Alliance partners&amp;#8217; airlines and also by purchasing the goods and services of the Company network of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-airline&lt;/div&gt; partners and &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;co-branded&lt;/div&gt; credit cards. The miles or points earned can be exchanged for flights on Copa or any of other Star Alliance partners&amp;#8217; airlines. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Passenger revenue includes flights redeemed under our frequent flyer program. When a passenger elects to receive Copa&amp;#8217;s frequent flyer miles in connection with a flight, the Company recognizes a portion of the tickets sale as revenue when the air transportation is provided and recognizes a deferred liability (Frequent flyer deferred revenue) for the portion of the ticket sale representing the value of the related miles as a separate performance obligation. To determine the amount of revenue to be deferred, the Company estimates and allocates the fair value of the miles that were essentially sold along with the airfare, based on a weighted average ticket value, which incorporates the expected redemption of miles including factors such as redemption pattern, cabin class and geographic region. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;A statistical model that estimates the percentages of points that will not be redeemed before expiration is used to estimate breakage.&amp;#160;The breakage and the fair value of the miles are reviewed at least annually, and any adjustments are reflected on a prospective basis to passenger revenues. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company calculates the short and long-term portion of the frequent flyer deferred revenue, using a model that includes estimates based on the members&amp;#180; redemption rates projected by management due to clients&amp;#8217; behavior. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Currently, when a member of another carrier frequent flyer program redeems miles on a Copa Airlines flight, those carriers pay to the Company a per mile rate. The rates paid by them depend on the class of service, the flight length, and the availability of the reward and is included in passenger revenues. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Ancillaries revenues &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Primarily composed of services performed in conjunction with a passenger&amp;#8217;s flight, including administrative fees (such as ticket change fees), baggage fees, and other ticket-related fees. These ancillary fees are part of the travel performance obligation and, as such, are recognized as passenger revenue when the travel occurs. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Cargo and mail revenue &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Cargo and mail revenue is recognized when the Company provides and completes the shipping services as requested by the client and the risks on the merchandise and goods are transferred. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other operating revenue &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Other operating revenue includes revenue associated with the marketing component of the frequent flyer program. This revenue is comprised of the marketing component of mileage sales to &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;co-branded&lt;/div&gt; card, other partners and other marketing related payments. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company sells miles to &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-airline&lt;/div&gt; businesses with which it has marketing agreements. The main contracts to sell miles are related to &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;co-branded&lt;/div&gt; credit card relationships with major banks in the region. The Company determined the selling prices of miles according to a method which allocates consideration based upon the relative selling price of the deliverables. The relative selling price of the deliverables is determined based upon the estimated standalone selling prices of each deliverable in the arrangement and is allocated between the miles sold to the passenger (as described above) and the marketing elements. Revenue allocated to the performance obligations related to, marketing components, is recorded in other operating revenue when miles are delivered. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The remaining amounts included within other revenue are related to lease income, advertising and vacation-related services. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt; &lt;div style="font-size: 18pt; margin-top: 0px; margin-bottom: 0px;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue>
<ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents id="Factid_19516214" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(e)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Cash and cash equivalents &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Cash and cash equivalents in the statement of financial position, comprise cash on hand and in banks, money market accounts, and time deposits with original maturities of three months or less from the date of purchase. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company evaluates the term and conditions relating to its restricted cash to determine where it should be presented, as current assets in cash and cash equivalents or as &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-current&lt;/div&gt; assets in long-term investments. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash net of outstanding bank overdrafts, if any. The Company has elected to present the statement of cash flows using the indirect method. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents>
<ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory id="Factid_19516266" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(f)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Financial instruments &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Financial assets &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company&amp;#8217;s financial assets include cash and cash equivalents, short and long-term investments and accounts receivable. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(i)&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Initial recognition and measurement &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The classification of financial assets at initial recognition depends on the financial assets contractual cash flow characteristics and the Company&amp;#8217;s business model for managing them. With the exception of accounts receivables that do not contain a significant financing component or for which the Company has applied the practical expedient, the Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Accounts receivable that do not contain a significant financing component or for which the Company has applied the practical expedient are measured at the transaction price. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;In order for a financial asset to be classified and measured at amortized cost or fair value through OCI, it needs to give rise to cash flows that are &amp;#8216;solely payments of principal and interest&amp;#8217; (SPPI) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company&amp;#8217;s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;All financial assets are recognized on the trade date, which is the date on which the Company becomes a party to the contractual provisions of an instrument. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(ii)&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Subsequent measurement &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;For purposes of subsequent measurement, financial assets are classified in four categories: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial assets at amortized cost (debt instruments) &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial assets at fair value through profit or loss &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Financial assets at amortized cost &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;This category is the most relevant to the Company. The Company measures financial assets at amortized cost if both of the following conditions are met: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial assets at amortized cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company&amp;#8217;s financial assets at amortized cost includes the Company&amp;#8217;s investments and its receivables. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company invests in short-term deposits and bonds with original maturities of more than three months but less than one year, and invests in long-term deposits and bonds with maturities greater than one year. These investments are classified as short and long-term investments, respectively, in the accompanying consolidated statement of financial position. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Accounts receivable are &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-derivative&lt;/div&gt; financial assets with fixed or determinable payments that are not quoted in an active market. These financial instruments are initially recognized and carried at the original invoice amount since recognition of interest under the amortized cost would be immaterial less a provision for impairment. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Financial assets at fair value through OCI &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company measures debt instruments at fair value through OCI if both of the following conditions are met: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and selling; and &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the statement of profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recycled to profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company currently does not have assets classified under this category. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Financial assets designated at fair value through OCI &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Upon initial recognition, the Company may elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32 &lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Financial Instruments: Presentation and are not held for trading&lt;/div&gt;. The classification is determined on an &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;instrument-by-instrument&lt;/div&gt;&lt;/div&gt; basis. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as other income in the statement of profit or loss when the right of payment has been established, except when the Company benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company currently does not have assets classified under this category. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Financial assets at fair value through profit or loss &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortized cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company currently does not have assets classified under this category. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(iii)&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Derecognition &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;A financial asset is derecognized when: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;the rights to receive cash flows from the asset have expired, or &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a &amp;#8220;pass-through&amp;#8221; arrangement, and either (a)&amp;#160;the Company has transferred substantially all the risks and rewards of the asset, or (b)&amp;#160;the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates, if and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognized to the extent of the Company&amp;#8217;s continuing involvement in the asset. In that case, the Company also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(iv)&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Impairment of financial assets &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company recognizes an allowance for expected credit losses (ECLs) on financial asset measured at amortized cost. Loss allowance for financial assets are deducted from the gross carrying amount on the assets. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;12-months&lt;/div&gt; (a &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;12-month&lt;/div&gt; ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). &lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Both, lifetime ECLs and &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;12-month&lt;/div&gt; ECLs, are calculated on either an individual basis or a collective basis, depending on the nature of the underlying portfolio of financial instruments. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company has established a policy to perform an assessment, at the end of each quarterly reporting period, of whether a financial instrument&amp;#8217;s credit risk has increased significantly since initial recognition, by considering the change in the risk of default occurring over the remaining life of the financial instrument. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;For accounts receivables the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each quarterly reporting date. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company has established a provision matrix to measure ECLs. Loss rates are calculated using a &amp;#8216;roll rate&amp;#8217; method based on the probability of a receivable progressing through successive stages of delinquency to &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;write-off.&lt;/div&gt; To measure the ECLs, trade receivables have been grouped based on shared credit risk characteristics and the day past due. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Loss rates are based on actual credit loss experience over the last 12 months and adjusted for forward-looking factors specific to the debtors and the economic environment over the expected life of the receivables. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. The Company considers that there are no realistic prospects of recovery of the asset if any of the following indicators are present: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;the debtor is in a state of permanent disability &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;the Company has exhausted all legal and/or administrative recourse &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;where the account exceeds one year without decreases &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;when there are no documents that establishing the debt &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Losses arising from impairment are recognized under &amp;#8220;Other operating and administrative expenses&amp;#8221; in the consolidated statement of profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Financial liabilities &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(i)&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Initial recognition and measurement &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or derivatives designated as hedging instruments in an effective hedge, as appropriate. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company&amp;#8217;s financial liabilities include trade and other payables and loans and borrowings including bank overdrafts, and derivative financial instruments. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(ii)&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Subsequent measurement &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;For purposes of subsequent measurement, financial liabilities are classified in two categories: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial liabilities at fair value through profit or loss &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial liabilities at amortized cost (loans and borrowings) &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Financial liabilities at fair value through profit or loss &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Company that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Gains or losses on liabilities held for trading are recognized in the statement of profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;&lt;div style="text-decoration:underline;display:inline;"&gt;Financial liabilities at amortized cost (loans and borrowings) &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Subsequent to initial recognition, all borrowings and loans are measured at amortized cost using the EIR method. Gains and losses are recognized in the consolidated statement of profit or loss when the liabilities are derecognized as well as through the EIR amortization process. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included under finance cost in the consolidated statement of profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(iii)&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Derecognition &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial liabilities are derecognized when the obligation under the liability is discharged, cancelled, or expire. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statement of profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Offsetting of financial instruments &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financial assets and financial liabilities are offset and the net amount presented in the consolidated statement of financial position when, and only when, the Company has a legally enforceable right to set off the recognized amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the ordinary course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Derivative financial instruments and hedging activities &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Derivative instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at their fair value. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Derivatives are carried as financial assets when the fair value results in a right to the Company and as financial liabilities when the fair value results in an obligation. The accounting for changes in value depends on whether the derivative is designated as a hedging instrument, and if so, the classification of the hedge. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;For hedge accounting purposes, hedges are classified into: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognized firm commitment &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Hedges of a net investment in a foreign operation. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;At the inception of a hedge relationship, the Company formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Company will assess whether the hedging relationship meets the hedge effectiveness requirements. A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;There is &amp;#8216;an economic relationship&amp;#8217; between the hedged item and the hedging instrument. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The effect of credit risk does not &amp;#8216;dominate the value changes&amp;#8217; that result from that economic relationship. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Company actually hedges and the quantity of the hedging instrument that the Company actually uses to hedge that quantity of hedged item. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;As of December&amp;#160;31, 2020 and 2019, the Company does not have financial instruments designated under hedge accounting. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory id="Factid_19516267" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(g)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Impairment of non - financial assets &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company assesses at each reporting date whether there is an indication that an asset or its cash-generating unit (CGU) may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset&amp;#8217;s or CGU&amp;#8217;s recoverable amount. The recoverable amount is the higher of an asset&amp;#8217;s or its CGU&amp;#8217;s fair value less costs to sell and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or group of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;In assessing value in use, the estimated future cash flows are discounted to their present value using a &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;pre-tax&lt;/div&gt; discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Impairment losses of continuing operations, including impairment on inventories, are recognized under &amp;#8220;Impairment of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-financial&lt;/div&gt; assets&amp;#8221; in the consolidated statement of profit or loss. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;For assets, excluding goodwill, an assessment is made at each reporting date to determine whether there is any indication that previously recognized impairment losses no longer exist or may have decreased. If such indication exists, the Company estimates the asset&amp;#8217;s or CGU&amp;#8217;s recoverable amount. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset&amp;#8217;s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt; &lt;div style="font-size: 18pt; margin-top: 0px; margin-bottom: 0px;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory>
<cpa:DisclosureOfAccountingPolicySeniorConvertibleNotesExplanatoryPolicyTextBlock id="Factid_19516294" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(h)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Senior convertible notes &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Senior convertible notes are classified as hybrid instruments that comprises a debt host contract for the interest and principal payments plus a derivative instrument for the conversion option. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The initial carrying amount of the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-derivative&lt;/div&gt; host contract is the difference between the fair value minus transaction costs of the hybrid instrument and the fair value of the embedded derivative. Under this approach, all of the transaction costs are always allocated to and deducted from the carrying amount of the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-derivative&lt;/div&gt; host contract on initial recognition. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;After initial recognition, the debt host contract would be measured at amortized cost and the derivative liability, not being closely related to the debt host contract, would be measured at fair value through profit or loss.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfAccountingPolicySeniorConvertibleNotesExplanatoryPolicyTextBlock>
<cpa:DescriptionOfAccountingPolicyForExpendablePartsAndSuppliesExplanatory id="Factid_19516295" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(i)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Expendable parts and supplies &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Expendable parts and supplies for flight equipment are carried at the lower of the average acquisition cost or replacement cost, and are expensed when used in operations. The replacement cost is the estimated purchase price in the ordinary course of business.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DescriptionOfAccountingPolicyForExpendablePartsAndSuppliesExplanatory>
<cpa:DescriptionOfAccountingPolicyForPassengerTrafficCommissionsExplanatory id="Factid_19516297" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(j)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Passenger traffic commissions &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Passenger traffic commissions are recognized as expense when transportation is provided and the related revenue is recognized. Passenger traffic commissions paid but not yet recognized as expense are included under &amp;#8220;Prepaid expenses&amp;#8221; in the accompanying consolidated statement of financial position.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DescriptionOfAccountingPolicyForPassengerTrafficCommissionsExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory id="Factid_19516313" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(k)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Property and equipment &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Property and equipment comprise mainly airframe, engines, and other related flight equipment. All property and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;When a major maintenance inspection or overhaul cost is embedded in the initial purchase cost of an aircraft, the Company estimates the carrying amount of the component. These initial &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;built-in&lt;/div&gt; maintenance assets are depreciated over the estimated time period until the first maintenance event is performed. The cost of major maintenance events completed after the aircraft acquisition are capitalized and depreciated over the estimated time period until the next major maintenance event. The remaining value of the previously capitalized component if any, is charged to expense upon completion of the subsequent maintenance event. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company recognizes the depreciation on a straight-line basis which for some aircraft components is akin to depreciation based on use, over the estimated useful life of the assets. Depreciation is recognized in the consolidated statement of profit or loss from the date the property, and equipment is installed and ready for use. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;  &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:41%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td style="width:37%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td style="width:18%;"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="border-bottom: 1pt solid rgb(0, 0, 0); white-space: nowrap; font-size: 8pt;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Property and equipment&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Estimate&amp;#160;useful life (years)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Residual Value&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Flight equipment (*)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Airframe and engines&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;27&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;15%&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Major maintenance events&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;3-16&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Ramp and miscellaneous&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Ground equipment&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;10&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Furniture, fixture, equipment and other&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;5-10&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Leasehold improvements&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Lesser of remaining lease term and estimated useful&lt;br/&gt; life of the leasehold improvement&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td colspan="5" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;"&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td colspan="5" style="vertical-align:top;"&gt;&lt;div style="text-indent: -2em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(*)&amp;#8194;&amp;#8201;&amp;#8202;Excluding the Embraer 190 and &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;737-700&lt;/div&gt; fleet, see note 13.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;  &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;"&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td colspan="5" style="vertical-align:top;"&gt;&lt;div style="text-indent: -2em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 2em; line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;An item of property and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the asset is derecognized. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The costs of major maintenance events for leased aircraft are capitalized and depreciated over the shorter of the scheduled usage period to the next major inspection event or the remaining life of lease term (as appropriate), the remaining value of the previously capitalized maintenance or the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;right-of-use&lt;/div&gt;&lt;/div&gt; asset (&amp;#8220;ROU&amp;#8221;) component if any, is charged to expense upon completion of the subsequent maintenance event. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The residual values, useful lives, and methods of depreciation of property and equipment are reviewed at each financial &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;year-end&lt;/div&gt; and adjusted prospectively, if appropriate. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The land owned by the Company is recognized at cost less any accumulated impairment. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory id="Factid_19516314" contextRef="P01_01_2020To12_31_2020">&lt;div style="margin-bottom: 0px; margin-top: 0px;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(l)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Leases &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;At inception of a contract, the Company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract, conveys the right to control the use of an identified asset, the Company assesses whether: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company has the right to obtain substantially all of the economic benefits from use of the identified asset; and &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company has the right to direct the use of the identified asset. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;The&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Company as a lessee &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;At the commencement date, the Company recognizes a ROU and a lease liability. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The ROU is measured at cost and comprises: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;the amount of the initial measurement of the lease liability, &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;any lease payments made at or before the commencement date, less any lease incentives received; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;any initial direct costs incurred by the lessee; and &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories. The Company incurs the obligation for those costs either at the commencement date or as a consequence of having used the underlying asset during a particular period. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The ROU is subsequently depreciated using the straight line method from the commencement date to the earlier of the end of the useful life of the ROU or component, or lease term. The estimated useful life of ROU is determined of the same basis of owned property and equipment. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The ROU assets are also subject to impairment. Refer to the accounting policies in section (g)&amp;#160;impairment of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-financial&lt;/div&gt; assets. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;In this regard, the Company applies the following, by class of underlying asset: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;for the leases of real estate, the Company has elected to separate &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-lease&lt;/div&gt; components. &lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;for aircraft leases, the value of major maintenance inspection or overhaul embedded in the aircraft is recognized as a separated component and is depreciated over the estimated time period until the first maintenance event is performed or the remaining life of lease term (as appropriate) which ever is shorter. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The lease liability, is initially measured at the present value of the lease payments that are not paid at that date, discounted using the interest rate implicit in the lease, if that rate can be readily determined or the lessee&amp;#8217;s incremental borrowing rate. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The lease payments included in the measurement of the lease liability comprise: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;fixed payments (including &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;in-substance&lt;/div&gt; fixed payments), less any lease incentives receivable; &lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;amounts expected to be payable by the lessee under residual value guarantees; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Variable lease payments that do not depend on an index or a rate are recognized as lease expenses in the period in which the event or condition that triggers the payment occurs, under &amp;#8220;Other operating and administrative expenses&amp;#8221; in the consolidated statement of profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or a rate, if there is a change in the Company&amp;#8217;s estimated amount expected to be payable under a residual value guarantee or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the ROU, or is recorded in profit or loss if the carrying amount of ROU has been reduced to zero. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Financing arrangements where is certain that the asset will be purchased at the end of the lease term, are &amp;#8220;in substance purchases&amp;#8221; and not leases, in those cases, the related liability is considered a financial liability under IFRS 9 and the asset, as property and equipment, according to IAS 16. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company has elected not to recognize ROU and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low value assets. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term as &amp;#8220;Other operating and administrative expenses&amp;#8221; in the consolidated statement of profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;The&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Company as lessor &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;When assets are leased under operating leases, the asset is included in the consolidated statement of financial position according to its nature. Revenue from operating leases is recognized over the lease term on a straight-line basis as part of other operating revenue. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Initial direct costs incurred by the Company in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized as an expense over the lease term on the same basis as the related lease income. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory>
<cpa:DescriptionOfAccountingPolicyForIntangibleAssetsExplanatory id="Factid_19516353" contextRef="P01_01_2020To12_31_2020"> &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(m)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Intangible assets &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Goodwill&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred over the net identifiable assets acquired and liabilities assumed of the acquired subsidiary at the date of acquisition. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Company&amp;#8217;s CGU or group of CGU&amp;#8217;s that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other&amp;#160;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&amp;#160;&amp;#160;intangible assets &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangible assets, excluding capitalized development costs, are not capitalized and the expenditure is reflected in the consolidated statement of profit or loss in the year in which the expenditure is incurred. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The useful lives of intangible assets are assessed as either finite or indefinite. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Intangible assets with finite lives are amortized over their useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite life is recognized in the consolidated statement of profit or loss as the expense category that is consistent with the function of the intangible assets. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Intangible assets with indefinite useful life are not amortized but are tested for impairment at least annually, either individually or at the CGU level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Gains and losses arising from the derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the consolidated statement of profit or loss when the asset is derecognized. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company&amp;#8217;s intangible assets and the policies applied are summarized as follows: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Licenses and software rights &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortized using the straight-line method over their estimated useful life (from three to eight years) and the amortization is recognized in the consolidated statement of profit or loss. Costs associated with maintaining computer software programs are recognized as an expense as incurred. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Costs that are directly associated with the production of identifiable and unique software products controlled by the Company and that are estimated to generate economic benefits exceeding costs beyond one year, are recognized as intangible assets. Direct costs include the software development employee costs and an appropriate portion of relevant overheads. These costs are amortized using the straight-line method over their estimated useful life (from five to fifteen years). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DescriptionOfAccountingPolicyForIntangibleAssetsExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory id="Factid_19516381" contextRef="P01_01_2020To12_31_2020"> &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(o)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Borrowing costs &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Borrowing costs directly attributable to the acquisition, construction, or production of any qualifying asset, that necessarily takes a substantial period of time to get ready for its intended use or sale, are capitalized as part of the cost of the asset during that period of time. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. &lt;/div&gt;&lt;/div&gt;&amp;#160;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory id="Factid_19516385" contextRef="P01_01_2020To12_31_2020"> &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(p)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Provisions &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Provisions for costs, including restitution, restructuring and legal claims and assessments are recognized when: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;the Company has a present legal or constructive obligation as a result of past events; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;the amount of obligation can be reliably estimated. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;For aircraft leases, the Company is contractually obliged to return the aircraft in a defined condition. The Company accrues a provision for return conditions which are based on the usage of leased aircraft throughout the duration of the lease. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Return conditions are based on the net present value of the estimated costs of returning the aircraft and are recognized in the consolidated statement of profit or loss under &amp;#8220;Maintenance, materials and repairs&amp;#8221;. These costs are reviewed annually and adjustments, if any, are recognized prospectively over the remaining lease term. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory id="Factid_19516389" contextRef="P01_01_2020To12_31_2020"> &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(q)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Employee benefits &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Defined benefit plan&lt;/div&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company sponsors a defined benefit plan, which requires contributions to be made to a separately administered fund. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The calculation of the defined benefit obligation is performed annually by a qualified actuary using the projected unit credit actuarial cost method (PUC). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Remeasurements of the net defined benefit liability, which comprises actuarial gains and losses, the return on plan assets and the effect of the asset ceiling (if any), are recognized immediately in other comprehensive income. The Company determines the net interest by applying the discount rate to the net defined benefit liability or asset. The Company recognizes the following changes in the net defined benefit obligation in the consolidated statement of profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Share-based&amp;#160;payments&lt;/div&gt;&lt;/div&gt; &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Employees (including senior executives) of the Company receive compensation in the form of share-based payment transactions, whereby employees render services as consideration for equity instruments (equity-settled transactions). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The cost of equity-settled transactions is recognized, together with a corresponding increase in additional paid in capital in equity, over the period in which the performance and/or service conditions are fulfilled. The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company&amp;#8217;s best estimate of the number of equity instruments that will ultimately vest. Expense or credit for a period represents the movement in cumulative expense recognized as of the beginning and end of that period and is recognized under &amp;#8220;Wages, salaries, benefits and other employees&amp;#8217; expenses&amp;#8221; expense in the consolidated statement of profit or loss (note 25). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Termination benefits&lt;/div&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Termination benefits are payable when employment is terminated by the Company before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Company recognizes termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without realistic possibility of withdrawal, or providing termination benefits as a result of an offer made to encourage voluntary redundancy. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="letter-spacing: 0px; top: 0px; background: none;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory id="Factid_19516392" contextRef="P01_01_2020To12_31_2020"> &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(r)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Non-current&lt;/div&gt; assets held for sale and discontinued operations &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company classifies &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-current&lt;/div&gt; assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Non-current&lt;/div&gt; assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Property and equipment and intangible assets are not depreciated or amortized once classified as held for sale. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;All the financial statements include amounts for continuing operations. Additional disclosures about assets held for sale are provided in note 13. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory>
<ifrs-full:DisclosureOfInformationAboutUnconsolidatedSubsidiariesExplanatory id="Factid_19516407" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The following are the significant subsidiaries included in these financial statements: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:65%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td rowspan="2" style="white-space: nowrap; padding-bottom: 1pt; font-size: 8pt;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Name&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td rowspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td rowspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Country of&lt;/div&gt;&lt;br/&gt; &lt;div style="font-weight:bold;display:inline;"&gt;Incorporation&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Ownership&lt;br/&gt; interest&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Copa Airlines&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Panama&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;99.9&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;99.9&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Copa Colombia&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Colombia&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;99.9&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;99.9&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Oval&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;British&amp;#160;Virgin&amp;#160;Islands&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;100&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;100&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfInformationAboutUnconsolidatedSubsidiariesExplanatory>
<ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory id="Factid_19516416" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;4.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Significant accounting judgments, estimates and assumptions &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The preparation of the Company&amp;#8217;s consolidated financial statements requires management to make judgments, estimates, and assumptions that affect the reported amounts of revenues, expenses, assets, and liabilities and the accompanying disclosures and the disclosure of contingent liabilities. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities in future periods. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;The consolidated financial statements have thus been established taking into consideration the current context of the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19&lt;/div&gt; pandemic and on the basis of financial parameters available at the closing date. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Judgments &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;In the process of applying the Company&amp;#8217;s accounting policies, management has made judgments, which have the most significant effect on the amounts recognized in the consolidated financial statements in the following area: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Leases &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company enters into contracts for the use of the aircraft and real estate which include, airport and terminal facilities, sales offices, maintenance facilities, and general offices. The Company assesses, based on the terms and conditions of the arrangements, whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Lease term &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;The Company determines the lease term as the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-cancellable&lt;/div&gt; term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company applies judgement in evaluating whether it is reasonably certain or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (e.g., construction of significant leasehold improvements or significant customization to the leased asset). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Assets held for sale &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;The Company has decided to sell its Boeing &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;737-700&lt;/div&gt; fleet (14 aircraft) over the next year. As of December&amp;#160;31, 2020 the Boeing &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;737-700&lt;/div&gt; fleet was classified as &amp;#8220;Asset held for sale&amp;#8221; in the consolidated statement of financial position. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company considered the fleet to meet the criteria to be classified as held for sale for the following reasons: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The fleet is available for immediate sale and can be sold to the buyer in its current condition. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The actions to complete the sale were initiated and expected to be completed within one year from the date of initial classification. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;The Board of Directors approved the plan to sell its Boeing &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;737-700&lt;/div&gt; fleet. &lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;For more details on assets held for sale refer to note 13. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Estimates and assumptions &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the Company&amp;#8217;s control. Such changes are reflected in the assumptions when they occur. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Impairment of financial assets &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The loss allowances for financial assets are based on assumptions about risk of default and expected loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Company&amp;#8217;s past history, existing market conditions as well as forward looking estimates at the end of each quarterly reporting period. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;Impairment of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-financial&lt;/div&gt; assets &lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Impairment exists when the carrying amount of an asset or CGU exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less costs to sell calculation is based on available data from binding sales transactions, conducted at arm&amp;#8217;s length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Company is not yet committed to or significant future investments that will enhance the asset&amp;#8217;s performance of the CGU being tested. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes (see note 16). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Property and equipment &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company&amp;#8217;s management has determined that the residual value of the airframe, engines, and components (rotable parts) owned is 15% of the cost of the asset, so the depreciation of flight equipment is made accordingly. Annually, management reviews the useful life and residual value of each of these assets (see note 13). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Provision for return condition &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;The Company records a provision to accrue for the cost that will be incurred in order to return the lease aircraft to their lessor in the agreed-upon condition, excluded estimated dismantling costs not based on utilization of the aircraft which are included in the ROU asset and lease liability. The methodology applied to calculate the provision requires management to make assumptions, including the future maintenance costs, discount rate, related inflation rates and aircraft utilization. The cash flows are discounted at a current &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;pre-tax&lt;/div&gt; rate that reflects the risks specific to the decommissioning. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Any difference in the actual maintenance cost incurred and the amount of the provision is recorded under &amp;#8220;Maintenance, materials and repairs&amp;#8221; in the consolidated statement of profit or loss. The effect of any changes in estimates, including those mentioned above, is also recognized under &amp;#8220;Maintenance, materials and repairs&amp;#8221; for the period (see note 21). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Revenue recognition &amp;#8211; expired tickets &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company recognizes estimated fare revenue for tickets that are expected to expire based on departure date (unused tickets), based on historical data and experience. Estimating the expected expiration rate requires management&amp;#8217;s judgment, among other things, the historical data and experience is an indication of the future customer behavior. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;Typically, unused tickets expire after one year, and any revenue associated with tickets sold for future travel is recognized within 12 months. In response to &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19,&lt;/div&gt; the Company is extending the expiration date up to December 2021, only for tickets purchased on or before December&amp;#160;31, 2020 and with original travel dates ending on or before December&amp;#160;31, 2020. As such, any revenue associated with these tickets will not be recognized until the new flight date. Additionally, given this change in travel schedule, the Company&amp;#8217;s estimates of revenue from unused tickets may be subject to variability and may differ from historical averages. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Multiple deliverable revenue arrangements - Frequent flyer program &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;The frequent flyer program includes two major transactions that are considered revenue arrangements with multiple performance obligations: (i)&amp;#160;mileage credits earned with travel and (ii)&amp;#160;mileage credits sold to &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;co-branded&lt;/div&gt; credit card partner and other partners. The Company estimates the fair value of the miles in those transactions using a blended calculation of rates charged when miles are sold to other partners and the average value of a mile flown by a customer earned with travel, less an estimate of the miles that will expire unused (breakage). The Company engages a specialist to assist in the performance of the breakage calculation. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Taxes &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company believes that taken tax positions, including transfer pricing between entities, are reasonable. However, in the event of an audit by the tax authorities, they may challenge the positions taken by the Company, resulting in additional taxes and interest liabilities. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The tax positions involve considerable judgment by management and are reviewed and adjusted to account for changes in circumstances, such as lapsing of applicable statutes of limitations, conclusion of tax audits, additional exposures based on identification of new issues, or court decisions affecting a particular tax issue. Actual results may differ from estimates (see note 22). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Incremental borrowing rate for leases &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;The Company cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;right-of-use&lt;/div&gt;&lt;/div&gt; asset in a similar economic environment. The Company estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Fair value measurement &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company measures financial instruments such as derivatives at fair value at the date of each statement of financial position. Fair values of financial instruments measured at amortized cost are disclosed in note 28.6. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;in the principal market for the asset or liability, or &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;in the absence of a principal market, in the most advantageous market for the asset or liability. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The principal or the most advantageous market must be accessible to the Company. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;A fair value measurement of a &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-financial&lt;/div&gt; asset takes into account a market participant&amp;#8217;s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole (see note 28.6 for further disclosures): &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;i)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Level 1&amp;#8212;Quoted (unadjusted) market prices in active markets for identical assets or liabilities. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;ii)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Level 2&amp;#8212;Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;iii)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Level 3&amp;#8212;Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. Judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;re-assessing&lt;/div&gt; categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. &lt;/div&gt;&lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory>
<cpa:DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryTextBlock id="Factid_19516610" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The following table reconcile the changes in presentation in prior years for comparative effects on the consolidated statement of financial position: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:74%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;As&amp;#160;previosly&lt;/div&gt;&lt;br/&gt;&lt;div style="font-weight:bold;display:inline;"&gt;reported&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Reclasification&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;br/&gt;&lt;div style="font-weight:bold;display:inline;"&gt;(Restated)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Current liabilities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Loans and borrowings&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;117,238&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;5,344&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;122,582&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Taxes and interest payable&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;51,611&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(5,344&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;46,267&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;br/&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryTextBlock>
<cpa:DisclosureOfChangesInDisclosuresExplanatory id="Factid_19516613" contextRef="P01_01_2020To12_31_2020">&lt;div style="margin-top: 0px; margin-bottom: 0px;"&gt;&lt;br/&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;5.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Changes in disclosures &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;5.1&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Adoption of new and amended standards and interpretations &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Amendment to IFRS 16 &lt;/div&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Leases &amp;#8211; &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19&lt;/div&gt; related rent concessions&lt;/div&gt;&lt;/div&gt;&lt;div style="font-weight:bold;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;On May&amp;#160;28, 2020, the IASB issued &lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19-Related&lt;/div&gt;&lt;/div&gt; Rent Concessions&lt;/div&gt; - amendment IFRS 16 &lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Leases&lt;/div&gt;. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;The amendments provide relief to lessees from applying IFRS 16 guidance on lease modification accounting for rent concessions arising as a direct consequence of the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19&lt;/div&gt; pandemic. As a practical expedient, a lessee may elect not to assess whether a &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19&lt;/div&gt; related rent concession from a lessor is a lease modification. A lessee that makes this election accounts for any change in lease payments resulting from the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19&lt;/div&gt; related rent concession the same way it would account for the change under IFRS 16, if the change were not a lease modification. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;The practical expedient applies only to rent concessions occurring as a direct consequence of the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19&lt;/div&gt; pandemic and only if all of the following conditions described in IFRS 16 paragraph 46B are met: &lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Any reduction in lease payments affects only payments originally due on or before June&amp;#160;30, 2021 (for example, a rent concession would meet this condition if it results in reduced lease payments before June 30, 2021 and increased lease payments that extend beyond June&amp;#160;30, 2021). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;There is no substantive change to other terms and conditions of the lease. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The amendment is effective for annual reporting periods beginning on or after 1&amp;#160;June 2020. Earlier application is permitted. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;The Company received rent concessions occurred as a direct consequence of the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19&lt;/div&gt; pandemic only for its real estate leases, and applied the practical expedient, accounting the concession in the form of forgiveness or deferral of lease payments, as a negative variable lease payment to the concessions. (see note 14 &amp;#8211; &lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Leases&lt;/div&gt;). &lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other standards issued &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The following amendments and interpretations effective for annual periods beginning on or after January&amp;#160;1, 2020, had no impact on the company&amp;#8217;s financial statements: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Amendment to IFRS 3 &lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Definition of a business &lt;/div&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Amendments to IAS 1 and IAS 8 &lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Definition of material&lt;/div&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Amendments to IFRS 9, IAS 39 and IFRS 7 &amp;#8211; &lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Interest rate benchmark reform &lt;/div&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;5.2&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Change in presentation &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;As disclosed in the table below, a retrospective change in presentation has been made to the December&amp;#160;31, 2019 consolidated statement of financial position to conform to the 2020 presentation. The Company is changing the presentation of the interest payable, previously presented within taxes and interest payables in the consolidated statement of financial position. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The following table reconcile the changes in presentation in prior years for comparative effects on the consolidated statement of financial position: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:74%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;As&amp;#160;previosly&lt;/div&gt;&lt;br/&gt;&lt;div style="font-weight:bold;display:inline;"&gt;reported&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Reclasification&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;br/&gt;&lt;div style="font-weight:bold;display:inline;"&gt;(Restated)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Current liabilities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Loans and borrowings&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;117,238&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;5,344&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;122,582&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Taxes and interest payable&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;51,611&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(5,344&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;46,267&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;br/&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfChangesInDisclosuresExplanatory>
<cpa:DescriptionOfNewStandardsAndInterpretationsNotYetAdoptedExplanatory id="Factid_19516633" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;6.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Standards issued but not yet effective &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company&amp;#8217;s financial statements are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Amendments to IAS 1 &lt;/div&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;&amp;#8211; Classification of Liabilities as Current or &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Non-current&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-weight:bold;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 &lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Presentation of Financial Statements &lt;/div&gt;to specify the requirements for classifying liabilities as current or &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-current.&lt;/div&gt; The amendments clarify: &lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;What is meant by a right to defer settlement. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;That a right to defer must exist at the end of the reporting period. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;That classification is unaffected by the likelihood that an entity will exercise its deferral right. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The amendments are effective for reporting periods beginning on or after January&amp;#160;1, 2023 and must be applied retrospectively. The Company does not expect that these amendments have a material impact on its consolidated financial statements. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Amendments to IFRS 3&lt;/div&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt; &amp;#8211; Reference to the Conceptual Framework&lt;/div&gt;&lt;/div&gt;&lt;div style="font-weight:bold;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;In May 2020, the IASB issued Amendments to IFRS 3 &lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Business Combinations&amp;#8212;Reference to the Conceptual Framework&lt;/div&gt;. The amendments are intended to replace a reference to the Framework for the Preparation and Presentation of Financial Statements, issued in 1989, with a reference to the Conceptual Framework for Financial Reporting issued in March 2018 without significantly changing its requirements. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Board also added an exception to the recognition principle of IFRS 3 to avoid the issue of potential &amp;#8216;day 2&amp;#8217; gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 &lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Provisions, Contingent Liabilities and Contingent Assets&lt;/div&gt; or IFRIC 21 &lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Levies&lt;/div&gt;, if incurred separately. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;At the same time, the Board decided to clarify existing guidance in IFRS 3 for contingent assets that would not be affected by replacing the reference to the Framework for the Preparation and Presentation of Financial Statements. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The amendments are effective for annual reporting periods beginning on or after January&amp;#160;1, 2022 and apply prospectively. The Company does not expect that these amendments have a material impact on its consolidated financial statements. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Amendment to IAS 16 &lt;/div&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;&amp;#8211; Property, Plant and Equipment: Proceeds before Intended Use&lt;/div&gt;&lt;/div&gt;&lt;div style="font-weight:bold;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;In May 2020, the IASB issued &lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Property, Plant and Equipment &amp;#8212; Proceeds before Intended Use&lt;/div&gt;, which prohibits entities deducting from the cost of an item of property, plant and equipment, any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The amendment is effective for annual reporting periods beginning on or after January&amp;#160;1, 2022 and must be applied retrospectively to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The amendment is not expected to has a material impact on the Company. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Amendments to IAS 37 &lt;/div&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;&amp;#8211; Onerous Contracts &amp;#8211; Costs of Fulfilling a Contract&lt;/div&gt;&lt;/div&gt;&lt;div style="font-weight:bold;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;In May 2020, the IASB issued amendments to IAS 37 to specify which costs an entity needs to include when assessing whether a contract is onerous or loss-making. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The amendments apply a &amp;#8220;directly related cost approach&amp;#8221;. The costs that relate directly to a contract to provide goods or services include both incremental costs and an allocation of costs directly related to contract activities. General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The amendments are effective for annual reporting periods beginning on or after January&amp;#160;1, 2022. The Company does not expect that these amendments have a material impact on its consolidated financial statements. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Amendments to IFRS 7, IFRS 4 and IFRS 16 &lt;/div&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;&amp;#8211; Interest rate benchmark reform &amp;#8211; Phase 2&lt;/div&gt;&lt;/div&gt;&lt;div style="font-weight:bold;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;In August 2020, the IASB has issued amendments to IFRS 7 &lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Financial Instruments: Disclosures,&lt;/div&gt; IFRS 4 and IFRS 16 that address issues arising during the reform of benchmark interest rates including the replacement of one benchmark rate with an alternative one. Given the pervasive nature of InterBank Offered Rate (IBOR)-based contracts, the amendments could affect companies in all industries. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;These amendments should be applied for annual periods beginning on or after January&amp;#160;1, 2021. Earlier application is permitted.&lt;div style="font-weight:bold;display:inline;"&gt; &lt;/div&gt;At this stage, the Company is in process to estimate the impact of these amendments on the consolidated financial statements. The Company will continue with the assessment of the standard throughout 2021. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Amendment to IFRS 9 &amp;#8211; &lt;/div&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Fees in the &amp;#8217;10 per cent&amp;#8217; test for derecognition of financial liabilities&lt;/div&gt;&lt;/div&gt;&lt;div style="font-weight:bold;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;As part of its 2018-2020 annual improvements to IFRS standards process the IASB issued amendment to IFRS 9. The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other&amp;#8217;s behalf. An entity applies the amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The amendment is effective for annual reporting periods beginning on or after 1&amp;#160;January 2022 with earlier adoption permitted. The Company will apply the amendments to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The amendment is not expected to has a material impact on the Company. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DescriptionOfNewStandardsAndInterpretationsNotYetAdoptedExplanatory>
<ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory id="Factid_19516652" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Operating revenues are comprised of passenger revenues, cargo and mail, and other operating revenues. The following table shows disaggregated operating revenues for the years ended as December&amp;#160;31, 2020, 2019 and 2018. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:74%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Passenger revenue&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Passenger revenue&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;752,050&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,581,179&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,567,316&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Miles redeemed&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;8,544&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;31,426&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;20,073&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;760,594&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,612,605&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,587,389&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Cargo and mail revenue&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;21,002&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;62,460&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;62,483&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other operating revenue&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Frequent flyer program&amp;#8212;marketing services&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;15,452&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;22,170&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;16,291&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Other operating revenue&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,955&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;10,173&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;11,464&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;19,407&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;32,343&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;27,755&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;801,003&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,707,408&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,677,627&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory>
<ifrs-full:ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory id="Factid_19516656" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The table below presents the changes in air traffic liability: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="color: white; line-height: 0pt; visibility: hidden;"&gt;&lt;td style="width:83%;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="white-space: nowrap;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="white-space: nowrap;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Balance at beginning of year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;497,374&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;471,676&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Sales&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;887,004&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,878,814&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Revenue recognition&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;(700,406&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;(2,355,626&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Tax recognition&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;(113,473&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;(404,732&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Reimbursements&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;(82,910&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;(45,396&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Interline tickets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;(15,056&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;(35,272&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Other&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;(1,838&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;(12,090&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at end of year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;470,695&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;497,374&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The table below presents the activity of the current and &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-current&lt;/div&gt; frequent flyer liability: &lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="color: white; line-height: 0pt; visibility: hidden;"&gt;&lt;td style="width:86%;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="white-space: nowrap;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="white-space: nowrap;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Balance at beginning of year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;80,326&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;67,814&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Deferred of revenue&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;19,431&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;43,938&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Recognition of revenue&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;(8,544&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;(31,426&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at end of year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;91,213&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;80,326&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Current&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;16,041&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;35,120&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Non-current&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;75,172&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;45,206&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;91,213&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;80,326&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory>
<ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory id="Factid_19516679" contextRef="P01_01_2020To12_31_2020">&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;8.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Cash and cash equivalents &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:78%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:4%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:4%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;  &lt;br/&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:84%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Checking and saving accounts&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;99,286&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;118,367&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Time deposits of no more than ninety days&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;19,500&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;40,000&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Cash on hand&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;279&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;365&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;119,065&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;158,732&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Time deposits earned interest based on rates determined by the banks in which the instruments are held, ranging between 0.24% and 0.35% for U.S. dollars investments until December 2020 (2019: between 1.71% and 1.98% for U.S. dollars investments). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;As of December&amp;#160;31, 2020, the cash and cash equivalents disclosed above and in the consolidated statement of cash flows include $5.9&amp;#160;million that the Company has pledged from its checking and saving accounts to fulfill the collateral requirement. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;As of December&amp;#160;31, 2020 and 2019, except for the cash pledged to fulfill collateral requirement,the Company&amp;#8217;s cash and cash equivalents are free of restriction or charges that could limit its availability. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory>
<ifrs-full:DisclosureOfDetailedInformationAboutInvestmentPropertyExplanatory id="Factid_19516686" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:52%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="10" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="10" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Current&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Non&amp;#160;Current&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Current&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Non&amp;#160;Current&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Time deposits&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;430,000&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;80,000&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;510,000&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;640,500&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;60,000&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;700,500&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Bonds&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;341,854&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;39,796&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;381,650&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;52,573&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;74,634&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;127,207&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;771,854&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;119,796&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;891,650&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;693,073&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;134,634&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;827,707&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Allowance for expected credit losses&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,038&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(179&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,217&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(670&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(287&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(957&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;770,816&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;119,617&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;890,433&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;692,403&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;134,347&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;826,750&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfDetailedInformationAboutInvestmentPropertyExplanatory>
<ifrs-full:DisclosureOfInvestmentPropertyExplanatory id="Factid_19516712" contextRef="P01_01_2020To12_31_2020">&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&amp;#160;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;9.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Investments &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:52%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="10" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="10" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Current&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Non&amp;#160;Current&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Current&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Non&amp;#160;Current&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Time deposits&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;430,000&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;80,000&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;510,000&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;640,500&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;60,000&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;700,500&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Bonds&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;341,854&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;39,796&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;381,650&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;52,573&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;74,634&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;127,207&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;771,854&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;119,796&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;891,650&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;693,073&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;134,634&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;827,707&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Allowance for expected credit losses&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,038&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(179&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,217&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(670&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(287&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(957&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;770,816&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;119,617&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;890,433&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;692,403&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;134,347&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;826,750&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt;   &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Time deposits earned interest based on rates determined by the banks in which the instruments are held. The use of these instruments depends on the cash requirements of the Company. Time deposits with a contractual maturity of less than 365 days, bear interest at rates ranging between 0.27% and 4.38% (2019: between 2.00% and 3.75%), and those with a contractual maturity of more than 365 have rates ranging between 1.20% and 4.25% (2019: between 3.25% and 4.38%). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company acquired bonds with semiannual interest payment, the effective interest rates of these investments ranging between 0.21% and 3.32% (2019: between 2.06% and 3.32%). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;All of the investments at amortized cost are denominated in U.S. dollar, as a result, there is no exposure to foreign currency risk. There is also no exposure to price risk as the investments will be held to maturity. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The information about the expected credit loss over these financial assets are disclosed in note 28.3. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfInvestmentPropertyExplanatory>
<cpa:DisclosureOfProvisionForImpairmentOfReceivablesExplanatory id="Factid_19516718" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The change in the allowance for expected credit losses in respect of accounts receivable during the year was as follows. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:82%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Balance at beginning of year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,579&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,057&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(3,673&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Adjustment on initial application of IFRS 9&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(624&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Balance at beginning of year under IFRS 9&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,579&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,057&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(4,297&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Additions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,310&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(744&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,311&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Write-offs&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;406&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;222&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;551&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at end of year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(6,483&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,579&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,057&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfProvisionForImpairmentOfReceivablesExplanatory>
<cpa:DisclosureOfAccountsReceivablesExplanatory id="Factid_19516719" contextRef="P01_01_2020To12_31_2020">&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;10.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Accounts receivable &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:78%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:4%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;   &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:86%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Credit cards&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;35,882&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;64,595&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Cargo and other travel agencies&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;10,052&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;19,389&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Airlines and clearing house&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,156&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;31,087&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Government&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,466&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;8,031&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Trade receivables from related parties&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,429&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;147&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Other&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;13,187&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,250&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;72,172&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;137,499&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Allowance for expected credit losses&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(6,483&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,579&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;65,689&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;131,920&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Current&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;64,635&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;129,781&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Non-current&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,054&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,139&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;65,689&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;131,920&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Trade receivables are &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-interest&lt;/div&gt; bearing and have maturities between 30 to 90 days. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;See detail of trade receivables from related parties in note 23. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;As of December&amp;#160;31, 2020, the Company maintains a &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-current&lt;/div&gt; account receivable with a government institution in the amount of $1.0&amp;#160;million net of the expected credit losses (2019: $2.1 million). &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The category &amp;#8220;Other&amp;#8221; mainly includes receivables from miles&amp;#8217; partners and employees accounts. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt;  &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The change in the allowance for expected credit losses in respect of accounts receivable during the year was as follows. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:82%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Balance at beginning of year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,579&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,057&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(3,673&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Adjustment on initial application of IFRS 9&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(624&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Balance at beginning of year under IFRS 9&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,579&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,057&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(4,297&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Additions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,310&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(744&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,311&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Write-offs&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;406&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;222&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;551&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at end of year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(6,483&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,579&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,057&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;   &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The information about the credit exposures is disclosed in note 28.3. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfAccountsReceivablesExplanatory>
<cpa:DisclosureOfPrepaidExpensesExplanatory id="Factid_19516745" contextRef="P01_01_2020To12_31_2020">&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;12.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Prepaid expenses &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;br/&gt; &amp;#160;  &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:86%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Prepaid taxes&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;10,022&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;26,164&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Prepaid commissions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,908&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,298&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Prepaid insurance&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,385&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,231&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Prepaid to supplier&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;17,224&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;35,084&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;36,539&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;66,777&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Current&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;30,473&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;49,034&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Non-current&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,066&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;17,743&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;36,539&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;66,777&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;   &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Prepaid taxes include $4.0&amp;#160;million of tax advance of VAT and withholdings taxes (2019: $8.4 million). The &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-current&lt;/div&gt; portion of prepaid expenses corresponds to $1.6&amp;#160;million (2019: $1.3 million) of advance payments of taxes which are credited to future payments from tax dividends in Panama and $4.5&amp;#160;million in tax credits (2019: $16.5 million). &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;During 2020, the Tax Authorities in Colombia recognized the return of credits of income tax in tax refund titles equivalents to $14.8&amp;#160;million. The Company sold these titles and recognized a loss in sale of $0.01&amp;#160;million included under Other &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-operating&lt;/div&gt; expense on the consolidated statement of profit or loss. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Prepaid to supplier mainly includes operating expenses related to aircraft rent, fuel and maintenance services. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfPrepaidExpensesExplanatory>
<ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory id="Factid_19516748" contextRef="P01_01_2020To12_31_2020">&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:41%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Land&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Flight&lt;br/&gt;equipment&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Purchase&lt;br/&gt;deposits&amp;#160;for&amp;#160;flight&lt;br/&gt;equipment&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Ramp and&lt;br/&gt;miscellaneous&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Furniture,&lt;br/&gt;fixtures,&lt;br/&gt;equipment&amp;#160;a&lt;br/&gt;and&amp;#160;other&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Leasehold&lt;br/&gt;improvements&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Construction&lt;br/&gt;in progress&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Cost -&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance&amp;#160;at&amp;#160;January&amp;#160;1,&amp;#160;2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,301&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,252,229&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;413,633&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;48,353&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;27,524&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;50,043&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,778&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,803,861&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Transfer of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;pre-delivery&lt;/div&gt; payments&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;156,305&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(156,305&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Additions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;228,302&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;216,732&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,434&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,773&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,388&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;10,795&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;468,424&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Disposals&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(20,737&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(128&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(393&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(6,246&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(10&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(27,514&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Assets held for sale&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(164,201&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(164,201&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Reclassifications&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,371&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;77&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;14&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,219&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,310&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,371&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance&amp;#160;at&amp;#160;December&amp;#160;31,&amp;#160;2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,301&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,449,527&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;474,060&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;53,736&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;30,918&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;49,404&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,253&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,078,199&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Transfer of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;pre-delivery&lt;/div&gt; payments&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;78,143&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(78,143&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Additions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;109,286&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;67,357&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,693&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,450&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,269&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,436&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;189,491&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Disposals&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(184,685&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(102&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(570&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(134&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(340&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(185,831&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Assets held for sale&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(413,677&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(413,677&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Reclassifications&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;10&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;12,752&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(12,762&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at December&amp;#160;31, 2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,301&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,038,594&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;463,274&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;56,337&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;32,798&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;65,291&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,587&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,668,182&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Transfer of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;pre-delivery&lt;/div&gt; payments&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;49,860&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(49,860&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Additions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;39,492&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;582&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;221&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;566&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,204&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;44,065&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Disposals&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(34,626&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(306&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(223&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(780&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(35,935&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Assets held for sale&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(554,790&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(554,790&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Reclassifications&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;244&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,600&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,382&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,626&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,600&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at December&amp;#160;31, 2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,301&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,538,774&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;407,814&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;56,613&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;32,796&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;67,459&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,165&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,115,922&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Accumulated depreciation and impairment -&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at January&amp;#160;1, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,097,751&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(37,016&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(22,959&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(31,919&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,189,645&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Depreciation for the year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(147,980&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(3,783&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,506&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,038&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(159,307&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Disposals&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;16,876&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;118&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;379&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,396&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;23,769&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Assets held for sale&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;75,556&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;75,556&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Reclassifications&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;268&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;268&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Impairment&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(130,709&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(130,709&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at December&amp;#160;31, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,283,740&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(40,681&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(25,086&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(30,561&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,380,068&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Depreciation for the year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(148,832&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(3,292&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,938&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,757&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(160,819&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Disposals&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;178,168&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;102&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;518&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;178,788&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Assets held for sale&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;226,319&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;226,319&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at December&amp;#160;31, 2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,028,085&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(43,871&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(27,506&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(36,318&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,135,780&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Depreciation for the year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(126,988&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(3,121&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(3,134&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,759&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(139,002&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Disposals&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;32,335&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;290&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;179&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;295&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;33,099&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Impairment&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(4&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(4&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Assets held for sale&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;273,251&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;273,251&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Balance at December&amp;#160;31, 2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(849,487&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(46,702&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(30,461&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(41,782&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(4&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(968,436&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Carrying amounts -&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;At December&amp;#160;31, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,301&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,165,787&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;474,060&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;13,055&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,832&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;18,843&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,253&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,698,131&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;At December&amp;#160;31, 2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,301&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,010,509&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;463,274&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;12,466&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,292&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;28,973&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,587&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,532,402&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;At December&amp;#160;31, 2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,301&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,689,287&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;407,814&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;9,911&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,335&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;25,677&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,161&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,147,486&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory>
<ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory id="Factid_19516749" contextRef="P01_01_2020To12_31_2020">&lt;div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;13.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Property and equipment&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px;"&gt;&lt;br/&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:41%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Land&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Flight&lt;br/&gt;equipment&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Purchase&lt;br/&gt;deposits&amp;#160;for&amp;#160;flight&lt;br/&gt;equipment&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Ramp and&lt;br/&gt;miscellaneous&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Furniture,&lt;br/&gt;fixtures,&lt;br/&gt;equipment&amp;#160;a&lt;br/&gt;and&amp;#160;other&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Leasehold&lt;br/&gt;improvements&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Construction&lt;br/&gt;in progress&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Cost -&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance&amp;#160;at&amp;#160;January&amp;#160;1,&amp;#160;2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,301&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,252,229&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;413,633&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;48,353&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;27,524&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;50,043&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,778&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,803,861&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Transfer of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;pre-delivery&lt;/div&gt; payments&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;156,305&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(156,305&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Additions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;228,302&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;216,732&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,434&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,773&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,388&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;10,795&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;468,424&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Disposals&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(20,737&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(128&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(393&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(6,246&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(10&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(27,514&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Assets held for sale&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(164,201&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(164,201&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Reclassifications&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,371&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;77&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;14&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,219&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,310&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,371&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance&amp;#160;at&amp;#160;December&amp;#160;31,&amp;#160;2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,301&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,449,527&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;474,060&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;53,736&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;30,918&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;49,404&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,253&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,078,199&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Transfer of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;pre-delivery&lt;/div&gt; payments&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;78,143&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(78,143&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Additions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;109,286&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;67,357&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,693&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,450&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,269&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,436&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;189,491&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Disposals&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(184,685&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(102&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(570&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(134&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(340&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(185,831&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Assets held for sale&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(413,677&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(413,677&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Reclassifications&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;10&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;12,752&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(12,762&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at December&amp;#160;31, 2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,301&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,038,594&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;463,274&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;56,337&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;32,798&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;65,291&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,587&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,668,182&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Transfer of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;pre-delivery&lt;/div&gt; payments&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;49,860&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(49,860&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Additions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;39,492&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;582&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;221&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;566&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,204&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;44,065&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Disposals&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(34,626&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(306&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(223&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(780&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(35,935&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Assets held for sale&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(554,790&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(554,790&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Reclassifications&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;244&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,600&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,382&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,626&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,600&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at December&amp;#160;31, 2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,301&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,538,774&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;407,814&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;56,613&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;32,796&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;67,459&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,165&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,115,922&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Accumulated depreciation and impairment -&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at January&amp;#160;1, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,097,751&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(37,016&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(22,959&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(31,919&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,189,645&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Depreciation for the year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(147,980&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(3,783&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,506&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,038&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(159,307&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Disposals&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;16,876&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;118&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;379&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,396&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;23,769&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Assets held for sale&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;75,556&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;75,556&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Reclassifications&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;268&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;268&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Impairment&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(130,709&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(130,709&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); 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margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at December&amp;#160;31, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,283,740&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(40,681&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(25,086&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(30,561&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,380,068&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Depreciation for the year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(148,832&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(3,292&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,938&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,757&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(160,819&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Disposals&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;178,168&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;102&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;518&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;178,788&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Assets held for sale&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;226,319&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;226,319&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at December&amp;#160;31, 2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,028,085&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(43,871&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(27,506&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(36,318&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,135,780&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Depreciation for the year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(126,988&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(3,121&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(3,134&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,759&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(139,002&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Disposals&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;32,335&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;290&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;179&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;295&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;33,099&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Impairment&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(4&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(4&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Assets held for sale&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;273,251&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; 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line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Balance at December&amp;#160;31, 2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(849,487&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(46,702&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(30,461&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(41,782&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(4&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(968,436&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Carrying amounts -&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;At December&amp;#160;31, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,301&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,165,787&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;474,060&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;13,055&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,832&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;18,843&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,253&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,698,131&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;At December&amp;#160;31, 2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,301&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,010,509&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;463,274&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;12,466&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,292&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;28,973&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,587&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,532,402&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;At December&amp;#160;31, 2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,301&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,689,287&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;407,814&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;9,911&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,335&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;25,677&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,161&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,147,486&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Flight equipment &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Flight equipment comprises aircraft, engines, aircraft components and major maintenance of own and leased aircraft. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;During December 2020, one Boeing 737 MAX aircraft was delivered, the Company expects to finalize the financing from the Export-Import Bank of the United States (the &amp;#8220;EXIM Bank&amp;#8221;) of this aircraft, during the first quaeter of 2021. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company has acquired aircraft through Japanese Operating Leases with Call Option (JOLCO) arrangements. These arrangements establish semi-annual payments of obligations, and have a term of 10 years, with a purchase option at the end of the period. During 2019, 2 new aircraft Boeing 737 MAX 9 were acquired through this type of arrangements. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Aircraft with a carrying value of $1.3&amp;#160;billion (include aircraft acquired through JOLCO) are pledged as collateral for the obligation of the special purpose entities as of December&amp;#160;31, 2020 (2019: $1.5 billion). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;From March 2019 to November 2020, the&amp;#160;Federal Aviation Administration&amp;#160;(FAA) grounded all U.S. registered&amp;#160;Boeing&amp;#160;737 MAX aircraft. The Company&amp;#8217; fleet currently includes 7 Boeing&amp;#160;737 MAX aircraft with an additional 64 aircraft on order (see note 27). The Company is currently in negotiations with Boeing over compensation for the damages that it has suffered as a result of the MAX grounding and expect those to be satisfactory resolved in the near term. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;During 2020, the Company identified indicators of impairment in its aircraft due the capacity reductions, the temporary grounding of part of its fleet, following by the reduction in air traffic as a result of the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19&lt;/div&gt; pandemic. To determine whether impairment exists, the recoverable amount at the level of the CGU, was determined using cash flow projections from financial forecasts approved by senior management covering a five-year period. The &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;pre-tax&lt;/div&gt; discount rate applied to cash flow projections was 13.1%. As a result of this analysis, the Company determined the recoverable amount of the CGU was in excess of its book value and, therefore, no impairment was recorded (See note 16). &lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Purchase deposits for flight equipment &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;As of December&amp;#160;31, 2020 there were no additions to purchase deposits. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;As of December&amp;#160;31, 2019 the additions for $67.3&amp;#160;million include $75.4&amp;#160;million of advance payments on aircraft and engines purchase contracts made during 2019, which includes $1.4&amp;#160;million of borrowing costs capitalized during the year ended December&amp;#160;31, 2019, and $8.1&amp;#160;million of credits received on aircraft acquisition. The rate used in 2019 to determine the amount of borrowing costs eligible for capitalization was 3.40%, which is the interest rate of the specific borrowing (see note 18). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;As of December&amp;#160;31, 2020 the total amount of purchase deposits for flight equipment corresponds to the future purchase of MAX aircraft (see note 27). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other property and equipment &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;During 2020, the Company capitalized under &amp;#8220;Leasehold improvements&amp;#8221; $1.6&amp;#160;million for improvements to the Training Center located at the Ciudad del Saber, Panama City and $0.8&amp;#160;million in other remodeling projects for airport facilities and offices. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;During 2019, the Company capitalized as &amp;#8220;Leasehold improvements&amp;#8221; $11.6&amp;#160;million of a new hangar located at the Tocumen International Airport. As of December&amp;#160;31, 2020 and 2019 construction in progress mainly comprises remodeling projects for airport facilities and offices. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Assets held for sale &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;In November 2019, the Company announced its decision to accelerate the exit of its Embraer 190 fleet and initiated an active program to locate a buyer to sell the remaining 14 aircraft, spare engines, spare parts and inventory by 2020. As December&amp;#160;31, 2019 this anticipated exit resulted in impairment losses of $89.3&amp;#160;million to write down the assets to the lower of their carrying amount and the fair value less cost to sell, which have been included under &amp;#8220;Impairment of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-financial&lt;/div&gt; assets&amp;#8221; in the accompanying consolidated statement of profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;In June 2020, the Company updated the fair value less cost to sell of the Embraer 190 fleet and related assets and recognized additional impairment losses of $49.5&amp;#160;million. The fair value of the&amp;#160;Embraer 190 fleet was determined considering the negotiated sales prices adjusted by the costs to disposal estimated by the Company, and therefore classifies as level 3 in the fair value hierarchy. During the third quarter of 2020 the Company signed the contract for the sale of 14 &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;EMB-190s,&lt;/div&gt; 6 spare engines, expendables, spare parts and supplies, and an EMB 190 flight simulator. The Company has delivered 6 aircraft, and expects to deliver the remaining 8 and other related assets, within a year from the reporting date. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;In August 2020, motivated by the decrease in demand as a consequence of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19,&lt;/div&gt; the Board of Directors of the Company approved the plan to sell fourteen aircraft Boeing &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;737-700.&lt;/div&gt; Efforts to sell the aircraft have started and the sale is expected to be completed within a year from the reporting date. This anticipated exit results in impairment losses of $191.2&amp;#160;million to write down the assets to the lower of its carrying amount and its fair value less cost to sell, which have been included under &amp;#8220;Impairment of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-financial&lt;/div&gt; assets&amp;#8221; in the accompanying consolidated statement of profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The fair value of the Boeing &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;737-700&lt;/div&gt; fleet was determined considering purchase proposal adjusted by the costs to disposal estimated by the Company, therefore classifies as level 3 in the fair value hierarchy (see note 28.6). &lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;At 31&amp;#160;December 2020, the assets held for sale comprised the following assets:&lt;/div&gt;&lt;/div&gt;&lt;br/&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:84%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Flight equipment&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;129,443&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;91,252&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Expendables, spare parts and other supplies&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,099&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;28,754&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;135,542&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;120,006&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory>
<cpa:DisclosureOfFutureMinimumLeaseReceivablesUnderNoncancellableLeasesExplanatory id="Factid_19516754" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The future minimum lease receivables under &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-cancellable&lt;/div&gt; leases are as follows: &lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="color: white; line-height: 0pt; visibility: hidden;"&gt;&lt;td style="width:86%;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="white-space: nowrap;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="white-space: nowrap;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Up to one year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;3,000&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,220&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;One to five years&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,875&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,875&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Total minimum lease rental receivables&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;5,875&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;9,095&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfFutureMinimumLeaseReceivablesUnderNoncancellableLeasesExplanatory>
<ifrs-full:DisclosureOfLeasesExplanatory id="Factid_19516763" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;14.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Leases &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;The Company as a lessee &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company leases some aircraft under long-term lease agreements with an average duration of 10 years. Aircraft under operating leases may be renewed in accordance with management&amp;#8217;s business plan. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Other leased assets include real estate, airport and terminal facilities, sales offices, maintenance facilities, and general offices. Most lease agreements include renewal options; a few have escalation clauses, but no purchase options. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Information about leases for which the Company is a lessee is presented below:&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Right of use assets &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:77%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Aircraft&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Real&amp;#160;estate&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Balance at January&amp;#160;1, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;350,517&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;33,833&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;384,350&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Additions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;83,389&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,381&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;84,770&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Depreciation expense&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(100,857&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(6,270&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(107,127&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Balance at December&amp;#160;31, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;333,049&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;28,944&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;361,993&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Additions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;23,162&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;8,512&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;31,674&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Depreciation expense&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(95,564&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(7,260&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(102,824&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Balance at December&amp;#160;31, 2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;260,647&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;30,196&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;290,843&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Additions/(Terminations)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;21,706&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,888&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;19,818&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Impairment&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,541&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,541&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Depreciation expense&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(88,451&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(6,390&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(94,841&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Balance at December&amp;#160;31, 2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;192,361&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;21,918&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;214,279&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Additions to the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;right-of-use&lt;/div&gt;&lt;/div&gt; assets include new leases, contract extensions, changes in discount rate and changes in rental payments. &lt;/div&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;   &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The impairment loss relates to leased aircraft grounded until its redelivery due the capacity reductions a result of the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19&lt;/div&gt; pandemic. &lt;/div&gt;&lt;/div&gt;  &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Lease liabilities &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:84%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Current portion of lease liability&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Aircraft&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;77,777&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;91,246&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Real estate&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,828&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,486&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;83,605&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;97,732&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Long-term lease liability&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Aircraft&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;125,216&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;179,031&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Real estate&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;21,689&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;27,801&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;146,905&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;206,832&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;230,510&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;304,564&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;For leases under IFRS 16 the Company recognizes a provision to estimate the costs for work required to be performed just before the redelivery of the aircraft to the lessors and which does not depend on the aircraft utilization. This provision is booked as a dismantling provision cost under &amp;#8220;long term liabilities&amp;#8221; in the consolidated statement of financial position. As of December&amp;#160;31, 2020 the total liability related to leases including the provision of dismantling amounts to $255.5&amp;#160;million (2019: $328.9 million). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;   &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;br/&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Total cash outflow for leases for the years ended as December&amp;#160;31, 2020 and 2019: &lt;/div&gt;&lt;/div&gt;&lt;br/&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;br/&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:84%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Aircraft&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;97,353&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;107,610&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Real estate&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,039&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;9,458&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;103,392&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;117,068&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;As of December&amp;#160;31, 2020 and 2019 the average incremental borrowing rate of leased aircraft is 3.37%. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;   &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The maturity analysis of lease liabilities is disclosed in note 28.5. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Amounts recognized in the consolidated statement of profit or loss related to leases: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;br/&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:79%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Depreciation and amortization&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Aircraft&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;88,451&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;95,564&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;100,857&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Real estate&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,390&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;7,260&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,270&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;94,841&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;102,824&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;107,127&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Impairment of non financial assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Aircraft&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,541&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other operating and administrative expenses&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Short-term leases&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;90&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;364&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,412&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Leases of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;low-value&lt;/div&gt; assets&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;330&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;733&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;853&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Variable lease payments not include in the measurement of lease liabilities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;827&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;706&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;611&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Variable lease payments by rental concessions received&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(489&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;758&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,803&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,876&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Finance cost&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Aircraft&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;8,185&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;11,221&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;12,074&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Real estate&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,717&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,073&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,105&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Unwinding of discount and changes in the discount rate&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;832&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;846&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;796&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;10,734&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,140&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,975&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;107,874&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;118,767&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;124,978&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Some property leases contain variable payment terms that are linked to the number of passengers or employees using the areas. Additional, some aircraft leases contain variable payment terms that depend on the aircraft&amp;#8217;s flight hours. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;  &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The unwinding of discount and changes in the discount rate over leased aircraft correspond to the interest expenses of the discounted dismantling provision. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;The Company as a lessor &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Since 2015, the Company is the lessor of two aircraft Boeing &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;737-700,&lt;/div&gt; as part of the strategy of fleet management, in order to optimize the use of aircraft in relation to the routes scheduled for that year. Each lease is scheduled to expire in 2022. The carrying amount of the two aircraft under operating leases is up to $12.3&amp;#160;million (2019: $37.7 million). &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Total lease income amounts to $3.2&amp;#160;million for the period ended December&amp;#160;31, 2020 (2019: $3.5&amp;#160;million and 2018: $3.5 million), included under &amp;#8220;Other operating revenue&amp;#8221; in the accompanying consolidated statement of profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The future minimum lease receivables under &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-cancellable&lt;/div&gt; leases are as follows: &lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="color: white; line-height: 0pt; visibility: hidden;"&gt;&lt;td style="width:86%;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="white-space: nowrap;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="white-space: nowrap;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Up to one year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;3,000&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,220&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;One to five years&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,875&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,875&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Total minimum lease rental receivables&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;5,875&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;9,095&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfLeasesExplanatory>
<cpa:DisclosureOfNetDefinedBenefitExpenseExplanatory id="Factid_19516774" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The following table summarizes the components of net benefit expense included under &amp;#8220;Wages, salaries, benefits and other employees&amp;#180; expenses&amp;#8221; in the accompanying consolidated statement of profit or loss: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:71%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:5%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:5%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:5%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="white-space: nowrap; padding-bottom: 1pt; font-size: 8pt;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Year ended December&amp;#160;31,2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Defined&amp;#160;benefit&lt;br/&gt;obligation&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Fair&amp;#160;value&amp;#160;of&lt;br/&gt;assets&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Defined&amp;#160;benefit&lt;br/&gt;assets&amp;#160;(liability)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Current service cost&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,393&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,393&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Interest cost on net benefit obligation&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;706&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(731&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(25&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Past service cost&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;457&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;457&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Curtailment / Settlement&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,026&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,026&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Net benefit expense&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,530&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(731&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;799&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="white-space: nowrap; padding-bottom: 1pt; font-size: 8pt;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Year ended December&amp;#160;31,2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Defined benefit&lt;br/&gt;obligation&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Fair value of&lt;br/&gt;assets&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Defined benefit&lt;br/&gt;assets (liability)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Current service cost&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,192&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,192&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Interest cost on net benefit obligation&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;887&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(979&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(92&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Net benefit expense&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,079&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(979&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,100&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="white-space: nowrap; padding-bottom: 1pt; font-size: 8pt;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Year ended December&amp;#160;31,2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Defined benefit&lt;br/&gt;obligation&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Fair value of&lt;br/&gt;assets&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Defined benefit&lt;br/&gt;assets (liability)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Current service cost&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,105&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,105&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Interest cost on net benefit obligation&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;642&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(666&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(24&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Net benefit expense&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,747&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(666&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,081&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfNetDefinedBenefitExpenseExplanatory>
<cpa:DisclosureOfReconciliationOfNetPensionAssetExplanatory id="Factid_19516775" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The following table shows reconciliation from the opening balance to the closing balances for net employee defined benefit liabilities and its components: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:62%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:4%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:4%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:4%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:4%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Defined&amp;#160;benefit&lt;br/&gt;obligation&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Fair&amp;#160;value&amp;#160;of&lt;br/&gt;assets&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other&amp;#160;employee&lt;br/&gt;benefits&amp;#160;liability&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Defined&amp;#160;benefit&lt;br/&gt;assets&amp;#160;(liability)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;At January&amp;#160;1, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(19,997&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;23,794&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(612&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,185&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Current service cost&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,105&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,105&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Interest (cost) income&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(642&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;666&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;24&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Return on plan assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;483&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;483&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Experience gain (loss)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,943&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,943&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Invesment return&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;67&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;67&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Actuarial changes arising from changes in financial assumptions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;877&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;877&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Employer contributions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,780&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,780&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Benefits paid&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,242&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,451&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(209&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Adjustments&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(68&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(68&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;At December&amp;#160;31, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(22,568&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;28,339&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(680&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,091&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Current service cost&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,192&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,192&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Interest (cost) income&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(887&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;979&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;92&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Experience gain (loss)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,681&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,681&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Invesment return&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;138&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;138&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Actuarial changes arising from changes in financial assumptions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,874&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,874&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Employer contributions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,903&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,903&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Benefits paid&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,007&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,086&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(79&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Adjustments&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,187&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;38&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,149&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;As of December&amp;#160;31, 2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(28,195&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;29,086&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(642&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;249&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Current service cost&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,393&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,393&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Interest (cost) income&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(706&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;731&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;25&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Past service cost&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(457&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(457&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Curtailment / Settlement&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,026&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,026&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Return on plan assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;374&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;374&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Experience gain (loss)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(4,001&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(4,001&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Actuarial changes arising from changes in demographic assumptions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(11,285&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(11,285&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Actuarial changes arising from changes in financial assumptions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,028&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,028&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Employer contributions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,709&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,709&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Benefits paid&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,573&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(6,117&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;456&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Adjustments&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(7&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(7&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;As of December&amp;#160;31, 2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(39,466&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;25,783&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(649&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(14,332&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfReconciliationOfNetPensionAssetExplanatory>
<ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory id="Factid_19516776" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The following were the principal actuarial assumptions at the reporting date: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:54%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:4%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:4%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:4%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Economic assumptions - &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Discount rate&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2.0%&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2.5%&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3.9%&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Compensation - salary increase&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;4.0%&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;4.0%&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;4.0%&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Demographic assumptions - &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Mortality&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Panama&amp;#160;expirence&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;RP&amp;#160;-&amp;#160;2000&amp;#160;no&amp;#160;collar&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;RP&amp;#160;-2000&amp;#160;no&amp;#160;collar&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Termination&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2003&amp;#160;SoA&amp;#160;pension&amp;#160;plan&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;13% all ages&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;13% all ages&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Retirement&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Males&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;62 years&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Females&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;57 years&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory>
<cpa:DisclosureOfDefinedBenefitPlansFuturePeriodExplanatory id="Factid_19516778" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The following payments are expected contributions to the defined benefit plan in future years: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:86%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Up to one year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,299&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,169&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;One to five years&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;8,777&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,008&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Over five years&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,112&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,049&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Total expected payments&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;25,188&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;33,226&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfDefinedBenefitPlansFuturePeriodExplanatory>
<ifrs-full:DisclosureOfEmployeeBenefitsExplanatory id="Factid_19516779" contextRef="P01_01_2020To12_31_2020">&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;br/&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="color: white; line-height: 0pt; visibility: hidden;"&gt;&lt;td style="width:86%;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="white-space: nowrap;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="white-space: nowrap;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Fair value of plan assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;25,783&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;29,086&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Defined benefit obligation&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;(39,466&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;(28,195&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Other employee benefits&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;(649&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;(642&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;(40,115&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;(28,837&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Benefit (liability) assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;(14,332&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;249&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;  &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;In accordance with Panamanian law, the Company contributes to the following defined benefit plans: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Seniority premium plan: &lt;/div&gt;is a contingent liability that companies must pay to their employees according to article 224 of Panama&amp;#180;s Labor Code according to the following: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:9%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td style="width:88%;"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Eligibility:&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;All employees&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Benefit:&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;One week of salary per years of service&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Salary:&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Average of the 5 prior years of the monthly base salary&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Payment:&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Lump sum&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Indemnity plan:&lt;/div&gt; it covers all employees eligible for the indemnity plan as provided by the Company. The benefits consist of 6.54% of eligible earnings accumulated for each year of service. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The actuarial liability is recognized for the legal obligation under the formal terms of the plan, and for the implied projections as required under IAS 19R. These actuarial projections do not constitute a legal obligation for the Company. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;br/&gt;&lt;/div&gt;  &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The following table summarizes the components of net benefit expense included under &amp;#8220;Wages, salaries, benefits and other employees&amp;#180; expenses&amp;#8221; in the accompanying consolidated statement of profit or loss: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:71%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:5%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:5%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:5%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="white-space: nowrap; padding-bottom: 1pt; font-size: 8pt;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Year ended December&amp;#160;31,2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Defined&amp;#160;benefit&lt;br/&gt;obligation&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Fair&amp;#160;value&amp;#160;of&lt;br/&gt;assets&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Defined&amp;#160;benefit&lt;br/&gt;assets&amp;#160;(liability)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Current service cost&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,393&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,393&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Interest cost on net benefit obligation&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;706&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(731&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(25&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Past service cost&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;457&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;457&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Curtailment / Settlement&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,026&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,026&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Net benefit expense&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,530&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(731&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;799&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="white-space: nowrap; padding-bottom: 1pt; font-size: 8pt;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Year ended December&amp;#160;31,2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Defined benefit&lt;br/&gt;obligation&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Fair value of&lt;br/&gt;assets&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Defined benefit&lt;br/&gt;assets (liability)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Current service cost&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,192&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,192&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Interest cost on net benefit obligation&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;887&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(979&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(92&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Net benefit expense&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,079&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(979&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,100&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="white-space: nowrap; padding-bottom: 1pt; font-size: 8pt;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Year ended December&amp;#160;31,2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Defined benefit&lt;br/&gt;obligation&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Fair value of&lt;br/&gt;assets&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Defined benefit&lt;br/&gt;assets (liability)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Current service cost&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,105&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,105&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Interest cost on net benefit obligation&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;642&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(666&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(24&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Net benefit expense&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,747&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(666&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,081&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;  &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The following table shows reconciliation from the opening balance to the closing balances for net employee defined benefit liabilities and its components: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:62%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:4%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:4%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:4%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:4%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Defined&amp;#160;benefit&lt;br/&gt;obligation&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Fair&amp;#160;value&amp;#160;of&lt;br/&gt;assets&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other&amp;#160;employee&lt;br/&gt;benefits&amp;#160;liability&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Defined&amp;#160;benefit&lt;br/&gt;assets&amp;#160;(liability)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;At January&amp;#160;1, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(19,997&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;23,794&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(612&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,185&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Current service cost&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,105&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,105&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Interest (cost) income&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(642&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;666&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;24&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Return on plan assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;483&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;483&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Experience gain (loss)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,943&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,943&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Invesment return&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;67&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;67&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Actuarial changes arising from changes in financial assumptions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;877&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;877&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Employer contributions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,780&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,780&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Benefits paid&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,242&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,451&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(209&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Adjustments&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(68&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(68&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;At December&amp;#160;31, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(22,568&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;28,339&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(680&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,091&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Current service cost&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,192&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,192&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Interest (cost) income&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(887&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;979&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;92&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Experience gain (loss)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,681&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,681&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Invesment return&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;138&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;138&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Actuarial changes arising from changes in financial assumptions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,874&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,874&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Employer contributions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,903&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,903&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Benefits paid&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,007&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,086&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(79&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Adjustments&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,187&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;38&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,149&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;As of December&amp;#160;31, 2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(28,195&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;29,086&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(642&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;249&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Current service cost&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,393&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,393&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Interest (cost) income&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(706&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;731&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;25&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Past service cost&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(457&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(457&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Curtailment / Settlement&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,026&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,026&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Return on plan assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;374&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;374&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Experience gain (loss)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(4,001&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(4,001&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Actuarial changes arising from changes in demographic assumptions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(11,285&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(11,285&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Actuarial changes arising from changes in financial assumptions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,028&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,028&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Employer contributions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,709&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,709&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Benefits paid&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,573&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(6,117&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;456&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Adjustments&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(7&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(7&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;As of December&amp;#160;31, 2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(39,466&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;25,783&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(649&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(14,332&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;  &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;As of December&amp;#160;31, 2020 and 2019, plan assets are comprised totally by fixed term deposits. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;For the year ended December&amp;#160;31, 2020 actuarial losses of $15.5&amp;#160;million (2019: $4.4&amp;#160;million and 2018: $0.3 million) were recognized in other comprehensive income. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;As of December&amp;#160;31, 2020, employer contributions are a net amount of regular contributions by $2.8&amp;#160;million (2019: $4.4&amp;#160;million and 2018: $4.8 million) and retirement of interest earned by $1.1&amp;#160;million (2019: 2.5&amp;#160;million and 2018: null). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;br/&gt;&lt;/div&gt;  &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The following were the principal actuarial assumptions at the reporting date: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:54%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:4%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:4%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:4%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Economic assumptions - &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Discount rate&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2.0%&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2.5%&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3.9%&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Compensation - salary increase&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;4.0%&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;4.0%&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;4.0%&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Demographic assumptions - &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Mortality&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Panama&amp;#160;expirence&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;RP&amp;#160;-&amp;#160;2000&amp;#160;no&amp;#160;collar&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;RP&amp;#160;-2000&amp;#160;no&amp;#160;collar&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Termination&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2003&amp;#160;SoA&amp;#160;pension&amp;#160;plan&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;13% all ages&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;13% all ages&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Retirement&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Males&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;62 years&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Females&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;57 years&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;   &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amount shown below: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:59%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;December,&amp;#160;31&amp;#160;2020&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;December,&amp;#160;31&amp;#160;2019&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;December,&amp;#160;31&amp;#160;2018&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Increase&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Decrease&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Increase&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Decrease&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Increase&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Decrease&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Discount rate (0.5% movement)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,318&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,554&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;709&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(751&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;538&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(569&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The sensitivity analyses above have been determined based on a method that extrapolates the impact on the defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. The sensitivity analyses are based on a change in a significant assumption, keeping all other assumptions constant. The sensitivity analyses may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation from one another. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;   &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The following payments are expected contributions to the defined benefit plan in future years: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:86%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Up to one year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,299&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,169&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;One to five years&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;8,777&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,008&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Over five years&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,112&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,049&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Total expected payments&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;25,188&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;33,226&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;  &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The average duration of the defined benefit plan obligation at the end of the reporting period is 9.0 years. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfEmployeeBenefitsExplanatory>
<ifrs-full:DisclosureOfIntangibleAssetsExplanatory id="Factid_19516858" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;16.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Intangible assets &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&amp;#160;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:69%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other intangibles assets&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;License&amp;#160;and&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Intangible&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Goodwill&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;software&amp;#160;rights&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;in process&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Cost - &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at January&amp;#160;1, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;20,380&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;74,683&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;30,891&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;125,954&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Additions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,711&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;27,471&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;30,182&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Disposals&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Reclassifications&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;16,730&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(16,730&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at December&amp;#160;31, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;20,380&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;94,124&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;41,632&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;156,136&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Additions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;8,503&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;16,962&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;25,465&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Disposals&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(86&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(86&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Reclassifications&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;40,660&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(40,660&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at December&amp;#160;31, 2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;20,380&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;143,201&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;17,934&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;181,515&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Additions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,378&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;12,041&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;16,419&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Disposals&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,546&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,546&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Reclassifications&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;13,975&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(13,975&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at December&amp;#160;31, 2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;20,380&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;156,008&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;16,000&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;192,388&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Accumulated amortization and impairment - &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at January&amp;#160;1, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(44,839&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(44,839&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Amortization for the year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(10,129&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(10,129&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Disposals&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Balance at December&amp;#160;31, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(54,968&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(54,968&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Amortization for the year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(18,437&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(18,437&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Disposals&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at December&amp;#160;31, 2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(73,399&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(73,399&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Amortization for the year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(25,493&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(25,493&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Impairment&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,020&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,020&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Disposals&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,092&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,092&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at December&amp;#160;31, 2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(95,800&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,020&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(96,820&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Carrying amounts - &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;At December&amp;#160;31, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;20,380&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;39,156&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;41,632&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;101,168&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;At December&amp;#160;31, 2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;20,380&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;69,802&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;17,934&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;108,116&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;At December&amp;#160;31, 2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;20,380&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;60,208&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,980&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;95,568&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Goodwill &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;For impairment testing, goodwill acquired through business combinations is allocated to the air transportation CGU which is also the operating and reportable segment of the Company. Goodwill is tested for impairment annually as at September&amp;#160;30 and when circumstances indicate that the carrying value may be impaired. The Company considers the relationship between its market capitalization and its book value, among other factors, when reviewing for indicators of impairment. On December&amp;#160;31, 2020, the market capitalization of the Company was below the book value of its equity, indicating a potential impairment of goodwill and impairment of the assets of the operating segment. In addition, the overall decline in air transportation around the world, as well as the ongoing economic uncertainty, have led to a decreased demand in the CGU. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The recoverable amount of the CGU of $2.5&amp;#160;billion (2019: $4.3 billion) has been determined based on a value in use calculation using cash flow projections from financial budgets approved by senior management covering a five-year period. The &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;pre-tax&lt;/div&gt; discount rate applied to cash flow projections is 13.8% (2019: 13.5%) and the cash flows beyond the five-year period are extrapolated using a 4.5% (2019: 3.0%) growth rate. It was concluded that no impairment charge is necessary since the estimated recoverable amount of the CGU exceed its carrying value. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The calculations of value in use of the CGU are sensitive to the following main assumptions: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Revenue &amp;#8211; the Company calculated the projected passenger revenue based on the current beliefs, expectations, and projections about future events and financial trends affecting its business. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Cash flows&amp;#8212;determination of the terminal value is based on the present value of the Company&amp;#8217;s cash flows in perpetuity. When estimating the cash flows for use in the residual value calculation, it is essential to clearly define the normalized cash flows level, the appropriate discount rate for the degree of risk inherent in that return stream, and a constant future growth rate for the related cash flows. To estimate the value, the Gordon Growth Model was used. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Discount rates &amp;#8211; The selected &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;pre-tax&lt;/div&gt; rate of 13.8% represents the current market assessment of the risks specific to the CGU, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Company and its operating segment and is derived from its &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;pre-tax&lt;/div&gt; weighted average cost of capital (WACC). The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Company&amp;#8217;s investors. The cost of debt is based on the interest-bearing borrowings the Company is obliged to service. Segment-specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. &lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="text-indent: 9%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;A rise in the discount rate to 15.2% (i.e., +1.4%) would result in an impairment. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other intangible assets &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Intangible assets in process &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Intangible assets in process as of December&amp;#160;31, 2020 and 2019 mainly comprise the development of operational systems. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;During 2020, the Company capitalized $10.8&amp;#160;million on marketing, sales and human resources programs. During 2019, the Company capitalized $23.6&amp;#160;million of the new tickets reservation system. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;As of December&amp;#160;31, 2020 the amount of $1.0&amp;#160;million recognized as &amp;#8220;Impairment of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-financial&lt;/div&gt; assets&amp;#8221;&amp;#160;in the consolidated statement of profit or loss, is related to intangibles in process that will not continue to develop as&amp;#160;consequence of the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19&lt;/div&gt; pandemic. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;In addition, the Company identified and &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;wrote-off&lt;/div&gt; $2.5&amp;#160;million, net of amortization related to capitalized software that were discontinued as a result of the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;COVID-19&lt;/div&gt; pandemic. &lt;/div&gt;&lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfIntangibleAssetsExplanatory>
<ifrs-full:DisclosureOfOtherAssetsExplanatory id="Factid_19516862" contextRef="P01_01_2020To12_31_2020">&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;17.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other assets &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;br/&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:86%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Current -&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Interest receivable&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,457&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;12,838&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Other&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,348&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,368&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;7,805&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,206&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Non-current&lt;/div&gt; -&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Guarantee deposits&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,010&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,121&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Deposits for litigation&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;8,126&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;10,548&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Other&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,212&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,212&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,348&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;17,881&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;22,153&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;32,087&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Guarantee deposits are mainly amounts paid to fuel suppliers, as required at the inception of the agreements (see note 23). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Deposit for litigation is cash deposited into the escrow account until the related dispute is settled (see note 21). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfOtherAssetsExplanatory>
<ifrs-full:DisclosureOfDetailedInformationAboutBorrowingsExplanatory id="Factid_19516907" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:91%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Year ending December&amp;#160;31, 2021&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;127,946&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;2022&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;116,767&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;2023&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;96,132&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;2024&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;158,459&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;2025&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;375,385&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Thereafter&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;289,211&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,163,900&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"&gt;&lt;br/&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"&gt;&lt;br/&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"&gt;&lt;div style="font-size: 10pt; letter-spacing: 0px;;font-weight:bold;display:inline;"&gt;Senior convertible notes&lt;/div&gt;&lt;br/&gt;&lt;/div&gt; &lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt; &lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfDetailedInformationAboutBorrowingsExplanatory>
<cpa:DisclosureOfDetailedInformationOfSeniorConvertibleNotesExplanatoryTextBlock id="Factid_19516920" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The net proceeds from the offering, after deducting the initial purchasers&amp;#8217; discounts, commissions and other transaction costs is as follows: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:74%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Nominal&lt;br/&gt;issue&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Cost&amp;#160;assigned&amp;#160;to&lt;br/&gt;the debt host&lt;br/&gt;liability&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Net&lt;br/&gt;funding&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Date&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;April&amp;#160;30, 2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;350,000&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(7,102&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;342,898&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfDetailedInformationOfSeniorConvertibleNotesExplanatoryTextBlock>
<ifrs-full:DisclosureOfFinanceCostExplanatory id="Factid_19516948" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The detail of finance cost and income is as follows: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:76%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Finance income - &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Interest income on short-term bank deposits&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;543&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,432&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,670&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Interest income on investment&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;19,420&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;22,973&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;21,958&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$ 19,963&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$ 24,405&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$ 23,628&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Finance cost - &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Interests expense on bank loans&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(29,711&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(36,676&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(34,687&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Interests expense on senior convertible notes&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(23,571&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Interest on factoring&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(256&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,316&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,163&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Interest on lease liabilities (see note 14)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(10,734&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(14,140&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(14,975&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Other finace cost&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(8,773&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,300&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$(73,045)&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$(57,432)&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$(50,825)&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfFinanceCostExplanatory>
<cpa:DisclosureOfChangesInLiabilitiesArisingFromFinancingActivitiesExplanatory id="Factid_19516950" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Changes in liabilities arising from financing activities: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:44%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="18" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Non-cash&lt;/div&gt; movements&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Cash flows&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Foreign&lt;br/&gt;exchange&lt;br/&gt;movement&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Leases&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Concession&lt;br/&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Loans and borrowings&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,060,765&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;220,812&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(117,677&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,163,900&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Lease liability&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;304,564&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(93,213&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(347&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;19,995&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(489&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;230,510&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Dividends payable&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(33,990&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(33,990&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Total liabilities from financing activities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,365,329&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;93,609&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(347&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;19,995&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(489&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(117,677&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,360,420&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="20" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="18" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Non-cash&lt;/div&gt; movements&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Cash flows&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Foreign&lt;br/&gt;exchange&lt;br/&gt;movement&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Leases&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Concession&lt;br/&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Loans and borrowings&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,293,541&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(331,827&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;99,051&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,060,765&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Lease liability&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;375,683&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(103,069&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(84&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;32,034&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;304,564&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Dividends payable&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(110,438&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(110,438&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Total liabilities from financing activities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,669,224&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(545,334&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(84&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;32,034&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;99,051&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,254,891&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfChangesInLiabilitiesArisingFromFinancingActivitiesExplanatory>
<ifrs-full:DisclosureOfBorrowingsExplanatory id="Factid_19516952" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;18.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Loans and borrowings &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;br/&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:70%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td style="width:15%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Due&lt;br/&gt;through&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Effective&amp;#160;rates&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;br/&gt;ranged&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Carrying&lt;br/&gt;Amount&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Long-term fixed rate debt&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2029&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1.49% to 4.45%&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;663,293&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Long-term variable rate debt&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2029&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;0.42% to 1.66%&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;279,778&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Senior convertible notes&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2025&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;14.68%&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;220,829&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,163,900&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Current maturities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(127,946&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Loans and borrowings long-term&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,035,954&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="10" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Due&lt;br/&gt;through&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Effective&amp;#160;rates&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;ranged&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Carrying&lt;br/&gt;Amount&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Long-term fixed rate debt&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2029&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1.49% to 4.90%&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;736,790&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Long-term variable rate debt&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2029&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2.15% to 3.50%&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;323,975&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,060,765&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Current maturities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(122,582&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Loans and borrowings long-term&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;938,183&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Maturities of the loans and borrowings for the next five years are as follows: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:91%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Year ending December&amp;#160;31, 2021&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;127,946&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;2022&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;116,767&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;2023&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;96,132&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;2024&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;158,459&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;2025&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;375,385&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Thereafter&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;289,211&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,163,900&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"&gt;&lt;br/&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"&gt;&lt;br/&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"&gt;&lt;div style="font-size: 10pt; letter-spacing: 0px;;font-weight:bold;display:inline;"&gt;Senior convertible notes&lt;/div&gt;&lt;br/&gt;&lt;/div&gt; &lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt; &lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;  &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;In April 2020, the Company issued Senior Convertible Notes (&amp;#8220;notes&amp;#8221;) in the total principal amount of $350.0&amp;#160;million maturing on April&amp;#160;15, 2025, in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the &amp;#8220;Securities Act&amp;#8221;). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The notes are senior, unsecured obligations of the Company and will accrue interest at a rate of 4.50% per annum, payable semi-annually in arrears on April&amp;#160;15 and October&amp;#160;15 of each year. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Noteholders have the right to convert their notes only upon the occurrence of certain events. From and after October&amp;#160;15, 2024, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle conversions by paying or delivering, as applicable, cash, shares of their Class&amp;#160;A common stock or a combination of cash and shares of their Class&amp;#160;A common stock, at the Company&amp;#8217;s election. The initial conversion rate is 19.3564 shares per $1,000 principal amount of notes, which represents an initial conversion price of approximately $51.66 per share of Class&amp;#160;A common stock and will be subject to adjustment upon the occurrence of certain events. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The net proceeds from the offering, after deducting the initial purchasers&amp;#8217; discounts, commissions and other transaction costs is as follows: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:74%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Nominal&lt;br/&gt;issue&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Cost&amp;#160;assigned&amp;#160;to&lt;br/&gt;the debt host&lt;br/&gt;liability&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Net&lt;br/&gt;funding&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Date&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;April&amp;#160;30, 2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;350,000&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(7,102&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;342,898&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;  &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company used the net proceeds from the offering for general corporate purposes. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The notes are redeemable, in whole or in part, for cash at the Company&amp;#8217;s option at any time, and from time to time, on or after April&amp;#160;17, 2023 and on or before the 40th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of the Company&amp;#8217;s Class&amp;#160;A common stock exceeds 130% of the conversion price for a specified period of time. In addition, the notes are redeemable, in whole and not in part, at the Company&amp;#8217;s option in connection with certain changes in tax law at any time. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, plus a make-whole premium. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The component corresponding to the conversion feature of the notes is recorded an embedded derivative under &amp;#8220;Derivative financial instruments&amp;#8221; in the consolidated statement of financial position. The fair value of the embedded derivative at initial recognition was $138.4&amp;#160;million. At December&amp;#160;31, 2020, the fair value was $245.6&amp;#160;million and the Company recorded an unrealized loss of $107.1 recorded as &amp;#8220;Net change in fair value of derivatives&amp;#8221; in the consolidated statement of profit or loss (see note 28.6). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Long term debt and loan payable &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;As of December&amp;#160;31, 2020, long-term fixed rate debt included $579.7&amp;#160;million (2019: $608.3 million) and long-term variable debt included $202.6&amp;#160;million corresponding to aircraft acquisitions using JOLCO arrangements (2019: $225.2 million). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;As of December&amp;#160;31, 2020 the Company had $160.7&amp;#160;million (2019: $227.3 million) of outstanding indebtedness that is owed to financial institutions under financing arrangements guaranteed by the Export-Import Bank of the United States.&amp;#160;The Export-Import Bank guarantees support 80% of the net purchase price of the aircraft and are secured with a first priority mortgage on the aircraft in favor of a security trustee on behalf of Export-Import Bank. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company&amp;#8217;s Export-Import Bank supported financings are amortized on a quarterly basis, are denominated in U.S. dollars, and originally bear interest at a floating rate linked to LIBOR.&amp;#160;The Export-Import Bank guaranteed facilities typically offer an option to fix the applicable interest rate.&amp;#160;The Company has exercised this option with respect to $83.6&amp;#160;million as of December&amp;#160;31, 2020 (2019: $128.1 million). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The detail of finance cost and income is as follows: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:76%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Finance income - &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Interest income on short-term bank deposits&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;543&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,432&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,670&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Interest income on investment&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;19,420&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;22,973&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;21,958&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$ 19,963&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$ 24,405&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$ 23,628&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Finance cost - &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Interests expense on bank loans&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(29,711&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(36,676&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(34,687&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Interests expense on senior convertible notes&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(23,571&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Interest on factoring&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(256&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,316&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,163&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Interest on lease liabilities (see note 14)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(10,734&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(14,140&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(14,975&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Other finace cost&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(8,773&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,300&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$(73,045)&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$(57,432)&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$(50,825)&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;  &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Changes in liabilities arising from financing activities: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:44%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="18" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Non-cash&lt;/div&gt; movements&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Cash flows&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Foreign&lt;br/&gt;exchange&lt;br/&gt;movement&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Leases&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Concession&lt;br/&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Loans and borrowings&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,060,765&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;220,812&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(117,677&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,163,900&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Lease liability&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;304,564&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(93,213&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(347&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;19,995&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(489&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;230,510&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Dividends payable&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(33,990&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(33,990&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Total liabilities from financing activities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,365,329&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;93,609&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(347&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;19,995&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(489&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(117,677&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,360,420&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="20" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="18" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Non-cash&lt;/div&gt; movements&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Cash flows&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Foreign&lt;br/&gt;exchange&lt;br/&gt;movement&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Leases&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Concession&lt;br/&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Loans and borrowings&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,293,541&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(331,827&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;99,051&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,060,765&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Lease liability&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;375,683&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(103,069&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(84&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;32,034&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;304,564&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Dividends payable&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(110,438&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(110,438&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Total liabilities from financing activities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,669,224&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(545,334&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(84&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;32,034&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;99,051&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,254,891&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;  &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The column &amp;#8220;Leases&amp;#8221; includes the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-cash&lt;/div&gt; additions to &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;right-of-use&lt;/div&gt;&lt;/div&gt; assets and lease liabilities. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The &amp;#8220;Concession &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19&amp;#8221;&lt;/div&gt; column disclose the reduction or absence of cash outflows that arise from rent concessions to which the Company has applied the practical expedient. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;For the year ended December&amp;#160;31, 2020 the column &amp;#8220;Other&amp;#8221; includes the recognition of the embedded derivative of the Notes recorded at its fair value at the inception of the transaction and the effect of accrued but not yet paid interest on loans and borrowings. For the year ended December&amp;#160;31, 2019, also includes the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-cash&lt;/div&gt; investing and financing transactions related to the acquisition of new aircraft financed using the JOLCO structure. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company classifies interest paid as cash flows from operating activities. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfBorrowingsExplanatory>
<ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory id="Factid_19517128" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;19.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Trade, other payables and financial liabilities &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div&gt;&lt;br/&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:85%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Account payables&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;63,461&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;119,332&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Account payables to related parties&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,970&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,086&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;66,431&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;133,418&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Others&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;252&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;84&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$66,683&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$133,502&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;See details of the account due to related parties in note 23. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory>
<cpa:DisclosureOfAccruedExpensesPayableExplanatory id="Factid_19517145" contextRef="P01_01_2020To12_31_2020">&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;20.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Accrued expenses payable &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:86%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Accruals and estimations&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;23,589&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,616&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Labor related provisions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,541&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;44,401&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Liability for social security contributions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,275&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,617&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Other&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;590&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;739&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$33,995&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$55,373&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;As of December&amp;#160;31, 2020 and 2019, accruals and estimations include the estimated balance of the current portion of the long term provisions (see&amp;#160;note&amp;#160;21). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Labor related provisions include a profit-sharing program for both management and &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-management&lt;/div&gt; staff. For members of management, profit-sharing is based on a combination of the Company&amp;#8217;s performance as a whole and the achievement of individual goals. Profit-sharing for &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-management&lt;/div&gt; employees is based solely on the Company&amp;#8217;s performance. The accrual at &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;year-end&lt;/div&gt; represents the amount expensed for the current year, which is expected to be settled within 12 months. &lt;/div&gt;&lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfAccruedExpensesPayableExplanatory>
<ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory id="Factid_19520058" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;29.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Subsequent events &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Stock Grants &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;During the first quarter of 2021, the Compensation Committee of the Company&amp;#8217;s Board of Directors approved two awards. Awards under these plans will grant approximately 136,654 shares of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-vested&lt;/div&gt; stock, which will vest over a period of three to five years. The Company estimates the fair value of these awards to be approximately $11.5&amp;#160;million and the 2021 compensation cost for these plans will be $5.7&amp;#160;million. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Compensation Boeing &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;During the first quarter of 2021, the Company reached an agreement with Boeing regarding compensation related to the Boeing 737 MAX grounding. As part of the agreement, the Company will receive compensation in the form of certain credits concurrent with future aircraft deliveries and other considerations, including a revised delivery stream. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The updated aircraft contractual obligations net of discounts and &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;pre-delivery&lt;/div&gt; payments, including estimated amounts for contractual price escalation as March,31 2021, are as follows: &lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:91%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Year ending December&amp;#160;31, 2021&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;49,800&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;2022&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;187,882&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;2023&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;383,231&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;2024&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;421,271&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;2025&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;487,348&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Thereafter&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,893,442&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$3,422,974&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;During the first quarter of 2021, six Boeing 737 MAX aircraft were delivered. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory>
<ifrs-full:WeightedAverageFairValueAtMeasurementDateOtherEquityInstrumentsGranted id="Factid_19520212" contextRef="PAsOn03_31_2021_MajorOrdinaryShareTransactionsMemberifrsfullNonadjustingEventsAfterReportingPeriodAxis" unitRef="Unit_USD" decimals="-5">11500000</ifrs-full:WeightedAverageFairValueAtMeasurementDateOtherEquityInstrumentsGranted>
<ifrs-full:ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets id="Factid_19520213" contextRef="P01_01_2021To03_31_2021_MajorOrdinaryShareTransactionsMemberifrsfullNonadjustingEventsAfterReportingPeriodAxis" unitRef="Unit_USD" decimals="-5">5700000</ifrs-full:ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets>
<ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement id="Factid_19520270" contextRef="P01_01_2021To03_31_2021_MajorOrdinaryShareTransactionsMemberifrsfullNonadjustingEventsAfterReportingPeriodAxis" unitRef="Unit_shares" decimals="INF">136654</ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement>
<ifrs-full:ContractualCapitalCommitments id="Factid_19520309" contextRef="PAsOn03_31_2021_EventsAfterReportingPeriodMemberifrsfullNonadjustingEventsAfterReportingPeriodAxis_NotLaterThanOneYearMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="0">49800</ifrs-full:ContractualCapitalCommitments>
<ifrs-full:ContractualCapitalCommitments id="Factid_19520310" contextRef="PAsOn03_31_2021_EventsAfterReportingPeriodMemberifrsfullNonadjustingEventsAfterReportingPeriodAxis_LaterThanOneYearAndNotLaterThanTwoYearsMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="0">187882</ifrs-full:ContractualCapitalCommitments>
<ifrs-full:ContractualCapitalCommitments id="Factid_19520311" contextRef="PAsOn03_31_2021_EventsAfterReportingPeriodMemberifrsfullNonadjustingEventsAfterReportingPeriodAxis_LaterThanTwoYearsAndNotLaterThanThreeYearsMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="0">383231</ifrs-full:ContractualCapitalCommitments>
<ifrs-full:ContractualCapitalCommitments id="Factid_19520312" contextRef="PAsOn03_31_2021_EventsAfterReportingPeriodMemberifrsfullNonadjustingEventsAfterReportingPeriodAxis_LaterThanThreeYearsAndNotLaterThanFourYearsMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="0">421271</ifrs-full:ContractualCapitalCommitments>
<ifrs-full:ContractualCapitalCommitments id="Factid_19520313" contextRef="PAsOn03_31_2021_EventsAfterReportingPeriodMemberifrsfullNonadjustingEventsAfterReportingPeriodAxis_LaterThanFourYearsAndNotLaterThanFiveYearsMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="0">487348</ifrs-full:ContractualCapitalCommitments>
<ifrs-full:ContractualCapitalCommitments id="Factid_19520314" contextRef="PAsOn03_31_2021_EventsAfterReportingPeriodMemberifrsfullNonadjustingEventsAfterReportingPeriodAxis_LaterThanFiveYearsMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="0">1893442</ifrs-full:ContractualCapitalCommitments>
<ifrs-full:ContractualCapitalCommitments id="Factid_19520315" contextRef="PAsOn03_31_2021_EventsAfterReportingPeriodMemberifrsfullNonadjustingEventsAfterReportingPeriodAxis" unitRef="Unit_USD" decimals="0">3422974</ifrs-full:ContractualCapitalCommitments>
<ifrs-full:DisclosureOfFinancialInstrumentsExplanatory id="Factid_19520726" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;28.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Financial instruments - Risk management and fair value &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;In the normal course of its operations, the Company is exposed to a variety of financial risks: market risk (especially cash flow, currency, commodity prices and interest rate risk), credit risks and liquidity risk. The Company has established risk management policies to minimize potential adverse effects on the Company&amp;#8217;s financial performance: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;28.1&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Fuel price risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company has risks that are common in its industry, related to the price level of aircraft fuel, which can significantly affect its operations, financial position and liquidity. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;In the past the Company has entered into financial derivative contracts in an effort to mitigate this risk, but with inconsistent results. The Company has not entered into new fuel hedge contracts, and has adopted a new strategy of remaining unhedged, while regularly reviewing its policies based on market conditions and others factors. As of December&amp;#160;31, 2020 and 2019 , the Company did not have any outstanding fuel hedge contracts. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Fuel price risk is estimated as a hypothetical 10% increase in the December&amp;#160;31, 2020 cost per gallon of fuel. Based on projected 2021 fuel consumption, such an increase would result in an increase to aircraft fuel expense of approximately $21.3&amp;#160;million in 2021 (unaudited). There are no hedged contracts for 2021. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;28.2&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Market risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Foreign currency risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Foreign exchange risk is originated when the Company performs transactions and maintains monetary assets and liabilities in currencies that are different from the functional currency of the Company. Assets and liabilities in foreign currency are translated using the exchange rates at the end of the period, except for &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-monetary&lt;/div&gt; assets and liabilities that are translated at the equivalent cost of the U.S. dollar at the acquisition date and maintained at the historical rate. The results of foreign operations are translated using the average exchange rates that were in place during the period. Gains and losses deriving from exchange rates are included within &amp;#8220;(Loss) Gain on foreign currency fluctuations&amp;#8221; in the consolidated statement of profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The majority of the Company&amp;#8217;s obligations are denominated in U.S. dollars. Since Panama uses the U.S. dollar as legal tender, the majority of the Company&amp;#8217;s operating expenses are also denominated in U.S. dollars, approximately 65.7% of revenues and 86.0% of expenses. A significant part of our revenue is denominated in foreign currencies, including the Brazilian real, Colombian peso and Argentinian peso, which represented 9.5%, 9.1% and 4.0%, respectively (2019: 8.7%, 8.3% and 4.8% respectively).&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Generally, the Company&amp;#8217;s exposure to most of these foreign currencies, is limited to the period of up to two weeks between the completion of a sale and the conversion to U.S. dollar. The following chart summarizes the Company&amp;#8217;s foreign currency risk exposure (assets and liabilities denominated in foreign currency) as of December 31: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:85%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Cash and cash equivalents&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;12,322&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;22,818&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Accounts receivable, net&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;27,670&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;73,018&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Other assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;18,942&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;15,726&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Total assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;58,934&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;111,562&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Liabilities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Accounts payable&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;20,142&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;51,313&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Taxes payable&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;13,757&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;37,137&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Other liabilities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;11,387&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;18,513&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Total liabilities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;45,286&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;106,963&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Net position&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;13,648&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,599&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;   &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;From time to time the, Company enters into factoring agreements on receivables outstanding on credit card sales in certain countries. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;28.3&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Credit risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its financing activities, including deposits with banks and investments in financial instruments and from its accounts receivable. IFRS 9 requires the Company to recognize an allowance for ECLs for all financial assets not held at fair value through profit or loss. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The carrying amounts of financial assets represent the maximum credit risk. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Short and long-term investments &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;To mitigate the credit risk arising from deposits in bank, the Company only conducts business with financial institutions that have an investment grade above &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;BBB-&lt;/div&gt; from Standard&amp;#160;&amp;amp; Poor&amp;#8217;s and liquidity indicators aligning with or above the market average. For the investments in financial instruments, different from deposits in bank, the Company requires a grade above &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;A-&lt;/div&gt; from Standard&amp;#160;&amp;amp; Poor&amp;#8217;s. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company has established a policy to perform an assessment, at the end of each quarterly reporting period, of whether a financial instrument&amp;#8217;s credit risk has increased significantly since initial recognition, by monitoring changes in credit risk ratings published by Standard&amp;#160;&amp;amp; Poor&amp;#8217;s. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;As the financial instruments are considered to be low risk, the impairment provision is determined at &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;12-month&lt;/div&gt; ECLs using the general approach as prescribed by IFRS 9. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;  &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The movement in the allowance for impairment for short and long-term investments at amortized cost for the year ended December&amp;#160;31 was as follows: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:88%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Balance at beginning of year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(957&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,218&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;(Additions)/Reversal&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(260&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;261&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Balance at end of year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,217&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(957&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;   &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Accounts receivable &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Regarding credit risk originating from commercial accounts receivable, the Company does not consider it significant since most of the accounts receivable can be easily converted into cash, usually in periods no longer than one month. The risk is managed by each business unit subject to the Company&amp;#8217;s established policy, procedures and control relating to customer credit risk management. Specific credit limits and payment terms have been established according to periodic analysis of the client&amp;#8217;s payment capacity. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;A considerable amount of the Company&amp;#8217;s tickets sales are processed through major credit cards, resulting in accounts receivable that are generally short-term and usually collected before revenue is recognized. The Company considers that the credit risk associated with these accounts receivable is controllable based on the industry&amp;#8217;s trends and strong policies and procedures established and followed by the Company. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;As a result of the previously explained, the Company evaluates the concentration of risk with respect to trade receivables as low. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;An impairment analysis is performed at each quarterly reporting date using a provision matrix to measure expected credit losses. Loss rates are calculated using a &amp;#8216;roll rate&amp;#8217; method based on the probability of a receivable progressing through successive stages of delinquency to &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;write-off.&lt;/div&gt; To measure the ECLs, trade receivables have been grouped based on shared credit risk characteristics and the day past due. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Loss rates are based on actual credit loss experience over the last 12 months and adjusted for forward-looking factors specific to the debtors and the economic environment over the expected life of the receivables. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Although the Company evaluates the concentration of risk with respect to trade receivables as low, and its customers are located in several jurisdictions and operate in largely independent markets, some of them have been affected by &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19&lt;/div&gt; to a greater degree than others and therefore be exposed to different risks of default. As a consequence, forward-looking information includes one or more downside scenarios related to the spread of Covid 19, specifically with respect to the categories &amp;#8220;Government&amp;#8221; and &amp;#8220;Cargo and other travel agencies&amp;#8221;. &lt;/div&gt;&lt;/div&gt;  &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Set out below is the information about the credit risk exposure on the Company&amp;#8217;s trade receivables using a provision matrix as of December 31: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:65%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="22" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="18" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Days past due&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Current&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&amp;lt;30&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;30-60&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;60-90&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&amp;gt;90&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Expected credit loss rate&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;0.0&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;0.1&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2.5&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3.7&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;41.5&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Gross carrying amount&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;72,172&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;50,180&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,554&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,867&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,228&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;15,343&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Expected credit loss&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,483&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;20&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;46&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;46&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,368&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="24" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="22" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="18" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Days past due&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Current&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&amp;lt;30&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;30-60&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;60-90&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&amp;gt;90&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Expected credit loss rate&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;0.1&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2.3&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3.7&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;12.0&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;33.3&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Gross carrying amount&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;137,499&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;111,778&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,170&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,786&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,636&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;15,129&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Expected credit loss&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,579&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;99&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;141&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;104&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;196&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,039&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;  &lt;div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px;"&gt;&lt;br/&gt; &lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;28.4&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Interest rate and cash flow risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The income and operating cash flows of the Company are substantially independent of changes in interest rates, because the Company does not have significant assets that generate interest except for surplus cash and cash equivalents and short and long-term investments. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Interest rate risk originates mainly from long-term debt related to aircraft financing. These long-term lease payments at variable interest rates expose the Company to cash flow risk. The Company mitigates this risk by entering into fixed rate financing agreements in at least half of its outstanding debt. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;As of December&amp;#160;31, 2020 and 2019, fixed interest rates range from 1.49% to 4.45%, and the main floating rate is LIBOR. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company&amp;#8217;s earnings are affected by changes in interest rates primarily due to the impact of those changes on interest expenses from variable-rate debt instruments. As of December 31st, 2020 we had $663.3&amp;#160;million of fixed-rated debt and $279.8&amp;#160;million of variable-rated debt. If the interest rate average is 100 basis points more in 2020, the variable-rate debt interest expense would increase by approximately $2.8&amp;#160;million and the estimated fair value of the fixed-rate debt would decreased&amp;#8211; by approximately $1.5&amp;#160;million. These amounts are determined by considering the impact of the hypothetical interest rates on the variable-rate debt and marketable securities equivalent balances at December&amp;#160;31, 2020. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;28.5&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Liquidity risk &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company&amp;#8217;s policy requires having sufficient cash to fulfill its obligations. The Company maintains sufficient cash on hand and in banks or cash equivalents that are highly liquid. The Company also has credit lines in financial institutions that allow it to withstand potential cash shortages to fulfill its short-term commitments (see note 27). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;  &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The table below summarizes the Company&amp;#8217;s financial liabilities according to their maturity date. The amounts in the table are the contractual undiscounted cash flows. Balances due within twelve months equal their carrying balances as the impact of discounting is not significant.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;December&amp;#160;31, 2020 &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:54%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Note&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Carrying&lt;br/&gt; amount&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Contractual&lt;br/&gt; cash flow&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Less than&lt;br/&gt; twelve&lt;br/&gt; months&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Between 1&lt;br/&gt; and 4&lt;br/&gt; years&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;More than&lt;br/&gt; 4 years&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Non-derivative&lt;/div&gt; financial liabilities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Loans and borrowings&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;18&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,163,900&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,287,203&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;155,902&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;834,145&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;297,156&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Lease liabitity&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;14&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;230,510&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;246,495&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;90,244&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;147,530&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;8,720&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Account payable&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;19&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;63,461&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;63,461&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;63,461&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Account payable to related parties&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;19&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,970&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,970&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,970&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$1,460,841&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$1,600,129&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$312,577&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$981,675&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$305,876&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;December&amp;#160;31, 2019 &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:54%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Note&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Carrying&lt;br/&gt; amount&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Contractual&lt;br/&gt; cash flow&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Less than&lt;br/&gt; twelve&lt;br/&gt; months&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Between 1&lt;br/&gt; and 4&lt;br/&gt; years&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;More than&lt;br/&gt; 4 years&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Non-derivative&lt;/div&gt; financial liabilities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Loans and borrowings&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;18&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,060,765&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,197,635&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;146,434&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;556,257&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;494,944&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Lease liabitity&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;14&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;304,564&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;329,029&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;107,556&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;212,408&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;9,065&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Account payable&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;19&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;119,332&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;119,332&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;119,332&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Account payable to related parties&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;19&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,086&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,086&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,086&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$1,498,747&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$1,660,082&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$387,408&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$768,665&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$504,009&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;   &lt;div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;28.6&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Fair value measurement &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;   &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Set out below is a comparison, by class, of the carrying amounts and fair values of the Company&amp;#8217;s financial instruments, other than those with carrying amounts that are reasonable approximations of fair values: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:65%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Carrying amount&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Fair Value&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Note&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Financial assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Long-term investments&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;9&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;119,617&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;134,347&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;120,938&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;155,051&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Financial liabilities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Loans and borrowings&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;18&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,163,900&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,060,765&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,327,282&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,068,961&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;  &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The fair value of the financial assets and liabilities is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The management assessed that the fair values of cash and short-term investments, accounts receivables, account payable and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The following methods and assumptions were used to estimate the fair values: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Long-term investments in bonds are based on published price quotations in an active market at the reporting date. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Debt obligations, financial assets, and financial liabilities are estimated by discounting future cash flows using the Company&amp;#8217;s current incremental borrowing for a similar liability. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Asset held for sale was determined considering observable quoted prices, in active markets adjusted by the costs to disposal estimated by the Company. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Derivative financial instruments is valued by the Company, using a Least Square Monte Carlo pricing method by modelling the different triggers under which the notes can be converted. The market data used to calibrate the model are historical volatility measures based on stock prices of the Company obtained from Bloomberg and a &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;zero-coupon&lt;/div&gt; interest rate curve in US$ (US$ Libor 3m Swap curve). &lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&amp;#160;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The following chart summarizes the Company&amp;#8217;s financial instruments measured at fair value, classified according to the valuation method&lt;div style="display:inline;"&gt;:&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="letter-spacing: 0px; top: 0px; background: none;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt;  &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:67%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="14" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Fair value measurement as of reporting date&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Quoted&amp;#160;prices&lt;br/&gt; in active&lt;br/&gt; markets&lt;br/&gt; (Level 1)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Significant&lt;br/&gt; observable&lt;br/&gt; inputs&lt;br/&gt; (Level 2)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Significant&lt;br/&gt; unobservable&lt;br/&gt; inputs&lt;br/&gt; (Level 3)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Non - recurring fair value measurements&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Asset held for sale&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;135,542&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;135,542&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 7em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Total assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;135,542&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;135,542&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Recurring fair value measurements&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Liabilities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Derivative financial instruments&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;245,560&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;245,560&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 7em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Total liabilities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;245,560&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;245,560&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;   &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Company&amp;#8217;s approach and the key assumptions used to determine the fair value less costs of disposal of the assets held for sale were as follows: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:19%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td style="width:60%;"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Unobservable&lt;br/&gt; input&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Value&amp;#160;assigned&lt;br/&gt; to key&lt;br/&gt; assumption&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Approach&amp;#160;to&amp;#160;determining key assumption&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td rowspan="2" style="font-size: 10pt;;vertical-align:middle;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Asset held for sale&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Sales price&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;145,399&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Average of purchase proposals received&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Cost&amp;#160;of&amp;#160;disposal&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(9,857&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; font-size: 10pt;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Estimated based on the Company&amp;#8217;s experience with disposal of similar assets.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;br/&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfFinancialInstrumentsExplanatory>
<ifrs-full:DisclosureOfCreditRiskExposureExplanatory id="Factid_19522797" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Set out below is the information about the credit risk exposure on the Company&amp;#8217;s trade receivables using a provision matrix as of December 31: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:65%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="22" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="18" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Days past due&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Current&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&amp;lt;30&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;30-60&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;60-90&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&amp;gt;90&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Expected credit loss rate&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;0.0&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;0.1&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2.5&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3.7&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;41.5&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Gross carrying amount&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;72,172&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;50,180&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,554&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,867&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,228&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;15,343&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Expected credit loss&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,483&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;20&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;46&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;46&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,368&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="24" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="22" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="18" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Days past due&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Current&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&amp;lt;30&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;30-60&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;60-90&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&amp;gt;90&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Expected credit loss rate&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;0.1&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2.3&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3.7&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;12.0&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;33.3&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Gross carrying amount&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;137,499&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;111,778&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,170&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,786&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,636&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;15,129&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Expected credit loss&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,579&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;99&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;141&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;104&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;196&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,039&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfCreditRiskExposureExplanatory>
<cpa:ScheduleOfCarryingValueAndFairValueOfFinancialInstrumentsExplanatory id="Factid_19522801" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Set out below is a comparison, by class, of the carrying amounts and fair values of the Company&amp;#8217;s financial instruments, other than those with carrying amounts that are reasonable approximations of fair values: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:65%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Carrying amount&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Fair Value&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Note&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Financial assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Long-term investments&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;9&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;119,617&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;134,347&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;120,938&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;155,051&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Financial liabilities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Loans and borrowings&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;18&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,163,900&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,060,765&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,327,282&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,068,961&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:ScheduleOfCarryingValueAndFairValueOfFinancialInstrumentsExplanatory>
<ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory id="Factid_19522802" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:67%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="14" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Fair value measurement as of reporting date&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Quoted&amp;#160;prices&lt;br/&gt; in active&lt;br/&gt; markets&lt;br/&gt; (Level 1)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Significant&lt;br/&gt; observable&lt;br/&gt; inputs&lt;br/&gt; (Level 2)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Significant&lt;br/&gt; unobservable&lt;br/&gt; inputs&lt;br/&gt; (Level 3)&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Non - recurring fair value measurements&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Asset held for sale&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;135,542&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;135,542&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 7em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Total assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;135,542&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;135,542&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Recurring fair value measurements&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Liabilities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Derivative financial instruments&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;245,560&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;245,560&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 7em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Total liabilities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;245,560&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;245,560&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory>
<cpa:DisclosureOfDetailedInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryTextBlock id="Factid_19522804" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Company&amp;#8217;s approach and the key assumptions used to determine the fair value less costs of disposal of the assets held for sale were as follows: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:19%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td style="width:60%;"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Unobservable&lt;br/&gt; input&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Value&amp;#160;assigned&lt;br/&gt; to key&lt;br/&gt; assumption&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Approach&amp;#160;to&amp;#160;determining key assumption&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td rowspan="2" style="font-size: 10pt;;vertical-align:middle;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Asset held for sale&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Sales price&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;145,399&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Average of purchase proposals received&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Cost&amp;#160;of&amp;#160;disposal&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(9,857&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; font-size: 10pt;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Estimated based on the Company&amp;#8217;s experience with disposal of similar assets.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;br/&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfDetailedInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryTextBlock>
<ifrs-full:ExplanationOfValueAssignedToKeyAssumption id="Factid_19522971" contextRef="P01_01_2020To12_31_2020_DisposalGroupsClassifiedAsHeldForSaleMemberifrsfullAssetsAndLiabilitiesClassifiedAsHeldForSaleAxis_SalePriceMemberCPAUnobservableInputAxis">Sales price</ifrs-full:ExplanationOfValueAssignedToKeyAssumption>
<cpa:FairValueLessCostsOfDisposalOfValueAssignedToKeyAssumption id="Factid_19522972" contextRef="PAsOn12_31_2020_DisposalGroupsClassifiedAsHeldForSaleMemberifrsfullAssetsAndLiabilitiesClassifiedAsHeldForSaleAxis_SalePriceMemberCPAUnobservableInputAxis" unitRef="Unit_USD" decimals="0">145399</cpa:FairValueLessCostsOfDisposalOfValueAssignedToKeyAssumption>
<ifrs-full:DescriptionOfKeyAssumptionsOnWhichManagementHasBasedDeterminationOfFairValueLessCostsOfDisposal id="Factid_19522973" contextRef="P01_01_2020To12_31_2020_DisposalGroupsClassifiedAsHeldForSaleMemberifrsfullAssetsAndLiabilitiesClassifiedAsHeldForSaleAxis_SalePriceMemberCPAUnobservableInputAxis">Average of purchase proposals received</ifrs-full:DescriptionOfKeyAssumptionsOnWhichManagementHasBasedDeterminationOfFairValueLessCostsOfDisposal>
<ifrs-full:ExplanationOfValueAssignedToKeyAssumption id="Factid_19522974" contextRef="P01_01_2020To12_31_2020_CostOfDisposalMemberCPAUnobservableInputAxis_DisposalGroupsClassifiedAsHeldForSaleMemberifrsfullAssetsAndLiabilitiesClassifiedAsHeldForSaleAxis">Cost of disposal</ifrs-full:ExplanationOfValueAssignedToKeyAssumption>
<cpa:FairValueLessCostsOfDisposalOfValueAssignedToKeyAssumption id="Factid_19522975" contextRef="PAsOn12_31_2020_CostOfDisposalMemberCPAUnobservableInputAxis_DisposalGroupsClassifiedAsHeldForSaleMemberifrsfullAssetsAndLiabilitiesClassifiedAsHeldForSaleAxis" unitRef="Unit_USD" decimals="0">-9857</cpa:FairValueLessCostsOfDisposalOfValueAssignedToKeyAssumption>
<ifrs-full:DescriptionOfKeyAssumptionsOnWhichManagementHasBasedDeterminationOfFairValueLessCostsOfDisposal id="Factid_19522976" contextRef="P01_01_2020To12_31_2020_CostOfDisposalMemberCPAUnobservableInputAxis_DisposalGroupsClassifiedAsHeldForSaleMemberifrsfullAssetsAndLiabilitiesClassifiedAsHeldForSaleAxis">Estimated based on the Company&amp;#8217;s
experience with disposal of similar assets.</ifrs-full:DescriptionOfKeyAssumptionsOnWhichManagementHasBasedDeterminationOfFairValueLessCostsOfDisposal>
<ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory id="Factid_19522980" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;27.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Commitments and contingencies &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Purchase contracts &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;As of December&amp;#160;31, 2020, the Company had one purchase contract with Boeing entailing sixty- (60)&amp;#160;firm orders of Boeing 737 MAX aircraft, agreed to be delivered between 2021 and 2027. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;The aircraft and engines contractual obligations net of discounts and &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;pre-delivery&lt;/div&gt; payments, including estimated amounts for contractual price escalation, are as follows: &lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:91%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Year ending December&amp;#160;31, 2021&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;560,914&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;2022&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;201,544&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;2023&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;408,145&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;2024&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;439,433&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;2025&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;514,549&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Thereafter&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;850,823&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$2,975,408&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;   &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;As of December&amp;#160;31,2020 the Company has paid $410.9&amp;#160;million (2019: $468.8 million) in predelivery deposits related to the purchase contract with Boeing for the 737 MAX aircraft. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;From March 2019 to November&amp;#160;18, 2020, the Federal Aviation Administration (FAA) grounded all U.S. registered Boeing 737 MAX aircraft an action that was followed by most of the world&amp;#8217;s aviation regulators, including Panamanian aviation regulators. As a consequence, during February 2021, the Company has reached an agreement with Boeing regarding compensation related to the damages that it has suffered during this period. Terms remain confidential (see note 29). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Labor unions &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Approximately 66.3% of the Company&amp;#8217;s 5,667 employees are unionized. There are currently nine (9)&amp;#160;union organizations, five (5)&amp;#160;covering employees in Panama and four (4)&amp;#160;covering employees in Colombia. The Company traditionally had good relations with its employees and with all the unions and expects to continue to enjoy good relations with its employees and the unions in the future. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;The five (5)&amp;#160;unions covering employees in Panama include the pilots&amp;#8217; union (UNPAC); the flight attendants&amp;#8217; union (SIPANAB); the mechanics&amp;#8217; union (SITECMAP), the industry union (SIELAS), which represents ground personnel, messengers, drivers, passenger service agents, counter agents, and other &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-executive&lt;/div&gt; administrative staff, and other industry union named UGETRACA which represents ground personnel and flight attendants. &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Copa entered into collective bargaining agreements with the pilot&amp;#8217;s union in July 2017, the industry union in December 2017, the mechanics&amp;#8217; union in June 2018 and the flight attendants&amp;#8217; union in October 2018. Copa does not have a collective bargain agreement negotiated with UGETRACA because they do not have the eligible amount of employees. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Collective bargaining agreements in Panama typically have terms of four years. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The four (4)&amp;#160;unions covering employees in Colombia are: the pilots&amp;#8217; union (ACDAC), the flight attendants&amp;#8217; union (ACAV), the industry union (SINTRATAC), and the Mechanics Union (ACMA), approximately 39.0% of the Company&amp;#8217;s 418 employees are unionized. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Copa entered into collective bargaining with ACDAC and ACAV in January 2018. ACDAC has not yet resolved and ACAV ended with a new arbitration collective document for two years that expired in September 2020. This new arbitration was authomatically extended until March 2021. Additionally, SINTRATAC and Copa entered into collective bargaining agreement in December 2017 for terms of four years until December 2021. Negotiations with ACMA were resolved by arbitration on December&amp;#160;31, 2015, extending the validation every 6 months from this date, until June&amp;#160;30, 2018. ACMA has not presented a new bill of petition. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Typically, collective bargaining agreements in Colombia have terms of two to three years. Although Copa Colombia usually settles many of its collective bargaining agreement negotiations through arbitration proceedings, it has traditionally experienced good relations with its unions. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;In addition to unions in Panama and Colombia, the Company&amp;#8217;s employees in Brazil are covered by industry union agreements that cover all airline industry employees in the country and airport employees in Argentina are affiliated to an industry union (UPADEP). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Lines of credit for working capital and letters of credit &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company maintained letters of credit with several banks with a value of $44.3&amp;#160;million as of December&amp;#160;31, 2020 (2019: $25.8 million). These letters of credit are pledged mainly for International Air Transport Association (IATA) settlement systems, operating lessors, maintenance providers and airport operators. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company has committed unsecured credit facilities of $200.0&amp;#160;million, currently undrawn. In addition, the Company closed a secured revolving credit facility for an initial aggregate amount of $105.0&amp;#160;million. Including this facility, the Company has $305.0&amp;#160;million in unutilized committed credit facilities as of December&amp;#160;31, 2020 (2019: $305.0 million). These credit facilities have been put in place for contingency and working capital purposes. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Tax audit &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company received notifications from the tax authorities in Panama on February 2020 and in Colombia on November 2020 and March 2016. The Company, along with its tax advisors, has concluded that it is not probable that an outflow of resources embodying economic benefits will be required to settle them, especially considering that the Company has enough arguments to support its position and also taking into consideration that both cases are in the preliminary stages. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;In February 2020, the Company received two notifications from the tax authority in Panama related to a tax audit process that began in 2019. The notification includes potentially significant adjustments to the reported dividend tax for the years 2012 to 2016 and income tax 2016. The Company has filed an administrative appeal which is the first legal stage under Panamanian laws. The Company, along with its tax advisors, has concluded that is probable that the Company&amp;#8217;s tax position will be upheld. As a result, is not probable that the Company will incur any significant additional tax as result. According to Panamanian laws, the statute of limitations is 3 and 15 years for income tax and dividend tax, respectively. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory>
<cpa:FirmCommitementToPurchaseAssetTableTextBlock id="Factid_19522981" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;The aircraft and engines contractual obligations net of discounts and &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;pre-delivery&lt;/div&gt; payments, including estimated amounts for contractual price escalation, are as follows: &lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:91%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Year ending December&amp;#160;31, 2021&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;560,914&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;2022&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;201,544&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;2023&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;408,145&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;2024&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;439,433&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;2025&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;514,549&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Thereafter&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;850,823&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$2,975,408&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:FirmCommitementToPurchaseAssetTableTextBlock>
<ifrs-full:DisclosureOfEarningsPerShareExplanatory id="Factid_19523003" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;26.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Earnings per share &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;Basic earnings per share amounts are calculated by dividing the net profit (loss) for the year attributable to ordinary equity holders of the parent by the weighted average number of shares outstanding during the year, increased by the number of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-vested&lt;/div&gt; dividend participating share-based payment awards outstanding during the period. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Diluted earnings per share amounts are calculated by dividing the net profit (loss) attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares, when the effect of their inclusion is dilutive (decreases earnings per share or increases loss per share). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The computation of the (losses) income and share data used in the basic and diluted (loss) earnings per share is as follows: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:79%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Basic earnings per share - &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Net (loss) income&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(607,062&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;247,002&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;88,198&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Weighted-average shares outstanding&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;42,338&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;42,258&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;42,182&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Non-vested&lt;/div&gt; dividend participating awards&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;170&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;225&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;274&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;42,508&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;42,483&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;42,456&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(14.28&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;5.81&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;2.08&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfEarningsPerShareExplanatory>
<ifrs-full:EarningsPerShareExplanatory id="Factid_19523006" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The computation of the (losses) income and share data used in the basic and diluted (loss) earnings per share is as follows: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:79%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Basic earnings per share - &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Net (loss) income&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(607,062&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;247,002&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;88,198&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Weighted-average shares outstanding&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;42,338&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;42,258&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;42,182&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Non-vested&lt;/div&gt; dividend participating awards&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;170&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;225&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;274&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;42,508&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;42,483&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;42,456&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(14.28&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;5.81&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;2.08&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:EarningsPerShareExplanatory>
<ifrs-full:DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory id="Factid_19523048" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;br/&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;A summary of the terms and conditions, properly approved by the Compensation Committee of our Board of Directors, relating to the grants of the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-vested&lt;/div&gt; stock award under the equity compensation plan is as follows: &lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;br/&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:12%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td style="width:71%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="white-space: nowrap; padding-bottom: 1pt; font-size: 8pt;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Grant date&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Number of&lt;br/&gt;instruments&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Vesting conditions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Contractual&lt;br/&gt;life&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;April, 2015&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,915&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;15% first three anniversaries&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;25% fourth&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;30% fifth anniversary&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5&amp;#160;years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;June, 2015&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:right;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,839&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;15% first three anniversaries&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;25% fourth&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;30% fifth anniversary&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:center;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;5 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;February,&amp;#160;2016&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;147,000&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;15% first three anniversaries&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;25% fourth&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;30% fifth anniversary&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;February, 2016&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:right;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;63,000&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Fifth anniversary&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:center;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;5 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;May, 2016&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;7,899&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;15% first three anniversaries&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;25% fourth&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;30% fifth anniversary&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;February, 2017&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:right;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;22,012&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;One-third&lt;/div&gt; every anniversary&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:center;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;February, 2017&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;11,980&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;One-third&lt;/div&gt; every anniversary&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;February, 2017&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:right;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,237&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Third anniversary&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:center;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;February, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;21,556&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;7% first month&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;31% first three anniversaries&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;February, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:right;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,379&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;33% first three anniversaries&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:center;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;February, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,316&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;15% first three anniversaries&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;25% fourth&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;30% fifth anniversary&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;July, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:right;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,104&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Third anniversary&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:center;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;February, 2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;15,951&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;1% first month&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;33% first three anniversaries&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;June, 2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:right;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;9,256&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;33% first three anniversaries&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:center;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;June, 2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;977&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;33% first three anniversaries&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;August, 2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:right;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,039&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;33% first three anniversaries&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:center;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;December, 2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,724&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;100% first anniversary&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1 year&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;February, 2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:right;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;24,650&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;1% first month&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;33% first three anniversaries&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:center;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;December,&amp;#160;2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,551&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;100% first anniversary&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1 year&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory>
<ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory id="Factid_19523050" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;A summary of the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-vested&lt;/div&gt; stock award activity under the plan as of December&amp;#160;31, 2020, 2019 and 2018 with changes during these years is as follows (in number of shares): &lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;br/&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:79%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Non-vested&lt;/div&gt; as of January&amp;#160;1&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;211,205&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;271,904&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;304,153&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Granted&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;28,201&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;28,947&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;43,355&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Vested&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(83,409&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(80,170&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(72,045&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Forfeited&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,076&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(9,476&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(3,559&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Non-vested&lt;/div&gt; as of December&amp;#160;31&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;153,921&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;211,205&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;271,904&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory>
<cpa:DisclosureOfEquityExplanatory id="Factid_19523051" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;24.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Equity &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Common stock &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The authorized capital stock consists of 80&amp;#160;million shares of common stock without par value, divided into Class&amp;#160;A shares, Class&amp;#160;B shares, and Class&amp;#160;C shares. As of December&amp;#160;31, 2020, the Company had 33,861,872 Class&amp;#160;A shares issued (2019: 33,835,747) and 31,421,265 shares outstanding (2019: 31,337,856), 10,938,125 Class&amp;#160;B shares issued and outstanding (2019: 10,938,125) and no Class&amp;#160;C shares outstanding. Class&amp;#160;A and Class&amp;#160;B shares have the same economic rights and privileges, including the right to receive dividends. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Class&amp;#160;A shares &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;The holders of the Class&amp;#160;A shares are not entitled to vote at our shareholders&amp;#8217; meetings, except in connection with the following specific matters: (i)&amp;#160;a transformation of the Company into another corporate type; (ii)&amp;#160;a merger, consolidation, or &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;spin-off&lt;/div&gt; of the Company, (iii)&amp;#160;a change of corporate purpose; (iv)&amp;#160;voluntarily delisting Class&amp;#160;A shares from the NYSE; (v)&amp;#160;and any amendment to the foregoing special voting provisions adversely affecting the rights and privileges of the Class&amp;#160;A shares. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Class&amp;#160;B shares &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Every holder of Class&amp;#160;B shares is entitled to one vote per share on all matters for which shareholders are entitled to vote. The Class&amp;#160;B shares may only be held by Panamanians, and upon registration of any transfer of a Class&amp;#160;B share to a holder that does not certify that it is Panamanian, such Class&amp;#160;B share shall automatically convert into a Class&amp;#160;A share. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Transferees of Class&amp;#160;B shares will be required to deliver to the Company a written certification of their status as Panamanian as a condition to registering the transfer to them of Class&amp;#160;B shares. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Class&amp;#160;C shares &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Independent Directors Committee of the Board of Directors, or the Board of Directors as a whole if applicable, is authorized to issue Class&amp;#160;C shares to the Class&amp;#160;B holders pro rata in proportion to such Class&amp;#160;B holders&amp;#8217; ownership of Copa Holdings. The Class&amp;#160;C shares will have no economic value and will not be transferable except to Class&amp;#160;B holders, but will possess such voting rights as the Independent Directors Committee shall deem necessary to ensure the effective control of the Company by Panamanians. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Class&amp;#160;C shares will be redeemable by the Company at such time as the Independent Directors Committee determines that such a triggering event shall no longer be in effect. The Class&amp;#160;C shares will not be entitled to any dividends or any other economic rights. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Class&amp;#160;A shares are listed on the NYSE under the symbol &amp;#8220;CPA.&amp;#8221; The Class&amp;#160;B shares and Class&amp;#160;C shares will not be listed on any stock exchange unless the Board of Directors determines that it is in the best interest of the Company to list the Class&amp;#160;B shares on the Panama Stock Exchange. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Dividends &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The payment of dividends on shares is subject to the discretion of the Board of Directors. Under Panamanian law, the Company may pay dividends only out of retained earnings and capital surplus. The Articles of Incorporation provides that all dividends declared by the Board of Directors will be paid equally with respect to all of the Class&amp;#160;A and Class&amp;#160;B shares. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;In February 2016, the Board of Directors of the Company approved to change the dividend policy to base the calculation of the payment of yearly dividends to shareholders in an amount of up to 40% of the prior year&amp;#8217;s annual consolidated underlying net income, distributed in equal quarterly installments upon board ratifications. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;During the first quarter of 2020, the Company paid dividends in the amount of $80 cents per share. Given the uncertainty related to the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19&lt;/div&gt; pandemic, including the effect on future air travel demand, on April&amp;#160;26, 2020 the Board of Directors postponed dividend payments for the remaining quarters of 2020. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;In 2019, the Company paid quarterly dividends in the amount of $65 cents per share. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Treasury stock &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;When shares recognized as equity are repurchased, the amount of the consideration paid, which includes directly attributable cost net of any tax effects, is recognized as a deduction from equity and presented separately in the balance sheet. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is presented within share premium. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Since treasury stock is not considered outstanding for share count purposes, it is excluded from average common shares outstanding for basic and diluted earnings per share. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;In November, 2014, the Board of Directors of the Company approved a $250&amp;#160;million share repurchase program. Purchases will be made from time to time, subject to market and economic conditions, applicable legal requirements, and other relevant factors. Between November 2014 and September 2015, the Company repurchased 2,310,492 shares for a total amount of $136.4&amp;#160;million. As of December&amp;#160;31, 2019, the Company had $113.6&amp;#160;million remaining to purchase shares under its share repurchase program. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfEquityExplanatory>
<ifrs-full:DisclosureOfRelatedPartyExplanatory id="Factid_19523060" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;23.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Accounts and transactions with related parties &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:87%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Account receivable -&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Banco General, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,231&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;24&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Panama Air Cargo Terminal&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;186&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;101&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Petr&amp;#243;leos Delta, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;12&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;22&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,429&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;147&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Account payable -&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Petr&amp;#243;leos Delta, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,476&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;13,330&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Assa Compa&amp;#241;&amp;#237;a de Seguros, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;358&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;283&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Desarrollos Inmobiliarios del Este, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;51&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;20&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Panama Air Cargo Terminal&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;40&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;250&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Galindo, Arias&amp;#160;&amp;amp; L&amp;#243;pez&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;36&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Cable Onda, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;9&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;20&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Banco General, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;151&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Motta International, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;32&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="padding: 0px;;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$2,970&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$14,086&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;  &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Transactions with related parties for the year ended December&amp;#160;31 are as follows: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:40%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td style="width:38%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Amount of&lt;br/&gt; transaction&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Amount of&lt;br/&gt; transaction&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Amount of&lt;br/&gt; transaction&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="white-space: nowrap; padding-bottom: 1pt; font-size: 8pt;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Related party&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-size: 8pt;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Transaction&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Petr&amp;#243;leos Delta, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Purchase of jet fuel&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;102,702&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;376,765&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;398,733&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;ASSA Compa&amp;#241;&amp;#237;a de Seguros, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Insurance&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;7,147&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;11,215&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;9,735&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Desarrollo Inmobiliario del Este, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Property leasing&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,301&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,017&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,838&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Profuturo Administradora de Fondos&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;de Pensi&amp;#243;n y Cesant&amp;#237;a&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Payments&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,839&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,145&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,716&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Panama Air Cargo Terminal&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Handling&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,037&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,522&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,849&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Motta International&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Purchase&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;550&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,854&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,585&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Cable Onda, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Communications&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;703&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,396&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,687&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Galindo, Arias&amp;#160;&amp;amp; L&amp;#243;pez&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Legal services&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;236&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;309&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;490&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;GBM International, Inc.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Technological support&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;146&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;240&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;231&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Global Brands, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Purchase&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;31&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;108&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;55&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Televisora Nacional, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Communications&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;13&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Banco General, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Interest income&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,657&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(4,181&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(3,781&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Banco General, S.A.:&lt;/div&gt; The Company&amp;#8217;s controlling shareholders have a vote and a decision within the board of directors of BG Financial Group, which is the controlling company of Banco General. Likewise, Banco General, S. A. owns ProFuturo Administradora de Fondos de Pensi&amp;#243;n y Cesant&amp;#237;a S.A., which manages the Company&amp;#8217;s reserves for pension purposes. Also the Company has interest receivable by $1.0&amp;#160;million (2019: $2.1 million) due to short and long term time deposits in this financial institution&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="letter-spacing: 0px; top: 0px; background: none;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;  &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Petr&amp;#243;leos Delta, S.A.: &lt;/div&gt;Since 2005, the fuel company entered into a contract with the Company to meet its jet fuel needs. The contract&amp;#8217;s term is two years, and the last contract subscribed was on June, 2020. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;While the Company&amp;#8217;s controlling shareholders do not hold a controlling equity interest in Petr&amp;#243;leos Delta, S.A., various members of the Company&amp;#8217;s Board of Directors are also board members of Petr&amp;#243;leos Delta, S. A. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;ASSA Compa&amp;#241;&amp;#237;a de Seguros, S. A.: &lt;/div&gt;An insurance that provide substantially all of the Company&amp;#8217;s insurance policies. While the Company&amp;#8217;s controlling shareholders do not hold a controlling equity interest in ASSA&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt; &lt;/div&gt;Compa&amp;#241;&amp;#237;a de Seguros, S. A&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;.&lt;/div&gt;, various members of the Company&amp;#8217;s Board of Directors are also board members of ASSA Compa&amp;#241;&amp;#237;a de Seguros, S. A. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Desarrollo Inmobiliario del Este, S. A.:&lt;/div&gt; The Company leases five floors consisting of approximately 105,981&lt;div style="font-weight:bold;display:inline;"&gt; &lt;/div&gt;square feet of the building from Desarrollo Inmobiliario, an entity controlled by the same group of investors that controls Corporaci&amp;#243;n de Inversiones A&amp;#233;reas, S. A. (&amp;#8220;CIASA&amp;#8221;). CIASA owns 100% of the class B shares of the Company. This contract is a lease contract under IFRS 16. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Panama Air Cargo Terminal:&lt;/div&gt; Provides cargo and courier services in Panama, an entity controlled by the same group of investors that controls CIASA. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Motta Internacional, S.A. &amp;amp; Global Brands, S. A.:&lt;/div&gt; The Company purchases most of the alcohol and other beverages served on its aircraft from Motta Internacional, S. A. and Global Brands, S. A., both of which are controlled by the Company&amp;#8217;s controlling shareholders. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Cable Onda, S.A.:&lt;/div&gt; The Company is responsible for providing television and internet broadcasting services in Panama. A member of the Company&amp;#8217;s Board of Directors is shareholder of Cable Onda, S. A. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Galindo, Arias&lt;/div&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;&amp;#160;&amp;amp; L&amp;#243;pez:&lt;/div&gt; Certain partners of Galindo, Arias&amp;#160;&amp;amp; L&amp;#243;pez (a law firm) are indirect shareholders of CIASA and serve on the Company&amp;#8217;s Board of Directors. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;GBM International, Inc.: &lt;/div&gt;Provides systems integration and computer services, as well as technical services and enterprise management. A member of the Company&amp;#8217;s Board of Directors is shareholder of GBM International, Inc.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Televisora Nacional, S.A.:&lt;/div&gt; This Panamanian television channel provide broadcasting services. A member of the Company&amp;#8217;s Board of Directors is shareholder of Televisora Nacional, S. A&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;.&lt;/div&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Compensation of key management personnel &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Key management personnel compensation is as follows: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:82%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Short-term employee benefits&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,177&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,969&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,104&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Post-employment pension&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;61&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;95&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;117&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Share-based payments&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,362&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,246&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,092&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$5,600&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$8,310&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$11,313&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;  &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company has not set aside any additional funds for future payments to executive officers, other than one pursuant to a &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-compete&lt;/div&gt; agreement for $3.0&amp;#160;million established in 2006 (see note 21). &lt;/div&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfRelatedPartyExplanatory>
<ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory id="Factid_19523062" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Transactions with related parties for the year ended December&amp;#160;31 are as follows: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:40%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td style="width:38%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Amount of&lt;br/&gt; transaction&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Amount of&lt;br/&gt; transaction&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Amount of&lt;br/&gt; transaction&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="white-space: nowrap; padding-bottom: 1pt; font-size: 8pt;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Related party&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-size: 8pt;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Transaction&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Petr&amp;#243;leos Delta, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Purchase of jet fuel&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;102,702&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;376,765&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;398,733&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;ASSA Compa&amp;#241;&amp;#237;a de Seguros, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Insurance&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;7,147&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;11,215&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;9,735&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Desarrollo Inmobiliario del Este, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Property leasing&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,301&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,017&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,838&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Profuturo Administradora de Fondos&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;de Pensi&amp;#243;n y Cesant&amp;#237;a&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Payments&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,839&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,145&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,716&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Panama Air Cargo Terminal&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Handling&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,037&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,522&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,849&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Motta International&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Purchase&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;550&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,854&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,585&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Cable Onda, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Communications&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;703&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,396&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,687&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Galindo, Arias&amp;#160;&amp;amp; L&amp;#243;pez&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Legal services&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;236&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;309&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;490&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;GBM International, Inc.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Technological support&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;146&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;240&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;231&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Global Brands, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Purchase&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;31&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;108&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;55&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Televisora Nacional, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Communications&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;13&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Banco General, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Interest income&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,657&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(4,181&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(3,781&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Banco General, S.A.:&lt;/div&gt; The Company&amp;#8217;s controlling shareholders have a vote and a decision within the board of directors of BG Financial Group, which is the controlling company of Banco General. Likewise, Banco General, S. A. owns ProFuturo Administradora de Fondos de Pensi&amp;#243;n y Cesant&amp;#237;a S.A., which manages the Company&amp;#8217;s reserves for pension purposes. Also the Company has interest receivable by $1.0&amp;#160;million (2019: $2.1 million) due to short and long term time deposits in this financial institution&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="letter-spacing: 0px; top: 0px; background: none;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory>
<ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory id="Factid_19523063" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Key management personnel compensation is as follows: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:82%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Short-term employee benefits&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,177&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,969&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,104&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Post-employment pension&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;61&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;95&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;117&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Share-based payments&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,362&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,246&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,092&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$5,600&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$8,310&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$11,313&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory>
<ifrs-full:DisclosureOfIncomeTaxExplanatory id="Factid_19523074" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;22.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Income taxes &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:76%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Current taxes expense -&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Current period&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(14,032&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(55,847&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(35,258&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Adjustment for prior period&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;162&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;693&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;261&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$(13,870)&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$(55,154)&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$(34,997)&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Deferred taxes expenses -&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Origination and reversal of temporary differences&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;37,587&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;8,717&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;467&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Total income tax&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;23,717&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(46,437&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(34,530&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;   &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;During the year 2018, the deferred tax balances have been &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;re-measured&lt;/div&gt; as a result of the change in Colombia&amp;#8217;s income tax rate, 31% and 30% for the taxable year 2021 and 2022, respectively according to the law N&amp;#176;1943 published on December&amp;#160;28, 2018. Deferred tax expected to reverse in the year 2021, has been measured using the effective rate that will apply for Copa Airlines (25%), Copa Colombia (31%) and OVAL (21%) &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;br/&gt;&lt;/div&gt;  &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The balances of deferred taxes are as follows: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:67%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Statement of financial&lt;br/&gt;position&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="10" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Statement of&lt;/div&gt;&lt;br/&gt;&lt;div style="font-weight:bold;display:inline;"&gt;profit or loss&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Deferred tax liabilities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Maintenance deposits&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(23,891&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(29,863&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(5,972&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;3,277&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Prepaid dividend tax&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(7,403&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(7,403&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(1,456&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(5,244&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Property and equipment&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;2,108&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(2,896&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(5,004&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(4,500&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(2,136&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Other&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(1,500&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(4,690&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(3,190&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(1&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;641&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Set off tax&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;1,093&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;1,455&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;362&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;414&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(63&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(22,190&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(43,397&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(21,207&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(5,543&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(3,525&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Deferred tax assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Provision for return conditions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;12,665&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;10,095&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(2,570&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(2,959&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;723&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Air traffic liability&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;2,486&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;2,039&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(447&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(247&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(511&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Other provisions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;624&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;6,826&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;6,202&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(2,139&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(271&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Tax loss&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;20,913&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;1,710&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(19,203&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;2,585&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;3,054&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Set off tax&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(1,093&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(1,455&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(362&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(414&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;63&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;35,595&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;19,215&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(16,380&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(3,174&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;3,058&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;13,405&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(24,182&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(37,587&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(8,717&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(467&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;   &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;At December&amp;#160;31, 2020 the deferred tax assets include tax losses carried forward of $11.8&amp;#160;million in Copa Airlines and $9.1&amp;#160;million in Copa Colombia ($1.7&amp;#160;million at December 2019). The Company has concluded that the deferred assets will be recoverable using the estimated future taxable income based on the approved business plans for the subsidiary. The Company expects to use the tax losses of Copa Airlines from 2023 for 3 years and the tax losses of Copa Colombia within the next 7 years beginning from 2022. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;At December&amp;#160;31, 2020 the company does not have aggregate amount of temporary differences associated with investments in subsidiaries, for which deferred tax liabilities have not been recognized for the tax losses of the year (2019: $272.5 million). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Reconciliation of the effective tax rate is as follows: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:60%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Tax&amp;#160;rate&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Tax&amp;#160;rate&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Tax&amp;#160;rate&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Net income&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(607,062&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;247,002&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;88,198&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Total income tax expense&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(23,717&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;46,437&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;34,530&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Profit excluding income tax&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(630,779&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;293,439&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;122,728&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Income taxes at Panamanian statutory rates&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;25.0&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(157,695&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;25.0&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;73,360&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;25.0&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;30,682&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Stations - Taxable / Panama&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(13.2&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;%)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;83,071&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(13.7&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;%)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(40,205&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(19.3&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;%)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(23,745&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Stations - Taxable / Non Panama&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(1.5&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;%)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;9,850&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;2.4&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;7,043&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;9.0&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;11,052&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Stations - Non Taxable / Non Panama&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(5.3&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;%)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;33,728&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(4.9&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;%)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(14,444&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;3.3&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;4,106&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Dividend tax&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(1.2&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;%)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;7,491&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;7.2&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;21,376&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;10.3&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;12,696&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;(Over) under provided in prior periods&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;0.0&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(162&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(0.2&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;%)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(693&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(0.2&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;%)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(261&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Provision for income taxes&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;3.8&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(23,717&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;15.8&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;46,437&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;28.1&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;34,530&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfIncomeTaxExplanatory>
<cpa:DisclosureOfIncomeTaxesExplanatory id="Factid_19523440" contextRef="P01_01_2020To12_31_2020">&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:76%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Current taxes expense -&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Current period&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(14,032&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(55,847&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(35,258&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Adjustment for prior period&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;162&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;693&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;261&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$(13,870)&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$(55,154)&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$(34,997)&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Deferred taxes expenses -&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Origination and reversal of temporary differences&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;37,587&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;8,717&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;467&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Total income tax&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;23,717&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(46,437&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(34,530&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfIncomeTaxesExplanatory>
<ifrs-full:DisclosureOfDeferredTaxesExplanatory id="Factid_19523441" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The balances of deferred taxes are as follows: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:67%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Statement of financial&lt;br/&gt;position&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="10" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Statement of&lt;/div&gt;&lt;br/&gt;&lt;div style="font-weight:bold;display:inline;"&gt;profit or loss&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Deferred tax liabilities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Maintenance deposits&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(23,891&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(29,863&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(5,972&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;3,277&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Prepaid dividend tax&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(7,403&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(7,403&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(1,456&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(5,244&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Property and equipment&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;2,108&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(2,896&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(5,004&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(4,500&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(2,136&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Other&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(1,500&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(4,690&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(3,190&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(1&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;641&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Set off tax&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;1,093&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;1,455&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;362&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;414&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(63&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; 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background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(21,207&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(5,543&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(3,525&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Deferred tax assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Provision for return conditions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;12,665&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;10,095&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(2,570&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(2,959&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;723&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Air traffic liability&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;2,486&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;2,039&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(447&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(247&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(511&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Other provisions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;624&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;6,826&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;6,202&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(2,139&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(271&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Tax loss&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;20,913&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;1,710&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(19,203&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;2,585&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;3,054&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Set off tax&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(1,093&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(1,455&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(362&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(414&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;63&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;35,595&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;19,215&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(16,380&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(3,174&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;3,058&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;13,405&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(24,182&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(37,587&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(8,717&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(467&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfDeferredTaxesExplanatory>
<cpa:DisclosureOfReconciliationOfEffectiveTaxRateExplanatory id="Factid_19523442" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Reconciliation of the effective tax rate is as follows: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:60%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Tax&amp;#160;rate&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Tax&amp;#160;rate&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Tax&amp;#160;rate&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Net income&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(607,062&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;247,002&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;88,198&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Total income tax expense&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(23,717&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;46,437&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;34,530&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Profit excluding income tax&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(630,779&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;293,439&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;122,728&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Income taxes at Panamanian statutory rates&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;25.0&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(157,695&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;25.0&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;73,360&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;25.0&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;30,682&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Stations - Taxable / Panama&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(13.2&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;%)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;83,071&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(13.7&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;%)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(40,205&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(19.3&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;%)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(23,745&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Stations - Taxable / Non Panama&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(1.5&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;%)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;9,850&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;2.4&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;7,043&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;9.0&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;11,052&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Stations - Non Taxable / Non Panama&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(5.3&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;%)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;33,728&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(4.9&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;%)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(14,444&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;3.3&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;4,106&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Dividend tax&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(1.2&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;%)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;7,491&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;7.2&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;21,376&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;10.3&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;12,696&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;(Over) under provided in prior periods&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;0.0&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(162&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(0.2&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;%)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(693&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(0.2&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;%)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;(261&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Provision for income taxes&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;3.8&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;(23,717&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;15.8&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;46,437&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;28.1&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;%&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;34,530&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfReconciliationOfEffectiveTaxRateExplanatory>
<cpa:OtherLongtermLiabilitiesExplanatory id="Factid_19523467" contextRef="P01_01_2020To12_31_2020">&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;21.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other long-term liabilities &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;br/&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:55%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Provision&lt;br/&gt;for&amp;#160;litigations&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Provision&amp;#160;for&lt;br/&gt;return&amp;#160;condition&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Dismantling&lt;br/&gt;provision&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other&amp;#160;long-term&lt;br/&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;liabilities&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Balance at January&amp;#160;1, 2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;12,961&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;133,014&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;24,327&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;25,535&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;195,837&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Increases&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;59&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;41,051&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;685&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;41,795&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Used&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(4,047&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(4,047&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Adjustment&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(178&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(178&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Effect of movements in exchange rates&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,108&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,108&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Unused amounts reversed&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(990&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(990&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Unwinding of discount and changes in the discount rate&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;8,773&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;832&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;9,605&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at December&amp;#160;31, 2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;9,922&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;182,838&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;24,981&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;22,173&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;239,914&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Current&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;17,283&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,931&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,375&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;23,589&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Non-current&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;9,922&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;165,555&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;23,050&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;17,798&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;216,325&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;9,922&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;182,838&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;24,981&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;22,173&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;239,914&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"&gt;&amp;#160;&lt;br/&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"&gt;&lt;br/&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Provision for litigation &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;  &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Provisions for litigation in process and expected payments related to labor legal cases. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company is the plaintiff in an action in October 2003 against Empresa Brasileira de Infraestrutura Aeroportu&amp;#225;ria (&amp;#8220;INFRAERO&amp;#8221;), Brazil&amp;#8217;s airport operator, the legality of the Additional Airport Tariffs (&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Adicional das Tarifas Aeroportu&amp;#225;rias&lt;/div&gt;, or ATAERO), which is a 50% surcharge imposed on all airlines which fly to Brazil. Similar suits have been filed against INFRAERO by other major airline carriers. In this case, the court of first instance ruled in favor of INFRAERO and the Company has appealed the judgment. While the litigation is still pending, the Company continues to pay the ATAERO amounts due into an escrow account and as of December&amp;#160;31, 2020, the aggregate amount in such account totaled $8.1&amp;#160;million (2019: $10.4 million). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;In the event that the Company receives a final unfavorable judgment it will be required to release the escrowed fund to INFRAERO and will not be able to recover such amounts. The Company does not, however, expect the release of such amounts to have a material impact on its financial results since these amounts already had been expensed. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Provision for return condition &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;For operating leases, the Company is contractually obliged to return aircraft in an agreed-upon condition. The Company accrues for return conditions related to aircraft held under operating leases throughout the duration of the lease. As of December&amp;#160;31, 2020, the estimated balance of the current portion of this provision amounts to $17.4&amp;#160;million, presented as &amp;#8220;Accrued expenses payable&amp;#8221; in the consolidated statement of financial position (see note 20). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The unwinding of the discount and changes in the discount rate is expensed as incurred and recognized in the statement of profit or loss as a finance cost. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Dismantling provision &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;For leases under IFRS 16 the Company recognizes a dismantling provision to estimate the costs for work required to be performed just before the redelivery of the aircraft to the lessors and which does not depend of the aircraft utilization. As of December&amp;#160;31, 2020, the estimated balance of the current portion of this provision amounts to $1.9&amp;#160;million, presented as &amp;#8220;Accrued expenses payable&amp;#8221; in the consolidated statement of financial position (see note 20). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other long-term liabilities &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Other long-term liabilities include principally the provision for maintenance which mainly include the accrual of formal agreements with third parties for operational maintenance events. The cost of these agreements is billed by power by the hour and charged to the consolidated statement of profit or loss. As of December&amp;#160;31, 2020, the provision for maintenance amounts to $19.0&amp;#160;million (2019: $22.4 million) and the Company has presented the estimated balance of the current portion of this provision as &amp;#8220;Accrued expenses payable&amp;#8221; in the consolidated statement of financial position (see&amp;#160;note&amp;#160;20). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Other long-term liabilities also include the provision for the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-compete&lt;/div&gt; agreement created for payment to senior management related to covenants not to compete with the Company in the future (relative to the $3.0&amp;#160;million trust fund). This provision is accounted for as &amp;#8220;Other long-term employee benefits&amp;#8221; under IAS 19R &lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Employee benefits&lt;/div&gt;. The accrued amount is revalued annually using the projected benefit method as required by IAS 19R (see note 23 - Compensation of key management personnel). &lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;br/&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="margin-block: 0em; margin-bottom: 0px; margin-top: 0px;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:OtherLongtermLiabilitiesExplanatory>
<cpa:ImpairmentsToRightToUseAsset id="Factid_19540378" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">0</cpa:ImpairmentsToRightToUseAsset>
<cpa:ImpairmentsToRightToUseAsset id="Factid_19540379" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">0</cpa:ImpairmentsToRightToUseAsset>
<ifrs-full:IncomeRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfNetInvestmentInFinanceLease id="Factid_19540380" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">0</ifrs-full:IncomeRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfNetInvestmentInFinanceLease>
<ifrs-full:IncomeRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfNetInvestmentInFinanceLease id="Factid_19540381" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">0</ifrs-full:IncomeRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfNetInvestmentInFinanceLease>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19540442" contextRef="PAsOn12_31_2019_AccountsPayable1MemberifrsfullCategoriesOfFinancialLiabilitiesAxis_LaterThanOneYearAndNotLaterThanFourYearMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">0</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19540443" contextRef="PAsOn12_31_2019_AccountsPayable1MemberifrsfullCategoriesOfFinancialLiabilitiesAxis_LaterThanFourYearMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">0</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19540444" contextRef="PAsOn12_31_2019_AccountsPayableToRelatedPartiesMemberifrsfullCategoriesOfFinancialLiabilitiesAxis_LaterThanOneYearAndNotLaterThanFourYearMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">0</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<cpa:NonDerivativeFinancialLiabilitiesCarryingAmount id="Factid_19540445" contextRef="PAsOn12_31_2019_AccountsPayableToRelatedPartiesMemberifrsfullCategoriesOfFinancialLiabilitiesAxis_LaterThanFourYearMemberifrsfullMaturityAxis" unitRef="Unit_USD" decimals="-3">0</cpa:NonDerivativeFinancialLiabilitiesCarryingAmount>
<ifrs-full:AmountsPayableRelatedPartyTransactions id="Factid_19543148" contextRef="PAsOn12_31_2019_GalindoAriasAndLopezMemberifrsfullCategoriesOfRelatedPartiesAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:AmountsPayableRelatedPartyTransactions>
<ifrs-full:AdjustmentsForFinanceCosts id="Factid_19543242" contextRef="P01_01_2019To12_31_2019_InterestExpenseOnSeniorConvertibleNotesMemberifrsfullClassesOfFinancialInstrumentsAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:AdjustmentsForFinanceCosts>
<ifrs-full:AdjustmentsForFinanceCosts id="Factid_19543243" contextRef="P01_01_2018To12_31_2018_InterestExpenseOnSeniorConvertibleNotesMemberifrsfullClassesOfFinancialInstrumentsAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:AdjustmentsForFinanceCosts>
<ifrs-full:CurrentServiceCostNetDefinedBenefitLiabilityAsset id="Factid_19546081" contextRef="P01_01_2018To12_31_2018_FairValueOfAssetsMemberifrsfullNetDefinedBenefitLiabilityAssetAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:CurrentServiceCostNetDefinedBenefitLiabilityAsset>
<ifrs-full:ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset id="Factid_19546159" contextRef="P01_01_2018To12_31_2018_OtherEmployeeBenefitsLiabilityMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset>
<cpa:InvestmentReturnNetDefinedBenefitLiabilityAsset id="Factid_19546160" contextRef="P01_01_2018To12_31_2018_OtherEmployeeBenefitsLiabilityMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">0</cpa:InvestmentReturnNetDefinedBenefitLiabilityAsset>
<ifrs-full:ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset id="Factid_19546166" contextRef="P01_01_2018To12_31_2018_DefinedBenefitObligationLiabilitiesMemberifrsfullNetDefinedBenefitLiabilityAssetAxis" unitRef="Unit_USD" decimals="-3">0</ifrs-full:ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset>
<cpa:InvestmentReturnNetDefinedBenefitLiabilityAsset id="Factid_19546167" contextRef="P01_01_2018To12_31_2018_DefinedBenefitObligationLiabilitiesMemberifrsfullNetDefinedBenefitLiabilityAssetAxis" unitRef="Unit_USD" decimals="-3">0</cpa:InvestmentReturnNetDefinedBenefitLiabilityAsset>
<cpa:AssumptionChangesNetDefinedBenefitLiabilityAsset id="Factid_19546168" contextRef="P01_01_2018To12_31_2018_FairValueOfAssetsMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">0</cpa:AssumptionChangesNetDefinedBenefitLiabilityAsset>
<cpa:InvestmentReturnNetDefinedBenefitLiabilityAsset id="Factid_19546172" contextRef="P01_01_2019To12_31_2019_OtherEmployeeBenefitsLiabilityMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">0</cpa:InvestmentReturnNetDefinedBenefitLiabilityAsset>
<cpa:AssumptionChangesNetDefinedBenefitLiabilityAsset id="Factid_19546173" contextRef="P01_01_2019To12_31_2019_FairValueOfAssetsMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">0</cpa:AssumptionChangesNetDefinedBenefitLiabilityAsset>
<cpa:AssumptionChangesNetDefinedBenefitLiabilityAsset id="Factid_19546174" contextRef="P01_01_2019To12_31_2019_OtherEmployeeBenefitsLiabilityMemberifrsfullDefinedBenefitPlansAxis" unitRef="Unit_USD" decimals="-3">0</cpa:AssumptionChangesNetDefinedBenefitLiabilityAsset>
<cpa:RatioOfReasonablyPossibleIncreaseInActuarialAssumption id="Factid_19546263" contextRef="P01_01_2020To12_31_2020_ActuarialAssumptionOfTerminationRatesAllAgesMemberifrsfullActuarialAssumptionsAxis">2003 SoA pension plan</cpa:RatioOfReasonablyPossibleIncreaseInActuarialAssumption>
<ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives id="Factid_19554914" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD" decimals="-3">0</ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives>
<ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives id="Factid_19554915" contextRef="P01_01_2018To12_31_2018" unitRef="Unit_USD" decimals="-3">0</ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives>
<ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections id="Factid_19563810" contextRef="PAsOn12_31_2020_Covid19MemberCPAUncertainEventAxis" unitRef="Unit_pure" decimals="3">0.131</ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections>
<ifrs-full:DividendsPaidOrdinarySharesPerShare id="Factid_19566424" contextRef="P01_01_2020To12_31_2020" unitRef="Unit_USD_per_Share" decimals="INF">0.80</ifrs-full:DividendsPaidOrdinarySharesPerShare>
<ifrs-full:DividendsPaidOrdinarySharesPerShare id="Factid_19566425" contextRef="P01_01_2019To12_31_2019" unitRef="Unit_USD_per_Share" decimals="INF">0.65</ifrs-full:DividendsPaidOrdinarySharesPerShare>
<cpa:FairValue id="Factid_19566675" contextRef="PAsOn12_31_2020_SeniorConvertibleNotesMemberifrsfullBorrowingsByNameAxis" unitRef="Unit_USD" decimals="-5">245600000</cpa:FairValue>
<cpa:FairValueOfEmbeddedDerivative id="Factid_19566701" contextRef="PAsOn04_30_2020_SeniorConvertibleNotesMemberifrsfullBorrowingsByNameAxis" unitRef="Unit_USD" decimals="-5">138400000</cpa:FairValueOfEmbeddedDerivative>
<ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement id="Factid_19567646" contextRef="P01_01_2021To03_31_2021_MajorOrdinaryShareTransactionsMemberifrsfullNonadjustingEventsAfterReportingPeriodAxis" unitRef="Unit_Awards" decimals="INF">2</ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement>
<ifrs-full:ActuarialAssumptionOfRetirementAge2019 id="Factid_20118097" contextRef="P01_01_2020To12_31_2020_MaleMemberifrsfullActuarialAssumptionsAxis">P62Y</ifrs-full:ActuarialAssumptionOfRetirementAge2019>
<ifrs-full:ActuarialAssumptionOfRetirementAge2019 id="Factid_20118098" contextRef="P01_01_2020To12_31_2020_FemaleMemberifrsfullActuarialAssumptionsAxis">P57Y</ifrs-full:ActuarialAssumptionOfRetirementAge2019>
<ifrs-full:ActuarialAssumptionOfRetirementAge2019 id="Factid_20118100" contextRef="P01_01_2018To12_31_2018_MaleMemberifrsfullActuarialAssumptionsAxis">P62Y</ifrs-full:ActuarialAssumptionOfRetirementAge2019>
<ifrs-full:ActuarialAssumptionOfRetirementAge2019 id="Factid_20118101" contextRef="P01_01_2018To12_31_2018_FemaleMemberifrsfullActuarialAssumptionsAxis">P57Y</ifrs-full:ActuarialAssumptionOfRetirementAge2019>
<cpa:FirmcommitementtopurchaseasseTextBlock id="Factid_20624414" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:91%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Year ending December&amp;#160;31, 2021&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;49,800&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;2022&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;187,882&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;2023&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;383,231&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;2024&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;421,271&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;2025&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;487,348&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Thereafter&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,893,442&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$3,422,974&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:FirmcommitementtopurchaseasseTextBlock>
<cpa:ScheduleOfForeignCurrencyRiskFromNonderivativeFinancialInstrumentsExplanatory id="Factid_20624899" contextRef="P01_01_2020To12_31_2020">The following chart summarizes the Company&amp;#8217;s foreign currency risk exposure (assets and liabilities denominated in foreign currency) as of December 31:&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:85%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Cash and cash equivalents&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;12,322&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;22,818&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Accounts receivable, net&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;27,670&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;73,018&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Other assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;18,942&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;15,726&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Total assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;58,934&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;111,562&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Liabilities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Accounts payable&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;20,142&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;51,313&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Taxes payable&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;13,757&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;37,137&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Other liabilities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;11,387&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;18,513&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Total liabilities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;45,286&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;106,963&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Net position&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;13,648&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,599&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:ScheduleOfForeignCurrencyRiskFromNonderivativeFinancialInstrumentsExplanatory>
<ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities id="Factid_20624960" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The table below summarizes the Company&amp;#8217;s financial liabilities according to their maturity date. The amounts in the table are the contractual undiscounted cash flows. Balances due within twelve months equal their carrying balances as the impact of discounting is not significant.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;December&amp;#160;31, 2020 &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:54%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Note&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Carrying&lt;br/&gt; amount&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Contractual&lt;br/&gt; cash flow&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Less than&lt;br/&gt; twelve&lt;br/&gt; months&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Between 1&lt;br/&gt; and 4&lt;br/&gt; years&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;More than&lt;br/&gt; 4 years&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Non-derivative&lt;/div&gt; financial liabilities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Loans and borrowings&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;18&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,163,900&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,287,203&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;155,902&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;834,145&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;297,156&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Lease liabitity&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;14&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;230,510&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;246,495&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;90,244&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;147,530&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;8,720&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Account payable&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;19&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;63,461&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;63,461&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;63,461&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Account payable to related parties&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;19&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,970&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,970&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,970&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$1,460,841&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$1,600,129&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$312,577&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$981,675&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$305,876&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;December&amp;#160;31, 2019 &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:54%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Note&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Carrying&lt;br/&gt; amount&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Contractual&lt;br/&gt; cash flow&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Less than&lt;br/&gt; twelve&lt;br/&gt; months&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Between 1&lt;br/&gt; and 4&lt;br/&gt; years&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;More than&lt;br/&gt; 4 years&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Non-derivative&lt;/div&gt; financial liabilities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Loans and borrowings&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;18&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,060,765&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,197,635&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;146,434&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;556,257&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;494,944&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Lease liabitity&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;14&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;304,564&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;329,029&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;107,556&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;212,408&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;9,065&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Account payable&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;19&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;119,332&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;119,332&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;119,332&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Account payable to related parties&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;19&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,086&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,086&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,086&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$1,498,747&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$1,660,082&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$387,408&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$768,665&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$504,009&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities>
<ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory id="Factid_20625248" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;25.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Share-based payments &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company has established equity compensation plans under which it administers restricted stock, stock options, and certain other equity-based awards to attract, retain, and motivate executive officers, certain key employees, and &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-employee&lt;/div&gt; directors to compensate them for their contributions to the growth and profitability of the Company. Shares delivered under this award program may be sourced from treasury stock, or authorized unissued shares. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company&amp;#8217;s equity compensation plans are accounted for under IFRS 2 &lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Share-Based Payment&lt;/div&gt; (&amp;#8220;IFRS 2&amp;#8221;). IFRS 2 requires companies to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award or at fair value of the award at each reporting date, depending on the type of award granted. The resulting cost is recognized over the period during which an employee is required to provide service in exchange for the award, which is usually the vesting period. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The total compensation cost recognized for &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-vested&lt;/div&gt; stock and options awards amounts to $5.3&amp;#160;million, $6.1&amp;#160;million, and $7.1&amp;#160;million in 2020, 2019, and 2018, respectively, and was recorded as a component of &amp;#8220;Wages, salaries, benefits and other employees&amp;#8217; expenses&amp;#8221; within operating expenses. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Non-vested&lt;/div&gt; Stock &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company approved a &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-vested&lt;/div&gt; stock bonus award for certain executive officers of the Company. &lt;/div&gt; &lt;br/&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;br/&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;A summary of the terms and conditions, properly approved by the Compensation Committee of our Board of Directors, relating to the grants of the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-vested&lt;/div&gt; stock award under the equity compensation plan is as follows: &lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;br/&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:12%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td style="width:71%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="white-space: nowrap; padding-bottom: 1pt; font-size: 8pt;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Grant date&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Number of&lt;br/&gt;instruments&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Vesting conditions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Contractual&lt;br/&gt;life&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;April, 2015&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,915&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;15% first three anniversaries&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;25% fourth&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;30% fifth anniversary&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5&amp;#160;years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;June, 2015&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:right;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,839&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;15% first three anniversaries&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;25% fourth&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;30% fifth anniversary&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:center;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;5 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;February,&amp;#160;2016&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;147,000&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;15% first three anniversaries&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;25% fourth&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;30% fifth anniversary&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;February, 2016&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:right;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;63,000&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Fifth anniversary&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:center;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;5 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;May, 2016&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;7,899&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;15% first three anniversaries&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;25% fourth&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;30% fifth anniversary&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;February, 2017&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:right;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;22,012&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;One-third&lt;/div&gt; every anniversary&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:center;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;February, 2017&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;11,980&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;One-third&lt;/div&gt; every anniversary&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;February, 2017&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:right;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,237&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Third anniversary&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:center;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;February, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;21,556&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;7% first month&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;31% first three anniversaries&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;February, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:right;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,379&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;33% first three anniversaries&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:center;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;February, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,316&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;15% first three anniversaries&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;25% fourth&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;30% fifth anniversary&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;July, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:right;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,104&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Third anniversary&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:center;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;February, 2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;15,951&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;1% first month&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;33% first three anniversaries&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;June, 2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:right;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;9,256&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;33% first three anniversaries&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:center;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;June, 2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;977&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;33% first three anniversaries&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;August, 2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:right;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,039&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;33% first three anniversaries&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:center;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;December, 2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,724&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;100% first anniversary&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1 year&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;February, 2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:right;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;24,650&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;1% first month&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;33% first three anniversaries&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:center;;vertical-align:top;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3 years&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;December,&amp;#160;2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,551&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;100% first anniversary&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1 year&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Non-vested&lt;/div&gt; stock awards were measured at their fair value on the grant date. For the 2020 grants, the fair value of these &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-vested&lt;/div&gt; stock awards amounts to $93.99 per share (2019: $96.46). &lt;/div&gt;&lt;/div&gt;&lt;div&gt;&lt;br/&gt;&lt;/div&gt;&lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;br/&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;A summary of the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-vested&lt;/div&gt; stock award activity under the plan as of December&amp;#160;31, 2020, 2019 and 2018 with changes during these years is as follows (in number of shares): &lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;br/&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:79%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Non-vested&lt;/div&gt; as of January&amp;#160;1&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;211,205&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;271,904&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;304,153&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Granted&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;28,201&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;28,947&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;43,355&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Vested&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(83,409&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(80,170&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(72,045&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Forfeited&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,076&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(9,476&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(3,559&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Non-vested&lt;/div&gt; as of December&amp;#160;31&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;153,921&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;211,205&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;271,904&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company uses the accelerated attribution method to recognize the compensation cost for awards with graded vesting periods. The Company estimates that the remaining compensation cost, not yet recognized for the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-vested&lt;/div&gt; stock awards, amounts to $1.9&amp;#160;million (2019: $4.0 million), with a weighted average remaining contractual life of 1.6 years (2019: 2.1 years). Additionally, the Company estimates that the 2021 compensation cost related to these plans amounts to $1.4&amp;#160;million. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company plans to make additional equity-based awards under the plan from time to time, including additional &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-vested&lt;/div&gt; stock and stock option awards. The Company anticipates that future employee &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-vested&lt;/div&gt; stock and stock option awards granted pursuant to the plan will generally vest over a three to five-year period and the stock options will carry a &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;ten-year&lt;/div&gt; term. &lt;/div&gt;&lt;/div&gt;&lt;div&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory>
<cpa:DisclosureOfAccountsAndTransactionsWithRelatedPartiesExplanatory id="Factid_20625653" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:87%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Account receivable -&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Banco General, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,231&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;24&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Panama Air Cargo Terminal&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;186&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;101&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Petr&amp;#243;leos Delta, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;12&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;22&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,429&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;147&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Account payable -&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Petr&amp;#243;leos Delta, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,476&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;13,330&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Assa Compa&amp;#241;&amp;#237;a de Seguros, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;358&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;283&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Desarrollos Inmobiliarios del Este, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;51&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;20&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Panama Air Cargo Terminal&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;40&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;250&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Galindo, Arias&amp;#160;&amp;amp; L&amp;#243;pez&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;36&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Cable Onda, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;9&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;20&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Banco General, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;151&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Motta International, S.A.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;32&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="padding: 0px;;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$2,970&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$14,086&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfAccountsAndTransactionsWithRelatedPartiesExplanatory>
<cpa:SummaryOfOtherLongtermLiabilitiesExplanatory id="Factid_20625899" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:55%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:3%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Provision&lt;br/&gt; for&amp;#160;litigations&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Provision&amp;#160;for&lt;br/&gt; return&amp;#160;condition&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Dismantling&lt;br/&gt; provision&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other&amp;#160;long-term&lt;br/&gt; &amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;liabilities&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Balance at January&amp;#160;1, 2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;12,961&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;133,014&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;24,327&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;25,535&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;195,837&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Increases&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;59&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;41,051&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;685&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;41,795&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Used&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(4,047&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(4,047&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Adjustment&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(178&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(178&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Effect of movements in exchange rates&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,108&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,108&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Unused amounts reversed&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(990&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(990&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Unwinding of discount and changes in the discount rate&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;8,773&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;832&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;9,605&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at December&amp;#160;31, 2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;9,922&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;182,838&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;24,981&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;22,173&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;239,914&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Current&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;17,283&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,931&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,375&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;23,589&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Non-current&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;9,922&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;165,555&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;23,050&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;17,798&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;216,325&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;9,922&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;182,838&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;24,981&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;22,173&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;239,914&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:SummaryOfOtherLongtermLiabilitiesExplanatory>
<cpa:NumberOfAircraftsHeldForSaleDelivered id="Factid_20625950" contextRef="PAsOn03_31_2021_BoeingSevenHundredAndThirtySevenMaxAircraftMembersrtAircraftTypeAxis" unitRef="Unit_Aircraft" decimals="0">6</cpa:NumberOfAircraftsHeldForSaleDelivered>
<ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory id="Factid_20626133" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:86%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Accruals and estimations&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;23,589&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,616&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Labor related provisions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,541&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;44,401&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Liability for social security contributions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,275&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,617&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Other&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;590&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;739&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$33,995&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$55,373&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory>
<ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory id="Factid_20626172" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:85%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Account payables&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;63,461&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;119,332&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Account payables to related parties&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,970&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,086&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;66,431&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;133,418&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Others&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;252&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;84&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$66,683&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$133,502&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory>
<cpa:DisclosureOfDetailedInformationAboutOtherAssetsExplanatory id="Factid_20626251" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:86%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Current -&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Interest receivable&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,457&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;12,838&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Other&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,348&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,368&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;7,805&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,206&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Non-current&lt;/div&gt; -&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Guarantee deposits&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,010&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,121&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Deposits for litigation&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;8,126&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;10,548&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Other&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,212&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,212&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,348&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;17,881&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;22,153&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;32,087&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfDetailedInformationAboutOtherAssetsExplanatory>
<ifrs-full:DisclosureOfDebtSecuritiesExplanatory id="Factid_20626436" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:70%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td style="width:15%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="background-color: rgb(255, 255, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Due&lt;br/&gt; through&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Effective&amp;#160;rates&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;br/&gt; ranged&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Carrying&lt;br/&gt; Amount&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Long-term fixed rate debt&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2029&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1.49% to 4.45%&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;663,293&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Long-term variable rate debt&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2029&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;0.42% to 1.66%&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;279,778&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Senior convertible notes&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2025&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;14.68%&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;220,829&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,163,900&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Current maturities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(127,946&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Loans and borrowings long-term&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,035,954&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="10" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="8" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Due&lt;br/&gt; through&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Effective&amp;#160;rates&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;ranged&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Carrying&lt;br/&gt; Amount&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Long-term fixed rate debt&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2029&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1.49% to 4.90%&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;736,790&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Long-term variable rate debt&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2029&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2.15% to 3.50%&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;323,975&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,060,765&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Current maturities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(122,582&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Loans and borrowings long-term&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;938,183&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfDebtSecuritiesExplanatory>
<ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory id="Factid_20627577" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:77%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Aircraft&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Real&amp;#160;estate&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Balance at January&amp;#160;1, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;350,517&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;33,833&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;384,350&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Additions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;83,389&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,381&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;84,770&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Depreciation expense&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(100,857&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(6,270&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(107,127&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Balance at December&amp;#160;31, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;333,049&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;28,944&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;361,993&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Additions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;23,162&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;8,512&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;31,674&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Depreciation expense&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(95,564&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(7,260&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(102,824&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Balance at December&amp;#160;31, 2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;260,647&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;30,196&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;290,843&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Additions/(Terminations)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;21,706&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,888&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;19,818&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Impairment&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,541&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,541&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Depreciation expense&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(88,451&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(6,390&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(94,841&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Balance at December&amp;#160;31, 2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;192,361&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;21,918&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;214,279&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory>
<cpa:DisclosureOfLeaseLiabilitiestextBlock id="Factid_20627595" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:84%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Current portion of lease liability&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Aircraft&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;77,777&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;91,246&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Real estate&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,828&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,486&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;83,605&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;97,732&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Long-term lease liability&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Aircraft&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;125,216&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;179,031&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Real estate&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;21,689&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;27,801&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;146,905&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;206,832&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;230,510&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;304,564&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfLeaseLiabilitiestextBlock>
<cpa:DisclosureOfCashFlowsForLeases id="Factid_20627602" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Total cash outflow for leases for the years ended as December&amp;#160;31, 2020 and 2019: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:84%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Aircraft&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;97,353&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;107,610&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Real estate&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,039&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;9,458&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;103,392&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;117,068&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfCashFlowsForLeases>
<cpa:DisclosureOfLeaseExpenses id="Factid_20627605" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Amounts recognized in the consolidated statement of profit or loss related to leases: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt; &lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&amp;#160;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:79%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Depreciation and amortization&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Aircraft&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;88,451&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;95,564&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;100,857&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Real estate&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,390&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;7,260&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,270&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;94,841&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;102,824&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;107,127&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Impairment of non financial assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Aircraft&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,541&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other operating and administrative expenses&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Short-term leases&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;90&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;364&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,412&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Leases of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;low-value&lt;/div&gt; assets&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;330&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;733&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;853&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Variable lease payments not include in the measurement of lease liabilities&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;827&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;706&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;611&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Variable lease payments by rental concessions received&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(489&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;758&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,803&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,876&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Finance cost&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Aircraft&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;8,185&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;11,221&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;12,074&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Real estate&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,717&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,073&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,105&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Unwinding of discount and changes in the discount rate&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;832&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;846&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;796&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;10,734&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,140&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,975&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;107,874&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;118,767&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;124,978&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfLeaseExpenses>
<cpa:DisclosureOfDefinedBenefitObligationAffectedByChangesToRelevantActuarialAssumptionsExplanatory id="Factid_20627624" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amount shown below: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:59%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;December,&amp;#160;31&amp;#160;2020&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;December,&amp;#160;31&amp;#160;2019&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;December,&amp;#160;31&amp;#160;2018&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Increase&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Decrease&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Increase&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Decrease&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Increase&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Decrease&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Discount rate (0.5% movement)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,318&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(2,554&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;709&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(751&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;538&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(569&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfDefinedBenefitObligationAffectedByChangesToRelevantActuarialAssumptionsExplanatory>
<cpa:DisclosureOfAssetsHeldForSaleTextBlock id="Factid_20627679" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;At 31&amp;#160;December 2020, the assets held for sale comprised the following assets:&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:84%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Flight equipment&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;129,443&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;91,252&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Expendables, spare parts and other supplies&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,099&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;28,754&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;135,542&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;120,006&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfAssetsHeldForSaleTextBlock>
<ifrs-full:DisclosureOfInventoriesExplanatory id="Factid_20629517" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;11.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Expendable parts and supplies &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:86%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Material for repair and maintenance&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;69,737&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;66,418&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Other inventories&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,920&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,686&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;74,657&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;70,104&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Allowance for obsolescence&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(338&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,004&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;74,319&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;69,100&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Expendable parts and supplies recognized when used as an expense in the accompanying consolidated statement of profit or loss under &amp;#8220;Maintenance, materials and repairs&amp;#8221; amount to $12.7&amp;#160;million, $32.4&amp;#160;million and $31.9&amp;#160;million, for the years ended December&amp;#160;31, 2020, 2019 and 2018, respectively. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfInventoriesExplanatory>
<cpa:DisclosureOfDetailedInformationAboutInventoriesExplanatory id="Factid_20629518" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:86%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Material for repair and maintenance&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;69,737&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;66,418&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Other inventories&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,920&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,686&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;74,657&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;70,104&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Allowance for obsolescence&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(338&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,004&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;74,319&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;69,100&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfDetailedInformationAboutInventoriesExplanatory>
<ifrs-full:DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory id="Factid_20629547" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:69%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other intangibles assets&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;License&amp;#160;and&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Intangible&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Goodwill&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;software&amp;#160;rights&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;in process&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Total&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Cost - &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at January&amp;#160;1, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;20,380&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;74,683&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;30,891&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;125,954&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Additions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,711&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;27,471&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;30,182&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Disposals&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Reclassifications&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;16,730&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(16,730&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at December&amp;#160;31, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;20,380&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;94,124&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;41,632&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;156,136&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Additions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;8,503&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;16,962&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;25,465&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Disposals&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(86&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(86&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Reclassifications&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;40,660&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(40,660&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at December&amp;#160;31, 2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;20,380&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;143,201&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;17,934&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;181,515&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Additions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,378&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;12,041&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;16,419&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Disposals&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,546&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,546&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Reclassifications&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;13,975&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(13,975&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at December&amp;#160;31, 2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;20,380&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;156,008&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;16,000&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;192,388&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Accumulated amortization and impairment - &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at January&amp;#160;1, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(44,839&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(44,839&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Amortization for the year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(10,129&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(10,129&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Disposals&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Balance at December&amp;#160;31, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(54,968&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(54,968&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Amortization for the year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(18,437&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(18,437&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Disposals&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at December&amp;#160;31, 2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(73,399&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(73,399&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Amortization for the year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(25,493&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(25,493&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Impairment&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,020&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,020&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Disposals&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,092&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,092&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at December&amp;#160;31, 2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(95,800&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,020&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(96,820&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Carrying amounts - &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;At December&amp;#160;31, 2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;20,380&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;39,156&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;41,632&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;101,168&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;At December&amp;#160;31, 2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;20,380&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;69,802&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;17,934&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;108,116&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;At December&amp;#160;31, 2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;20,380&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;60,208&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,980&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;95,568&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory>
<ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory id="Factid_20629552" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="color: white; line-height: 0pt; visibility: hidden;"&gt;&lt;td style="width:86%;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="white-space: nowrap;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="white-space: nowrap;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Fair value of plan assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;25,783&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;29,086&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Defined benefit obligation&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;(39,466&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;(28,195&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Other employee benefits&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;(649&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;(642&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;(40,115&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;(28,837&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Benefit (liability) assets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;(14,332&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;249&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory>
<cpa:DisclosureOfDetailedInformationAboutPrepaidExpensesExplanatory id="Factid_20629553" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:86%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Prepaid taxes&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;10,022&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;26,164&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Prepaid commissions&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,908&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;4,298&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Prepaid insurance&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,385&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,231&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Prepaid to supplier&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;17,224&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;35,084&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;36,539&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;66,777&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Current&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;30,473&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;49,034&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Non-current&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,066&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;17,743&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;36,539&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;66,777&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfDetailedInformationAboutPrepaidExpensesExplanatory>
<cpa:DisclosureOfDetailedInformationAboutAccountsReceivablesExplanatory id="Factid_20629560" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:86%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Credit cards&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;35,882&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;64,595&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Cargo and other travel agencies&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;10,052&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;19,389&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Airlines and clearing house&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;6,156&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;31,087&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Government&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;5,466&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;8,031&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Trade receivables from related parties&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,429&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;147&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Other&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;13,187&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;14,250&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;72,172&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;137,499&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Allowance for expected credit losses&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(6,483&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(5,579&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;65,689&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;131,920&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Current&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;64,635&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;129,781&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Non-current&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,054&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,139&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;65,689&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;131,920&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfDetailedInformationAboutAccountsReceivablesExplanatory>
<cpa:ScheduleOfCashAndCashEquivalentsExplanatory id="Factid_20629561" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:84%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Checking and saving accounts&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;99,286&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;118,367&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Time deposits of no more than ninety days&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;19,500&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;40,000&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Cash on hand&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;279&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;365&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;119,065&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;158,732&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:ScheduleOfCashAndCashEquivalentsExplanatory>
<cpa:DisclosureOfInformationAboutPropertyPlantAndEquipmentEstimatedUsefulLivesExplanatory id="Factid_20629591" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:41%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td style="width:37%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td style="width:18%;"&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="border-bottom: 1pt solid rgb(0, 0, 0); white-space: nowrap; font-size: 8pt;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Property and equipment&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Estimate&amp;#160;useful life (years)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;;text-align:center;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Residual Value&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Flight equipment (*)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Airframe and engines&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;27&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;15%&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Major maintenance events&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;3-16&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Ramp and miscellaneous&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Ground equipment&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;10&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Furniture, fixture, equipment and other&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;5-10&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Leasehold improvements&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;Lesser of remaining lease term and estimated useful&lt;br/&gt; life of the leasehold improvement&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8212;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td colspan="5" style="height:16;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;"&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td colspan="5" style="vertical-align:top;"&gt;&lt;div style="text-indent: -2em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(*)&amp;#8194;&amp;#8201;&amp;#8202;Excluding the Embraer 190 and &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;737-700&lt;/div&gt; fleet, see note 13.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfInformationAboutPropertyPlantAndEquipmentEstimatedUsefulLivesExplanatory>
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<ifrs-full:DisclosureOfGeographicalAreasExplanatory id="Factid_20631921" contextRef="P01_01_2020To12_31_2020">&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Information concerning operating revenue by geographic area for the period ended December&amp;#160;31 is as follows:&lt;/div&gt;&lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="color: white; line-height: 0pt; visibility: hidden;"&gt;&lt;td style="width:74%;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="white-space: nowrap;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="white-space: nowrap;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="white-space: nowrap;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;North America&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;233,039&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;857,002&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;826,529&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;South America&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;281,008&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;975,530&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,076,507&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Central America&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;246,727&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;740,358&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;648,747&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Caribbean&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;20,822&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;102,175&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;98,089&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;781,596&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;2,675,065&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;2,649,872&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfGeographicalAreasExplanatory>
<cpa:DisclosureOfMovementInAllowanceForImpairmentForShortAndLongtermInvestmentsAtAmortizedCostExplanatory id="Factid_20631936" contextRef="P01_01_2020To12_31_2020">&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The movement in the allowance for impairment for short and long-term investments at amortized cost for the year ended December&amp;#160;31 was as follows: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt; &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:88%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Balance at beginning of year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(957&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,218&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;(Additions)/Reversal&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;(260&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;261&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Balance at end of year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(1,217&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;(957&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt; &lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt; &lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</cpa:DisclosureOfMovementInAllowanceForImpairmentForShortAndLongtermInvestmentsAtAmortizedCostExplanatory>
<ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory id="Factid_20632044" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;7.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Revenue from contract with customers &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;7.1&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Revenue disaggregation &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Operating revenues are comprised of passenger revenues, cargo and mail, and other operating revenues. The following table shows disaggregated operating revenues for the years ended as December&amp;#160;31, 2020, 2019 and 2018. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="font-size: 0px;"&gt;&lt;td style="width:74%;"&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Passenger revenue&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Passenger revenue&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;752,050&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,581,179&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,567,316&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Miles redeemed&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;8,544&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;31,426&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;20,073&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;760,594&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,612,605&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,587,389&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Cargo and mail revenue&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;21,002&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;62,460&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;62,483&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Other operating revenue&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Frequent flyer program&amp;#8212;marketing services&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;15,452&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;22,170&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;16,291&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Other operating revenue&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;3,955&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;10,173&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;11,464&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;19,407&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;32,343&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;27,755&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;801,003&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,707,408&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,677,627&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;7.2&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Contract balances &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The significant contract liabilities are comprised of ticket sales for transportation that has not yet been provided, recorded as &amp;#8220;Air traffic liability&amp;#8221; and outstanding loyalty program miles that may be redeemed for future travel, recorded as &amp;#8220;Frequent flyer deferred revenue&amp;#8221;. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"&gt;&amp;#160;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The table below presents the changes in air traffic liability: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="color: white; line-height: 0pt; visibility: hidden;"&gt;&lt;td style="width:83%;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="white-space: nowrap;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="white-space: nowrap;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Balance at beginning of year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;497,374&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;471,676&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Sales&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;887,004&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;2,878,814&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Revenue recognition&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;(700,406&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;(2,355,626&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Tax recognition&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;(113,473&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;(404,732&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Reimbursements&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;(82,910&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;(45,396&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Interline tickets&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;(15,056&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;(35,272&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Other&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;(1,838&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;(12,090&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at end of year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;470,695&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;497,374&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The contract duration of passenger tickets is one year. Accordingly, any revenue associated with tickets sold for future travel dates will be recognized within twelve months. In response to &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19,&lt;/div&gt; the Company is extending the ticket expiration date up to December 2021, only for tickets purchased on or before December&amp;#160;31, 2020 and with original travel dates ending on or before December&amp;#160;31, 2020. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The table below presents the activity of the current and &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;non-current&lt;/div&gt; frequent flyer liability: &lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="color: white; line-height: 0pt; visibility: hidden;"&gt;&lt;td style="width:86%;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="white-space: nowrap;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:1%;"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="white-space: nowrap;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Balance at beginning of year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;80,326&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;67,814&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Deferred of revenue&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;19,431&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;43,938&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Recognition of revenue&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;(8,544&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;(31,426&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;)&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Balance at end of year&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;91,213&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;80,326&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1pt;"&gt;&lt;td style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="4" style="height:8;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Current&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;16,041&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;35,120&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Non-current&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;75,172&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;45,206&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;91,213&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;80,326&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Contract assets are reflected as account receivable. See note 10. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;7.3&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Segment reporting &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company&amp;#8217;s business activities are conducted as one operating segment &amp;#8211; Air transportation (that includes cargo and mail revenue), the reporting results of which are regularly reviewed by management for purposes of analyzing its performance and making decisions about resource allocations.&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt; &lt;/div&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Information concerning operating revenue by geographic area for the period ended December&amp;#160;31 is as follows:&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"&gt;&lt;tr style="color: white; line-height: 0pt; visibility: hidden;"&gt;&lt;td style="width:74%;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="white-space: nowrap;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="white-space: nowrap;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;;width:2%;"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="white-space: nowrap;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 8pt; page-break-inside: avoid;"&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2020&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2019&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;2018&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;North America&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;233,039&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;857,002&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;826,529&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;South America&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;281,008&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;975,530&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;1,076,507&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;Central America&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;246,727&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;740,358&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;648,747&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="font-size: 10pt;;vertical-align:top;"&gt;&lt;div style="text-indent: -1em; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Caribbean&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;20,822&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;102,175&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;98,089&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap;;vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 10pt; page-break-inside: avoid;"&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:top;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;781,596&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;2,675,065&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;$&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;2,649,872&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"&gt;&lt;div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr style="font-size: 1px;"&gt;&lt;td style="vertical-align:bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;"&gt;&lt;div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company attributes revenue to the geographic areas based on point of sales. Our tangible assets and capital expenditures consist primarily of flight and related ground support equipment, which is mobile across geographic markets and, therefore, has not been allocated. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory>
<dei:DocumentRegistrationStatement id="Factid_20632092" contextRef="P01_01_2020To12_31_2020">false</dei:DocumentRegistrationStatement>
<dei:DocumentAccountingStandard id="Factid_20632095" contextRef="P01_01_2020To12_31_2020">International Financial Reporting Standards</dei:DocumentAccountingStandard>
<cpa:DisclosureOfCorporateInformationExplanatory id="Factid_20787493" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="text-align:left;;vertical-align:top;;width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;1.&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Corporate information &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Copa Holdings, S. A. (&amp;#8220;the Company&amp;#8221;) was incorporated according to the laws of the Republic of Panama on May&amp;#160;6, 1988 with an indefinite duration. The Company is a public company listed in the New York Stock Exchange (NYSE) under the symbol CPA since December&amp;#160;14, 2005. The address of its registered office is Boulevard Costa del Este, Avenida Principal y Avenida de la Rotonda, Urbanizaci&amp;#243;n Costa del Este, Complejo Business Park, Torre Norte, Parque Lefevre, Panama City, Republic of Panama. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;These consolidated financial statements comprise the Company and its subsidiaries: Compa&amp;#241;&amp;#237;a Paname&amp;#241;a de Aviaci&amp;#243;n, S. A. (&amp;#8220;Copa Airlines&amp;#8221;), Oval Financial Leasing, Ltd. (&amp;#8220;OVAL&amp;#8221;), AeroRep&amp;#250;blica, S. A. (&amp;#8220;Copa Colombia&amp;#8221;): &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Copa Airlines: the Company&amp;#8217;s core operation is incorporated according to the laws of the Republic of Panama and provides international air transportation for passengers, cargo and mail, operating from its Panama City hub in the Republic of Panama. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Copa Colombia: is a Colombian air carrier, incorporated according to the laws of the Republic of Colombia which provides domestic and international air transportation for passengers, cargo, and mail. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Copa Colombia operates &amp;#8220;Wingo&amp;#8221; a brand under a &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;low-cost&lt;/div&gt; business model. Wingo operates administratively and functionally under Copa Colombia, with an independent structure for its commercialization, distribution systems and customer service. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;OVAL: incorporated according to the laws of the British Virgin Islands, it controls the special-purpose entities that have a beneficial interest in the majority of the Company&amp;#8217;s fleet, which is leased to either Copa Airlines or Copa Colombia. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company has a broad commercial alliance with United Airlines Holdings, Inc. (&amp;#8220;United&amp;#8221;), which was renewed during May 2016, for another five years. This Alliance includes an extensive and expanding code-sharing and technology cooperation. In addition, the Company is part of Star Alliance, the leading global airline network since June 2012. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Copa Airlines has the loyalty program &amp;#8220;ConnectMiles&amp;#8221;, designed to strengthen the relationship with its frequent flyers and provide exclusive attention. ConnectMiles members are eligible to earn and redeem miles to any of Star Alliance&amp;#8217;s 1,300 (unaudited) destinations in 195 countries within 26 airlines members (unaudited). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Situation of &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19&lt;/div&gt; &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;The novel strain of coronavirus &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;(&amp;#8220;Covid-19&amp;#8221;)&lt;/div&gt; first identified in Wuhan, China in December 2019 has now spread to nearly all regions around the world. The outbreak, and measures taken to contain or mitigate it, have had dramatic adverse consequences for the global economy, including on consumer demand, operations, supply chains and financial markets. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;In an effort to slow-down the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19&lt;/div&gt; outbreak in the region, Panama and several countries throughout Latin America extended their restrictions on international travel. Due to this air travel restrictions, the Company did not provide scheduled commercial service from March&amp;#160;22, 2020 until July 2020, and only operated a small number of charters and humanitarian flights. On August 2020, the Panamanian Government authorized the establishment of a Controlled Operations Center for the interconnection of international commercial aviation in which, in a limited way, permitted air operations for transit through the Tocumen Airport for the departure of passengers and the controlled entry of Panamanians or residents in Panama. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;After the lifting of significant travel restrictions in October 2020, the Company began rebuilding its network. As of December&amp;#160;31, 2020, the Company offers approximately 104 daily scheduled flights to 54 destinations in 25 countries in North, Central and South America and the Caribbean, mainly from its Panama City Hub. Additionally, the Company provides passengers with access to flights to more than 200 international destinations through codeshare agreements. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company has taken aggressive actions, focusing on reducing fixed costs, further bolstering its liquidity position, and adjusting its size, for what it believes will be a weakened demand environment in the immediate future. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Capacity reduction &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;In terms of capacity, and as a result of the uncertainty regarding the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19&lt;/div&gt; pandemic and including governments restrictions and travel demand, among others, the Company&amp;#180;s operations represented less than 70.9% of its 2019 capacity. As a consequence, the Company&amp;#8217;s revenues amounted to $801.0&amp;#160;million, a decrease of 70.4% compared to last year, with Passenger revenues decreasing by 70.9%, Cargo and mail revenue by 66.4% and Other operating revenue by 40.0% (see note 7). &lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Fleet &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;To better align the fleet with the lower passenger demand, the Company has decided to sell its Boeing &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;737-700&lt;/div&gt; fleet (14 aircraft) over the next year. As of December&amp;#160;31, 2020 the Boeing &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;737-700&lt;/div&gt; fleet was classified as &amp;#8220;Asset held for sale&amp;#8221; in the consolidated statement of financial position (see note 13). &lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;In addition, during July, the Company signed a contract for the sale of its 14 &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Embraer-190&lt;/div&gt; aircraft, 6 spare engines, spare parts and flight simulator. The decision to exit this fleet was made and announced in 2019, and these assets were already presented as &amp;#8220;Asset held for sale&amp;#8221; as of December&amp;#160;31, 2019. During 2020, the Company has delivered 6 aircraft, and expects to deliver the remaining 8 within a year from the reporting date. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;These decisions will bring cost savings and efficiencies due to operating a single aircraft type. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;As of December&amp;#160;31, 2020, the Company has a fleet (excluding aircraft available for sale) of 77 aircraft, and consisting of 68 Boeing &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;737-800&lt;/div&gt; Next Generation aircraft, 2 Boeing &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;737-700&lt;/div&gt; Next Generation aircraft and 7 Boeing 737 MAX aircraft. Since June 2020, 9 aircraft were grounded at desert storage facilities, and will remain there until returned to service if required. The average age of the operating fleet is 8.2 years &lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;From March 2019 to November&amp;#160;18, 2020, the Federal Aviation Administration (FAA) grounded all U.S. registered Boeing 737 MAX aircraft an action that was followed by most of the world&amp;#8217;s aviation regulators, including Panamanian aviation regulators. As a consequence, during February 2021, the Company has reached an agreement with Boeing regarding compensation related to the damages that it has suffered during this period. Terms remain confidential (see note 29). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:3%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Liquidity position &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Following the suspension of its operations, the Company implemented certain initiatives to preserve cash and improve the liquidity position, including: &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;In April 2020, the Company raised US$342.9&amp;#160;million in cash through a senior convertible note offering (see note 18). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company also has committed unsecured credit facilities of $200.0&amp;#160;million, currently undrawn. In addition, the Company closed a secured revolving credit facility for an initial aggregate amount of $105.0&amp;#160;million. Including this facility, the Company has $305.0&amp;#160;million in unutilized committed credit facilities as of December&amp;#160;31, 2020 (see note 27). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Monthly cash consumption was reduced to approximately $20.0&amp;#160;million during the second half of 2020. This cash consumption includes Company&amp;#8217;s net operational cash flows (including its expectation for the cash reimbursement of passenger tickets), a revised capital expenditures plan and payments of financial obligations, reduction of labor-related expenses, as well as the reduction of other costs as a result of contract renegotiations with suppliers. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;On December&amp;#160;16, 2020 the Company received the final commitment for a guaranteed loan from the Export-Import Bank of the United States (the &amp;#8220;EXIM Bank&amp;#8221;) to finance seven Boeing 737 MAX aircraft for a total amount up to $327.9&amp;#160;million and expects to finalize this transaction during the first quarter of 2021. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="page-break-inside: avoid;"&gt;&lt;td style="width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company may also take additional actions to improve its financial position, including measures to improve liquidity, such as the issuance of additional unsecured and secured debt securities, equity securities and equity-linked securities, the sale of assets and/or the entry into additional bilateral and syndicated secured and/or unsecured credit facilities. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company&amp;#8217;s continued access to sources of liquidity depends on multiple factors, including global economic conditions, government regulation, the condition of global financial markets, the availability of sufficient amounts of financing, its operating performance and its credit ratings. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;As of December&amp;#160;31, 2020, the Company has approximately $1.01&amp;#160;billion in cash, cash equivalents, short-term and long-term investments (see notes 8 and 9). &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;Based on the liquidity analysis for the next 12 months, recovery plan and measures taken since the inception of the &lt;div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Covid-19&lt;/div&gt; pandemic, the consolidated financial statements as of December&amp;#160;31, 2020 have been prepared according to going concern basis. &lt;/div&gt;&lt;/div&gt;&lt;div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The consolidated financial statements for the year ended December&amp;#160;31, 2020 have been authorized for issuance by the Company&amp;#8217;s Chief Executive Officer and Chief Financial Officer on April&amp;#160;2&lt;div style="display:inline;"&gt;3&lt;/div&gt;, 2021. &lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cpa:DisclosureOfCorporateInformationExplanatory>
<cpa:DescriptionOfAccountingPolicyForTaxExplanatory id="Factid_20791025" contextRef="P01_01_2020To12_31_2020">&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="break-inside: avoid;"&gt;&lt;td style="width:5%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:4%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;(n)&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &amp;quot;times new roman&amp;quot;; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;&lt;div style="font-style:italic;display:inline;;font-style:italic;display:inline;"&gt;Taxes&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Income tax expense&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Income tax expense comprises current and deferred tax. It is recognized in profit or loss except when related to the items recognized directly in equity or in other comprehensive income (&amp;#8220;OCI&amp;#8221;).&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 12pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Current income tax&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company pays taxes in the Republic of Panama and in other countries in which it operates, based on regulations in effect in each respective country.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Revenue arises principally from foreign operations, and according to the Panamanian Tax Code, these foreign operations are not subject to income tax in Panama.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Panamanian tax code for the airline industry states that tax is based on net income earned for passenger traffic with origin or final destination in the Republic of Panama. The applicable tax rate is currently 25.0%. Dividends from the Panamanian subsidiaries, are separately subject to a 10% withholding tax on the portion attributable to Panamanian sourced income and a 5% withholding tax on the portion attributable to foreign sourced income.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company is also subject to local tax regulations in each of the other jurisdictions where it operates, the great majority of which are related to income taxes.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in the countries where the Company operates and generates taxable income.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions when appropriate.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 12pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Deferred tax&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Deferred tax is calculated using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilized, except:&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;when the deferred tax asset relating to the deductible temporary difference arises from initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit or loss.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; line-height: normal;;text-align:left;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;in respect of deductible temporary differences associated with investments in subsidiaries, associates, and interests in joint ventures, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"&gt;&lt;tr&gt;&lt;td&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 1px; margin-top: 6px; margin-bottom: 0px;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Deferred tax liabilities are recognized for all taxable temporary differences, except:&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: &amp;quot;times new roman&amp;quot;; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit or loss.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; 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letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"&gt;&lt;tr style="break-inside: avoid;"&gt;&lt;td style="width:10%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="text-align:left;;vertical-align:top;;width:2%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#8226;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:top;;width:1%;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&amp;#160;&lt;/div&gt;&lt;/td&gt;&lt;td style="font-size: 10pt;;text-align:left;;vertical-align:top;"&gt;&lt;div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; line-height: normal;;text-align:left;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;in respect of taxable temporary differences associated with investments in subsidiaries, associates, and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px;"&gt;&lt;/div&gt;&lt;div style="clear: both; max-height: 0px; background: none;"&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Deferred tax assets and liabilitie&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;s&lt;/div&gt;&amp;#160;are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 12pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-weight:bold;display:inline;"&gt;Ticket taxes&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;&lt;div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"&gt;&lt;div style="letter-spacing: 0px; top: 0px;;display:inline;"&gt;&lt;div style="font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"&gt;The Company is required to charge certain taxes and fees on its passenger tickets. These taxes and fees include transportation taxes, airport passenger facility charges, and certain governmentally imposed airport arrival and departure taxes. These taxes and fees are legal assessments on the customer. Since the Company has a legal obligation to act as a collection agent with respect to these taxes and fees, such amounts are not included in passenger revenue. The Company records a liability when these amounts are collected and derecognizes the liability when payments are made to the applicable government agency or operating carrier.&lt;/div&gt;&lt;/div&gt;&lt;/div&gt;</cpa:DescriptionOfAccountingPolicyForTaxExplanatory>
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<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/ExpendablePartsAndSupplies" id="ExpendablePartsAndSupplies">
<link:definition>1018 - Disclosure - Expendable parts and supplies</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/PrepaidExpenses" id="PrepaidExpenses">
<link:definition>1019 - Disclosure - Prepaid expenses</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/PropertyAndEquipment" id="PropertyAndEquipment">
<link:definition>1020 - Disclosure - Property and equipment</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/Leases" id="Leases">
<link:definition>1021 - Disclosure - Leases</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/NetEmployeeDefinedBenefit" id="NetEmployeeDefinedBenefit">
<link:definition>1022 - Disclosure - Net employee defined benefit</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/IntangibleAssets" id="IntangibleAssets">
<link:definition>1023 - Disclosure - Intangible assets</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/OtherAssets" id="OtherAssets">
<link:definition>1024 - Disclosure - Other assets</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/LoansAndBorrowings" id="LoansAndBorrowings">
<link:definition>1025 - Disclosure - Loans and borrowings</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/TradeOtherPayablesAndFinancialLiabilities" id="TradeOtherPayablesAndFinancialLiabilities">
<link:definition>1026 - Disclosure - Trade, other payables and financial liabilities</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/AccruedExpensesPayable" id="AccruedExpensesPayable">
<link:definition>1027 - Disclosure - Accrued expenses payable</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/OtherLongTermLiabilities" id="OtherLongTermLiabilities">
<link:definition>1028 - Disclosure - Other long-term liabilities</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/IncomeTaxes" id="IncomeTaxes">
<link:definition>1029 - Disclosure - Income taxes</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/AccountsAndTransactionsWithRelatedParties" id="AccountsAndTransactionsWithRelatedParties">
<link:definition>1030 - Disclosure - Accounts and transactions with related parties</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/Equity" id="Equity">
<link:definition>1031 - Disclosure - Equity</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/ShareBasedPayments" id="ShareBasedPayments">
<link:definition>1032 - Disclosure - Share-based payments</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/EarningsPerShare" id="EarningsPerShare">
<link:definition>1033 - Disclosure - Earnings per share</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/CommitmentsAndContingencies" id="CommitmentsAndContingencies">
<link:definition>1034 - Disclosure - Commitments and contingencies</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/FinancialInstrumentsRiskManagementAndFairValue" id="FinancialInstrumentsRiskManagementAndFairValue">
<link:definition>1035 - Disclosure - Financial instruments - Risk management and fair value</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/SubsequentEvents" id="SubsequentEvents">
<link:definition>1036 - Disclosure - Subsequent events</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/SignificantAccountingPoliciesPolicies" id="SignificantAccountingPoliciesPolicies">
<link:definition>1037 - Disclosure - Significant accounting policies (Policies)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/SignificantAccountingPoliciesTables" id="SignificantAccountingPoliciesTables">
<link:definition>1038 - Disclosure - Significant accounting policies (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/RevenueFromContractWithCustomersTables" id="RevenueFromContractWithCustomersTables">
<link:definition>1039 - Disclosure - Revenue from contract with customers (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/CashAndCashEquivalentsTables" id="CashAndCashEquivalentsTables">
<link:definition>1040 - Disclosure - Cash and cash equivalents (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/InvestmentsTables" id="InvestmentsTables">
<link:definition>1041 - Disclosure - Investments (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/AccountsReceivableTables" id="AccountsReceivableTables">
<link:definition>1042 - Disclosure - Accounts receivable (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/ExpendablePartsAndSuppliesTables" id="ExpendablePartsAndSuppliesTables">
<link:definition>1043 - Disclosure - Expendable parts and supplies (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/PrepaidExpensesTables" id="PrepaidExpensesTables">
<link:definition>1044 - Disclosure - Prepaid expenses (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/PropertyAndEquipmentTables" id="PropertyAndEquipmentTables">
<link:definition>1045 - Disclosure - Property and equipment (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/LeasesTables" id="LeasesTables">
<link:definition>1046 - Disclosure - Leases (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/NetEmployeeDefinedBenefitTables" id="NetEmployeeDefinedBenefitTables">
<link:definition>1047 - Disclosure - Net employee defined benefit (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/IntangibleAssetsTables" id="IntangibleAssetsTables">
<link:definition>1048 - Disclosure - Intangible assets (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/OtherAssetsTables" id="OtherAssetsTables">
<link:definition>1049 - Disclosure - Other assets (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/LoansAndBorrowingsTables" id="LoansAndBorrowingsTables">
<link:definition>1050 - Disclosure - Loans and borrowings (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/TradeOtherPayablesAndFinancialLiabilitiesTables" id="TradeOtherPayablesAndFinancialLiabilitiesTables">
<link:definition>1051 - Disclosure - Trade, other payables and financial liabilities (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/ChangesInDisclosuresTables" id="ChangesInDisclosuresTables">
<link:definition>1052 - Disclosure - Changes in disclosures (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/AccruedExpensesPayableTables" id="AccruedExpensesPayableTables">
<link:definition>1053 - Disclosure - Accrued expenses payable (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/OtherLongTermLiabilitiesTables" id="OtherLongTermLiabilitiesTables">
<link:definition>1054 - Disclosure - Other long-term liabilities (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/IncomeTaxesTables" id="IncomeTaxesTables">
<link:definition>1055 - Disclosure - Income taxes (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/AccountsAndTransactionsWithRelatedPartiesTables" id="AccountsAndTransactionsWithRelatedPartiesTables">
<link:definition>1056 - Disclosure - Accounts and transactions with related parties (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/ShareBasedPaymentsTables" id="ShareBasedPaymentsTables">
<link:definition>1057 - Disclosure - Share-based payments (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/EarningsPerShareTables" id="EarningsPerShareTables">
<link:definition>1058 - Disclosure - Earnings per share (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/CommitmentsAndContingenciesTables" id="CommitmentsAndContingenciesTables">
<link:definition>1059 - Disclosure - Commitments and contingencies (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/FinancialInstrumentsRiskManagementAndFairValueTables" id="FinancialInstrumentsRiskManagementAndFairValueTables">
<link:definition>1060 - Disclosure - Financial instruments - Risk management and fair value (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/SubsequentEventsTables" id="SubsequentEventsTables">
<link:definition>1061 - Disclosure - Subsequent events (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/CorporateInformationAdditionalInformationDetail" id="CorporateInformationAdditionalInformationDetail">
<link:definition>1062 - Disclosure - Corporate Information - Additional Information (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/SignificantAccountingPoliciesScheduleOfSignificantSubsidiariesDetail" id="SignificantAccountingPoliciesScheduleOfSignificantSubsidiariesDetail">
<link:definition>1063 - Disclosure - Significant Accounting Policies - Schedule of Significant Subsidiaries (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/SignificantAccountingPoliciesAdditionalInformationDetail" id="SignificantAccountingPoliciesAdditionalInformationDetail">
<link:definition>1064 - Disclosure - Significant Accounting Policies - Additional Information (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/SignificantAccountingPoliciesEstimatedUsefulLivesOfAssetsAndConsideringResidualValueDetail" id="SignificantAccountingPoliciesEstimatedUsefulLivesOfAssetsAndConsideringResidualValueDetail">
<link:definition>1065 - Disclosure - Significant Accounting Policies - Estimated Useful Lives of Assets and Considering Residual Value (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/SignificantAccountingJudgmentsEstimatesAndAssumptionsAdditionalInformationDetail" id="SignificantAccountingJudgmentsEstimatesAndAssumptionsAdditionalInformationDetail">
<link:definition>1066 - Disclosure - Significant Accounting Judgments, Estimates and Assumptions - Additional Information (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/ChangesInDisclosuresSummaryOfReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionDetail" id="ChangesInDisclosuresSummaryOfReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionDetail">
<link:definition>1067 - Disclosure - Changes in disclosures - Summary of reconcile the changes in presentation in prior years for comparative effects on the consolidated statement of financial position (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/RevenueFromContractWithCustomersSummaryOfDisaggregatedOperatingRevenuesDetail" id="RevenueFromContractWithCustomersSummaryOfDisaggregatedOperatingRevenuesDetail">
<link:definition>1068 - Disclosure - Revenue From Contract With Customers - Summary of Disaggregated Operating Revenues (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/RevenueFromContractWithCustomersSummaryOfChangesInContractLiabilitiesDetail" id="RevenueFromContractWithCustomersSummaryOfChangesInContractLiabilitiesDetail">
<link:definition>1069 - Disclosure - Revenue From Contract With Customers - Summary of Changes in Contract Liabilities (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/RevenueFromContractWithCustomersAdditionalInformationDetail" id="RevenueFromContractWithCustomersAdditionalInformationDetail">
<link:definition>1070 - Disclosure - Revenue from Contract with Customers - Additional Information (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/RevenueFromContractWithCustomersOperatingRevenueByPrincipalGeographicAreaDetail" id="RevenueFromContractWithCustomersOperatingRevenueByPrincipalGeographicAreaDetail">
<link:definition>1071 - Disclosure - Revenue from Contract with Customers - Operating Revenue by Principal Geographic Area (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/CashAndCashEquivalentsScheduleOfCashAndCashEquivalentsDetail" id="CashAndCashEquivalentsScheduleOfCashAndCashEquivalentsDetail">
<link:definition>1072 - Disclosure - Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/CashAndCashEquivalentsAdditionalInformationDetail" id="CashAndCashEquivalentsAdditionalInformationDetail">
<link:definition>1073 - Disclosure - Cash and Cash Equivalents - Additional Information (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/InvestmentsScheduleOfInformationAboutInvestmentsDetail" id="InvestmentsScheduleOfInformationAboutInvestmentsDetail">
<link:definition>1074 - Disclosure - Investments - Schedule of Information About Investments (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/InvestmentsAdditionalInformationDetail" id="InvestmentsAdditionalInformationDetail">
<link:definition>1075 - Disclosure - Investments - Additional Information (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/AccountsReceivableDisclosureOfAccountsReceivableDetail" id="AccountsReceivableDisclosureOfAccountsReceivableDetail">
<link:definition>1076 - Disclosure - Accounts Receivable - Disclosure of Accounts Receivable (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/AccountsReceivableAdditionalInformationDetail" id="AccountsReceivableAdditionalInformationDetail">
<link:definition>1077 - Disclosure - Accounts Receivable - Additional Information (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/AccountsReceivableSummaryOfMovementsInTheAllowanceForImpairmentInRespectOfAccountReceivablesDetail" id="AccountsReceivableSummaryOfMovementsInTheAllowanceForImpairmentInRespectOfAccountReceivablesDetail">
<link:definition>1078 - Disclosure - Accounts Receivable - Summary of Movements in the Allowance for Impairment in Respect of Account Receivables (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/ExpendablePartsAndSuppliesDisclosureOfExpendablePartsAndSuppliesDetail" id="ExpendablePartsAndSuppliesDisclosureOfExpendablePartsAndSuppliesDetail">
<link:definition>1079 - Disclosure - Expendable Parts and Supplies - Disclosure of Expendable Parts and Supplies (Detail)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/ExpendablePartsAndSuppliesAdditionalInformationDetail" id="ExpendablePartsAndSuppliesAdditionalInformationDetail">
<link:definition>1080 - Disclosure - Expendable Parts and Supplies - Additional Information (Detail)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/PrepaidExpensesDetailedInformationAboutPrepaidExpensesDetail" id="PrepaidExpensesDetailedInformationAboutPrepaidExpensesDetail">
<link:definition>1081 - Disclosure - Prepaid Expenses - Detailed Information about Prepaid Expenses (Detail)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/PrepaidExpensesAdditionalInformationDetail" id="PrepaidExpensesAdditionalInformationDetail">
<link:definition>1082 - Disclosure - Prepaid Expenses - Additional Information (Detail)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/PropertyAndEquipmentSummaryOfPropertyAndEquipmentDetail" id="PropertyAndEquipmentSummaryOfPropertyAndEquipmentDetail">
<link:definition>1083 - Disclosure - Property and Equipment - Summary of Property and Equipment (Detail)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/PropertyAndEquipmentAdditionalInformationDetail" id="PropertyAndEquipmentAdditionalInformationDetail">
<link:definition>1084 - Disclosure - Property and Equipment - Additional Information (Detail)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/PropertyAndEquipmentSummaryOfAssetsHeldForSaleDetail" id="PropertyAndEquipmentSummaryOfAssetsHeldForSaleDetail">
<link:definition>1085 - Disclosure - Property and Equipment - Summary of assets held for sale (Detail)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/LeasesRightOfUseAssetsDetail" id="LeasesRightOfUseAssetsDetail">
<link:definition>1086 - Disclosure - Leases - Right of use assets (Detail)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/LeasesLeaseLiabilitiesDetail" id="LeasesLeaseLiabilitiesDetail">
<link:definition>1087 - Disclosure - Leases - Lease liabilities (Detail)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/LeasesTotalCashOutflowForLeasesDetail" id="LeasesTotalCashOutflowForLeasesDetail">
<link:definition>1088 - Disclosure - Leases - Total cash outflow for leases (Detail)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/LeasesDisclosureOfLeaseExpensesDetail" id="LeasesDisclosureOfLeaseExpensesDetail">
<link:definition>1089 - Disclosure - Leases - Disclosure of Lease Expenses  (Detail)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/LeasesScheduleOfFutureMinimumLeaseReceivablesUnderNonCancellableLeasesDetail" id="LeasesScheduleOfFutureMinimumLeaseReceivablesUnderNonCancellableLeasesDetail">
<link:definition>1090 - Disclosure - Leases - Schedule of Future Minimum Lease Receivables under Non-cancellable Leases (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/LeasesAdditionalInformationDetail" id="LeasesAdditionalInformationDetail">
<link:definition>1091 - Disclosure - Leases - Additional Information (Detail)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
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<link:definition>1092 - Disclosure - Net employee defined benefit - Summary of  Employee Defined Benefit Plan (Detail)</link:definition>
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<link:roleType roleURI="http://www.copaair.com/role/NetEmployeeDefinedBenefitAdditionalInformationDetail" id="NetEmployeeDefinedBenefitAdditionalInformationDetail">
<link:definition>1093 - Disclosure - Net employee defined benefit - Additional Information (Detail)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/NetEmployeeDefinedBenefitSummaryOfComponentsOfNetBenefitExpenseDetail" id="NetEmployeeDefinedBenefitSummaryOfComponentsOfNetBenefitExpenseDetail">
<link:definition>1094 - Disclosure - Net employee defined benefit - Summary of Components of Net Benefit Expense (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/NetEmployeeDefinedBenefitSummaryOfReconciliationOfNetEmployeeDefinedBenefitLiabilitiesDetail" id="NetEmployeeDefinedBenefitSummaryOfReconciliationOfNetEmployeeDefinedBenefitLiabilitiesDetail">
<link:definition>1095 - Disclosure - Net employee defined benefit - Summary of Reconciliation of Net Employee Defined Benefit Liabilities (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/NetEmployeeDefinedBenefitSummaryOfSensitivityAnalysisForActuarialAssumptionsDetail" id="NetEmployeeDefinedBenefitSummaryOfSensitivityAnalysisForActuarialAssumptionsDetail">
<link:definition>1096 - Disclosure - Net employee defined benefit - Summary of Sensitivity Analysis for Actuarial Assumptions (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/NetEmployeeDefinedBenefitSummaryOfAdditionalInformationAboutSensitivityAnalysisForActuarialAssumptionsDetail" id="NetEmployeeDefinedBenefitSummaryOfAdditionalInformationAboutSensitivityAnalysisForActuarialAssumptionsDetail">
<link:definition>1097 - Disclosure - Net employee defined benefit - Summary of Additional Information about Sensitivity Analysis for Actuarial Assumptions (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/NetEmployeeDefinedBenefitSummaryOfExpectedContributionPaymentsToDefinedBenefitPlanDetail" id="NetEmployeeDefinedBenefitSummaryOfExpectedContributionPaymentsToDefinedBenefitPlanDetail">
<link:definition>1098 - Disclosure - Net employee defined benefit - Summary of Expected Contribution Payments to Defined Benefit Plan (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/IntangibleAssetsSummaryOfReconciliationOfChangesInIntangibleAssetsAndGoodwillDetail" id="IntangibleAssetsSummaryOfReconciliationOfChangesInIntangibleAssetsAndGoodwillDetail">
<link:definition>1099 - Disclosure - Intangible Assets - Summary of Reconciliation of Changes in Intangible Assets and Goodwill (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
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</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/IntangibleAssetsAdditionalInformationDetail" id="IntangibleAssetsAdditionalInformationDetail">
<link:definition>1100 - Disclosure - Intangible Assets - Additional Information (Detail)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/OtherAssetsSummaryOfOtherAssetsDetail" id="OtherAssetsSummaryOfOtherAssetsDetail">
<link:definition>1101 - Disclosure - Other Assets - Summary of Other Assets (Detail)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/LoansAndBorrowingsSummaryOfLoansAndBorrowingsDetail" id="LoansAndBorrowingsSummaryOfLoansAndBorrowingsDetail">
<link:definition>1102 - Disclosure - Loans and borrowings - Summary of Loans and borrowings (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/LoansAndBorrowingsSummaryOfMaturitiesOfLoansAndBorrowingsDetail" id="LoansAndBorrowingsSummaryOfMaturitiesOfLoansAndBorrowingsDetail">
<link:definition>1103 - Disclosure - Loans and borrowings - Summary of Maturities of Loans and borrowings (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
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</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/LoansAndBorrowingsSummaryOfSeniorConvertibleNotesDetail" id="LoansAndBorrowingsSummaryOfSeniorConvertibleNotesDetail">
<link:definition>1104 - Disclosure - Loans and borrowings - Summary of Senior convertible notes (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/LoansAndBorrowingsAdditionalInformationDetail" id="LoansAndBorrowingsAdditionalInformationDetail">
<link:definition>1105 - Disclosure - Loans and borrowings - Additional Information (Detail)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/LoansAndBorrowingsSummaryOfFinanceCostAndIncomeDetail" id="LoansAndBorrowingsSummaryOfFinanceCostAndIncomeDetail">
<link:definition>1106 - Disclosure - Loans and borrowings - Summary of Finance Cost and Income (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
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</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/LoansAndBorrowingsChangesInLiabilitiesArisingFromFinancingActivitiesDetail" id="LoansAndBorrowingsChangesInLiabilitiesArisingFromFinancingActivitiesDetail">
<link:definition>1107 - Disclosure - Loans and borrowings - Changes in Liabilities Arising from Financing Activities (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/TradeOtherPayablesAndFinancialLiabilitiesSummaryOfTradeOtherPayablesAndFinancialLiabilitiesDetail" id="TradeOtherPayablesAndFinancialLiabilitiesSummaryOfTradeOtherPayablesAndFinancialLiabilitiesDetail">
<link:definition>1108 - Disclosure - Trade, Other Payables and Financial Liabilities - Summary of Trade, Other Payables and Financial Liabilities (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/AccruedExpensesPayableSummaryOfAccruedExpensesPayableDetail" id="AccruedExpensesPayableSummaryOfAccruedExpensesPayableDetail">
<link:definition>1109 - Disclosure - Accrued Expenses Payable - Summary of Accrued Expenses Payable (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
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</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/AccruedExpensesPayableAdditionalInformationDetail" id="AccruedExpensesPayableAdditionalInformationDetail">
<link:definition>1110 - Disclosure - Accrued Expenses Payable - Additional Information (Detail)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/OtherLongTermLiabilitiesSummaryOfOtherLongTermLiabilitiesDetail" id="OtherLongTermLiabilitiesSummaryOfOtherLongTermLiabilitiesDetail">
<link:definition>1111 - Disclosure - Other Long-term Liabilities - Summary of Other Long-term Liabilities (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
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</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/OtherLongTermLiabilitiesAdditionalInformationDetail" id="OtherLongTermLiabilitiesAdditionalInformationDetail">
<link:definition>1112 - Disclosure - Other Long-term Liabilities - Additional Information (Detail)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/IncomeTaxesSummaryOfIncomeTaxExpenseDetail" id="IncomeTaxesSummaryOfIncomeTaxExpenseDetail">
<link:definition>1113 - Disclosure - Income Taxes - Summary of Income Tax Expense (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
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</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/IncomeTaxesAdditionalInformationDetail" id="IncomeTaxesAdditionalInformationDetail">
<link:definition>1114 - Disclosure - Income Taxes - Additional Information (Detail)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/IncomeTaxesSummaryOfBalancesOfDeferredTaxesDetail" id="IncomeTaxesSummaryOfBalancesOfDeferredTaxesDetail">
<link:definition>1115 - Disclosure - Income Taxes - Summary of Balances of Deferred Taxes (Detail)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/IncomeTaxesSummaryOfReconciliationOfEffectiveTaxRateDetail" id="IncomeTaxesSummaryOfReconciliationOfEffectiveTaxRateDetail">
<link:definition>1116 - Disclosure - Income Taxes - Summary of Reconciliation of Effective Tax Rate (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/AccountsAndTransactionsWithRelatedPartiesSummaryOfAccountsAndTransactionsWithRelatedPartiesDetail" id="AccountsAndTransactionsWithRelatedPartiesSummaryOfAccountsAndTransactionsWithRelatedPartiesDetail">
<link:definition>1117 - Disclosure - Accounts and Transactions with Related Parties - Summary of Accounts and Transactions with Related Parties (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
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</link:roleType>
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<link:definition>1118 - Disclosure - Accounts and Transactions with Related Parties - Summary of Related Party Transactions (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
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</link:roleType>
<link:roleType roleURI="http://www.copaair.com/role/AccountsAndTransactionsWithRelatedPartiesAdditionalInformationDetail" id="AccountsAndTransactionsWithRelatedPartiesAdditionalInformationDetail">
<link:definition>1119 - Disclosure - Accounts and Transactions with Related Parties - Additional Information (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/AccountsAndTransactionsWithRelatedPartiesSummaryOfKeyManagementPersonnelCompensationDetail" id="AccountsAndTransactionsWithRelatedPartiesSummaryOfKeyManagementPersonnelCompensationDetail">
<link:definition>1120 - Disclosure - Accounts and Transactions with Related Parties - Summary of Key Management Personnel Compensation (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/EquityAdditionalInformationDetail" id="EquityAdditionalInformationDetail">
<link:definition>1121 - Disclosure - Equity - Additional Information (Detail)</link:definition>
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<link:roleType roleURI="http://www.copaair.com/role/ShareBasedPaymentsAdditionalInformationDetail" id="ShareBasedPaymentsAdditionalInformationDetail">
<link:definition>1122 - Disclosure - Share-based Payments - Additional Information (Detail)</link:definition>
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<link:definition>1123 - Disclosure - Share-based Payments - Summary of Terms and Conditions, Relating to the Grants of the Non-vested Stock Award under the Equity Compensation Plan (Detail)</link:definition>
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<link:roleType roleURI="http://www.copaair.com/role/ShareBasedPaymentsSummaryOfNonVestedStockAwardActivityDetail" id="ShareBasedPaymentsSummaryOfNonVestedStockAwardActivityDetail">
<link:definition>1124 - Disclosure - Share-based Payments - Summary of non-vested stock award activity (Detail)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
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<link:definition>1125 - Disclosure - Earnings Per Share - Schedule of Computation of the Income (Loss) and Share Data Used in the Basic and Diluted Earnings Per Share (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
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<link:definition>1126 - Disclosure - Commitments and Contingencies - Additional Information (Detail)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
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<link:definition>1127 - Disclosure - Commitments and Contingencies - Summary of Firm Commitment To Purchase Asset (Detail)</link:definition>
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<link:definition>1128 - Disclosure - Financial Instrument - Risk Management and Fair Value - Additional Information (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/FinancialInstrumentRiskManagementAndFairValueSummaryOfForeignCurrencyRiskExposureDetail" id="FinancialInstrumentRiskManagementAndFairValueSummaryOfForeignCurrencyRiskExposureDetail">
<link:definition>1129 - Disclosure - Financial Instrument - Risk Management and Fair Value - Summary of Foreign Currency Risk Exposure (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/FinancialInstrumentRiskManagementAndFairValueMovementInAllowanceForImpairmentForShortAndLongTermInvestmentsAtAmortizedCostDetail" id="FinancialInstrumentRiskManagementAndFairValueMovementInAllowanceForImpairmentForShortAndLongTermInvestmentsAtAmortizedCostDetail">
<link:definition>1130 - Disclosure - Financial Instrument - Risk Management and Fair Value - Movement in Allowance for Impairment for Short and Long-term Investments at Amortized Cost (Detail)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
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<link:roleType roleURI="http://www.copaair.com/role/FinancialInstrumentRiskManagementAndFairValueSummaryOfCreditRiskExposureOnTradeReceivablesUsingProvisionMatrixDetail" id="FinancialInstrumentRiskManagementAndFairValueSummaryOfCreditRiskExposureOnTradeReceivablesUsingProvisionMatrixDetail">
<link:definition>1131 - Disclosure - Financial Instrument - Risk Management and Fair Value - Summary of Credit Risk Exposure on Trade Receivables using Provision Matrix (Detail)</link:definition>
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<element name="CommercialAllianceRenewalExtensionPeriod" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_CommercialAllianceRenewalExtensionPeriod" substitutionGroup="xbrli:item" />
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<element name="ProvisionForImpairmentReceivablesEndingBalance" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_ProvisionForImpairmentReceivablesEndingBalance" substitutionGroup="xbrli:item" xbrli:balance="credit" />
<element name="AdjustmentsOnInitialApplicationOfIfrs9" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_AdjustmentsOnInitialApplicationOfIfrs9" substitutionGroup="xbrli:item" xbrli:balance="credit" />
<element name="AllowanceForObsolescenceInventory" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_AllowanceForObsolescenceInventory" substitutionGroup="xbrli:item" xbrli:balance="credit" />
<element name="InventoriesGross" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_InventoriesGross" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="PrepaidCommissions" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_PrepaidCommissions" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="PrepaidInsurance1" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_PrepaidInsurance1" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="PrepaidTaxes1" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_PrepaidTaxes1" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="PrepaidToSupplier" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_PrepaidToSupplier" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="PrepaidExpensesTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_PrepaidExpensesTable" substitutionGroup="xbrldt:hypercubeItem" />
<element name="PrepaidExpensesLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_PrepaidExpensesLineItems" substitutionGroup="xbrli:item" />
<element name="TaxAdvanceOfVATAndWithholdingsTaxes" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_TaxAdvanceOfVATAndWithholdingsTaxes" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="TaxCredits" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_TaxCredits" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="NoncurrentIncomeTaxAdvance" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_NoncurrentIncomeTaxAdvance" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="ReturnOfCreditsOfIncomeInTaxRefundTitiles" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_ReturnOfCreditsOfIncomeInTaxRefundTitiles" substitutionGroup="xbrli:item" xbrli:balance="credit" />
<element name="LossOnSaleOfTaxRefundTitlesIncludedUnderOtherNonOperatingExpense" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_LossOnSaleOfTaxRefundTitlesIncludedUnderOtherNonOperatingExpense" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="IncomeTaxAuthorityAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_IncomeTaxAuthorityAxis" substitutionGroup="xbrldt:dimensionItem" />
<element name="IncomeTaxAuthorityMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_IncomeTaxAuthorityMember" substitutionGroup="xbrli:item" />
<element name="FlightEquipment1Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_FlightEquipment1Member" substitutionGroup="xbrli:item" />
<element name="PurchaseDepositsForFlightEquipmentMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_PurchaseDepositsForFlightEquipmentMember" substitutionGroup="xbrli:item" />
<element name="RampAndMiscellaneousFlightEquipmentMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_RampAndMiscellaneousFlightEquipmentMember" substitutionGroup="xbrli:item" />
<element name="ReclassificationAdjustmentsOfPropertyPlantAndEquipment" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment" substitutionGroup="xbrli:item" xbrli:balance="credit" />
<element name="BoeingSevenHundredAndThirtySevenMaxNineAircraftMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_BoeingSevenHundredAndThirtySevenMaxNineAircraftMember" substitutionGroup="xbrli:item" />
<element name="AverageLeaseTerm" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_AverageLeaseTerm" substitutionGroup="xbrli:item" />
<element name="OtherPropertyPlantEquipmentCapitalizedCost" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_OtherPropertyPlantEquipmentCapitalizedCost" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="AdditionsFromContractsHeldForDealingOrTradingPurpose" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_AdditionsFromContractsHeldForDealingOrTradingPurpose" substitutionGroup="xbrli:item" xbrli:balance="credit" />
<element name="AircraftsAcquiredThroughJapaneseOperatingLeasesWithCallOption" type="xbrli:integerItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_AircraftsAcquiredThroughJapaneseOperatingLeasesWithCallOption" substitutionGroup="xbrli:item" />
<element name="CiudadDelSaberPanamaCityMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_CiudadDelSaberPanamaCityMember" substitutionGroup="xbrli:item" />
<element name="UncertainEventAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_UncertainEventAxis" substitutionGroup="xbrldt:dimensionItem" />
<element name="UncertainEventMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_UncertainEventMember" substitutionGroup="xbrli:item" />
<element name="Covid19Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_Covid19Member" substitutionGroup="xbrli:item" />
<element name="DisclosureOfAssetsHeldForSaleAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DisclosureOfAssetsHeldForSaleAbstract" substitutionGroup="xbrli:item" />
<element name="DisclosureOfAssetsHeldForSaleTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DisclosureOfAssetsHeldForSaleTable" substitutionGroup="xbrldt:hypercubeItem" />
<element name="ExpendablePartsAndSuppliesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_ExpendablePartsAndSuppliesMember" substitutionGroup="xbrli:item" />
<element name="FlightEquipmentMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_FlightEquipmentMember" substitutionGroup="xbrli:item" />
<element name="DisclosureOfAssetsHeldForSaleLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DisclosureOfAssetsHeldForSaleLineItems" substitutionGroup="xbrli:item" />
<element name="RealEstateMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_RealEstateMember" substitutionGroup="xbrli:item" />
<element name="AdditionsAndTerminationsToRightToUseAsset" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_AdditionsAndTerminationsToRightToUseAsset" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="ImpairmentsToRightToUseAsset" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_ImpairmentsToRightToUseAsset" substitutionGroup="xbrli:item" xbrli:balance="credit" />
<element name="DisclosureOfLeaseLiabilitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DisclosureOfLeaseLiabilitiesAbstract" substitutionGroup="xbrli:item" />
<element name="DisclosureOfLeaseLiabilitiesTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DisclosureOfLeaseLiabilitiesTable" substitutionGroup="xbrldt:hypercubeItem" />
<element name="DisclosureOfLeaseLiabilitiesLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DisclosureOfLeaseLiabilitiesLineItems" substitutionGroup="xbrli:item" />
<element name="TotalCashOutflowForLeasesForTheYearsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_TotalCashOutflowForLeasesForTheYearsAbstract" substitutionGroup="xbrli:item" />
<element name="DisclosureOfCashFlowsForLeasesTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DisclosureOfCashFlowsForLeasesTable" substitutionGroup="xbrldt:hypercubeItem" />
<element name="DisclosureOfCashFlowsForLeasesLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DisclosureOfCashFlowsForLeasesLineItems" substitutionGroup="xbrli:item" />
<element name="DisclosureOfLeaseExpensesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DisclosureOfLeaseExpensesAbstract" substitutionGroup="xbrli:item" />
<element name="DisclosureOfLeaseExpensesTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DisclosureOfLeaseExpensesTable" substitutionGroup="xbrldt:hypercubeItem" />
<element name="DisclosureOfLeaseExpensesLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DisclosureOfLeaseExpensesLineItems" substitutionGroup="xbrli:item" />
<element name="DepreciationAndAmotisationRightOfUseAssetsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DepreciationAndAmotisationRightOfUseAssetsAbstract" substitutionGroup="xbrli:item" />
<element name="DepreciationAndAmotisationRightOfUseAssets" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_DepreciationAndAmotisationRightOfUseAssets" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="LeaseCostOperatingAndAdimninstrativeExpenses" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_LeaseCostOperatingAndAdimninstrativeExpenses" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="CostOfFinancingLeasesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_CostOfFinancingLeasesAbstract" substitutionGroup="xbrli:item" />
<element name="UnwindingOfDiscountAndChangesInTheDiscountRate" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_UnwindingOfDiscountAndChangesInTheDiscountRate" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="TotalLeaseCosts" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_TotalLeaseCosts" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="ImpairmentOfRightToUseAssetAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_ImpairmentOfRightToUseAssetAbstract" substitutionGroup="xbrli:item" />
<element name="DisclosureOfFinanceAndOperatingLeaseByLessorAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DisclosureOfFinanceAndOperatingLeaseByLessorAbstract" substitutionGroup="xbrli:item" />
<element name="DisclosureOfFinanceAndOperatingLeaseByLessorTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DisclosureOfFinanceAndOperatingLeaseByLessorTable" substitutionGroup="xbrldt:hypercubeItem" />
<element name="DisclosureOfFinanceAndOperatingLeaseByLessorLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DisclosureOfFinanceAndOperatingLeaseByLessorLineItems" substitutionGroup="xbrli:item" />
<element name="MinimumLeasePaymentReceivableUnderNoncancellableOperatingLease" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_MinimumLeasePaymentReceivableUnderNoncancellableOperatingLease" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="DisclosureOfFinanceAndOperatingLeaseByLesseeAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DisclosureOfFinanceAndOperatingLeaseByLesseeAbstract" substitutionGroup="xbrli:item" />
<element name="DisclosureOfFinanceAndOperatingLeaseByLesseeLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DisclosureOfFinanceAndOperatingLeaseByLesseeLineItems" substitutionGroup="xbrli:item" />
<element name="MinimumOperatingLeasePaymentsReceivableRecognizedAsIncome" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_MinimumOperatingLeasePaymentsReceivableRecognizedAsIncome" substitutionGroup="xbrli:item" xbrli:balance="credit" />
<element name="NumberOfAircraftUnderLessor" type="xbrli:decimalItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_NumberOfAircraftUnderLessor" substitutionGroup="xbrli:item" />
<element name="ScheduledExpirationDateOfLease" type="xbrli:gYearItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_ScheduledExpirationDateOfLease" substitutionGroup="xbrli:item" />
<element name="CarryingAmountOfFixedAssetsUnderOperatingLease" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_CarryingAmountOfFixedAssetsUnderOperatingLease" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="LeaseLiabilitiesIncludingDismantlingProvision" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_LeaseLiabilitiesIncludingDismantlingProvision" substitutionGroup="xbrli:item" xbrli:balance="credit" />
<element name="OtherEmployeeBenefitsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_OtherEmployeeBenefitsMember" substitutionGroup="xbrli:item" />
<element name="DefinedBenefitObligationMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DefinedBenefitObligationMember" substitutionGroup="xbrli:item" />
<element name="Noncurrentrecognisedassetsandliabilitiesdefinedbenefitplan" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_Noncurrentrecognisedassetsandliabilitiesdefinedbenefitplan" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="IndemnityPlanMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_IndemnityPlanMember" substitutionGroup="xbrli:item" />
<element name="ContributionsToPlanByEmployerNetOfRegularContributions" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_ContributionsToPlanByEmployerNetOfRegularContributions" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="InterestIncomeOnRetirement" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_InterestIncomeOnRetirement" substitutionGroup="xbrli:item" xbrli:balance="credit" />
<element name="PercentageOfEligibleEarningsAccumulatedAsBenefits" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_PercentageOfEligibleEarningsAccumulatedAsBenefits" substitutionGroup="xbrli:item" />
<element name="FairValueOfAssetsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_FairValueOfAssetsMember" substitutionGroup="xbrli:item" />
<element name="OtherEmployeeBenefitsLiabilityMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_OtherEmployeeBenefitsLiabilityMember" substitutionGroup="xbrli:item" />
<element name="ExperienceGainLossNetDefinedBenefitLiabilityAsset" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_ExperienceGainLossNetDefinedBenefitLiabilityAsset" substitutionGroup="xbrli:item" xbrli:balance="credit" />
<element name="BenefitsPaidNetDefinedBenefitLiabilityAsset" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_BenefitsPaidNetDefinedBenefitLiabilityAsset" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="InvestmentReturnNetDefinedBenefitLiabilityAsset" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_InvestmentReturnNetDefinedBenefitLiabilityAsset" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="WithdrawalsFromPlanByEmployerNetDefinedBenefitLiabilityAsset" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_WithdrawalsFromPlanByEmployerNetDefinedBenefitLiabilityAsset" substitutionGroup="xbrli:item" xbrli:balance="credit" />
<element name="AssumptionChangesNetDefinedBenefitLiabilityAsset" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_AssumptionChangesNetDefinedBenefitLiabilityAsset" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="DefinedBenefitObligationLiabilitiesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DefinedBenefitObligationLiabilitiesMember" substitutionGroup="xbrli:item" />
<element name="MaleMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_MaleMember" substitutionGroup="xbrli:item" />
<element name="FemaleMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_FemaleMember" substitutionGroup="xbrli:item" />
<element name="ActuarialAssumptionOfTerminationRatesAllAgesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_ActuarialAssumptionOfTerminationRatesAllAgesMember" substitutionGroup="xbrli:item" />
<element name="ActuarialAssumptionRpTwoThousandMortalityTableNoCollarMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_ActuarialAssumptionRpTwoThousandMortalityTableNoCollarMember" substitutionGroup="xbrli:item" />
<element name="RatioOfReasonablyPossibleIncreaseInActuarialAssumption" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_RatioOfReasonablyPossibleIncreaseInActuarialAssumption" substitutionGroup="xbrli:item" />
<element name="ActuarialAssumptionOfDiscountRatesPointFivePercentMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_ActuarialAssumptionOfDiscountRatesPointFivePercentMember" substitutionGroup="xbrli:item" />
<element name="MoreThanOneYearButLessThanFiveYearsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_MoreThanOneYearButLessThanFiveYearsMember" substitutionGroup="xbrli:item" />
<element name="ReclassificationIncreaseDecreaseIntangibleAssetsAndGoodwill" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_ReclassificationIncreaseDecreaseIntangibleAssetsAndGoodwill" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="LicenseAndSoftwareRightsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_LicenseAndSoftwareRightsMember" substitutionGroup="xbrli:item" />
<element name="PercentageOfDiscountRate" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_PercentageOfDiscountRate" substitutionGroup="xbrli:item" />
<element name="PercentageOfGrowthRateToExtrapolateCashFlows" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_PercentageOfGrowthRateToExtrapolateCashFlows" substitutionGroup="xbrli:item" />
<element name="PercentageOfIncreaseInDiscountRate" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_PercentageOfIncreaseInDiscountRate" substitutionGroup="xbrli:item" />
<element name="PercentageOfRiseInIncreaseInDiscountRate" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_PercentageOfRiseInIncreaseInDiscountRate" substitutionGroup="xbrli:item" />
<element name="NoncurrentGuarantyDeposits" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_NoncurrentGuarantyDeposits" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="NoncurrentDepositsForLitigation" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_NoncurrentDepositsForLitigation" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="BorrowingDueThroughTwoThousandTwentyNineMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_BorrowingDueThroughTwoThousandTwentyNineMember" substitutionGroup="xbrli:item" />
<element name="SeniorConvertibleNotesDueThrough2025Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_SeniorConvertibleNotesDueThrough2025Member" substitutionGroup="xbrli:item" />
<element name="ThereafterMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_ThereafterMember" substitutionGroup="xbrli:item" />
<element name="TwoThousandTwentyTwoMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_TwoThousandTwentyTwoMember" substitutionGroup="xbrli:item" />
<element name="TwoThousandTwentyOneMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_TwoThousandTwentyOneMember" substitutionGroup="xbrli:item" />
<element name="TwoThousandTwentyThreeMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_TwoThousandTwentyThreeMember" substitutionGroup="xbrli:item" />
<element name="TwothousandtwentyfourMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_TwothousandtwentyfourMember" substitutionGroup="xbrli:item" />
<element name="TwoThousandTwentyFiveMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_TwoThousandTwentyFiveMember" substitutionGroup="xbrli:item" />
<element name="DisclosureOfDetailedInformationOfSeniorConvertibleNotesExplanatoryTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DisclosureOfDetailedInformationOfSeniorConvertibleNotesExplanatoryTable" substitutionGroup="xbrldt:hypercubeItem" />
<element name="SeniorConvertibleNotesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_SeniorConvertibleNotesMember" substitutionGroup="xbrli:item" />
<element name="DisclosureOfDetailedInformationOfSeniorConvertibleNotesExplanatoryLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DisclosureOfDetailedInformationOfSeniorConvertibleNotesExplanatoryLineItems" substitutionGroup="xbrli:item" />
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<element name="OutstandingIndebtedness" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_OutstandingIndebtedness" substitutionGroup="xbrli:item" xbrli:balance="debit" />
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<element name="DescriptionOfConversionRatioOfSeniorConvertibleNotes" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_DescriptionOfConversionRatioOfSeniorConvertibleNotes" substitutionGroup="xbrli:item" />
<element name="ConversionPricePerPrincipalAmount" type="num:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_ConversionPricePerPrincipalAmount" substitutionGroup="xbrli:item" />
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<element name="FairValueOfEmbeddedDerivative" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_FairValueOfEmbeddedDerivative" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="FinanceLeaseMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_FinanceLeaseMember" substitutionGroup="xbrli:item" />
<element name="BankLoansMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_BankLoansMember" substitutionGroup="xbrli:item" />
<element name="FactoringMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_FactoringMember" substitutionGroup="xbrli:item" />
<element name="OtherFinanceCostMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_OtherFinanceCostMember" substitutionGroup="xbrli:item" />
<element name="InvestmentMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_InvestmentMember" substitutionGroup="xbrli:item" />
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<element name="TelevisoraNacionalSaMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_TelevisoraNacionalSaMember" substitutionGroup="xbrli:item" />
<element name="IncomeExpenseForRelatedPartyTransactions" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_IncomeExpenseForRelatedPartyTransactions" substitutionGroup="xbrli:item" xbrli:balance="credit" />
<element name="PropertyLeasingMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_PropertyLeasingMember" substitutionGroup="xbrli:item" />
<element name="PurchaseJetFuelMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_PurchaseJetFuelMember" substitutionGroup="xbrli:item" />
<element name="PurchaseMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_PurchaseMember" substitutionGroup="xbrli:item" />
<element name="TechnologicalSupportMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_TechnologicalSupportMember" substitutionGroup="xbrli:item" />
<element name="CommunicationsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_CommunicationsMember" substitutionGroup="xbrli:item" />
<element name="HandlingMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_HandlingMember" substitutionGroup="xbrli:item" />
<element name="InsuranceMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_InsuranceMember" substitutionGroup="xbrli:item" />
<element name="InterestIncomeMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_InterestIncomeMember" substitutionGroup="xbrli:item" />
<element name="LegalServicesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_LegalServicesMember" substitutionGroup="xbrli:item" />
<element name="PaymentsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_PaymentsMember" substitutionGroup="xbrli:item" />
<element name="ClassBSharesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_ClassBSharesMember" substitutionGroup="xbrli:item" />
<element name="ExecutiveOfficersMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_ExecutiveOfficersMember" substitutionGroup="xbrli:item" />
<element name="CorporacionDeInversionesAreasMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_CorporacionDeInversionesAreasMember" substitutionGroup="xbrli:item" />
<element name="DesarrolloInmobiliarioMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DesarrolloInmobiliarioMember" substitutionGroup="xbrli:item" />
<element name="AreaOfBuilding" type="num:areaItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_AreaOfBuilding" substitutionGroup="xbrli:item" />
<element name="ContractAgreementTerm" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_ContractAgreementTerm" substitutionGroup="xbrli:item" />
<element name="FuturePaymentsPursuantToNonCompeteAgreement" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_FuturePaymentsPursuantToNonCompeteAgreement" substitutionGroup="xbrli:item" xbrli:balance="credit" />
<element name="NumberOfLeaseFloor" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_NumberOfLeaseFloor" substitutionGroup="xbrli:item" />
<element name="PercentageOfOwnershipInterest" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_PercentageOfOwnershipInterest" substitutionGroup="xbrli:item" />
<element name="TheLastContractSubscribed" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_TheLastContractSubscribed" substitutionGroup="xbrli:item" />
<element name="DisclosureOfEquityTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DisclosureOfEquityTable" substitutionGroup="xbrldt:hypercubeItem" />
<element name="ClassCCommonStockMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_ClassCCommonStockMember" substitutionGroup="xbrli:item" />
<element name="AcceleratedShareRepurchaseMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_AcceleratedShareRepurchaseMember" substitutionGroup="xbrli:item" />
<element name="DisclosureOfEquityLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DisclosureOfEquityLineItems" substitutionGroup="xbrli:item" />
<element name="NumberOfSharesRepurchaseProgram" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_NumberOfSharesRepurchaseProgram" substitutionGroup="xbrli:item" />
<element name="StockRepurchaseProgramAuthorized" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_StockRepurchaseProgramAuthorized" substitutionGroup="xbrli:item" xbrli:balance="credit" />
<element name="StockRepurchasedDuringPeriodValue1" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_StockRepurchasedDuringPeriodValue1" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="DividendPayableAnnualPercentage" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_DividendPayableAnnualPercentage" substitutionGroup="xbrli:item" />
<element name="CompensationCostRecognizedForNonvestedStockAndOptionsAwards" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_CompensationCostRecognizedForNonvestedStockAndOptionsAwards" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="FairValueOfNonvestedStockAward" type="num:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_FairValueOfNonvestedStockAward" substitutionGroup="xbrli:item" />
<element name="RemainingCompensationCostNotYetRecognizedForNonvestedStockAwards" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_RemainingCompensationCostNotYetRecognizedForNonvestedStockAwards" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="ShareBasedPaymentArrangementExpectedTerm" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_ShareBasedPaymentArrangementExpectedTerm" substitutionGroup="xbrli:item" />
<element name="ShareBasedPaymentArrangementVestingPeriod" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_ShareBasedPaymentArrangementVestingPeriod" substitutionGroup="xbrli:item" />
<element name="TwoThousandSeventeenMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_TwoThousandSeventeenMember" substitutionGroup="xbrli:item" />
<element name="GrantDateFiveBMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_GrantDateFiveBMember" substitutionGroup="xbrli:item" />
<element name="GrantDateNineMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_GrantDateNineMember" substitutionGroup="xbrli:item" />
<element name="GrantDateFiveAMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_GrantDateFiveAMember" substitutionGroup="xbrli:item" />
<element name="GrantDateTwelveMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_GrantDateTwelveMember" substitutionGroup="xbrli:item" />
<element name="GrantDateTwoMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_GrantDateTwoMember" substitutionGroup="xbrli:item" />
<element name="GrantDateElevenCMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_GrantDateElevenCMember" substitutionGroup="xbrli:item" />
<element name="GrantDateElevenBMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_GrantDateElevenBMember" substitutionGroup="xbrli:item" />
<element name="GrantDateElevenAMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_GrantDateElevenAMember" substitutionGroup="xbrli:item" />
<element name="GrantDateNineAMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_GrantDateNineAMember" substitutionGroup="xbrli:item" />
<element name="GrantDateNineBMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_GrantDateNineBMember" substitutionGroup="xbrli:item" />
<element name="GrantDateThirteenMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_GrantDateThirteenMember" substitutionGroup="xbrli:item" />
<element name="GrantDateSixAMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_GrantDateSixAMember" substitutionGroup="xbrli:item" />
<element name="GrantDateThreeAMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_GrantDateThreeAMember" substitutionGroup="xbrli:item" />
<element name="GrantDateFourteenMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_GrantDateFourteenMember" substitutionGroup="xbrli:item" />
<element name="GrantDateFifteenMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_GrantDateFifteenMember" substitutionGroup="xbrli:item" />
<element name="GrantDateSixteenMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_GrantDateSixteenMember" substitutionGroup="xbrli:item" />
<element name="GrantDateSeventeenMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_GrantDateSeventeenMember" substitutionGroup="xbrli:item" />
<element name="GrantDateEighteenMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_GrantDateEighteenMember" substitutionGroup="xbrli:item" />
<element name="GrantDateNineteenMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_GrantDateNineteenMember" substitutionGroup="xbrli:item" />
<element name="NonVestedMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_NonVestedMember" substitutionGroup="xbrli:item" />
<element name="NonVestedDividendParticipatingNonVestedAwards" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_NonVestedDividendParticipatingNonVestedAwards" substitutionGroup="xbrli:item" />
<element name="CommitmentAndContingenciesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_CommitmentAndContingenciesAbstract" substitutionGroup="xbrli:item" />
<element name="CommitmentsAndContingenciesTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_CommitmentsAndContingenciesTable" substitutionGroup="xbrldt:hypercubeItem" />
<element name="CommitmentsAndContingenciesLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_CommitmentsAndContingenciesLineItems" substitutionGroup="xbrli:item" />
<element name="CollectiveBargainingAgreementsTerm" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_CollectiveBargainingAgreementsTerm" substitutionGroup="xbrli:item" />
<element name="LineOfCreditFacilityOutstandingBorrowings" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_LineOfCreditFacilityOutstandingBorrowings" substitutionGroup="xbrli:item" xbrli:balance="credit" />
<element name="PercentageOfEmployeesUnionized" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_PercentageOfEmployeesUnionized" substitutionGroup="xbrli:item" />
<element name="LettersOfCreditOutstandingAmount1" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_LettersOfCreditOutstandingAmount1" substitutionGroup="xbrli:item" xbrli:balance="credit" />
<element name="NumberOfPurchasesContractsSubscribed" type="xbrli:decimalItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_NumberOfPurchasesContractsSubscribed" substitutionGroup="xbrli:item" />
<element name="NumberOfUnionOrganizations" type="xbrli:decimalItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_NumberOfUnionOrganizations" substitutionGroup="xbrli:item" />
<element name="DurationOfStatuteOfLimiatationForIncomeTax" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_DurationOfStatuteOfLimiatationForIncomeTax" substitutionGroup="xbrli:item" />
<element name="DurationOfStatuteOfLimiatationForDividendTax" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_DurationOfStatuteOfLimiatationForDividendTax" substitutionGroup="xbrli:item" />
<element name="LaborUnionsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_LaborUnionsMember" substitutionGroup="xbrli:item" />
<element name="LinesOfCreditForWorkingCapitalAndLettersOfCreditMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_LinesOfCreditForWorkingCapitalAndLettersOfCreditMember" substitutionGroup="xbrli:item" />
<element name="PurchaseContractsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_PurchaseContractsMember" substitutionGroup="xbrli:item" />
<element name="LaterThanOneYearAndNotLaterThanSixYearsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_LaterThanOneYearAndNotLaterThanSixYearsMember" substitutionGroup="xbrli:item" />
<element name="BoeingCompanyMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_BoeingCompanyMember" substitutionGroup="xbrli:item" />
<element name="TaxAuthorityAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_TaxAuthorityAxis" substitutionGroup="xbrldt:dimensionItem" />
<element name="TaxAuthorityDomain" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_TaxAuthorityDomain" substitutionGroup="xbrli:item" />
<element name="PanamaTaxAuthorityMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_PanamaTaxAuthorityMember" substitutionGroup="xbrli:item" />
<element name="FirmCommitmentToPurchaseAssetTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_FirmCommitmentToPurchaseAssetTable" substitutionGroup="xbrldt:hypercubeItem" />
<element name="FirmCommitmentToPurchaseAssetLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_FirmCommitmentToPurchaseAssetLineItems" substitutionGroup="xbrli:item" />
<element name="FuelDerivativeInstrumentsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_FuelDerivativeInstrumentsMember" substitutionGroup="xbrli:item" />
<element name="DerivativeInstrumentIncreasesPercentage" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_DerivativeInstrumentIncreasesPercentage" substitutionGroup="xbrli:item" />
<element name="PercentageOfForeignCurrencyRiskRevenue" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_PercentageOfForeignCurrencyRiskRevenue" substitutionGroup="xbrli:item" />
<element name="PercentageOfForeignExchangeRiskExpenses" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_PercentageOfForeignExchangeRiskExpenses" substitutionGroup="xbrli:item" />
<element name="PercentageOfForeignExchangeRiskRevenue" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_PercentageOfForeignExchangeRiskRevenue" substitutionGroup="xbrli:item" />
<element name="DerivativeInstrumentExpenseIncreases" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_DerivativeInstrumentExpenseIncreases" substitutionGroup="xbrli:item" />
<element name="InterestRateOnDerivativeInstrument" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_InterestRateOnDerivativeInstrument" substitutionGroup="xbrli:item" />
<element name="ProjectedPeriodMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_ProjectedPeriodMember" substitutionGroup="xbrli:item" />
<element name="FixedRatedDebtMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_FixedRatedDebtMember" substitutionGroup="xbrli:item" />
<element name="VariableRatedDebtMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_VariableRatedDebtMember" substitutionGroup="xbrli:item" />
<element name="FinancialAssetLiabilitiesNet" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_FinancialAssetLiabilitiesNet" substitutionGroup="xbrli:item" xbrli:balance="credit" />
<element name="TradePayablesTradeSuppliersAndAgencies" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_TradePayablesTradeSuppliersAndAgencies" substitutionGroup="xbrli:item" xbrli:balance="credit" />
<element name="NoncurrentPayablesOnAccumulatedTaxesAndExpenses" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_NoncurrentPayablesOnAccumulatedTaxesAndExpenses" substitutionGroup="xbrli:item" xbrli:balance="credit" />
<element name="AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesAndIncomeOfFinancialAssets" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" id="cpa_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesAndIncomeOfFinancialAssets" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="NonDerivativeFinancialLiabilitiesCarryingAmount" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_NonDerivativeFinancialLiabilitiesCarryingAmount" substitutionGroup="xbrli:item" xbrli:balance="credit" />
<element name="LeaseLiabilityMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_LeaseLiabilityMember" substitutionGroup="xbrli:item" />
<element name="AccountsPayableToRelatedPartiesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_AccountsPayableToRelatedPartiesMember" substitutionGroup="xbrli:item" />
<element name="AccountsPayable1Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_AccountsPayable1Member" substitutionGroup="xbrli:item" />
<element name="LoansAndBorrowingsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_LoansAndBorrowingsMember" substitutionGroup="xbrli:item" />
<element name="LaterThanFourYearMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_LaterThanFourYearMember" substitutionGroup="xbrli:item" />
<element name="LaterThanOneYearAndNotLaterThanFourYearMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_LaterThanOneYearAndNotLaterThanFourYearMember" substitutionGroup="xbrli:item" />
<element name="ContractualCashFlowMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_ContractualCashFlowMember" substitutionGroup="xbrli:item" />
<element name="AssetsHeldForSaleMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_AssetsHeldForSaleMember" substitutionGroup="xbrli:item" />
<element name="DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryAbstract" substitutionGroup="xbrli:item" />
<element name="DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryTable" substitutionGroup="xbrldt:hypercubeItem" />
<element name="UnobservableInputAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_UnobservableInputAxis" substitutionGroup="xbrldt:dimensionItem" />
<element name="UnobservableInputMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_UnobservableInputMember" substitutionGroup="xbrli:item" />
<element name="SalePriceMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_SalePriceMember" substitutionGroup="xbrli:item" />
<element name="CostOfDisposalMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_CostOfDisposalMember" substitutionGroup="xbrli:item" />
<element name="DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryLineItems" substitutionGroup="xbrli:item" />
<element name="FairValueLessCostsOfDisposalOfValueAssignedToKeyAssumption" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" id="cpa_FairValueLessCostsOfDisposalOfValueAssignedToKeyAssumption" substitutionGroup="xbrli:item" xbrli:balance="debit" />
<element name="EventsAfterReportingPeriodMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="cpa_EventsAfterReportingPeriodMember" substitutionGroup="xbrli:item" />
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>38
<FILENAME>cpa-20201231_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="utf-8"?>
<!--Generated by DFIN XBRL Instance Document - http://www.dfinsolutions.com/ - Version R3.0 - on 23-April-2021 [08:38:45] {AM}-->
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    <loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="loc_dei_EntityCurrentReportingStatus" xlink:type="locator"/>
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    <loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFilerCategory" xlink:label="loc_dei_EntityFilerCategory" xlink:type="locator"/>
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    <loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="loc_dei_EntityEmergingGrowthCompany" xlink:type="locator"/>
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    <loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityShellCompany" xlink:label="loc_dei_EntityShellCompany" xlink:type="locator"/>
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    <label xlink:label="lab_dei_EntityShellCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Shell Company</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityShellCompany" xlink:to="lab_dei_EntityShellCompany" xlink:type="arc"/>
    <loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_dei_EntityCommonStockSharesOutstanding" xlink:type="locator"/>
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    <loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentAnnualReport" xlink:label="loc_dei_DocumentAnnualReport" xlink:type="locator"/>
    <label xlink:label="lab_dei_DocumentAnnualReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Annual Report</label>
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    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentAnnualReport" xlink:to="lab_dei_DocumentAnnualReport" xlink:type="arc"/>
    <loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentTransitionReport" xlink:label="loc_dei_DocumentTransitionReport" xlink:type="locator"/>
    <label xlink:label="lab_dei_DocumentTransitionReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Transition Report</label>
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    <loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentShellCompanyReport" xlink:label="loc_dei_DocumentShellCompanyReport" xlink:type="locator"/>
    <label xlink:label="lab_dei_DocumentShellCompanyReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Shell Company Report</label>
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    <loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="loc_dei_EntityVoluntaryFilers" xlink:type="locator"/>
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    <loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityInteractiveDataCurrent" xlink:label="loc_dei_EntityInteractiveDataCurrent" xlink:type="locator"/>
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    <loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCountry" xlink:label="loc_dei_EntityAddressCountry" xlink:type="locator"/>
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    <loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_IcfrAuditorAttestationFlag" xlink:label="loc_dei_IcfrAuditorAttestationFlag" xlink:type="locator"/>
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    <loc xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentRegistrationStatement" xlink:label="loc_dei_DocumentRegistrationStatement" xlink:type="locator"/>
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    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_Assets" xlink:label="loc_ifrs-full_Assets" xlink:type="locator"/>
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    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:label="loc_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:type="locator"/>
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    <label xlink:label="lab_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Long-term investments</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:to="lab_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DeferredTaxAssets" xlink:label="loc_ifrs-full_DeferredTaxAssets" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DeferredTaxAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax assets</label>
    <label xlink:label="lab_ifrs-full_DeferredTaxAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax assets</label>
    <label xlink:label="lab_ifrs-full_DeferredTaxAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Deferred tax assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DeferredTaxAssets" xlink:to="lab_ifrs-full_DeferredTaxAssets" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IntangibleAssetsAndGoodwill" xlink:label="loc_ifrs-full_IntangibleAssetsAndGoodwill" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_IntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible assets and goodwill</label>
    <label xlink:label="lab_ifrs-full_IntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangible assets</label>
    <label xlink:label="lab_ifrs-full_IntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Ending balance</label>
    <label xlink:label="lab_ifrs-full_IntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Beginning balance</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IntangibleAssetsAndGoodwill" xlink:to="lab_ifrs-full_IntangibleAssetsAndGoodwill" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_RightofuseAssets" xlink:label="loc_ifrs-full_RightofuseAssets" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_RightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Right-of-use assets</label>
    <label xlink:label="lab_ifrs-full_RightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Right of use assets</label>
    <label xlink:label="lab_ifrs-full_RightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Right of use assets, Beginning balance</label>
    <label xlink:label="lab_ifrs-full_RightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Right of use assets, Ending balance</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RightofuseAssets" xlink:to="lab_ifrs-full_RightofuseAssets" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NoncurrentPrepayments" xlink:label="loc_ifrs-full_NoncurrentPrepayments" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_NoncurrentPrepayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current prepayments</label>
    <label xlink:label="lab_ifrs-full_NoncurrentPrepayments" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Prepaid expenses</label>
    <label xlink:label="lab_ifrs-full_NoncurrentPrepayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-current</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncurrentPrepayments" xlink:to="lab_ifrs-full_NoncurrentPrepayments" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NoncurrentRecognisedAssetsDefinedBenefitPlan" xlink:label="loc_ifrs-full_NoncurrentRecognisedAssetsDefinedBenefitPlan" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_NoncurrentRecognisedAssetsDefinedBenefitPlan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current net defined benefit asset</label>
    <label xlink:label="lab_ifrs-full_NoncurrentRecognisedAssetsDefinedBenefitPlan" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net employee defined benefit assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncurrentRecognisedAssetsDefinedBenefitPlan" xlink:to="lab_ifrs-full_NoncurrentRecognisedAssetsDefinedBenefitPlan" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_PropertyPlantAndEquipment" xlink:label="loc_ifrs-full_PropertyPlantAndEquipment" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_PropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property, plant and equipment</label>
    <label xlink:label="lab_ifrs-full_PropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Property and equipment</label>
    <label xlink:label="lab_ifrs-full_PropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Ending balance</label>
    <label xlink:label="lab_ifrs-full_PropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Beginning balance</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PropertyPlantAndEquipment" xlink:to="lab_ifrs-full_PropertyPlantAndEquipment" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NoncurrentTradeReceivables" xlink:label="loc_ifrs-full_NoncurrentTradeReceivables" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_NoncurrentTradeReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current trade receivables</label>
    <label xlink:label="lab_ifrs-full_NoncurrentTradeReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accounts receivable</label>
    <label xlink:label="lab_ifrs-full_NoncurrentTradeReceivables" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Non - current</label>
    <label xlink:label="lab_ifrs-full_NoncurrentTradeReceivables" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:type="resource" xml:lang="en-US">Non - current account receivable</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncurrentTradeReceivables" xlink:to="lab_ifrs-full_NoncurrentTradeReceivables" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherNoncurrentAssets" xlink:label="loc_ifrs-full_OtherNoncurrentAssets" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_OtherNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other non-current assets</label>
    <label xlink:label="lab_ifrs-full_OtherNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other non - current assets</label>
    <label xlink:label="lab_ifrs-full_OtherNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Other non - current assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherNoncurrentAssets" xlink:to="lab_ifrs-full_OtherNoncurrentAssets" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentAssetsAbstract" xlink:label="loc_ifrs-full_CurrentAssetsAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CurrentAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current assets [abstract]</label>
    <label xlink:label="lab_ifrs-full_CurrentAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentAssetsAbstract" xlink:to="lab_ifrs-full_CurrentAssetsAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentPrepaidExpenses" xlink:label="loc_ifrs-full_CurrentPrepaidExpenses" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CurrentPrepaidExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current prepaid expenses</label>
    <label xlink:label="lab_ifrs-full_CurrentPrepaidExpenses" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Prepaid expenses</label>
    <label xlink:label="lab_ifrs-full_CurrentPrepaidExpenses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentPrepaidExpenses" xlink:to="lab_ifrs-full_CurrentPrepaidExpenses" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentTradeReceivables" xlink:label="loc_ifrs-full_CurrentTradeReceivables" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CurrentTradeReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current trade receivables</label>
    <label xlink:label="lab_ifrs-full_CurrentTradeReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accounts receivable</label>
    <label xlink:label="lab_ifrs-full_CurrentTradeReceivables" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Current</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentTradeReceivables" xlink:to="lab_ifrs-full_CurrentTradeReceivables" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashAndCashEquivalents" xlink:label="loc_ifrs-full_CashAndCashEquivalents" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents</label>
    <label xlink:label="lab_ifrs-full_CashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents</label>
    <label xlink:label="lab_ifrs-full_CashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Cash and cash equivalent at Ending balance</label>
    <label xlink:label="lab_ifrs-full_CashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Cash and cash equivalent at Beginning value</label>
    <label xlink:label="lab_ifrs-full_CashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashAndCashEquivalents" xlink:to="lab_ifrs-full_CashAndCashEquivalents" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentAssets" xlink:label="loc_ifrs-full_CurrentAssets" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current assets</label>
    <label xlink:label="lab_ifrs-full_CurrentAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total current assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentAssets" xlink:to="lab_ifrs-full_CurrentAssets" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentInvestments" xlink:label="loc_ifrs-full_CurrentInvestments" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CurrentInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current investments</label>
    <label xlink:label="lab_ifrs-full_CurrentInvestments" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Investments</label>
    <label xlink:label="lab_ifrs-full_CurrentInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentInvestments" xlink:to="lab_ifrs-full_CurrentInvestments" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_Inventories" xlink:label="loc_ifrs-full_Inventories" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_Inventories" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current inventories</label>
    <label xlink:label="lab_ifrs-full_Inventories" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expendable parts and supplies</label>
    <label xlink:label="lab_ifrs-full_Inventories" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Expendable parts and supplies</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Inventories" xlink:to="lab_ifrs-full_Inventories" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherCurrentAssets" xlink:label="loc_ifrs-full_OtherCurrentAssets" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_OtherCurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other current assets</label>
    <label xlink:label="lab_ifrs-full_OtherCurrentAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other currents assets</label>
    <label xlink:label="lab_ifrs-full_OtherCurrentAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Other currents assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherCurrentAssets" xlink:to="lab_ifrs-full_OtherCurrentAssets" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_PrepaidIncomeTaxes" xlink:label="loc_cpa_PrepaidIncomeTaxes" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PrepaidIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Prepaid income taxes</label>
    <label xlink:label="lab_cpa_PrepaidIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Prepaid income tax</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PrepaidIncomeTaxes" xlink:to="lab_cpa_PrepaidIncomeTaxes" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PrepaidIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Prepaid income taxes.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:label="loc_ifrs-full_CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners</label>
    <label xlink:label="lab_ifrs-full_CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total current assets excluding assets held for sale</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:to="lab_ifrs-full_CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:label="loc_cpa_CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current Assets Or Disposal Groups Classified As Held For Sale Or As Held For Distribution To Owners</label>
    <label xlink:label="lab_cpa_CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Asset held for sale</label>
    <label xlink:label="lab_cpa_CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Asset held for sale</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:to="lab_cpa_CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of current assets or disposal groups classified as held for sale or as held for distribution to owners.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EquityAndLiabilitiesAbstract" xlink:label="loc_ifrs-full_EquityAndLiabilitiesAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_EquityAndLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity and liabilities [abstract]</label>
    <label xlink:label="lab_ifrs-full_EquityAndLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">LIABILITIES AND EQUITY</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EquityAndLiabilitiesAbstract" xlink:to="lab_ifrs-full_EquityAndLiabilitiesAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_Liabilities" xlink:label="loc_ifrs-full_Liabilities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_Liabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities</label>
    <label xlink:label="lab_ifrs-full_Liabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total liabilities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Liabilities" xlink:to="lab_ifrs-full_Liabilities" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_CommitmentsAndContingencies1" xlink:label="loc_cpa_CommitmentsAndContingencies1" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CommitmentsAndContingencies1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commitments and Contingencies1</label>
    <label xlink:label="lab_cpa_CommitmentsAndContingencies1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Commitments and contingencies</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CommitmentsAndContingencies1" xlink:to="lab_cpa_CommitmentsAndContingencies1" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CommitmentsAndContingencies1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Commitments and contingencies.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentLiabilitiesAbstract" xlink:label="loc_ifrs-full_CurrentLiabilitiesAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CurrentLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current liabilities [abstract]</label>
    <label xlink:label="lab_ifrs-full_CurrentLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current liabilities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentLiabilitiesAbstract" xlink:to="lab_ifrs-full_CurrentLiabilitiesAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentTaxLiabilities" xlink:label="loc_ifrs-full_CurrentTaxLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CurrentTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current tax liabilities</label>
    <label xlink:label="lab_ifrs-full_CurrentTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Income tax payable</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentTaxLiabilities" xlink:to="lab_ifrs-full_CurrentTaxLiabilities" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:label="loc_ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current portion of non-current borrowings</label>
    <label xlink:label="lab_ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loans and borrowings</label>
    <label xlink:label="lab_ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Current maturities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:to="lab_ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_CurrentTaxesAndInterestPayable" xlink:label="loc_cpa_CurrentTaxesAndInterestPayable" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CurrentTaxesAndInterestPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current Taxes And Interest Payable</label>
    <label xlink:label="lab_cpa_CurrentTaxesAndInterestPayable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Taxes payable</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CurrentTaxesAndInterestPayable" xlink:to="lab_cpa_CurrentTaxesAndInterestPayable" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CurrentTaxesAndInterestPayable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Current taxes and interest payable.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AccrualsClassifiedAsCurrent" xlink:label="loc_ifrs-full_AccrualsClassifiedAsCurrent" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AccrualsClassifiedAsCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accruals classified as current</label>
    <label xlink:label="lab_ifrs-full_AccrualsClassifiedAsCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accrued expenses payable</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AccrualsClassifiedAsCurrent" xlink:to="lab_ifrs-full_AccrualsClassifiedAsCurrent" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_AirTrafficLiability" xlink:label="loc_cpa_AirTrafficLiability" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AirTrafficLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Air Traffic Liability</label>
    <label xlink:label="lab_cpa_AirTrafficLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Air traffic liability</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AirTrafficLiability" xlink:to="lab_cpa_AirTrafficLiability" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AirTrafficLiability" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Air traffic liability.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DeferredIncomeClassifiedAsCurrent" xlink:label="loc_ifrs-full_DeferredIncomeClassifiedAsCurrent" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DeferredIncomeClassifiedAsCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred income classified as current</label>
    <label xlink:label="lab_ifrs-full_DeferredIncomeClassifiedAsCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Frequent flyer deferred revenue</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DeferredIncomeClassifiedAsCurrent" xlink:to="lab_ifrs-full_DeferredIncomeClassifiedAsCurrent" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentLiabilities" xlink:label="loc_ifrs-full_CurrentLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current liabilities</label>
    <label xlink:label="lab_ifrs-full_CurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total current liabilities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentLiabilities" xlink:to="lab_ifrs-full_CurrentLiabilities" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TradeAndOtherCurrentPayables" xlink:label="loc_ifrs-full_TradeAndOtherCurrentPayables" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_TradeAndOtherCurrentPayables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade and other current payables</label>
    <label xlink:label="lab_ifrs-full_TradeAndOtherCurrentPayables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade, other payables and financial liabilities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TradeAndOtherCurrentPayables" xlink:to="lab_ifrs-full_TradeAndOtherCurrentPayables" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentLeaseLiabilities" xlink:label="loc_ifrs-full_CurrentLeaseLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CurrentLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current lease liabilities</label>
    <label xlink:label="lab_ifrs-full_CurrentLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Current portion of lease liabilities</label>
    <label xlink:label="lab_ifrs-full_CurrentLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current portion of lease liability</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentLeaseLiabilities" xlink:to="lab_ifrs-full_CurrentLeaseLiabilities" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NoncurrentLiabilitiesAbstract" xlink:label="loc_ifrs-full_NoncurrentLiabilitiesAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_NoncurrentLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current liabilities [abstract]</label>
    <label xlink:label="lab_ifrs-full_NoncurrentLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-current liabilities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="lab_ifrs-full_NoncurrentLiabilitiesAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LongtermBorrowings" xlink:label="loc_ifrs-full_LongtermBorrowings" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_LongtermBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current portion of non-current borrowings</label>
    <label xlink:label="lab_ifrs-full_LongtermBorrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loans and borrowings long-term</label>
    <label xlink:label="lab_ifrs-full_LongtermBorrowings" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Loans and borrowings long-term</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LongtermBorrowings" xlink:to="lab_ifrs-full_LongtermBorrowings" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DeferredIncomeClassifiedAsNoncurrent" xlink:label="loc_ifrs-full_DeferredIncomeClassifiedAsNoncurrent" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DeferredIncomeClassifiedAsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred income classified as non-current</label>
    <label xlink:label="lab_ifrs-full_DeferredIncomeClassifiedAsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Frequent flyer deferred revenue</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DeferredIncomeClassifiedAsNoncurrent" xlink:to="lab_ifrs-full_DeferredIncomeClassifiedAsNoncurrent" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NoncurrentLiabilities" xlink:label="loc_ifrs-full_NoncurrentLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_NoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current liabilities</label>
    <label xlink:label="lab_ifrs-full_NoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total non - current liabilities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncurrentLiabilities" xlink:to="lab_ifrs-full_NoncurrentLiabilities" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DeferredTaxLiabilities" xlink:label="loc_ifrs-full_DeferredTaxLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities</label>
    <label xlink:label="lab_ifrs-full_DeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities</label>
    <label xlink:label="lab_ifrs-full_DeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DeferredTaxLiabilities" xlink:to="lab_ifrs-full_DeferredTaxLiabilities" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NoncurrentLeaseLiabilities" xlink:label="loc_ifrs-full_NoncurrentLeaseLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_NoncurrentLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current lease liabilities</label>
    <label xlink:label="lab_ifrs-full_NoncurrentLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lease liabilities</label>
    <label xlink:label="lab_ifrs-full_NoncurrentLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Long Term Lease liability</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncurrentLeaseLiabilities" xlink:to="lab_ifrs-full_NoncurrentLeaseLiabilities" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherNoncurrentLiabilities" xlink:label="loc_ifrs-full_OtherNoncurrentLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_OtherNoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other non-current liabilities</label>
    <label xlink:label="lab_ifrs-full_OtherNoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other long - term liabilities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherNoncurrentLiabilities" xlink:to="lab_ifrs-full_OtherNoncurrentLiabilities" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NoncurrentRecognisedLiabilitiesDefinedBenefitPlan" xlink:label="loc_ifrs-full_NoncurrentRecognisedLiabilitiesDefinedBenefitPlan" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_NoncurrentRecognisedLiabilitiesDefinedBenefitPlan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current net defined benefit liability</label>
    <label xlink:label="lab_ifrs-full_NoncurrentRecognisedLiabilitiesDefinedBenefitPlan" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net employee defined benefit&#xA0;liabilities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncurrentRecognisedLiabilitiesDefinedBenefitPlan" xlink:to="lab_ifrs-full_NoncurrentRecognisedLiabilitiesDefinedBenefitPlan" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DerivativeFinancialLiabilities" xlink:label="loc_ifrs-full_DerivativeFinancialLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DerivativeFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative financial liabilities</label>
    <label xlink:label="lab_ifrs-full_DerivativeFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative financial instruments</label>
    <label xlink:label="lab_ifrs-full_DerivativeFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Derivative financial instruments</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DerivativeFinancialLiabilities" xlink:to="lab_ifrs-full_DerivativeFinancialLiabilities" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EquityAbstract" xlink:label="loc_ifrs-full_EquityAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_EquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity [abstract]</label>
    <label xlink:label="lab_ifrs-full_EquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EquityAbstract" xlink:to="lab_ifrs-full_EquityAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AccumulatedOtherComprehensiveIncome" xlink:label="loc_ifrs-full_AccumulatedOtherComprehensiveIncome" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AccumulatedOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accumulated other comprehensive income</label>
    <label xlink:label="lab_ifrs-full_AccumulatedOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accumulated other comprehensive loss</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AccumulatedOtherComprehensiveIncome" xlink:to="lab_ifrs-full_AccumulatedOtherComprehensiveIncome" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AdditionalPaidinCapital" xlink:label="loc_ifrs-full_AdditionalPaidinCapital" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AdditionalPaidinCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additional paid-in capital</label>
    <label xlink:label="lab_ifrs-full_AdditionalPaidinCapital" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additional paid in capital</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdditionalPaidinCapital" xlink:to="lab_ifrs-full_AdditionalPaidinCapital" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IssuedCapital" xlink:label="loc_ifrs-full_IssuedCapital" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_IssuedCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Issued capital</label>
    <label xlink:label="lab_ifrs-full_IssuedCapital" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common stock</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IssuedCapital" xlink:to="lab_ifrs-full_IssuedCapital" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TreasuryShares" xlink:label="loc_ifrs-full_TreasuryShares" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_TreasuryShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Treasury shares</label>
    <label xlink:label="lab_ifrs-full_TreasuryShares" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Treasury stock</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TreasuryShares" xlink:to="lab_ifrs-full_TreasuryShares" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_Equity" xlink:label="loc_ifrs-full_Equity" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_Equity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity</label>
    <label xlink:label="lab_ifrs-full_Equity" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total equity</label>
    <label xlink:label="lab_ifrs-full_Equity" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Ending balance</label>
    <label xlink:label="lab_ifrs-full_Equity" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Beginning balance</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Equity" xlink:to="lab_ifrs-full_Equity" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_RetainedEarnings" xlink:label="loc_ifrs-full_RetainedEarnings" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_RetainedEarnings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Retained earnings</label>
    <label xlink:label="lab_ifrs-full_RetainedEarnings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Retained earnings</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RetainedEarnings" xlink:to="lab_ifrs-full_RetainedEarnings" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EquityAndLiabilities" xlink:label="loc_ifrs-full_EquityAndLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_EquityAndLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity and liabilities</label>
    <label xlink:label="lab_ifrs-full_EquityAndLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total liabilities and equity</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EquityAndLiabilities" xlink:to="lab_ifrs-full_EquityAndLiabilities" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NumberOfSharesIssued" xlink:label="loc_ifrs-full_NumberOfSharesIssued" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_NumberOfSharesIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of shares issued</label>
    <label xlink:label="lab_ifrs-full_NumberOfSharesIssued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common stock, shares issued</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NumberOfSharesIssued" xlink:to="lab_ifrs-full_NumberOfSharesIssued" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NumberOfSharesOutstanding" xlink:label="loc_ifrs-full_NumberOfSharesOutstanding" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_NumberOfSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of shares outstanding</label>
    <label xlink:label="lab_ifrs-full_NumberOfSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common stock, shares outstanding</label>
    <label xlink:label="lab_ifrs-full_NumberOfSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Ending balance, shares</label>
    <label xlink:label="lab_ifrs-full_NumberOfSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Beginning balance, shares</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NumberOfSharesOutstanding" xlink:to="lab_ifrs-full_NumberOfSharesOutstanding" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_NoParValuePerShare" xlink:label="loc_cpa_NoParValuePerShare" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NoParValuePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">No Par Value Per Share</label>
    <label xlink:label="lab_cpa_NoParValuePerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common stock, no par value</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NoParValuePerShare" xlink:to="lab_cpa_NoParValuePerShare" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NoParValuePerShare" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">No Par Value Per Share</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_OperatingExpensesFromRailroadAndRelatedBusinessAbstract" xlink:label="loc_cpa_OperatingExpensesFromRailroadAndRelatedBusinessAbstract" xlink:type="locator"/>
    <label xlink:label="lab_cpa_OperatingExpensesFromRailroadAndRelatedBusinessAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating expenses from railroad and related business [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_OperatingExpensesFromRailroadAndRelatedBusinessAbstract" xlink:to="lab_cpa_OperatingExpensesFromRailroadAndRelatedBusinessAbstract" xlink:type="arc"/>
    <label xlink:label="lab_cpa_OperatingExpensesFromRailroadAndRelatedBusinessAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of operating expenses from railroad and related business.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:label="loc_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax expense (income)</label>
    <label xlink:label="lab_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Income tax expense</label>
    <label xlink:label="lab_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xml:lang="en-US">Total income tax expense</label>
    <label xlink:label="lab_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total income tax expense</label>
    <label xlink:label="lab_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Total income tax expense</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:to="lab_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProfitLoss" xlink:label="loc_ifrs-full_ProfitLoss" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Profit (loss)</label>
    <label xlink:label="lab_ifrs-full_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net (loss) profit</label>
    <label xlink:label="lab_ifrs-full_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Net (loss) profit</label>
    <label xlink:label="lab_ifrs-full_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/presentationGuidance" xlink:type="resource" xml:lang="en-US">Net profit (loss)</label>
    <label xlink:label="lab_ifrs-full_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net income</label>
    <label xlink:label="lab_ifrs-full_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xlink:type="resource" xml:lang="en-US">Net (loss) income</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProfitLoss" xlink:to="lab_ifrs-full_ProfitLoss" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProfitLossFromOperatingActivities" xlink:label="loc_ifrs-full_ProfitLossFromOperatingActivities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ProfitLossFromOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Profit (loss) from operating activities</label>
    <label xlink:label="lab_ifrs-full_ProfitLossFromOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Operating (loss) profit</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProfitLossFromOperatingActivities" xlink:to="lab_ifrs-full_ProfitLossFromOperatingActivities" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_RevenueAbstract" xlink:label="loc_ifrs-full_RevenueAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_RevenueAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenue [abstract]</label>
    <label xlink:label="lab_ifrs-full_RevenueAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Operating revenue</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RevenueAbstract" xlink:to="lab_ifrs-full_RevenueAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherRevenue" xlink:label="loc_ifrs-full_OtherRevenue" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_OtherRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other revenue</label>
    <label xlink:label="lab_ifrs-full_OtherRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other operating revenue</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherRevenue" xlink:to="lab_ifrs-full_OtherRevenue" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_Revenue" xlink:label="loc_ifrs-full_Revenue" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_Revenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenue</label>
    <label xlink:label="lab_ifrs-full_Revenue" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total operating revenue</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Revenue" xlink:to="lab_ifrs-full_Revenue" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_RevenueFromRenderingOfCargoAndMailTransportServices" xlink:label="loc_ifrs-full_RevenueFromRenderingOfCargoAndMailTransportServices" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_RevenueFromRenderingOfCargoAndMailTransportServices" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenue from rendering of cargo and mail transport services</label>
    <label xlink:label="lab_ifrs-full_RevenueFromRenderingOfCargoAndMailTransportServices" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cargo and mail revenue</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RevenueFromRenderingOfCargoAndMailTransportServices" xlink:to="lab_ifrs-full_RevenueFromRenderingOfCargoAndMailTransportServices" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_RevenueFromRenderingOfPassengerTransportServices" xlink:label="loc_ifrs-full_RevenueFromRenderingOfPassengerTransportServices" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_RevenueFromRenderingOfPassengerTransportServices" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenue from rendering of passenger transport services</label>
    <label xlink:label="lab_ifrs-full_RevenueFromRenderingOfPassengerTransportServices" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Passenger revenue</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RevenueFromRenderingOfPassengerTransportServices" xlink:to="lab_ifrs-full_RevenueFromRenderingOfPassengerTransportServices" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_NonOperatingIncomeExpenseAbstract" xlink:label="loc_cpa_NonOperatingIncomeExpenseAbstract" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NonOperatingIncomeExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non operating income (expense) [abstract]</label>
    <label xlink:label="lab_cpa_NonOperatingIncomeExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-operating (expense) income</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NonOperatingIncomeExpenseAbstract" xlink:to="lab_cpa_NonOperatingIncomeExpenseAbstract" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NonOperatingIncomeExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Non operating income expense.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax" xlink:label="loc_ifrs-full_GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gains (losses) on change in value of foreign currency basis spreads, before tax</label>
    <label xlink:label="lab_ifrs-full_GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loss on foreign currency fluctuations</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax" xlink:to="lab_ifrs-full_GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_OtherNonOperatingIncomeExpense1" xlink:label="loc_cpa_OtherNonOperatingIncomeExpense1" xlink:type="locator"/>
    <label xlink:label="lab_cpa_OtherNonOperatingIncomeExpense1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other non Operating Income Expense 1</label>
    <label xlink:label="lab_cpa_OtherNonOperatingIncomeExpense1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other non-operating expense</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_OtherNonOperatingIncomeExpense1" xlink:to="lab_cpa_OtherNonOperatingIncomeExpense1" xlink:type="arc"/>
    <label xlink:label="lab_cpa_OtherNonOperatingIncomeExpense1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other non operating income expense.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AdjustmentsForFinanceCosts" xlink:label="loc_ifrs-full_AdjustmentsForFinanceCosts" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AdjustmentsForFinanceCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for finance costs</label>
    <label xlink:label="lab_ifrs-full_AdjustmentsForFinanceCosts" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Finance cost</label>
    <label xlink:label="lab_ifrs-full_AdjustmentsForFinanceCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Finance cost</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustmentsForFinanceCosts" xlink:to="lab_ifrs-full_AdjustmentsForFinanceCosts" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FinanceIncome" xlink:label="loc_ifrs-full_FinanceIncome" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_FinanceIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Finance income</label>
    <label xlink:label="lab_ifrs-full_FinanceIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Finance income</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinanceIncome" xlink:to="lab_ifrs-full_FinanceIncome" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" xlink:label="loc_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gains (losses) on change in fair value of derivatives</label>
    <label xlink:label="lab_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net change in fair value of derivatives</label>
    <label xlink:label="lab_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Net change in fair value of derivatives</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" xlink:to="lab_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_NonOperatingIncomeExpense1" xlink:label="loc_cpa_NonOperatingIncomeExpense1" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NonOperatingIncomeExpense1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non Operating Income Expense1</label>
    <label xlink:label="lab_cpa_NonOperatingIncomeExpense1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total non-operating (expense) income</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NonOperatingIncomeExpense1" xlink:to="lab_cpa_NonOperatingIncomeExpense1" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NonOperatingIncomeExpense1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Non operating income expense.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_OperatingExpenseAbstract" xlink:label="loc_cpa_OperatingExpenseAbstract" xlink:type="locator"/>
    <label xlink:label="lab_cpa_OperatingExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Expense [abstract]</label>
    <label xlink:label="lab_cpa_OperatingExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Operating expenses</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_OperatingExpenseAbstract" xlink:to="lab_cpa_OperatingExpenseAbstract" xlink:type="arc"/>
    <label xlink:label="lab_cpa_OperatingExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Operating expense.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_AirportFacilitiesAndHandlingCharges" xlink:label="loc_cpa_AirportFacilitiesAndHandlingCharges" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AirportFacilitiesAndHandlingCharges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Airport Facilities And Handling Charges</label>
    <label xlink:label="lab_cpa_AirportFacilitiesAndHandlingCharges" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Airport facilities and handling charges</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AirportFacilitiesAndHandlingCharges" xlink:to="lab_cpa_AirportFacilitiesAndHandlingCharges" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AirportFacilitiesAndHandlingCharges" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Airport facilities and handling charges.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:label="loc_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Impairment loss recognised in profit or loss, property, plant and equipment</label>
    <label xlink:label="lab_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Impairment of non financial assets</label>
    <label xlink:label="lab_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Impairment</label>
    <label xlink:label="lab_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Impairment</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:to="lab_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherExpenseByFunction" xlink:label="loc_ifrs-full_OtherExpenseByFunction" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_OtherExpenseByFunction" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other expense, by function</label>
    <label xlink:label="lab_ifrs-full_OtherExpenseByFunction" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other operating and administrative expenses</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherExpenseByFunction" xlink:to="lab_ifrs-full_OtherExpenseByFunction" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_PassengerServicingExpenses" xlink:label="loc_cpa_PassengerServicingExpenses" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PassengerServicingExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Passenger Servicing Expenses</label>
    <label xlink:label="lab_cpa_PassengerServicingExpenses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Passenger servicing</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PassengerServicingExpenses" xlink:to="lab_cpa_PassengerServicingExpenses" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PassengerServicingExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Passenger servicing expenses.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_RepairsAndMaintenanceExpense" xlink:label="loc_ifrs-full_RepairsAndMaintenanceExpense" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_RepairsAndMaintenanceExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repairs and maintenance expense</label>
    <label xlink:label="lab_ifrs-full_RepairsAndMaintenanceExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maintenance, materials and repairs</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RepairsAndMaintenanceExpense" xlink:to="lab_ifrs-full_RepairsAndMaintenanceExpense" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OperatingExpense" xlink:label="loc_ifrs-full_OperatingExpense" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_OperatingExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating expense</label>
    <label xlink:label="lab_ifrs-full_OperatingExpense" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total operating expenses</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OperatingExpense" xlink:to="lab_ifrs-full_OperatingExpense" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_SalesMarketingAndDistributionExpenses" xlink:label="loc_cpa_SalesMarketingAndDistributionExpenses" xlink:type="locator"/>
    <label xlink:label="lab_cpa_SalesMarketingAndDistributionExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sales marketing and distribution expenses</label>
    <label xlink:label="lab_cpa_SalesMarketingAndDistributionExpenses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sales and distribution</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_SalesMarketingAndDistributionExpenses" xlink:to="lab_cpa_SalesMarketingAndDistributionExpenses" xlink:type="arc"/>
    <label xlink:label="lab_cpa_SalesMarketingAndDistributionExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Sales marketing and distribution expenses.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DepreciationAndAmortisationExpense" xlink:label="loc_ifrs-full_DepreciationAndAmortisationExpense" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DepreciationAndAmortisationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Depreciation and amortisation expense</label>
    <label xlink:label="lab_ifrs-full_DepreciationAndAmortisationExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Depreciation and amortization</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DepreciationAndAmortisationExpense" xlink:to="lab_ifrs-full_DepreciationAndAmortisationExpense" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EmployeeBenefitsExpense" xlink:label="loc_ifrs-full_EmployeeBenefitsExpense" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_EmployeeBenefitsExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Employee benefits expense</label>
    <label xlink:label="lab_ifrs-full_EmployeeBenefitsExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Wages, salaries, benefits and other employees' expenses</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EmployeeBenefitsExpense" xlink:to="lab_ifrs-full_EmployeeBenefitsExpense" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_FlightOperationsExpense" xlink:label="loc_cpa_FlightOperationsExpense" xlink:type="locator"/>
    <label xlink:label="lab_cpa_FlightOperationsExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Flight Operations Expense</label>
    <label xlink:label="lab_cpa_FlightOperationsExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Flight operations</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_FlightOperationsExpense" xlink:to="lab_cpa_FlightOperationsExpense" xlink:type="arc"/>
    <label xlink:label="lab_cpa_FlightOperationsExpense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Flight operations expense.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FuelExpense" xlink:label="loc_ifrs-full_FuelExpense" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_FuelExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fuel expense</label>
    <label xlink:label="lab_ifrs-full_FuelExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fuel</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FuelExpense" xlink:to="lab_ifrs-full_FuelExpense" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProfitLossBeforeTax" xlink:label="loc_ifrs-full_ProfitLossBeforeTax" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ProfitLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Profit (loss) before tax</label>
    <label xlink:label="lab_ifrs-full_ProfitLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">(Loss) Profit before taxes</label>
    <label xlink:label="lab_ifrs-full_ProfitLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Profit excluding income tax</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProfitLossBeforeTax" xlink:to="lab_ifrs-full_ProfitLossBeforeTax" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EarningsPerShareAbstract" xlink:label="loc_ifrs-full_EarningsPerShareAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Earnings per share [abstract]</label>
    <label xlink:label="lab_ifrs-full_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">(Loss) Earnings per share</label>
    <label xlink:label="lab_ifrs-full_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Earnings per share [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EarningsPerShareAbstract" xlink:to="lab_ifrs-full_EarningsPerShareAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_BasicAndDilutedEarningsLossPerShare" xlink:label="loc_ifrs-full_BasicAndDilutedEarningsLossPerShare" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_BasicAndDilutedEarningsLossPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Basic and diluted earnings (loss) per share</label>
    <label xlink:label="lab_ifrs-full_BasicAndDilutedEarningsLossPerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Basic and diluted</label>
    <label xlink:label="lab_ifrs-full_BasicAndDilutedEarningsLossPerShare" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Basic and diluted earnings (loss) per share</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BasicAndDilutedEarningsLossPerShare" xlink:to="lab_ifrs-full_BasicAndDilutedEarningsLossPerShare" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_StatementOfComprehensiveIncomeAbstract" xlink:label="loc_ifrs-full_StatementOfComprehensiveIncomeAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_StatementOfComprehensiveIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of comprehensive income [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_StatementOfComprehensiveIncomeAbstract" xlink:to="lab_ifrs-full_StatementOfComprehensiveIncomeAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherComprehensiveIncomeAbstract" xlink:label="loc_ifrs-full_OtherComprehensiveIncomeAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_OtherComprehensiveIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other comprehensive income [abstract]</label>
    <label xlink:label="lab_ifrs-full_OtherComprehensiveIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other comprehensive loss</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherComprehensiveIncomeAbstract" xlink:to="lab_ifrs-full_OtherComprehensiveIncomeAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ComprehensiveIncome" xlink:label="loc_ifrs-full_ComprehensiveIncome" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Comprehensive income</label>
    <label xlink:label="lab_ifrs-full_ComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total comprehensive (loss) income for the year</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ComprehensiveIncome" xlink:to="lab_ifrs-full_ComprehensiveIncome" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:label="loc_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Components of other comprehensive income that will not be reclassified to profit or loss, net of tax [abstract]</label>
    <label xlink:label="lab_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other comprehensive loss not to be reclassified to profit or loss in subsequent periods -</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:to="lab_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:label="loc_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other comprehensive income, net of tax, gains (losses) on remeasurements of defined benefit plans</label>
    <label xlink:label="lab_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Remeasurement of actuarial loss, net of amortization</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:to="lab_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_StatementOfChangesInEquityAbstract" xlink:label="loc_ifrs-full_StatementOfChangesInEquityAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_StatementOfChangesInEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of changes in equity [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_StatementOfChangesInEquityAbstract" xlink:to="lab_ifrs-full_StatementOfChangesInEquityAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_StatementOfChangesInEquityTable" xlink:label="loc_ifrs-full_StatementOfChangesInEquityTable" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_StatementOfChangesInEquityTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of changes in equity [table]</label>
    <label xlink:label="lab_ifrs-full_StatementOfChangesInEquityTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statement of changes in equity [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_StatementOfChangesInEquityTable" xlink:to="lab_ifrs-full_StatementOfChangesInEquityTable" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ComponentsOfEquityAxis" xlink:label="loc_ifrs-full_ComponentsOfEquityAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ComponentsOfEquityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Components of equity [axis]</label>
    <label xlink:label="lab_ifrs-full_ComponentsOfEquityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Components of equity [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ComponentsOfEquityAxis" xlink:to="lab_ifrs-full_ComponentsOfEquityAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EquityMember" xlink:label="loc_ifrs-full_EquityMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_EquityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity [member]</label>
    <label xlink:label="lab_ifrs-full_EquityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EquityMember" xlink:to="lab_ifrs-full_EquityMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:label="loc_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accumulated other comprehensive income [member]</label>
    <label xlink:label="lab_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accumulated other comprehensive income (loss) [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:to="lab_ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AdditionalPaidinCapitalMember" xlink:label="loc_ifrs-full_AdditionalPaidinCapitalMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AdditionalPaidinCapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additional paid-in capital [member]</label>
    <label xlink:label="lab_ifrs-full_AdditionalPaidinCapitalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additional paid in capital [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdditionalPaidinCapitalMember" xlink:to="lab_ifrs-full_AdditionalPaidinCapitalMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_RetainedEarningsMember" xlink:label="loc_ifrs-full_RetainedEarningsMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Retained earnings [member]</label>
    <label xlink:label="lab_ifrs-full_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Retained earnings [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RetainedEarningsMember" xlink:to="lab_ifrs-full_RetainedEarningsMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TreasurySharesMember" xlink:label="loc_ifrs-full_TreasurySharesMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_TreasurySharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Treasury shares [member]</label>
    <label xlink:label="lab_ifrs-full_TreasurySharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Treasury stock [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TreasurySharesMember" xlink:to="lab_ifrs-full_TreasurySharesMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis" xlink:label="loc_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Retrospective application and retrospective restatement [axis]</label>
    <label xlink:label="lab_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Retrospective application and retrospective restatement [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis" xlink:to="lab_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_RestatedMember" xlink:label="loc_ifrs-full_RestatedMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_RestatedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Currently stated [member]</label>
    <label xlink:label="lab_ifrs-full_RestatedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Currently stated [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RestatedMember" xlink:to="lab_ifrs-full_RestatedMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_PreviouslyStatedMember" xlink:label="loc_ifrs-full_PreviouslyStatedMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_PreviouslyStatedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Previously stated [member]</label>
    <label xlink:label="lab_ifrs-full_PreviouslyStatedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Previously stated [member]</label>
    <label xlink:label="lab_ifrs-full_PreviouslyStatedMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">As Previously reported [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PreviouslyStatedMember" xlink:to="lab_ifrs-full_PreviouslyStatedMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_StatementOfChangesInEquityLineItems" xlink:label="loc_ifrs-full_StatementOfChangesInEquityLineItems" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_StatementOfChangesInEquityLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of changes in equity [line items]</label>
    <label xlink:label="lab_ifrs-full_StatementOfChangesInEquityLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statement of changes in equity [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="lab_ifrs-full_StatementOfChangesInEquityLineItems" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions" xlink:label="loc_ifrs-full_DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Decrease (increase) through tax on share-based payment transactions, equity</label>
    <label xlink:label="lab_ifrs-full_DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Share-based compensation expense</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions" xlink:to="lab_ifrs-full_DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_IssuanceOfStockForEmployeeAwardsShares" xlink:label="loc_cpa_IssuanceOfStockForEmployeeAwardsShares" xlink:type="locator"/>
    <label xlink:label="lab_cpa_IssuanceOfStockForEmployeeAwardsShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Issuance Of Stock For Employee Awards Shares</label>
    <label xlink:label="lab_cpa_IssuanceOfStockForEmployeeAwardsShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Issuance of stock for employee awards, shares</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_IssuanceOfStockForEmployeeAwardsShares" xlink:to="lab_cpa_IssuanceOfStockForEmployeeAwardsShares" xlink:type="arc"/>
    <label xlink:label="lab_cpa_IssuanceOfStockForEmployeeAwardsShares" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Issuance of stock for employee awards shares.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DividendsPaid" xlink:label="loc_ifrs-full_DividendsPaid" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DividendsPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends recognised as distributions to owners</label>
    <label xlink:label="lab_ifrs-full_DividendsPaid" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Dividends paid</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DividendsPaid" xlink:to="lab_ifrs-full_DividendsPaid" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_IncreaseDecreaseThroughIssuanceOfStockForEmployeeAwards" xlink:label="loc_cpa_IncreaseDecreaseThroughIssuanceOfStockForEmployeeAwards" xlink:type="locator"/>
    <label xlink:label="lab_cpa_IncreaseDecreaseThroughIssuanceOfStockForEmployeeAwards" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase Decrease Through Issuance Of Stock For Employee Awards</label>
    <label xlink:label="lab_cpa_IncreaseDecreaseThroughIssuanceOfStockForEmployeeAwards" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Issuance of stock for employee awards</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_IncreaseDecreaseThroughIssuanceOfStockForEmployeeAwards" xlink:to="lab_cpa_IncreaseDecreaseThroughIssuanceOfStockForEmployeeAwards" xlink:type="arc"/>
    <label xlink:label="lab_cpa_IncreaseDecreaseThroughIssuanceOfStockForEmployeeAwards" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase decrease through issuance of stock for employee awards.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity" xlink:label="loc_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through other changes, equity</label>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity" xlink:to="lab_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherComprehensiveIncome" xlink:label="loc_ifrs-full_OtherComprehensiveIncome" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_OtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other comprehensive income</label>
    <label xlink:label="lab_ifrs-full_OtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other comprehensive loss</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherComprehensiveIncome" xlink:to="lab_ifrs-full_OtherComprehensiveIncome" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary" xlink:label="loc_ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through acquisition of subsidiary, equity</label>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Adjustment on initial application of IFRS 9</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary" xlink:to="lab_ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_StatementOfCashFlowsAbstract" xlink:label="loc_ifrs-full_StatementOfCashFlowsAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_StatementOfCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of cash flows [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_StatementOfCashFlowsAbstract" xlink:to="lab_ifrs-full_StatementOfCashFlowsAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:label="loc_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash flows from (used in) financing activities [abstract]</label>
    <label xlink:label="lab_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financing activities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="lab_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:label="loc_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends paid, classified as financing activities</label>
    <label xlink:label="lab_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Dividends paid</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:to="lab_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:label="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash flows from (used in) financing activities</label>
    <label xlink:label="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash from (used) in financing activities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_PaymentsOnLoansBorrowingsAndFinanceLeases" xlink:label="loc_cpa_PaymentsOnLoansBorrowingsAndFinanceLeases" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PaymentsOnLoansBorrowingsAndFinanceLeases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments on loans, borrowings and finance leases</label>
    <label xlink:label="lab_cpa_PaymentsOnLoansBorrowingsAndFinanceLeases" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Payments on loans and borrowings</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PaymentsOnLoansBorrowingsAndFinanceLeases" xlink:to="lab_cpa_PaymentsOnLoansBorrowingsAndFinanceLeases" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PaymentsOnLoansBorrowingsAndFinanceLeases" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payments on loans, borrowings and finance leases.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:label="loc_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from borrowings, classified as financing activities</label>
    <label xlink:label="lab_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from new borrowings</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:to="lab_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures" xlink:label="loc_ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from issue of bonds, notes and debentures</label>
    <label xlink:label="lab_ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from issue of convertible notes, net of costs</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures" xlink:to="lab_ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:label="loc_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments of lease liabilities, classified as financing activities</label>
    <label xlink:label="lab_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Payment of lease liability</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:to="lab_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:label="loc_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Effect of exchange rate changes on cash and cash equivalents</label>
    <label xlink:label="lab_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Effect of exchange rate change on cash</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:to="lab_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:label="loc_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash flows from (used in) investing activities [abstract]</label>
    <label xlink:label="lab_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investing activities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="lab_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:label="loc_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash flows from (used in) investing activities</label>
    <label xlink:label="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash used in investing activities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_AdvancePaymentsOnAircraftPurchaseContractsAndOthers" xlink:label="loc_cpa_AdvancePaymentsOnAircraftPurchaseContractsAndOthers" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AdvancePaymentsOnAircraftPurchaseContractsAndOthers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Advance payments on aircraft purchase contracts and others</label>
    <label xlink:label="lab_cpa_AdvancePaymentsOnAircraftPurchaseContractsAndOthers" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Advance payments on aircraft purchase contracts and other</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AdvancePaymentsOnAircraftPurchaseContractsAndOthers" xlink:to="lab_cpa_AdvancePaymentsOnAircraftPurchaseContractsAndOthers" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AdvancePaymentsOnAircraftPurchaseContractsAndOthers" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Advance payments on aircraft purchase contracts and others.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod" xlink:label="loc_ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from sales of investments accounted for using equity method</label>
    <label xlink:label="lab_ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from redemption of investments</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod" xlink:to="lab_ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:label="loc_ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from disposals of property, plant and equipment, intangible assets other than goodwill, investment property and other non-current assets</label>
    <label xlink:label="lab_ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from sale of property and equipment</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:to="lab_ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:label="loc_ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Purchase of intangible assets, classified as investing activities</label>
    <label xlink:label="lab_ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Acquisition of intangible assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:to="lab_ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod" xlink:label="loc_ifrs-full_PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Purchase of interests in investments accounted for using equity method</label>
    <label xlink:label="lab_ifrs-full_PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Acquisition of investments</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod" xlink:to="lab_ifrs-full_PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:label="loc_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Purchase of property, plant and equipment, intangible assets other than goodwill, investment property and other non-current assets</label>
    <label xlink:label="lab_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Acquisition of property and equipment</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:to="lab_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_ReimbursementOfAdvancePaymentsOnAircraftPurchaseContracts" xlink:label="loc_cpa_ReimbursementOfAdvancePaymentsOnAircraftPurchaseContracts" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ReimbursementOfAdvancePaymentsOnAircraftPurchaseContracts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reimbursement of advance payments on aircraft purchase contracts</label>
    <label xlink:label="lab_cpa_ReimbursementOfAdvancePaymentsOnAircraftPurchaseContracts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reimbursement of advance payments on aircraft purchase contracts</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ReimbursementOfAdvancePaymentsOnAircraftPurchaseContracts" xlink:to="lab_cpa_ReimbursementOfAdvancePaymentsOnAircraftPurchaseContracts" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ReimbursementOfAdvancePaymentsOnAircraftPurchaseContracts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Reimbursement of advance payments on aircraft purchase contracts.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:label="loc_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) in cash and cash equivalents</label>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net increase (decrease) in cash and cash equivalents</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:to="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:label="loc_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash flows from (used in) operating activities [abstract]</label>
    <label xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Operating activities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="lab_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:label="loc_ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments to reconcile profit (loss) [abstract]</label>
    <label xlink:label="lab_ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Adjustments for:</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="lab_ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_AdjustmentForAllowanceForObsolescenceOfExpendablesPartsAndSupplies" xlink:label="loc_cpa_AdjustmentForAllowanceForObsolescenceOfExpendablesPartsAndSupplies" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AdjustmentForAllowanceForObsolescenceOfExpendablesPartsAndSupplies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustment for allowance for obsolescence of expendables parts and supplies</label>
    <label xlink:label="lab_cpa_AdjustmentForAllowanceForObsolescenceOfExpendablesPartsAndSupplies" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Allowance for obsolescence of expendable parts and supplies</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AdjustmentForAllowanceForObsolescenceOfExpendablesPartsAndSupplies" xlink:to="lab_cpa_AdjustmentForAllowanceForObsolescenceOfExpendablesPartsAndSupplies" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AdjustmentForAllowanceForObsolescenceOfExpendablesPartsAndSupplies" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Adjustment for allowance for obsolescence of expendables parts and supplies.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense" xlink:label="loc_ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for depreciation and amortisation expense</label>
    <label xlink:label="lab_ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Depreciation and amortization</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense" xlink:to="lab_ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AdjustmentsForFinanceIncome" xlink:label="loc_ifrs-full_AdjustmentsForFinanceIncome" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AdjustmentsForFinanceIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for finance income</label>
    <label xlink:label="lab_ifrs-full_AdjustmentsForFinanceIncome" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Finance income</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustmentsForFinanceIncome" xlink:to="lab_ifrs-full_AdjustmentsForFinanceIncome" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_AdjustmentsForGainsLossesOnDisposalOfAssets" xlink:label="loc_cpa_AdjustmentsForGainsLossesOnDisposalOfAssets" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AdjustmentsForGainsLossesOnDisposalOfAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for gains losses on disposal of assets</label>
    <label xlink:label="lab_cpa_AdjustmentsForGainsLossesOnDisposalOfAssets" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Disposal of non financial assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AdjustmentsForGainsLossesOnDisposalOfAssets" xlink:to="lab_cpa_AdjustmentsForGainsLossesOnDisposalOfAssets" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AdjustmentsForGainsLossesOnDisposalOfAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Adjustments for gains losses on disposal of assets.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:label="loc_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss, property, plant and equipment</label>
    <label xlink:label="lab_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Impairment of non finacial assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:to="lab_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AdjustmentsForIncomeTaxExpense" xlink:label="loc_ifrs-full_AdjustmentsForIncomeTaxExpense" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AdjustmentsForIncomeTaxExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for income tax expense</label>
    <label xlink:label="lab_ifrs-full_AdjustmentsForIncomeTaxExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Income tax expense</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustmentsForIncomeTaxExpense" xlink:to="lab_ifrs-full_AdjustmentsForIncomeTaxExpense" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:label="loc_ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for unrealised foreign exchange losses (gains)</label>
    <label xlink:label="lab_ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net foreign exchange differences</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:to="lab_ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AdjustmentsForSharebasedPayments" xlink:label="loc_ifrs-full_AdjustmentsForSharebasedPayments" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AdjustmentsForSharebasedPayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for share-based payments</label>
    <label xlink:label="lab_ifrs-full_AdjustmentsForSharebasedPayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based compensation expense</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustmentsForSharebasedPayments" xlink:to="lab_ifrs-full_AdjustmentsForSharebasedPayments" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ImpairmentLossOnFinancialAssets" xlink:label="loc_ifrs-full_ImpairmentLossOnFinancialAssets" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ImpairmentLossOnFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Impairment loss on financial assets</label>
    <label xlink:label="lab_ifrs-full_ImpairmentLossOnFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Impairment of financial assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ImpairmentLossOnFinancialAssets" xlink:to="lab_ifrs-full_ImpairmentLossOnFinancialAssets" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_ChangesInOperatingActivitiesAbstract" xlink:label="loc_cpa_ChangesInOperatingActivitiesAbstract" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ChangesInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Changes in operating activities [abstract]</label>
    <label xlink:label="lab_cpa_ChangesInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Change in:</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ChangesInOperatingActivitiesAbstract" xlink:to="lab_cpa_ChangesInOperatingActivitiesAbstract" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ChangesInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Changes in operating activities [abstract]</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:label="loc_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for decrease (increase) in trade accounts receivable</label>
    <label xlink:label="lab_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accounts receivable</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:to="lab_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets" xlink:label="loc_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for decrease (increase) in other assets</label>
    <label xlink:label="lab_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets" xlink:to="lab_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInOtherCurrentAssets" xlink:label="loc_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherCurrentAssets" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherCurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for decrease (increase) in other current assets</label>
    <label xlink:label="lab_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherCurrentAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other current assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherCurrentAssets" xlink:to="lab_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherCurrentAssets" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_IncreaseDecreaseInAccountPayableFromRelatedParties" xlink:label="loc_cpa_IncreaseDecreaseInAccountPayableFromRelatedParties" xlink:type="locator"/>
    <label xlink:label="lab_cpa_IncreaseDecreaseInAccountPayableFromRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase decrease in account payable from related parties</label>
    <label xlink:label="lab_cpa_IncreaseDecreaseInAccountPayableFromRelatedParties" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Accounts payable from related parties</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_IncreaseDecreaseInAccountPayableFromRelatedParties" xlink:to="lab_cpa_IncreaseDecreaseInAccountPayableFromRelatedParties" xlink:type="arc"/>
    <label xlink:label="lab_cpa_IncreaseDecreaseInAccountPayableFromRelatedParties" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase decrease in account payable from related parties.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_IncreaseDecreaseInAmountsReceivableRelatedPartyTransactions" xlink:label="loc_cpa_IncreaseDecreaseInAmountsReceivableRelatedPartyTransactions" xlink:type="locator"/>
    <label xlink:label="lab_cpa_IncreaseDecreaseInAmountsReceivableRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase decrease in amounts receivable, related party transactions</label>
    <label xlink:label="lab_cpa_IncreaseDecreaseInAmountsReceivableRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accounts receivable from related parties</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_IncreaseDecreaseInAmountsReceivableRelatedPartyTransactions" xlink:to="lab_cpa_IncreaseDecreaseInAmountsReceivableRelatedPartyTransactions" xlink:type="arc"/>
    <label xlink:label="lab_cpa_IncreaseDecreaseInAmountsReceivableRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase decrease in amounts receivable, related party transactions.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:label="loc_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income taxes paid (refund), classified as operating activities</label>
    <label xlink:label="lab_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Income tax paid</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:to="lab_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:label="loc_ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest paid, classified as operating activities</label>
    <label xlink:label="lab_ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Interest paid</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:to="lab_ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xlink:label="loc_ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest received, classified as operating activities</label>
    <label xlink:label="lab_ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest received</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xlink:to="lab_ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashFlowsFromUsedInOperations" xlink:label="loc_ifrs-full_CashFlowsFromUsedInOperations" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash flows from (used in) operations</label>
    <label xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperations" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Cash from operating activities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInOperations" xlink:to="lab_ifrs-full_CashFlowsFromUsedInOperations" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_ChangeInFrequentFlyerDeferredRevenue" xlink:label="loc_cpa_ChangeInFrequentFlyerDeferredRevenue" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ChangeInFrequentFlyerDeferredRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Change in frequent flyer deferred revenue</label>
    <label xlink:label="lab_cpa_ChangeInFrequentFlyerDeferredRevenue" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Frequent flyer deferred revenue</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ChangeInFrequentFlyerDeferredRevenue" xlink:to="lab_cpa_ChangeInFrequentFlyerDeferredRevenue" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ChangeInFrequentFlyerDeferredRevenue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Change in frequent flyer deferred revenue.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ChangeInOtherLiability" xlink:label="loc_cpa_ChangeInOtherLiability" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ChangeInOtherLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Change in other liability</label>
    <label xlink:label="lab_cpa_ChangeInOtherLiability" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Other liability</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ChangeInOtherLiability" xlink:to="lab_cpa_ChangeInOtherLiability" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ChangeInOtherLiability" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Change in other liability.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ChangesInAccountPayable" xlink:label="loc_cpa_ChangesInAccountPayable" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ChangesInAccountPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Changes in account payable</label>
    <label xlink:label="lab_cpa_ChangesInAccountPayable" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Accounts payable</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ChangesInAccountPayable" xlink:to="lab_cpa_ChangesInAccountPayable" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ChangesInAccountPayable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Changes in account payable.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ChangesInAirTrafficLiability" xlink:label="loc_cpa_ChangesInAirTrafficLiability" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ChangesInAirTrafficLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Changes in air traffic liability</label>
    <label xlink:label="lab_cpa_ChangesInAirTrafficLiability" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Air traffic liability</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ChangesInAirTrafficLiability" xlink:to="lab_cpa_ChangesInAirTrafficLiability" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ChangesInAirTrafficLiability" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Changes in air traffic liability.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:label="loc_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash flows from (used in) operating activities</label>
    <label xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash from operating activities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_TextBlockAbstract" xlink:label="loc_cpa_TextBlockAbstract" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TextBlockAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Text block [abstract]</label>
    <label xlink:label="lab_cpa_TextBlockAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Text block [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TextBlockAbstract" xlink:to="lab_cpa_TextBlockAbstract" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TextBlockAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Text block [abstract]</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfCorporateInformationExplanatory" xlink:label="loc_cpa_DisclosureOfCorporateInformationExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfCorporateInformationExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of Corporate Information [text block]</label>
    <label xlink:label="lab_cpa_DisclosureOfCorporateInformationExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Corporate information</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfCorporateInformationExplanatory" xlink:to="lab_cpa_DisclosureOfCorporateInformationExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfCorporateInformationExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The entire disclosure of corporate information.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory" xlink:label="loc_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of basis of preparation of financial statements [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Basis of preparation</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:label="loc_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of significant accounting policies [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Significant accounting policies</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:to="lab_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory" xlink:label="loc_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of accounting judgements and estimates [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Significant accounting judgments, estimates and assumptions</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory" xlink:to="lab_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfChangesInDisclosuresExplanatory" xlink:label="loc_cpa_DisclosureOfChangesInDisclosuresExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfChangesInDisclosuresExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Changes In Disclosures [text block]</label>
    <label xlink:label="lab_cpa_DisclosureOfChangesInDisclosuresExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Changes in disclosures</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfChangesInDisclosuresExplanatory" xlink:to="lab_cpa_DisclosureOfChangesInDisclosuresExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfChangesInDisclosuresExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The entire disclosure of changes in disclosures.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DescriptionOfNewStandardsAndInterpretationsNotYetAdoptedExplanatory" xlink:label="loc_cpa_DescriptionOfNewStandardsAndInterpretationsNotYetAdoptedExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DescriptionOfNewStandardsAndInterpretationsNotYetAdoptedExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description Of New Standards And Interpretations Not Yet Adopted Explanatory</label>
    <label xlink:label="lab_cpa_DescriptionOfNewStandardsAndInterpretationsNotYetAdoptedExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Standards and interpretations not yet adopted</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DescriptionOfNewStandardsAndInterpretationsNotYetAdoptedExplanatory" xlink:to="lab_cpa_DescriptionOfNewStandardsAndInterpretationsNotYetAdoptedExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DescriptionOfNewStandardsAndInterpretationsNotYetAdoptedExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Description of accounting policy of new standards and interpretations not yet adopted explanatory.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfRevenueFromContractsWithCustomersExplanatory" xlink:label="loc_ifrs-full_DisclosureOfRevenueFromContractsWithCustomersExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfRevenueFromContractsWithCustomersExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of revenue from contracts with customers [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfRevenueFromContractsWithCustomersExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Revenue from contract with customers</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfRevenueFromContractsWithCustomersExplanatory" xlink:to="lab_ifrs-full_DisclosureOfRevenueFromContractsWithCustomersExplanatory" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory" xlink:label="loc_ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of cash and cash equivalents [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfInvestmentPropertyExplanatory" xlink:label="loc_ifrs-full_DisclosureOfInvestmentPropertyExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfInvestmentPropertyExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of investment property [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfInvestmentPropertyExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investments</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfInvestmentPropertyExplanatory" xlink:to="lab_ifrs-full_DisclosureOfInvestmentPropertyExplanatory" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfAccountsReceivablesExplanatory" xlink:label="loc_cpa_DisclosureOfAccountsReceivablesExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfAccountsReceivablesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of accounts receivables [text block]</label>
    <label xlink:label="lab_cpa_DisclosureOfAccountsReceivablesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accounts receivable</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfAccountsReceivablesExplanatory" xlink:to="lab_cpa_DisclosureOfAccountsReceivablesExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfAccountsReceivablesExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of accounts receivables.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfInventoriesExplanatory" xlink:label="loc_ifrs-full_DisclosureOfInventoriesExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfInventoriesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of inventories [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfInventoriesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expendable parts and supplies</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfInventoriesExplanatory" xlink:to="lab_ifrs-full_DisclosureOfInventoriesExplanatory" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfPrepaidExpensesExplanatory" xlink:label="loc_cpa_DisclosureOfPrepaidExpensesExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfPrepaidExpensesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Prepaid Expenses Explanatory</label>
    <label xlink:label="lab_cpa_DisclosureOfPrepaidExpensesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Prepaid expenses</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfPrepaidExpensesExplanatory" xlink:to="lab_cpa_DisclosureOfPrepaidExpensesExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfPrepaidExpensesExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount recognised as a current asset for expenditures made prior to the period when the economic benefit will be realised.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:label="loc_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of property, plant and equipment [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Property and equipment</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:to="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfLeasesExplanatory" xlink:label="loc_ifrs-full_DisclosureOfLeasesExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfLeasesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of leases [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfLeasesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Leases</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfLeasesExplanatory" xlink:to="lab_ifrs-full_DisclosureOfLeasesExplanatory" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:label="loc_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of employee benefits [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Net employee defined benefit</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xlink:label="loc_ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of intangible assets [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangible assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfOtherAssetsExplanatory" xlink:label="loc_ifrs-full_DisclosureOfOtherAssetsExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfOtherAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of other assets [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfOtherAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfOtherAssetsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfOtherAssetsExplanatory" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfBorrowingsExplanatory" xlink:label="loc_ifrs-full_DisclosureOfBorrowingsExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfBorrowingsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of borrowings [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfBorrowingsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loans and borrowings</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfBorrowingsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfBorrowingsExplanatory" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfFinancialLiabilitiesExplanatory" xlink:label="loc_ifrs-full_DisclosureOfFinancialLiabilitiesExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfFinancialLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of financial liabilities [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfFinancialLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade, other payables and financial liabilities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFinancialLiabilitiesExplanatory" xlink:to="lab_ifrs-full_DisclosureOfFinancialLiabilitiesExplanatory" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfAccruedExpensesPayableExplanatory" xlink:label="loc_cpa_DisclosureOfAccruedExpensesPayableExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfAccruedExpensesPayableExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of accrued expenses payable explanatory</label>
    <label xlink:label="lab_cpa_DisclosureOfAccruedExpensesPayableExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accrued expenses payable</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfAccruedExpensesPayableExplanatory" xlink:to="lab_cpa_DisclosureOfAccruedExpensesPayableExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfAccruedExpensesPayableExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The entire disclosure of accrued expenses payable explanatory.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_OtherLongtermLiabilitiesExplanatory" xlink:label="loc_cpa_OtherLongtermLiabilitiesExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_OtherLongtermLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other long-term liabilities [text block]</label>
    <label xlink:label="lab_cpa_OtherLongtermLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other long-term liabilities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_OtherLongtermLiabilitiesExplanatory" xlink:to="lab_cpa_OtherLongtermLiabilitiesExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_OtherLongtermLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The entire disclosure of other long-term liabilities.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:label="loc_ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of income tax [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Income taxes</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:to="lab_ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:label="loc_ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of related party [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accounts and transactions with related parties</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:to="lab_ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfEquityExplanatory" xlink:label="loc_cpa_DisclosureOfEquityExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfEquityExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of Equity [text block]</label>
    <label xlink:label="lab_cpa_DisclosureOfEquityExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfEquityExplanatory" xlink:to="lab_cpa_DisclosureOfEquityExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfEquityExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The entire disclosure of equity explanatory.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory" xlink:label="loc_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of share-based payment arrangements [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based payments</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfEarningsPerShareExplanatory" xlink:label="loc_ifrs-full_DisclosureOfEarningsPerShareExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfEarningsPerShareExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of earnings per share [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfEarningsPerShareExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Earnings per share</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfEarningsPerShareExplanatory" xlink:to="lab_ifrs-full_DisclosureOfEarningsPerShareExplanatory" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:label="loc_ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of commitments and contingent liabilities [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Commitments and contingencies</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:to="lab_ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfFinancialInstrumentsExplanatory" xlink:label="loc_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of financial instruments [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial instruments - Risk management and fair value</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:label="loc_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of events after reporting period [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Subsequent events</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:to="lab_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for borrowings [text block]</label>
    <label xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowing costs</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory" xlink:to="lab_ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory" xlink:label="loc_cpa_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for basis of consolidation [text block]</label>
    <label xlink:label="lab_cpa_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Basis of consolidation</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory" xlink:to="lab_cpa_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The description of the entity's accounting policy for basis of consolidation.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for employee benefits [text block]</label>
    <label xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Employee benefits</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xlink:to="lab_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for recognition of revenue [text block]</label>
    <label xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Revenue recognition</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:to="lab_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory" xlink:label="loc_cpa_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for current versus non current classification explanatory [text block]</label>
    <label xlink:label="lab_cpa_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current versus non-current classification</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory" xlink:to="lab_cpa_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The description of the entity's accounting policy for current versus non current classification.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DescriptionOfAccountingPolicyForTaxExplanatory" xlink:label="loc_cpa_DescriptionOfAccountingPolicyForTaxExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DescriptionOfAccountingPolicyForTaxExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of Accounting Policy for Tax Explanatory</label>
    <label xlink:label="lab_cpa_DescriptionOfAccountingPolicyForTaxExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Taxes</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DescriptionOfAccountingPolicyForTaxExplanatory" xlink:to="lab_cpa_DescriptionOfAccountingPolicyForTaxExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DescriptionOfAccountingPolicyForTaxExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The description of accounting policy for tax.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DescriptionOfAccountingPolicyForExpendablePartsAndSuppliesExplanatory" xlink:label="loc_cpa_DescriptionOfAccountingPolicyForExpendablePartsAndSuppliesExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DescriptionOfAccountingPolicyForExpendablePartsAndSuppliesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for expendable parts and supplies explanatory [text block]</label>
    <label xlink:label="lab_cpa_DescriptionOfAccountingPolicyForExpendablePartsAndSuppliesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expendable parts and supplies</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DescriptionOfAccountingPolicyForExpendablePartsAndSuppliesExplanatory" xlink:to="lab_cpa_DescriptionOfAccountingPolicyForExpendablePartsAndSuppliesExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DescriptionOfAccountingPolicyForExpendablePartsAndSuppliesExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The description of accounting policy for expendable parts and supplies.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for financial instruments [text block]</label>
    <label xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial instruments</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:to="lab_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for determining components of cash and cash equivalents [text block]</label>
    <label xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xlink:to="lab_ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for functional currency [text block]</label>
    <label xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Foreign currencies</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xlink:to="lab_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for impairment of non-financial assets [text block]</label>
    <label xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Impairment of non - financial assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:to="lab_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DescriptionOfAccountingPolicyForIntangibleAssetsExplanatory" xlink:label="loc_cpa_DescriptionOfAccountingPolicyForIntangibleAssetsExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DescriptionOfAccountingPolicyForIntangibleAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of Accounting Policy for Intangible Assets Explanatory</label>
    <label xlink:label="lab_cpa_DescriptionOfAccountingPolicyForIntangibleAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangible assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DescriptionOfAccountingPolicyForIntangibleAssetsExplanatory" xlink:to="lab_cpa_DescriptionOfAccountingPolicyForIntangibleAssetsExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DescriptionOfAccountingPolicyForIntangibleAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The description of accounting policy for intangible assets.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for leases [text block]</label>
    <label xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Leases</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:to="lab_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for non-current assets or disposal groups classified as held for sale and discontinued operations [text block]</label>
    <label xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-current assets held for sale and discontinued operations</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory" xlink:to="lab_ifrs-full_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DescriptionOfAccountingPolicyForPassengerTrafficCommissionsExplanatory" xlink:label="loc_cpa_DescriptionOfAccountingPolicyForPassengerTrafficCommissionsExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DescriptionOfAccountingPolicyForPassengerTrafficCommissionsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for passenger traffic commissions explanatory [text block]</label>
    <label xlink:label="lab_cpa_DescriptionOfAccountingPolicyForPassengerTrafficCommissionsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Passenger traffic commissions</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DescriptionOfAccountingPolicyForPassengerTrafficCommissionsExplanatory" xlink:to="lab_cpa_DescriptionOfAccountingPolicyForPassengerTrafficCommissionsExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DescriptionOfAccountingPolicyForPassengerTrafficCommissionsExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The description of accounting policy for passenger traffic commissions.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for property, plant and equipment [text block]</label>
    <label xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Property and equipment</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:to="lab_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for provisions [text block]</label>
    <label xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Provisions</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:to="lab_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfAccountingPolicySeniorConvertibleNotesExplanatoryPolicyTextBlock" xlink:label="loc_cpa_DisclosureOfAccountingPolicySeniorConvertibleNotesExplanatoryPolicyTextBlock" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfAccountingPolicySeniorConvertibleNotesExplanatoryPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of Accounting policy Senior Convertible Notes Explanatory [Policy Text Block]</label>
    <label xlink:label="lab_cpa_DisclosureOfAccountingPolicySeniorConvertibleNotesExplanatoryPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Senior convertible notes</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfAccountingPolicySeniorConvertibleNotesExplanatoryPolicyTextBlock" xlink:to="lab_cpa_DisclosureOfAccountingPolicySeniorConvertibleNotesExplanatoryPolicyTextBlock" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfAccountingPolicySeniorConvertibleNotesExplanatoryPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of Accounting policy Senior Convertible Notes Explanatory[Text Block]</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfInformationAboutPropertyPlantAndEquipmentEstimatedUsefulLivesExplanatory" xlink:label="loc_cpa_DisclosureOfInformationAboutPropertyPlantAndEquipmentEstimatedUsefulLivesExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfInformationAboutPropertyPlantAndEquipmentEstimatedUsefulLivesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Information About Property Plant And Equipment Estimated Useful Lives Explanatory</label>
    <label xlink:label="lab_cpa_DisclosureOfInformationAboutPropertyPlantAndEquipmentEstimatedUsefulLivesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated Useful Lives of Assets and Considering Residual Value</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfInformationAboutPropertyPlantAndEquipmentEstimatedUsefulLivesExplanatory" xlink:to="lab_cpa_DisclosureOfInformationAboutPropertyPlantAndEquipmentEstimatedUsefulLivesExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfInformationAboutPropertyPlantAndEquipmentEstimatedUsefulLivesExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The disclosure of information about property plant and equipment estimated useful lives.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesExplanatory" xlink:label="loc_ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of information about unconsolidated subsidiaries [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Significant Subsidiaries</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesExplanatory" xlink:to="lab_ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesExplanatory" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory" xlink:label="loc_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of disaggregation of revenue from contracts with customers [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Disaggregated Operating Revenues</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory" xlink:to="lab_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfGeographicalAreasExplanatory" xlink:label="loc_ifrs-full_DisclosureOfGeographicalAreasExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfGeographicalAreasExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of geographical areas [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfGeographicalAreasExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Operating Revenue by Principal Geographic Area</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfGeographicalAreasExplanatory" xlink:to="lab_ifrs-full_DisclosureOfGeographicalAreasExplanatory" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory" xlink:label="loc_ifrs-full_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Explanation of significant changes in contract assets and contract liabilities [text block]</label>
    <label xlink:label="lab_ifrs-full_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Changes in Contract Liabilities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory" xlink:to="lab_ifrs-full_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_ScheduleOfCashAndCashEquivalentsExplanatory" xlink:label="loc_cpa_ScheduleOfCashAndCashEquivalentsExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ScheduleOfCashAndCashEquivalentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Cash and Cash Equivalents Explanatory</label>
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    <label xlink:label="lab_cpa_ScheduleOfCashAndCashEquivalentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Schedule of cash and cash equivalents.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfDetailedInformationAboutInvestmentPropertyExplanatory" xlink:label="loc_ifrs-full_DisclosureOfDetailedInformationAboutInvestmentPropertyExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutInvestmentPropertyExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about investment property [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutInvestmentPropertyExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Information About Investments</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfDetailedInformationAboutInvestmentPropertyExplanatory" xlink:to="lab_ifrs-full_DisclosureOfDetailedInformationAboutInvestmentPropertyExplanatory" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfDetailedInformationAboutAccountsReceivablesExplanatory" xlink:label="loc_cpa_DisclosureOfDetailedInformationAboutAccountsReceivablesExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfDetailedInformationAboutAccountsReceivablesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Detailed Information About Accounts Receivables Explanatory</label>
    <label xlink:label="lab_cpa_DisclosureOfDetailedInformationAboutAccountsReceivablesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of Accounts Receivable</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfDetailedInformationAboutAccountsReceivablesExplanatory" xlink:to="lab_cpa_DisclosureOfDetailedInformationAboutAccountsReceivablesExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfDetailedInformationAboutAccountsReceivablesExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about accounts receivables.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfProvisionForImpairmentOfReceivablesExplanatory" xlink:label="loc_cpa_DisclosureOfProvisionForImpairmentOfReceivablesExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfProvisionForImpairmentOfReceivablesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of provision for impairment of receivables [text block]</label>
    <label xlink:label="lab_cpa_DisclosureOfProvisionForImpairmentOfReceivablesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Movements in the Allowance for Impairment in Respect of Account Receivables</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfProvisionForImpairmentOfReceivablesExplanatory" xlink:to="lab_cpa_DisclosureOfProvisionForImpairmentOfReceivablesExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfProvisionForImpairmentOfReceivablesExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of provision for impairment of receivables.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfDetailedInformationAboutInventoriesExplanatory" xlink:label="loc_cpa_DisclosureOfDetailedInformationAboutInventoriesExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfDetailedInformationAboutInventoriesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about inventories [text block]</label>
    <label xlink:label="lab_cpa_DisclosureOfDetailedInformationAboutInventoriesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of Expendable Parts and Supplies</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfDetailedInformationAboutInventoriesExplanatory" xlink:to="lab_cpa_DisclosureOfDetailedInformationAboutInventoriesExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfDetailedInformationAboutInventoriesExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The disclosure of detailed information about inventories.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfDetailedInformationAboutPrepaidExpensesExplanatory" xlink:label="loc_cpa_DisclosureOfDetailedInformationAboutPrepaidExpensesExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfDetailedInformationAboutPrepaidExpensesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Detailed Information About Prepaid Expenses Explanatory</label>
    <label xlink:label="lab_cpa_DisclosureOfDetailedInformationAboutPrepaidExpensesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Detailed Information about Prepaid Expenses</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfDetailedInformationAboutPrepaidExpensesExplanatory" xlink:to="lab_cpa_DisclosureOfDetailedInformationAboutPrepaidExpensesExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfDetailedInformationAboutPrepaidExpensesExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The disclosure of detailed information about prepaid expenses explanatory.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfAssetsHeldForSaleTextBlock" xlink:label="loc_cpa_DisclosureOfAssetsHeldForSaleTextBlock" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfAssetsHeldForSaleTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Assets Held For sale [Text Block]</label>
    <label xlink:label="lab_cpa_DisclosureOfAssetsHeldForSaleTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of assets held for sale</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfAssetsHeldForSaleTextBlock" xlink:to="lab_cpa_DisclosureOfAssetsHeldForSaleTextBlock" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfAssetsHeldForSaleTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Assets Held For sale.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:label="loc_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Property and Equipment</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:to="lab_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfFutureMinimumLeaseReceivablesUnderNoncancellableLeasesExplanatory" xlink:label="loc_cpa_DisclosureOfFutureMinimumLeaseReceivablesUnderNoncancellableLeasesExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfFutureMinimumLeaseReceivablesUnderNoncancellableLeasesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of future minimum lease receivables under non-cancellable leases [text block]</label>
    <label xlink:label="lab_cpa_DisclosureOfFutureMinimumLeaseReceivablesUnderNoncancellableLeasesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Future Minimum Lease Receivables under Non-cancellable Leases</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfFutureMinimumLeaseReceivablesUnderNoncancellableLeasesExplanatory" xlink:to="lab_cpa_DisclosureOfFutureMinimumLeaseReceivablesUnderNoncancellableLeasesExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfFutureMinimumLeaseReceivablesUnderNoncancellableLeasesExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of future minimum lease receivables under non-cancellable leases.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:label="loc_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of quantitative information about right-of-use assets [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Right of use assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfLeaseLiabilitiestextBlock" xlink:label="loc_cpa_DisclosureOfLeaseLiabilitiestextBlock" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfLeaseLiabilitiestextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Lease Liabilities Text Block</label>
    <label xlink:label="lab_cpa_DisclosureOfLeaseLiabilitiestextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lease liabilities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfLeaseLiabilitiestextBlock" xlink:to="lab_cpa_DisclosureOfLeaseLiabilitiestextBlock" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfLeaseLiabilitiestextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of lease liabilities .</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfCashFlowsForLeases" xlink:label="loc_cpa_DisclosureOfCashFlowsForLeases" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfCashFlowsForLeases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Cash Flows For Leases</label>
    <label xlink:label="lab_cpa_DisclosureOfCashFlowsForLeases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure Of Cash Flows For Leases</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfCashFlowsForLeases" xlink:to="lab_cpa_DisclosureOfCashFlowsForLeases" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfCashFlowsForLeases" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Cash Flows For Leases</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfLeaseExpenses" xlink:label="loc_cpa_DisclosureOfLeaseExpenses" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfLeaseExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Lease Expenses</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfLeaseExpenses" xlink:to="lab_cpa_DisclosureOfLeaseExpenses" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfLeaseExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of lease expenses.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfReconciliationOfNetPensionAssetExplanatory" xlink:label="loc_cpa_DisclosureOfReconciliationOfNetPensionAssetExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfReconciliationOfNetPensionAssetExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of Reconciliation of Net Pension Asset Explanatory</label>
    <label xlink:label="lab_cpa_DisclosureOfReconciliationOfNetPensionAssetExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Reconciliation of Net Employee Defined Benefit Liabilities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfReconciliationOfNetPensionAssetExplanatory" xlink:to="lab_cpa_DisclosureOfReconciliationOfNetPensionAssetExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfReconciliationOfNetPensionAssetExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of reconciliation of net pension asset.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfDefinedBenefitObligationAffectedByChangesToRelevantActuarialAssumptionsExplanatory" xlink:label="loc_cpa_DisclosureOfDefinedBenefitObligationAffectedByChangesToRelevantActuarialAssumptionsExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfDefinedBenefitObligationAffectedByChangesToRelevantActuarialAssumptionsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of defined benefit obligation affected by changes to relevant actuarial assumptions [text block]</label>
    <label xlink:label="lab_cpa_DisclosureOfDefinedBenefitObligationAffectedByChangesToRelevantActuarialAssumptionsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Additional Information about Sensitivity Analysis for Actuarial Assumptions</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfDefinedBenefitObligationAffectedByChangesToRelevantActuarialAssumptionsExplanatory" xlink:to="lab_cpa_DisclosureOfDefinedBenefitObligationAffectedByChangesToRelevantActuarialAssumptionsExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfDefinedBenefitObligationAffectedByChangesToRelevantActuarialAssumptionsExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of defined benefit obligation affected by changes to relevant actuarial assumptions.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfDefinedBenefitPlansFuturePeriodExplanatory" xlink:label="loc_cpa_DisclosureOfDefinedBenefitPlansFuturePeriodExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfDefinedBenefitPlansFuturePeriodExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Defined Benefit Plans Future Period [text block]</label>
    <label xlink:label="lab_cpa_DisclosureOfDefinedBenefitPlansFuturePeriodExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Expected Contribution Payments to Defined Benefit Plan</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfDefinedBenefitPlansFuturePeriodExplanatory" xlink:to="lab_cpa_DisclosureOfDefinedBenefitPlansFuturePeriodExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfDefinedBenefitPlansFuturePeriodExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of defined benefit plans future period.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfNetDefinedBenefitExpenseExplanatory" xlink:label="loc_cpa_DisclosureOfNetDefinedBenefitExpenseExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfNetDefinedBenefitExpenseExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of net defined benefit expense [text block]</label>
    <label xlink:label="lab_cpa_DisclosureOfNetDefinedBenefitExpenseExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Components of Net Benefit Expense</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfNetDefinedBenefitExpenseExplanatory" xlink:to="lab_cpa_DisclosureOfNetDefinedBenefitExpenseExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfNetDefinedBenefitExpenseExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The disclosure of net defined benefit expense.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory" xlink:label="loc_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of net defined benefit liability (asset) [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Summary of Employee Defined Benefit Plan</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory" xlink:to="lab_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory" xlink:label="loc_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of sensitivity analysis for actuarial assumptions [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Sensitivity Analysis for Actuarial Assumptions</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" xlink:label="loc_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of reconciliation of changes in intangible assets and goodwill [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Reconciliation of Changes in Intangible Assets and Goodwill</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" xlink:to="lab_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfDetailedInformationAboutOtherAssetsExplanatory" xlink:label="loc_cpa_DisclosureOfDetailedInformationAboutOtherAssetsExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfDetailedInformationAboutOtherAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about other assets [text block]</label>
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    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfDetailedInformationOfSeniorConvertibleNotesExplanatoryTextBlock" xlink:label="loc_cpa_DisclosureOfDetailedInformationOfSeniorConvertibleNotesExplanatoryTextBlock" xlink:type="locator"/>
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    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory" xlink:label="loc_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory" xlink:type="locator"/>
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    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryTextBlock" xlink:label="loc_cpa_DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryTextBlock" xlink:type="locator"/>
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    <label xlink:label="lab_cpa_DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of reconcile the changes in presentation in prior years for comparative effects on the consolidated statement of financial position</label>
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    <label xlink:label="lab_cpa_DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information reconcile the changes in presentation in prior years for comparative effects on the consolidated statement of financial position explanatory.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory" xlink:label="loc_ifrs-full_DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory" xlink:type="locator"/>
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    <loc xlink:href="cpa-20201231.xsd#cpa_SummaryOfOtherLongtermLiabilitiesExplanatory" xlink:label="loc_cpa_SummaryOfOtherLongtermLiabilitiesExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_SummaryOfOtherLongtermLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Summary of Other long-term liabilities [text block]</label>
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    <label xlink:label="lab_cpa_SummaryOfOtherLongtermLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Summary of other long-term liabilities.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfDeferredTaxesExplanatory" xlink:label="loc_ifrs-full_DisclosureOfDeferredTaxesExplanatory" xlink:type="locator"/>
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    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfIncomeTaxesExplanatory" xlink:label="loc_cpa_DisclosureOfIncomeTaxesExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfIncomeTaxesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of income taxes [text block]</label>
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    <label xlink:label="lab_cpa_DisclosureOfIncomeTaxesExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The disclosure of income taxes.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfReconciliationOfEffectiveTaxRateExplanatory" xlink:label="loc_cpa_DisclosureOfReconciliationOfEffectiveTaxRateExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfReconciliationOfEffectiveTaxRateExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of reconciliation of effective tax rate [text block]</label>
    <label xlink:label="lab_cpa_DisclosureOfReconciliationOfEffectiveTaxRateExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Reconciliation of Effective Tax Rate</label>
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    <label xlink:label="lab_cpa_DisclosureOfReconciliationOfEffectiveTaxRateExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The disclosure of reconciliation of effective tax rate.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfAccountsAndTransactionsWithRelatedPartiesExplanatory" xlink:label="loc_cpa_DisclosureOfAccountsAndTransactionsWithRelatedPartiesExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfAccountsAndTransactionsWithRelatedPartiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of accounts and transactions with related parties explanatory</label>
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    <label xlink:label="lab_cpa_DisclosureOfAccountsAndTransactionsWithRelatedPartiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The disclosure of accounts and transactions with related parties explanatory.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfInformationAboutKeyManagementPersonnelExplanatory" xlink:label="loc_ifrs-full_DisclosureOfInformationAboutKeyManagementPersonnelExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfInformationAboutKeyManagementPersonnelExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of information about key management personnel [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfInformationAboutKeyManagementPersonnelExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Key Management Personnel Compensation</label>
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    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:label="loc_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of transactions between related parties [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Related Party Transactions</label>
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    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory" xlink:label="loc_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory" xlink:type="locator"/>
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    <label xlink:label="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Terms and Conditions, Relating to the Grants of the Non-vested Stock Award under the Equity Compensation Plan</label>
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    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory" xlink:label="loc_ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory" xlink:type="locator"/>
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    <label xlink:label="lab_ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Non-vested Stock Award Activity</label>
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    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EarningsPerShareExplanatory" xlink:label="loc_ifrs-full_EarningsPerShareExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_EarningsPerShareExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Earnings per share [text block]</label>
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    <loc xlink:href="cpa-20201231.xsd#cpa_FirmCommitementToPurchaseAssetTableTextBlock" xlink:label="loc_cpa_FirmCommitementToPurchaseAssetTableTextBlock" xlink:type="locator"/>
    <label xlink:label="lab_cpa_FirmCommitementToPurchaseAssetTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Firm Commitement To Purchase Asset [Table Text Block]</label>
    <label xlink:label="lab_cpa_FirmCommitementToPurchaseAssetTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Firm Commitment to Purchase Asset</label>
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    <label xlink:label="lab_cpa_FirmCommitementToPurchaseAssetTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Firm commitment to purchase asset.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfCreditRiskExposureExplanatory" xlink:label="loc_ifrs-full_DisclosureOfCreditRiskExposureExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfCreditRiskExposureExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of credit risk exposure [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfCreditRiskExposureExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Credit Risk Exposure on Trade Receivables using Provision Matrix</label>
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    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfMovementInAllowanceForImpairmentForShortAndLongtermInvestmentsAtAmortizedCostExplanatory" xlink:label="loc_cpa_DisclosureOfMovementInAllowanceForImpairmentForShortAndLongtermInvestmentsAtAmortizedCostExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfMovementInAllowanceForImpairmentForShortAndLongtermInvestmentsAtAmortizedCostExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of movement in allowance for impairment for short and long-term investments at amortized cost [text block]</label>
    <label xlink:label="lab_cpa_DisclosureOfMovementInAllowanceForImpairmentForShortAndLongtermInvestmentsAtAmortizedCostExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Movement in Allowance for Impairment for Short and Long-term Investments at Amortized Cost</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfMovementInAllowanceForImpairmentForShortAndLongtermInvestmentsAtAmortizedCostExplanatory" xlink:to="lab_cpa_DisclosureOfMovementInAllowanceForImpairmentForShortAndLongtermInvestmentsAtAmortizedCostExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfMovementInAllowanceForImpairmentForShortAndLongtermInvestmentsAtAmortizedCostExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of movement in allowance for impairment for short and long-term investments at amortized cost.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities" xlink:label="loc_ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of maturity analysis for derivative financial liabilities [text block]</label>
    <label xlink:label="lab_ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Financial Liabilities According to Maturity Date</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities" xlink:to="lab_ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_ScheduleOfCarryingValueAndFairValueOfFinancialInstrumentsExplanatory" xlink:label="loc_cpa_ScheduleOfCarryingValueAndFairValueOfFinancialInstrumentsExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ScheduleOfCarryingValueAndFairValueOfFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Carrying Value and Fair Value of Financial Instruments Explanatory</label>
    <label xlink:label="lab_cpa_ScheduleOfCarryingValueAndFairValueOfFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Carrying Amount and Fair Values of Financial Assets and Financial Liabilities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ScheduleOfCarryingValueAndFairValueOfFinancialInstrumentsExplanatory" xlink:to="lab_cpa_ScheduleOfCarryingValueAndFairValueOfFinancialInstrumentsExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ScheduleOfCarryingValueAndFairValueOfFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The disclosure of carrying value and fair value of financial instruments.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ScheduleOfForeignCurrencyRiskFromNonderivativeFinancialInstrumentsExplanatory" xlink:label="loc_cpa_ScheduleOfForeignCurrencyRiskFromNonderivativeFinancialInstrumentsExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ScheduleOfForeignCurrencyRiskFromNonderivativeFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Foreign Currency Risk From Non-derivative Financial Instruments Explanatory</label>
    <label xlink:label="lab_cpa_ScheduleOfForeignCurrencyRiskFromNonderivativeFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Foreign Currency Risk Exposure</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ScheduleOfForeignCurrencyRiskFromNonderivativeFinancialInstrumentsExplanatory" xlink:to="lab_cpa_ScheduleOfForeignCurrencyRiskFromNonderivativeFinancialInstrumentsExplanatory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ScheduleOfForeignCurrencyRiskFromNonderivativeFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The disclosure of foreign currency risk from non-derivative financial instruments explanatory.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfFairValueOfFinancialInstrumentsExplanatory" xlink:label="loc_ifrs-full_DisclosureOfFairValueOfFinancialInstrumentsExplanatory" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfFairValueOfFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of fair value of financial instruments [text block]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfFairValueOfFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of Company's financial instruments measured at fair value</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFairValueOfFinancialInstrumentsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfFairValueOfFinancialInstrumentsExplanatory" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfDetailedInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryTextBlock" xlink:label="loc_cpa_DisclosureOfDetailedInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryTextBlock" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfDetailedInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Detailed Information About Key Assumptions Used To Determine The Fair Value Of Assets Held For Sale Explanatory [Text Block]</label>
    <label xlink:label="lab_cpa_DisclosureOfDetailedInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of key Assumptions used to Determine the Fair Value of Assets Held For Sale</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfDetailedInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryTextBlock" xlink:to="lab_cpa_DisclosureOfDetailedInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryTextBlock" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfDetailedInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Detailed Information About Key Assumptions Used To Determine The Fair Value Of Assets Held For Sale Explanatory</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_FirmcommitementtopurchaseasseTextBlock" xlink:label="loc_cpa_FirmcommitementtopurchaseasseTextBlock" xlink:type="locator"/>
    <label xlink:label="lab_cpa_FirmcommitementtopurchaseasseTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">FirmCommitementToPurchaseAsse [Text Block]</label>
    <label xlink:label="lab_cpa_FirmcommitementtopurchaseasseTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary of updated Firm Commitment to Purchase Asset</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_FirmcommitementtopurchaseasseTextBlock" xlink:to="lab_cpa_FirmcommitementtopurchaseasseTextBlock" xlink:type="arc"/>
    <label xlink:label="lab_cpa_FirmcommitementtopurchaseasseTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">FirmCommitementToPurchaseAsse</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ParentCompanyInformationAbstract" xlink:label="loc_cpa_ParentCompanyInformationAbstract" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ParentCompanyInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Parent Company Information [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ParentCompanyInformationAbstract" xlink:to="lab_cpa_ParentCompanyInformationAbstract" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ParentCompanyInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Parent company information.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ParentCompanyInformationTable" xlink:label="loc_cpa_ParentCompanyInformationTable" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ParentCompanyInformationTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Parent Company Information [table]</label>
    <label xlink:label="lab_cpa_ParentCompanyInformationTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Parent Company Information [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ParentCompanyInformationTable" xlink:to="lab_cpa_ParentCompanyInformationTable" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ParentCompanyInformationTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Parent company information.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ConsolidatedStructuredEntitiesAxis" xlink:label="loc_ifrs-full_ConsolidatedStructuredEntitiesAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ConsolidatedStructuredEntitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Consolidated structured entities [axis]</label>
    <label xlink:label="lab_ifrs-full_ConsolidatedStructuredEntitiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Consolidated structured entities [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ConsolidatedStructuredEntitiesAxis" xlink:to="lab_ifrs-full_ConsolidatedStructuredEntitiesAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EntitysTotalForConsolidatedStructuredEntitiesMember" xlink:label="loc_ifrs-full_EntitysTotalForConsolidatedStructuredEntitiesMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_EntitysTotalForConsolidatedStructuredEntitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity's total for consolidated structured entities [member]</label>
    <label xlink:label="lab_ifrs-full_EntitysTotalForConsolidatedStructuredEntitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity's total for consolidated structured entities [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EntitysTotalForConsolidatedStructuredEntitiesMember" xlink:to="lab_ifrs-full_EntitysTotalForConsolidatedStructuredEntitiesMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_StarAllianceAirlinesMember" xlink:label="loc_cpa_StarAllianceAirlinesMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_StarAllianceAirlinesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Star Alliance Airlines [member]</label>
    <label xlink:label="lab_cpa_StarAllianceAirlinesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Star Alliance Airlines [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_StarAllianceAirlinesMember" xlink:to="lab_cpa_StarAllianceAirlinesMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_StarAllianceAirlinesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Star Alliance Airlines.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ParentCompanyInformationLineItems" xlink:label="loc_cpa_ParentCompanyInformationLineItems" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ParentCompanyInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Parent Company Information [line items]</label>
    <label xlink:label="lab_cpa_ParentCompanyInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Parent company information [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ParentCompanyInformationLineItems" xlink:to="lab_cpa_ParentCompanyInformationLineItems" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ParentCompanyInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Parent company information.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_AircraftAverageUsefulLife" xlink:label="loc_cpa_AircraftAverageUsefulLife" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AircraftAverageUsefulLife" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Aircraft Average Useful Life</label>
    <label xlink:label="lab_cpa_AircraftAverageUsefulLife" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aircraft average useful life</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AircraftAverageUsefulLife" xlink:to="lab_cpa_AircraftAverageUsefulLife" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AircraftAverageUsefulLife" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Aircraft average useful life.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_CommercialAllianceRenewalExtensionPeriod" xlink:label="loc_cpa_CommercialAllianceRenewalExtensionPeriod" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CommercialAllianceRenewalExtensionPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commercial Alliance Renewal Extension Period</label>
    <label xlink:label="lab_cpa_CommercialAllianceRenewalExtensionPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Commercial alliance with United Airlines - Renewal extension period</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CommercialAllianceRenewalExtensionPeriod" xlink:to="lab_cpa_CommercialAllianceRenewalExtensionPeriod" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CommercialAllianceRenewalExtensionPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Commercial alliance renewal extension period.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_NumberOfAircraft" xlink:label="loc_cpa_NumberOfAircraft" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NumberOfAircraft" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of Aircraft</label>
    <label xlink:label="lab_cpa_NumberOfAircraft" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of aircraft</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NumberOfAircraft" xlink:to="lab_cpa_NumberOfAircraft" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NumberOfAircraft" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of aircraft.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_NumberOfAirlines" xlink:label="loc_cpa_NumberOfAirlines" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NumberOfAirlines" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of Airlines</label>
    <label xlink:label="lab_cpa_NumberOfAirlines" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of airlines</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NumberOfAirlines" xlink:to="lab_cpa_NumberOfAirlines" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NumberOfAirlines" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of airlines.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_NumberOfCountries" xlink:label="loc_cpa_NumberOfCountries" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NumberOfCountries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of countries</label>
    <label xlink:label="lab_cpa_NumberOfCountries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of countries</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NumberOfCountries" xlink:to="lab_cpa_NumberOfCountries" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NumberOfCountries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of countries in South, Central America and the Caribbean.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_NumberOfDailyScheduledFlights" xlink:label="loc_cpa_NumberOfDailyScheduledFlights" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NumberOfDailyScheduledFlights" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of daily scheduled flights</label>
    <label xlink:label="lab_cpa_NumberOfDailyScheduledFlights" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of daily scheduled flights</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NumberOfDailyScheduledFlights" xlink:to="lab_cpa_NumberOfDailyScheduledFlights" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NumberOfDailyScheduledFlights" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of daily scheduled flights.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_NumberOfDestinations" xlink:label="loc_cpa_NumberOfDestinations" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NumberOfDestinations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of destinations</label>
    <label xlink:label="lab_cpa_NumberOfDestinations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of destinations</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NumberOfDestinations" xlink:to="lab_cpa_NumberOfDestinations" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NumberOfDestinations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of flights to destinations within Colombia.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_PercentageOfDecreaseInRevenue" xlink:label="loc_cpa_PercentageOfDecreaseInRevenue" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PercentageOfDecreaseInRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of Decrease in Revenue</label>
    <label xlink:label="lab_cpa_PercentageOfDecreaseInRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of decrease in revenue</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PercentageOfDecreaseInRevenue" xlink:to="lab_cpa_PercentageOfDecreaseInRevenue" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PercentageOfDecreaseInRevenue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage of Decrease in Revenue</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_NumberOfAirCraftsHeldForSale" xlink:label="loc_cpa_NumberOfAirCraftsHeldForSale" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NumberOfAirCraftsHeldForSale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Air Crafts Held For Sale</label>
    <label xlink:label="lab_cpa_NumberOfAirCraftsHeldForSale" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Air crafts held for sale</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NumberOfAirCraftsHeldForSale" xlink:to="lab_cpa_NumberOfAirCraftsHeldForSale" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NumberOfAirCraftsHeldForSale" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of air crafts held for sale.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_NumberOfSpareEnginesSparePartsHeldForSale" xlink:label="loc_cpa_NumberOfSpareEnginesSparePartsHeldForSale" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NumberOfSpareEnginesSparePartsHeldForSale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of Spare Engines Spare Parts Held for Sale</label>
    <label xlink:label="lab_cpa_NumberOfSpareEnginesSparePartsHeldForSale" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of Spare Engines Spare Parts Held for Sale</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NumberOfSpareEnginesSparePartsHeldForSale" xlink:to="lab_cpa_NumberOfSpareEnginesSparePartsHeldForSale" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NumberOfSpareEnginesSparePartsHeldForSale" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of Spare Engines Spare Parts Held for Sale</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_NumberOfAircraftsHeldForSaleDelivered" xlink:label="loc_cpa_NumberOfAircraftsHeldForSaleDelivered" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NumberOfAircraftsHeldForSaleDelivered" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of AirCrafts Held For Sale Delivered</label>
    <label xlink:label="lab_cpa_NumberOfAircraftsHeldForSaleDelivered" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">No of aircrafts held for sale delivered</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NumberOfAircraftsHeldForSaleDelivered" xlink:to="lab_cpa_NumberOfAircraftsHeldForSaleDelivered" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NumberOfAircraftsHeldForSaleDelivered" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number Of AirCrafts Held For Sale Delivered</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_PercentageOfDecreaseInCompanyOperations" xlink:label="loc_cpa_PercentageOfDecreaseInCompanyOperations" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PercentageOfDecreaseInCompanyOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of Decrease in Company Operations</label>
    <label xlink:label="lab_cpa_PercentageOfDecreaseInCompanyOperations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of decrease in company operations</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PercentageOfDecreaseInCompanyOperations" xlink:to="lab_cpa_PercentageOfDecreaseInCompanyOperations" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PercentageOfDecreaseInCompanyOperations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage of Decrease in Company Operations</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_RevenueFromContractsWithCustomers" xlink:label="loc_ifrs-full_RevenueFromContractsWithCustomers" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_RevenueFromContractsWithCustomers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenue from contracts with customers</label>
    <label xlink:label="lab_ifrs-full_RevenueFromContractsWithCustomers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Revenue</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RevenueFromContractsWithCustomers" xlink:to="lab_ifrs-full_RevenueFromContractsWithCustomers" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_NumberOfAircraftsHeldForSaleYetToBeDelivered" xlink:label="loc_cpa_NumberOfAircraftsHeldForSaleYetToBeDelivered" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NumberOfAircraftsHeldForSaleYetToBeDelivered" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of AirCrafts Held For Sale Yet To Be Delivered</label>
    <label xlink:label="lab_cpa_NumberOfAircraftsHeldForSaleYetToBeDelivered" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">No of of aircrafts held for sale yet to bedelivered</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NumberOfAircraftsHeldForSaleYetToBeDelivered" xlink:to="lab_cpa_NumberOfAircraftsHeldForSaleYetToBeDelivered" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NumberOfAircraftsHeldForSaleYetToBeDelivered" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number Of AirCrafts Held For Sale Yet To Be Delivered</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ProceedsFromIssueOfConvertibleNotes" xlink:label="loc_cpa_ProceedsFromIssueOfConvertibleNotes" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ProceedsFromIssueOfConvertibleNotes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from Issue of Convertible Notes</label>
    <label xlink:label="lab_cpa_ProceedsFromIssueOfConvertibleNotes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from senior conertible note</label>
    <label xlink:label="lab_cpa_ProceedsFromIssueOfConvertibleNotes" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from Issue of Convertible Notes</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ProceedsFromIssueOfConvertibleNotes" xlink:to="lab_cpa_ProceedsFromIssueOfConvertibleNotes" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ProceedsFromIssueOfConvertibleNotes" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Proceeds from Issue of Convertible Notes</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_Borrowings" xlink:label="loc_ifrs-full_Borrowings" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_Borrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings</label>
    <label xlink:label="lab_ifrs-full_Borrowings" xlink:role="http://www.xbrl.org/2003/role/positiveVerboseLabel" xlink:type="resource" xml:lang="en-US">Debt including current maturities</label>
    <label xlink:label="lab_ifrs-full_Borrowings" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Debt including current maturities</label>
    <label xlink:label="lab_ifrs-full_Borrowings" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:type="resource" xml:lang="en-US">Loans and borrowings maturity</label>
    <label xlink:label="lab_ifrs-full_Borrowings" xlink:role="http://www.xbrl.org/2003/role/presentationGuidance" xlink:type="resource" xml:lang="en-US">Loans and borrowings</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Borrowings" xlink:to="lab_ifrs-full_Borrowings" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_AverageMonthCashConsumption" xlink:label="loc_cpa_AverageMonthCashConsumption" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AverageMonthCashConsumption" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Average Month Cash Consumption</label>
    <label xlink:label="lab_cpa_AverageMonthCashConsumption" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Monthly Cash Consumption</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AverageMonthCashConsumption" xlink:to="lab_cpa_AverageMonthCashConsumption" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AverageMonthCashConsumption" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Average Month Cash Consumption</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_TotalOfCashCashEquivalentsShortTermAndLongTermInvestments" xlink:label="loc_cpa_TotalOfCashCashEquivalentsShortTermAndLongTermInvestments" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TotalOfCashCashEquivalentsShortTermAndLongTermInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Total of Cash Cash Equivalents Short Term and Long Term Investments</label>
    <label xlink:label="lab_cpa_TotalOfCashCashEquivalentsShortTermAndLongTermInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total cash, cash equivalents, short-term and long-term investments</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TotalOfCashCashEquivalentsShortTermAndLongTermInvestments" xlink:to="lab_cpa_TotalOfCashCashEquivalentsShortTermAndLongTermInvestments" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TotalOfCashCashEquivalentsShortTermAndLongTermInvestments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Total of Cash Cash Equivalents Short Term and Long Term Investments</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:label="loc_ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsidiaries [axis]</label>
    <label xlink:label="lab_ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Subsidiaries [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:to="lab_ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EntitysTotalForSubsidiariesMember" xlink:label="loc_ifrs-full_EntitysTotalForSubsidiariesMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_EntitysTotalForSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity's total for subsidiaries [member]</label>
    <label xlink:label="lab_ifrs-full_EntitysTotalForSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity's total for subsidiaries [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EntitysTotalForSubsidiariesMember" xlink:to="lab_ifrs-full_EntitysTotalForSubsidiariesMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_ConnectMilesMember" xlink:label="loc_cpa_ConnectMilesMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ConnectMilesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Connect Miles [member]</label>
    <label xlink:label="lab_cpa_ConnectMilesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">ConnectMiles [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ConnectMilesMember" xlink:to="lab_cpa_ConnectMilesMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ConnectMilesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Connect miles.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_CompaniaPanamenaDeAviacionMember" xlink:label="loc_cpa_CompaniaPanamenaDeAviacionMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CompaniaPanamenaDeAviacionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Compania Panamena de Aviacion [member]</label>
    <label xlink:label="lab_cpa_CompaniaPanamenaDeAviacionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Compania Panamena de Aviacion, S. A. - Copa Airlines [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CompaniaPanamenaDeAviacionMember" xlink:to="lab_cpa_CompaniaPanamenaDeAviacionMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CompaniaPanamenaDeAviacionMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Compania panamena de aviacion.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_RangeAxis" xlink:label="loc_ifrs-full_RangeAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Range [axis]</label>
    <label xlink:label="lab_ifrs-full_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Range [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RangeAxis" xlink:to="lab_ifrs-full_RangeAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_RangesMember" xlink:label="loc_ifrs-full_RangesMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_RangesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Ranges [member]</label>
    <label xlink:label="lab_ifrs-full_RangesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Ranges [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RangesMember" xlink:to="lab_ifrs-full_RangesMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_BottomOfRangeMember" xlink:label="loc_ifrs-full_BottomOfRangeMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_BottomOfRangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bottom of range [member]</label>
    <label xlink:label="lab_ifrs-full_BottomOfRangeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bottom of range [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BottomOfRangeMember" xlink:to="lab_ifrs-full_BottomOfRangeMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_GeographicalAreasAxis" xlink:label="loc_ifrs-full_GeographicalAreasAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_GeographicalAreasAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Geographical areas [axis]</label>
    <label xlink:label="lab_ifrs-full_GeographicalAreasAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Geographical areas [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GeographicalAreasAxis" xlink:to="lab_ifrs-full_GeographicalAreasAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_GeographicalAreasMember" xlink:label="loc_ifrs-full_GeographicalAreasMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_GeographicalAreasMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Geographical areas [member]</label>
    <label xlink:label="lab_ifrs-full_GeographicalAreasMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Geographical areas [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GeographicalAreasMember" xlink:to="lab_ifrs-full_GeographicalAreasMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ForeignCountriesMember" xlink:label="loc_ifrs-full_ForeignCountriesMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ForeignCountriesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Foreign countries [member]</label>
    <label xlink:label="lab_ifrs-full_ForeignCountriesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">International [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ForeignCountriesMember" xlink:to="lab_ifrs-full_ForeignCountriesMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_NorthCentralSouthAmericaAndCaribbeanMember" xlink:label="loc_cpa_NorthCentralSouthAmericaAndCaribbeanMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NorthCentralSouthAmericaAndCaribbeanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">North, Central, South America and Caribbean [member]</label>
    <label xlink:label="lab_cpa_NorthCentralSouthAmericaAndCaribbeanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">North, Central and South America and the Caribbean [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NorthCentralSouthAmericaAndCaribbeanMember" xlink:to="lab_cpa_NorthCentralSouthAmericaAndCaribbeanMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NorthCentralSouthAmericaAndCaribbeanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">North, Central, South America and Caribbean [member]</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_JointOperationsAxis" xlink:label="loc_ifrs-full_JointOperationsAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_JointOperationsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Joint operations [axis]</label>
    <label xlink:label="lab_ifrs-full_JointOperationsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Joint operations [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_JointOperationsAxis" xlink:to="lab_ifrs-full_JointOperationsAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EntitysTotalForJointOperationsMember" xlink:label="loc_ifrs-full_EntitysTotalForJointOperationsMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_EntitysTotalForJointOperationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity's total for joint operations [member]</label>
    <label xlink:label="lab_ifrs-full_EntitysTotalForJointOperationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity's total for joint operations [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EntitysTotalForJointOperationsMember" xlink:to="lab_ifrs-full_EntitysTotalForJointOperationsMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_CodeshareAgreementsMember" xlink:label="loc_cpa_CodeshareAgreementsMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CodeshareAgreementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Codeshare agreements [member]</label>
    <label xlink:label="lab_cpa_CodeshareAgreementsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Codeshare agreements [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CodeshareAgreementsMember" xlink:to="lab_cpa_CodeshareAgreementsMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CodeshareAgreementsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Codeshare agreements.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:label="loc_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of property, plant and equipment [axis]</label>
    <label xlink:label="lab_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of property, plant and equipment [axis]</label>
    <label xlink:label="lab_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Classes of property, plant and equipment [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="lab_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_PropertyPlantAndEquipmentMember" xlink:label="loc_ifrs-full_PropertyPlantAndEquipmentMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property, plant and equipment [member]</label>
    <label xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Property, plant and equipment [member]</label>
    <label xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Property, plant and equipment [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PropertyPlantAndEquipmentMember" xlink:to="lab_ifrs-full_PropertyPlantAndEquipmentMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_BorrowingsByNameAxis" xlink:label="loc_ifrs-full_BorrowingsByNameAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_BorrowingsByNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings by name [axis]</label>
    <label xlink:label="lab_ifrs-full_BorrowingsByNameAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowings by name [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BorrowingsByNameAxis" xlink:to="lab_ifrs-full_BorrowingsByNameAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_BorrowingsByNameMember" xlink:label="loc_ifrs-full_BorrowingsByNameMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_BorrowingsByNameMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings by name [member]</label>
    <label xlink:label="lab_ifrs-full_BorrowingsByNameMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowings by name [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BorrowingsByNameMember" xlink:to="lab_ifrs-full_BorrowingsByNameMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_ExportimportBankOfTheUnitedStatesMember" xlink:label="loc_cpa_ExportimportBankOfTheUnitedStatesMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ExportimportBankOfTheUnitedStatesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ExportImport Bank of the United States [Member]</label>
    <label xlink:label="lab_cpa_ExportimportBankOfTheUnitedStatesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">ExportImport Bank of the United States [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ExportimportBankOfTheUnitedStatesMember" xlink:to="lab_cpa_ExportimportBankOfTheUnitedStatesMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ExportimportBankOfTheUnitedStatesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Export-Import Bank of the United States [Member]</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_CommittedCreditFacilitiesMember" xlink:label="loc_cpa_CommittedCreditFacilitiesMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CommittedCreditFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Committed Credit Facilities [Member]</label>
    <label xlink:label="lab_cpa_CommittedCreditFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Committed Credit Facilities [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CommittedCreditFacilitiesMember" xlink:to="lab_cpa_CommittedCreditFacilitiesMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CommittedCreditFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Committed Credit Facilities [Member]</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_SecuredCreditFacilitiesMember" xlink:label="loc_cpa_SecuredCreditFacilitiesMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_SecuredCreditFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Secured Credit Facilities [Member]</label>
    <label xlink:label="lab_cpa_SecuredCreditFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Secured Credit Facilities [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_SecuredCreditFacilitiesMember" xlink:to="lab_cpa_SecuredCreditFacilitiesMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_SecuredCreditFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Secured Credit Facilities [Member]</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_UnsecuredCreditFacilitiesMember" xlink:label="loc_cpa_UnsecuredCreditFacilitiesMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_UnsecuredCreditFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unsecured Credit Facilities [Member]</label>
    <label xlink:label="lab_cpa_UnsecuredCreditFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unsecured Credit Facilities [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_UnsecuredCreditFacilitiesMember" xlink:to="lab_cpa_UnsecuredCreditFacilitiesMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_UnsecuredCreditFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Unsecured Credit Facilities [Member]</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_EventAxis" xlink:label="loc_cpa_EventAxis" xlink:type="locator"/>
    <label xlink:label="lab_cpa_EventAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Event [Axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_EventAxis" xlink:to="lab_cpa_EventAxis" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_EventMember" xlink:label="loc_cpa_EventMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_EventMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Event [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_EventMember" xlink:to="lab_cpa_EventMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_EventMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Event</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_Covid19memberMember" xlink:label="loc_cpa_Covid19memberMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_Covid19memberMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Covid 19 Member [Member]</label>
    <label xlink:label="lab_cpa_Covid19memberMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Covid 19 Member [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_Covid19memberMember" xlink:to="lab_cpa_Covid19memberMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_AircraftTypeAxis" xlink:label="loc_srt_AircraftTypeAxis" xlink:type="locator"/>
    <label xlink:label="lab_srt_AircraftTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Aircraft Type [Axis]</label>
    <label xlink:label="lab_srt_AircraftTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aircraft type [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_AircraftTypeAxis" xlink:to="lab_srt_AircraftTypeAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_AircraftTypeMember" xlink:label="loc_srt_AircraftTypeMember" xlink:type="locator"/>
    <label xlink:label="lab_srt_AircraftTypeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Aircraft [Domain]</label>
    <label xlink:label="lab_srt_AircraftTypeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aircraft [domain]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_AircraftTypeMember" xlink:to="lab_srt_AircraftTypeMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_BoeingSevenHundredAndThirtySevenEightHundredAircraftMember" xlink:label="loc_cpa_BoeingSevenHundredAndThirtySevenEightHundredAircraftMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_BoeingSevenHundredAndThirtySevenEightHundredAircraftMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Boeing seven hundred and thirty seven eight hundred aircraft [member]</label>
    <label xlink:label="lab_cpa_BoeingSevenHundredAndThirtySevenEightHundredAircraftMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Boeing 737-800 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_BoeingSevenHundredAndThirtySevenEightHundredAircraftMember" xlink:to="lab_cpa_BoeingSevenHundredAndThirtySevenEightHundredAircraftMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_BoeingSevenHundredAndThirtySevenEightHundredAircraftMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Boeing 737-800.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_BoeingSevenHundredAndThirtySevenSevenHundredAircraftMember" xlink:label="loc_cpa_BoeingSevenHundredAndThirtySevenSevenHundredAircraftMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_BoeingSevenHundredAndThirtySevenSevenHundredAircraftMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Boeing Seven Hundred And Thirty Seven Seven Hundred Aircraft [Member]</label>
    <label xlink:label="lab_cpa_BoeingSevenHundredAndThirtySevenSevenHundredAircraftMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Boeing 737-700 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_BoeingSevenHundredAndThirtySevenSevenHundredAircraftMember" xlink:to="lab_cpa_BoeingSevenHundredAndThirtySevenSevenHundredAircraftMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_BoeingSevenHundredAndThirtySevenMaxAircraftMember" xlink:label="loc_cpa_BoeingSevenHundredAndThirtySevenMaxAircraftMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_BoeingSevenHundredAndThirtySevenMaxAircraftMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Boeing Seven Hundred And Thirty Seven Max Aircraft [Member]</label>
    <label xlink:label="lab_cpa_BoeingSevenHundredAndThirtySevenMaxAircraftMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Boeing Seven Hundred And Thirty Seven Max Aircraft [Member]</label>
    <label xlink:label="lab_cpa_BoeingSevenHundredAndThirtySevenMaxAircraftMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Boeing 737 MAX aircraft [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_BoeingSevenHundredAndThirtySevenMaxAircraftMember" xlink:to="lab_cpa_BoeingSevenHundredAndThirtySevenMaxAircraftMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_BoeingSevenHundredAndThirtySevenMaxAircraftMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Boeing Seven Hundred And Thirty Seven Max Aircraft [Member]</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_Embraer190FleetMember" xlink:label="loc_cpa_Embraer190FleetMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_Embraer190FleetMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Embraer 190 fleet [member]</label>
    <label xlink:label="lab_cpa_Embraer190FleetMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Embraer 190 fleet [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_Embraer190FleetMember" xlink:to="lab_cpa_Embraer190FleetMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_Embraer190FleetMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Embraer 190 fleet.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProductsAndServicesAxis" xlink:label="loc_ifrs-full_ProductsAndServicesAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ProductsAndServicesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Products and services [axis]</label>
    <label xlink:label="lab_ifrs-full_ProductsAndServicesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Products and services [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProductsAndServicesAxis" xlink:to="lab_ifrs-full_ProductsAndServicesAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProductsAndServicesMember" xlink:label="loc_ifrs-full_ProductsAndServicesMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ProductsAndServicesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Products and services [member]</label>
    <label xlink:label="lab_ifrs-full_ProductsAndServicesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Products and services [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProductsAndServicesMember" xlink:to="lab_ifrs-full_ProductsAndServicesMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_PassengerRevenueMember" xlink:label="loc_cpa_PassengerRevenueMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PassengerRevenueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Passenger revenue [member]</label>
    <label xlink:label="lab_cpa_PassengerRevenueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Passenger revenue [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PassengerRevenueMember" xlink:to="lab_cpa_PassengerRevenueMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PassengerRevenueMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Passenger revenue.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_CargoAndMailRevenueMember" xlink:label="loc_cpa_CargoAndMailRevenueMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CargoAndMailRevenueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cargo and mail revenue [member]</label>
    <label xlink:label="lab_cpa_CargoAndMailRevenueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cargo and mail revenue [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CargoAndMailRevenueMember" xlink:to="lab_cpa_CargoAndMailRevenueMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CargoAndMailRevenueMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Cargo and mail revenue.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_OtherOperatingRevenuesMember" xlink:label="loc_cpa_OtherOperatingRevenuesMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_OtherOperatingRevenuesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other operating revenues [member]</label>
    <label xlink:label="lab_cpa_OtherOperatingRevenuesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other operating revenues [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_OtherOperatingRevenuesMember" xlink:to="lab_cpa_OtherOperatingRevenuesMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_OtherOperatingRevenuesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other operating revenues.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesAbstract" xlink:label="loc_ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of information about unconsolidated subsidiaries [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesAbstract" xlink:to="lab_ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesTable" xlink:label="loc_ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesTable" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of information about unconsolidated subsidiaries [table]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of information about unconsolidated subsidiaries [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesTable" xlink:to="lab_ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesTable" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_CopaAirlinesMember" xlink:label="loc_cpa_CopaAirlinesMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CopaAirlinesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Copa airlines [member]</label>
    <label xlink:label="lab_cpa_CopaAirlinesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Copa Airlines [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CopaAirlinesMember" xlink:to="lab_cpa_CopaAirlinesMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CopaAirlinesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Copa airlines.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_CopaColombiaMember" xlink:label="loc_cpa_CopaColombiaMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CopaColombiaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Copa Colombia [member]</label>
    <label xlink:label="lab_cpa_CopaColombiaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Copa Colombia [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CopaColombiaMember" xlink:to="lab_cpa_CopaColombiaMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CopaColombiaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Copa Colombia.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_OvalMember" xlink:label="loc_cpa_OvalMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_OvalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Oval [member]</label>
    <label xlink:label="lab_cpa_OvalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Oval [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_OvalMember" xlink:to="lab_cpa_OvalMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_OvalMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Oval.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesLineItems" xlink:label="loc_ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesLineItems" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of information about unconsolidated subsidiaries [line items]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of information about unconsolidated subsidiaries [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesLineItems" xlink:to="lab_ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesLineItems" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:label="loc_ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proportion of ownership interest in subsidiary</label>
    <label xlink:label="lab_ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Ownership interest</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:to="lab_ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:type="arc"/>
    <loc xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_CO" xlink:label="loc_country_CO" xlink:type="locator"/>
    <label xlink:label="lab_country_CO" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">COLOMBIA</label>
    <label xlink:label="lab_country_CO" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Colombia [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_CO" xlink:to="lab_country_CO" xlink:type="arc"/>
    <loc xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_VG" xlink:label="loc_country_VG" xlink:type="locator"/>
    <label xlink:label="lab_country_VG" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">VIRGIN ISLANDS, BRITISH</label>
    <label xlink:label="lab_country_VG" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">British Virgin Islands [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_VG" xlink:to="lab_country_VG" xlink:type="arc"/>
    <loc xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_PA" xlink:label="loc_country_PA" xlink:type="locator"/>
    <label xlink:label="lab_country_PA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">PANAMA</label>
    <label xlink:label="lab_country_PA" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Panama [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_PA" xlink:to="lab_country_PA" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_SummaryOfSignificantAccountingPoliciesAbstract" xlink:label="loc_cpa_SummaryOfSignificantAccountingPoliciesAbstract" xlink:type="locator"/>
    <label xlink:label="lab_cpa_SummaryOfSignificantAccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Summary Of Significant Accounting Policies [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_SummaryOfSignificantAccountingPoliciesAbstract" xlink:to="lab_cpa_SummaryOfSignificantAccountingPoliciesAbstract" xlink:type="arc"/>
    <label xlink:label="lab_cpa_SummaryOfSignificantAccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Summary of significant accounting policies.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_SummaryOfSignificantAccountingPoliciesTable" xlink:label="loc_cpa_SummaryOfSignificantAccountingPoliciesTable" xlink:type="locator"/>
    <label xlink:label="lab_cpa_SummaryOfSignificantAccountingPoliciesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Summary Of Significant Accounting Policies [table]</label>
    <label xlink:label="lab_cpa_SummaryOfSignificantAccountingPoliciesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Summary Of Significant Accounting Policies [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_SummaryOfSignificantAccountingPoliciesTable" xlink:to="lab_cpa_SummaryOfSignificantAccountingPoliciesTable" xlink:type="arc"/>
    <label xlink:label="lab_cpa_SummaryOfSignificantAccountingPoliciesTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Summary of significant accounting policies.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IntangibleAssetsMaterialToEntityAxis" xlink:label="loc_ifrs-full_IntangibleAssetsMaterialToEntityAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_IntangibleAssetsMaterialToEntityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible assets material to entity [axis]</label>
    <label xlink:label="lab_ifrs-full_IntangibleAssetsMaterialToEntityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangible assets material to entity [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IntangibleAssetsMaterialToEntityAxis" xlink:to="lab_ifrs-full_IntangibleAssetsMaterialToEntityAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IntangibleAssetsMaterialToEntityMember" xlink:label="loc_ifrs-full_IntangibleAssetsMaterialToEntityMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_IntangibleAssetsMaterialToEntityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible assets material to entity [member]</label>
    <label xlink:label="lab_ifrs-full_IntangibleAssetsMaterialToEntityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangible assets material to entity [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IntangibleAssetsMaterialToEntityMember" xlink:to="lab_ifrs-full_IntangibleAssetsMaterialToEntityMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_SoftwareDevelopment1Member" xlink:label="loc_cpa_SoftwareDevelopment1Member" xlink:type="locator"/>
    <label xlink:label="lab_cpa_SoftwareDevelopment1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Software development 1 [member]</label>
    <label xlink:label="lab_cpa_SoftwareDevelopment1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Software development [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_SoftwareDevelopment1Member" xlink:to="lab_cpa_SoftwareDevelopment1Member" xlink:type="arc"/>
    <label xlink:label="lab_cpa_SoftwareDevelopment1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Software development.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ComputerSoftwareLicensesMember" xlink:label="loc_cpa_ComputerSoftwareLicensesMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ComputerSoftwareLicensesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Computer software licenses [member]</label>
    <label xlink:label="lab_cpa_ComputerSoftwareLicensesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Computer software licenses [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ComputerSoftwareLicensesMember" xlink:to="lab_cpa_ComputerSoftwareLicensesMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ComputerSoftwareLicensesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Computer software licenses.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfSummaryOfSignificantAccountingPoliciesLineItems" xlink:label="loc_cpa_DisclosureOfSummaryOfSignificantAccountingPoliciesLineItems" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfSummaryOfSignificantAccountingPoliciesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Summary Of Significant Accounting Policies [line items]</label>
    <label xlink:label="lab_cpa_DisclosureOfSummaryOfSignificantAccountingPoliciesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of summary of significant accounting policies [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfSummaryOfSignificantAccountingPoliciesLineItems" xlink:to="lab_cpa_DisclosureOfSummaryOfSignificantAccountingPoliciesLineItems" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfSummaryOfSignificantAccountingPoliciesLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of summary of significant accounting Policies.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_EstimatedUsefulLivesOfIntangibleAsset" xlink:label="loc_cpa_EstimatedUsefulLivesOfIntangibleAsset" xlink:type="locator"/>
    <label xlink:label="lab_cpa_EstimatedUsefulLivesOfIntangibleAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Estimated useful lives of intangible asset</label>
    <label xlink:label="lab_cpa_EstimatedUsefulLivesOfIntangibleAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated useful lives</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_EstimatedUsefulLivesOfIntangibleAsset" xlink:to="lab_cpa_EstimatedUsefulLivesOfIntangibleAsset" xlink:type="arc"/>
    <label xlink:label="lab_cpa_EstimatedUsefulLivesOfIntangibleAsset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Estimated useful lives of intangible asset.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ExplanationOfFactsAndCircumstancesOfSaleOrReclassificationAndExpectedDisposalMannerAndTiming" xlink:label="loc_ifrs-full_ExplanationOfFactsAndCircumstancesOfSaleOrReclassificationAndExpectedDisposalMannerAndTiming" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ExplanationOfFactsAndCircumstancesOfSaleOrReclassificationAndExpectedDisposalMannerAndTiming" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Explanation of facts and circumstances of sale or reclassification and expected disposal, manner and timing</label>
    <label xlink:label="lab_ifrs-full_ExplanationOfFactsAndCircumstancesOfSaleOrReclassificationAndExpectedDisposalMannerAndTiming" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Description of disposal of business available for sale</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ExplanationOfFactsAndCircumstancesOfSaleOrReclassificationAndExpectedDisposalMannerAndTiming" xlink:to="lab_ifrs-full_ExplanationOfFactsAndCircumstancesOfSaleOrReclassificationAndExpectedDisposalMannerAndTiming" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ApplicableTaxRate" xlink:label="loc_ifrs-full_ApplicableTaxRate" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ApplicableTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Applicable tax rate</label>
    <label xlink:label="lab_ifrs-full_ApplicableTaxRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Applicable tax rate</label>
    <label xlink:label="lab_ifrs-full_ApplicableTaxRate" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:type="resource" xml:lang="en-US">Tax rate</label>
    <label xlink:label="lab_ifrs-full_ApplicableTaxRate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Income taxes at Panamanian statutory rates</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ApplicableTaxRate" xlink:to="lab_ifrs-full_ApplicableTaxRate" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_WithholdingTaxRateOnPortionOfDomesticIncome" xlink:label="loc_cpa_WithholdingTaxRateOnPortionOfDomesticIncome" xlink:type="locator"/>
    <label xlink:label="lab_cpa_WithholdingTaxRateOnPortionOfDomesticIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Withholding tax rate on portion of domestic income</label>
    <label xlink:label="lab_cpa_WithholdingTaxRateOnPortionOfDomesticIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends Tax Rate, Panamanian source income</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_WithholdingTaxRateOnPortionOfDomesticIncome" xlink:to="lab_cpa_WithholdingTaxRateOnPortionOfDomesticIncome" xlink:type="arc"/>
    <label xlink:label="lab_cpa_WithholdingTaxRateOnPortionOfDomesticIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Withholding tax rate on portion of domestic income.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_WithholdingTaxRateOnPortionOfForeignIncome" xlink:label="loc_cpa_WithholdingTaxRateOnPortionOfForeignIncome" xlink:type="locator"/>
    <label xlink:label="lab_cpa_WithholdingTaxRateOnPortionOfForeignIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Withholding tax rate on portion of foreign income</label>
    <label xlink:label="lab_cpa_WithholdingTaxRateOnPortionOfForeignIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends Tax Rate, foreign source income</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_WithholdingTaxRateOnPortionOfForeignIncome" xlink:to="lab_cpa_WithholdingTaxRateOnPortionOfForeignIncome" xlink:type="arc"/>
    <label xlink:label="lab_cpa_WithholdingTaxRateOnPortionOfForeignIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Withholding tax rate on portion of foreign income.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TopOfRangeMember" xlink:label="loc_ifrs-full_TopOfRangeMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_TopOfRangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Top of range [member]</label>
    <label xlink:label="lab_ifrs-full_TopOfRangeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Top of range [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TopOfRangeMember" xlink:to="lab_ifrs-full_TopOfRangeMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_PropertyPlantAndEquipmentAbstract" xlink:label="loc_ifrs-full_PropertyPlantAndEquipmentAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property, plant and equipment [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PropertyPlantAndEquipmentAbstract" xlink:to="lab_ifrs-full_PropertyPlantAndEquipmentAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:label="loc_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [table]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:to="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:label="loc_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [line items]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:to="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_EstimatedUsefulLivesOfTangibleAsset" xlink:label="loc_cpa_EstimatedUsefulLivesOfTangibleAsset" xlink:type="locator"/>
    <label xlink:label="lab_cpa_EstimatedUsefulLivesOfTangibleAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Estimated Useful Lives Of Tangible Asset</label>
    <label xlink:label="lab_cpa_EstimatedUsefulLivesOfTangibleAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated useful life (years)</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_EstimatedUsefulLivesOfTangibleAsset" xlink:to="lab_cpa_EstimatedUsefulLivesOfTangibleAsset" xlink:type="arc"/>
    <label xlink:label="lab_cpa_EstimatedUsefulLivesOfTangibleAsset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">An estimate of the average number of years an asset is considered usable before its value is fully depreciated.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_PropertyPlantAndEquipmentEstimatedUsefulLifes" xlink:label="loc_cpa_PropertyPlantAndEquipmentEstimatedUsefulLifes" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PropertyPlantAndEquipmentEstimatedUsefulLifes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property Plant and Equipment Estimated Useful Lifes</label>
    <label xlink:label="lab_cpa_PropertyPlantAndEquipmentEstimatedUsefulLifes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated useful lives</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PropertyPlantAndEquipmentEstimatedUsefulLifes" xlink:to="lab_cpa_PropertyPlantAndEquipmentEstimatedUsefulLifes" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PropertyPlantAndEquipmentEstimatedUsefulLifes" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Property plant and equipment estimated useful lifes.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_SalvageValueAssetsRate" xlink:label="loc_cpa_SalvageValueAssetsRate" xlink:type="locator"/>
    <label xlink:label="lab_cpa_SalvageValueAssetsRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Salvage Value Assets Rate</label>
    <label xlink:label="lab_cpa_SalvageValueAssetsRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Residual Value</label>
    <label xlink:label="lab_cpa_SalvageValueAssetsRate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Salvage value assets rate</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_SalvageValueAssetsRate" xlink:to="lab_cpa_SalvageValueAssetsRate" xlink:type="arc"/>
    <label xlink:label="lab_cpa_SalvageValueAssetsRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Salvage value assets rate.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_AirframeAndEnginesMember" xlink:label="loc_cpa_AirframeAndEnginesMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AirframeAndEnginesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Airframe and engines [member]</label>
    <label xlink:label="lab_cpa_AirframeAndEnginesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Airframe and engines [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AirframeAndEnginesMember" xlink:to="lab_cpa_AirframeAndEnginesMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AirframeAndEnginesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Airframe and engines.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_GroundEquipmentMember" xlink:label="loc_cpa_GroundEquipmentMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_GroundEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Ground equipment [member]</label>
    <label xlink:label="lab_cpa_GroundEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Ground equipment [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_GroundEquipmentMember" xlink:to="lab_cpa_GroundEquipmentMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_GroundEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Ground equipment.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_FurnitureFixturesAndOtherEquipmentMember" xlink:label="loc_cpa_FurnitureFixturesAndOtherEquipmentMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_FurnitureFixturesAndOtherEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Furniture fixtures and other equipment [member]</label>
    <label xlink:label="lab_cpa_FurnitureFixturesAndOtherEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Furniture, fixture, equipment and other [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_FurnitureFixturesAndOtherEquipmentMember" xlink:to="lab_cpa_FurnitureFixturesAndOtherEquipmentMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_FurnitureFixturesAndOtherEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Furniture fixtures and other equipment.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LeaseholdImprovementsMember" xlink:label="loc_ifrs-full_LeaseholdImprovementsMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_LeaseholdImprovementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Leasehold improvements [member]</label>
    <label xlink:label="lab_ifrs-full_LeaseholdImprovementsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Leasehold improvements [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LeaseholdImprovementsMember" xlink:to="lab_ifrs-full_LeaseholdImprovementsMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_MajorMaintenanceEventsMember" xlink:label="loc_cpa_MajorMaintenanceEventsMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_MajorMaintenanceEventsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Major Maintenance Events [member]</label>
    <label xlink:label="lab_cpa_MajorMaintenanceEventsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Major maintenance events [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_MajorMaintenanceEventsMember" xlink:to="lab_cpa_MajorMaintenanceEventsMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_MajorMaintenanceEventsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Major maintenance events.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyAbstract" xlink:label="loc_ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of voluntary change in accounting policy [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyAbstract" xlink:to="lab_ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyTable" xlink:label="loc_ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyTable" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of voluntary change in accounting policy [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyTable" xlink:to="lab_ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyTable" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyLineItems" xlink:label="loc_ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyLineItems" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of voluntary change in accounting policy [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyLineItems" xlink:to="lab_ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyLineItems" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryAbstract" xlink:label="loc_cpa_DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryAbstract" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Detailed Information Reconcile The Changes In Presentation In Prior Years For Comparative Effects On The Consolidated Statement Of Financial Position Explanatory [Abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryAbstract" xlink:to="lab_cpa_DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryAbstract" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryTable" xlink:label="loc_cpa_DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryTable" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Detailed Information Reconcile The Changes In Presentation In Prior Years For Comparative Effects On The Consolidated Statement Of Financial Position Explanatory [Table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryTable" xlink:to="lab_cpa_DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryTable" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryLineItems" xlink:label="loc_cpa_DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryLineItems" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Detailed Information Reconcile The Changes In Presentation In Prior Years For Comparative Effects On The Consolidated Statement Of Financial Position Explanatory [Line Items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryLineItems" xlink:to="lab_cpa_DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryLineItems" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ShorttermBorrowings" xlink:label="loc_ifrs-full_ShorttermBorrowings" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ShorttermBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current borrowings</label>
    <label xlink:label="lab_ifrs-full_ShorttermBorrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loans and borrowings</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ShorttermBorrowings" xlink:to="lab_ifrs-full_ShorttermBorrowings" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_CurrentOtherTaxesAndInterestPayable" xlink:label="loc_cpa_CurrentOtherTaxesAndInterestPayable" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CurrentOtherTaxesAndInterestPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current Other Taxes And Interest Payable</label>
    <label xlink:label="lab_cpa_CurrentOtherTaxesAndInterestPayable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Taxes and interest payable</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CurrentOtherTaxesAndInterestPayable" xlink:to="lab_cpa_CurrentOtherTaxesAndInterestPayable" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CurrentOtherTaxesAndInterestPayable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Current other taxes and interest payable.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember" xlink:label="loc_ifrs-full_IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) due to changes in accounting policy and corrections of prior period errors [member]</label>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Reclasification [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember" xlink:to="lab_ifrs-full_IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersAbstract" xlink:label="loc_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of disaggregation of revenue from contracts with customers [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersAbstract" xlink:to="lab_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable" xlink:label="loc_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of disaggregation of revenue from contracts with customers [table]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of disaggregation of revenue from contracts with customers [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable" xlink:to="lab_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_FrequentFlyerProgramMarketingServicesRevenueMember" xlink:label="loc_cpa_FrequentFlyerProgramMarketingServicesRevenueMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_FrequentFlyerProgramMarketingServicesRevenueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Frequent flyer program marketing services revenue [Member]</label>
    <label xlink:label="lab_cpa_FrequentFlyerProgramMarketingServicesRevenueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Frequent flyer program - marketing services revenue [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_FrequentFlyerProgramMarketingServicesRevenueMember" xlink:to="lab_cpa_FrequentFlyerProgramMarketingServicesRevenueMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_FrequentFlyerProgramMarketingServicesRevenueMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Frequent flyer program - marketing services revenue.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_MilesRedeemedMember" xlink:label="loc_cpa_MilesRedeemedMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_MilesRedeemedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Miles redeemed [member]</label>
    <label xlink:label="lab_cpa_MilesRedeemedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Miles redeemed [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_MilesRedeemedMember" xlink:to="lab_cpa_MilesRedeemedMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_MilesRedeemedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Miles redeemed.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_PassengerRevenueExcludingMilesRedeemedMember" xlink:label="loc_cpa_PassengerRevenueExcludingMilesRedeemedMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PassengerRevenueExcludingMilesRedeemedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Passenger revenue excluding miles redeemed [member]</label>
    <label xlink:label="lab_cpa_PassengerRevenueExcludingMilesRedeemedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Passenger revenue excluding miles redeemed [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PassengerRevenueExcludingMilesRedeemedMember" xlink:to="lab_cpa_PassengerRevenueExcludingMilesRedeemedMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PassengerRevenueExcludingMilesRedeemedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Passenger revenue excluding miles redeemed.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems" xlink:label="loc_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of disaggregation of revenue from contracts with customers [line items]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of disaggregation of revenue from contracts with customers [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems" xlink:to="lab_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ContractLiabilitiesAbstract" xlink:label="loc_ifrs-full_ContractLiabilitiesAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ContractLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Contract liabilities [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ContractLiabilitiesAbstract" xlink:to="lab_ifrs-full_ContractLiabilitiesAbstract" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfChangesInContactLiabilitiesTable" xlink:label="loc_cpa_DisclosureOfChangesInContactLiabilitiesTable" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfChangesInContactLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of changes in contact liabilities [table]</label>
    <label xlink:label="lab_cpa_DisclosureOfChangesInContactLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of changes in contact liabilities [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfChangesInContactLiabilitiesTable" xlink:to="lab_cpa_DisclosureOfChangesInContactLiabilitiesTable" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfChangesInContactLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of changes in contact liabilities [table]</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:label="loc_ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Categories of financial liabilities [axis]</label>
    <label xlink:label="lab_ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Categories of financial liabilities [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:to="lab_ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FinancialLiabilitiesCategoryMember" xlink:label="loc_ifrs-full_FinancialLiabilitiesCategoryMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_FinancialLiabilitiesCategoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial liabilities, category [member]</label>
    <label xlink:label="lab_ifrs-full_FinancialLiabilitiesCategoryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial liabilities, category [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialLiabilitiesCategoryMember" xlink:to="lab_ifrs-full_FinancialLiabilitiesCategoryMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_AirTrafficLiabilityMember" xlink:label="loc_cpa_AirTrafficLiabilityMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AirTrafficLiabilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Air traffic liability [member]</label>
    <label xlink:label="lab_cpa_AirTrafficLiabilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Air traffic liability [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AirTrafficLiabilityMember" xlink:to="lab_cpa_AirTrafficLiabilityMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AirTrafficLiabilityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Air traffic liability.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_FrequentFlyerLiabilityMember" xlink:label="loc_cpa_FrequentFlyerLiabilityMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_FrequentFlyerLiabilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Frequent flyer liability [member]</label>
    <label xlink:label="lab_cpa_FrequentFlyerLiabilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Frequent flyer liability [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_FrequentFlyerLiabilityMember" xlink:to="lab_cpa_FrequentFlyerLiabilityMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_FrequentFlyerLiabilityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Frequent flyer liability .</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfChangesInContactLiabilitiesLineItems" xlink:label="loc_cpa_DisclosureOfChangesInContactLiabilitiesLineItems" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfChangesInContactLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of changes in contact liabilities [line items]</label>
    <label xlink:label="lab_cpa_DisclosureOfChangesInContactLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of changes in contact liabilities [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfChangesInContactLiabilitiesLineItems" xlink:to="lab_cpa_DisclosureOfChangesInContactLiabilitiesLineItems" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfChangesInContactLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of changes in contact liabilities [line items]</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncreaseDecreaseThroughCumulativeCatchupAdjustmentsToRevenueContractLiabilities" xlink:label="loc_ifrs-full_IncreaseDecreaseThroughCumulativeCatchupAdjustmentsToRevenueContractLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseThroughCumulativeCatchupAdjustmentsToRevenueContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through cumulative catch-up adjustments to revenue, contract liabilities</label>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseThroughCumulativeCatchupAdjustmentsToRevenueContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred of revenue</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseThroughCumulativeCatchupAdjustmentsToRevenueContractLiabilities" xlink:to="lab_ifrs-full_IncreaseDecreaseThroughCumulativeCatchupAdjustmentsToRevenueContractLiabilities" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NoncurrentContractLiabilities" xlink:label="loc_ifrs-full_NoncurrentContractLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_NoncurrentContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current contract liabilities</label>
    <label xlink:label="lab_ifrs-full_NoncurrentContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Non-current</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncurrentContractLiabilities" xlink:to="lab_ifrs-full_NoncurrentContractLiabilities" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ContractLiabilities" xlink:label="loc_ifrs-full_ContractLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Contract liabilities</label>
    <label xlink:label="lab_ifrs-full_ContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Balance at beginning of year</label>
    <label xlink:label="lab_ifrs-full_ContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Balance at end of year</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ContractLiabilities" xlink:to="lab_ifrs-full_ContractLiabilities" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentContractLiabilities" xlink:label="loc_ifrs-full_CurrentContractLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CurrentContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current contract liabilities</label>
    <label xlink:label="lab_ifrs-full_CurrentContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Current</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentContractLiabilities" xlink:to="lab_ifrs-full_CurrentContractLiabilities" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DecreaseThroughPerformanceObligationBeingSatisfiedContractLiabilities" xlink:label="loc_ifrs-full_DecreaseThroughPerformanceObligationBeingSatisfiedContractLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DecreaseThroughPerformanceObligationBeingSatisfiedContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Decrease through performance obligation being satisfied, contract liabilities</label>
    <label xlink:label="lab_ifrs-full_DecreaseThroughPerformanceObligationBeingSatisfiedContractLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Revenue recognition</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DecreaseThroughPerformanceObligationBeingSatisfiedContractLiabilities" xlink:to="lab_ifrs-full_DecreaseThroughPerformanceObligationBeingSatisfiedContractLiabilities" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_IncreaseDecreaseThroughCumulativeTaxRecognitionAdjustmentsToRevenueContractLiabilities" xlink:label="loc_cpa_IncreaseDecreaseThroughCumulativeTaxRecognitionAdjustmentsToRevenueContractLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_cpa_IncreaseDecreaseThroughCumulativeTaxRecognitionAdjustmentsToRevenueContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase Decrease Through Cumulative Tax Recognition Adjustments To Revenue Contract Liabilities</label>
    <label xlink:label="lab_cpa_IncreaseDecreaseThroughCumulativeTaxRecognitionAdjustmentsToRevenueContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax recognition</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_IncreaseDecreaseThroughCumulativeTaxRecognitionAdjustmentsToRevenueContractLiabilities" xlink:to="lab_cpa_IncreaseDecreaseThroughCumulativeTaxRecognitionAdjustmentsToRevenueContractLiabilities" xlink:type="arc"/>
    <label xlink:label="lab_cpa_IncreaseDecreaseThroughCumulativeTaxRecognitionAdjustmentsToRevenueContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase decrease through cumulative tax recognition adjustments to revenue contract liabilities.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_IncreaseDecreaseThroughCumulativeReimbursementsToRevenueContractLiabilities" xlink:label="loc_cpa_IncreaseDecreaseThroughCumulativeReimbursementsToRevenueContractLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_cpa_IncreaseDecreaseThroughCumulativeReimbursementsToRevenueContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase Decrease Through Cumulative Reimbursements To Revenue Contract Liabilities</label>
    <label xlink:label="lab_cpa_IncreaseDecreaseThroughCumulativeReimbursementsToRevenueContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reimbursements</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_IncreaseDecreaseThroughCumulativeReimbursementsToRevenueContractLiabilities" xlink:to="lab_cpa_IncreaseDecreaseThroughCumulativeReimbursementsToRevenueContractLiabilities" xlink:type="arc"/>
    <label xlink:label="lab_cpa_IncreaseDecreaseThroughCumulativeReimbursementsToRevenueContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase decrease through cumulative reimbursements to revenue contract liabilities.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_IncreaseDecreaseThroughCumulativeInterlineTicketsAdjustmentsToRevenueContractLiabilities" xlink:label="loc_cpa_IncreaseDecreaseThroughCumulativeInterlineTicketsAdjustmentsToRevenueContractLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_cpa_IncreaseDecreaseThroughCumulativeInterlineTicketsAdjustmentsToRevenueContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase Decrease Through Cumulative Interline Tickets Adjustments To Revenue Contract Liabilities</label>
    <label xlink:label="lab_cpa_IncreaseDecreaseThroughCumulativeInterlineTicketsAdjustmentsToRevenueContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interline tickets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_IncreaseDecreaseThroughCumulativeInterlineTicketsAdjustmentsToRevenueContractLiabilities" xlink:to="lab_cpa_IncreaseDecreaseThroughCumulativeInterlineTicketsAdjustmentsToRevenueContractLiabilities" xlink:type="arc"/>
    <label xlink:label="lab_cpa_IncreaseDecreaseThroughCumulativeInterlineTicketsAdjustmentsToRevenueContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase decrease through cumulative interline tickets adjustments to revenue contract liabilities.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_IncreaseDecreaseThroughCumulativeOtherAdjustmentsToRevenueContractLiabilities" xlink:label="loc_cpa_IncreaseDecreaseThroughCumulativeOtherAdjustmentsToRevenueContractLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_cpa_IncreaseDecreaseThroughCumulativeOtherAdjustmentsToRevenueContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase Decrease Through Cumulative Other Adjustments To Revenue Contract Liabilities</label>
    <label xlink:label="lab_cpa_IncreaseDecreaseThroughCumulativeOtherAdjustmentsToRevenueContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_IncreaseDecreaseThroughCumulativeOtherAdjustmentsToRevenueContractLiabilities" xlink:to="lab_cpa_IncreaseDecreaseThroughCumulativeOtherAdjustmentsToRevenueContractLiabilities" xlink:type="arc"/>
    <label xlink:label="lab_cpa_IncreaseDecreaseThroughCumulativeOtherAdjustmentsToRevenueContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase decrease through cumulative other adjustments to revenue contract liabilities.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncreaseDecreaseThroughCumulativeCatchupAdjustmentsToRevenueArisingFromChangeInMeasureOfProgressContractLiabilities" xlink:label="loc_ifrs-full_IncreaseDecreaseThroughCumulativeCatchupAdjustmentsToRevenueArisingFromChangeInMeasureOfProgressContractLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseThroughCumulativeCatchupAdjustmentsToRevenueArisingFromChangeInMeasureOfProgressContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through cumulative catch-up adjustments to revenue arising from change in measure of progress, contract liabilities</label>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseThroughCumulativeCatchupAdjustmentsToRevenueArisingFromChangeInMeasureOfProgressContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sales</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseThroughCumulativeCatchupAdjustmentsToRevenueArisingFromChangeInMeasureOfProgressContractLiabilities" xlink:to="lab_ifrs-full_IncreaseDecreaseThroughCumulativeCatchupAdjustmentsToRevenueArisingFromChangeInMeasureOfProgressContractLiabilities" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfOperatingSegmentsAbstract" xlink:label="loc_ifrs-full_DisclosureOfOperatingSegmentsAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfOperatingSegmentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of operating segments [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfOperatingSegmentsAbstract" xlink:to="lab_ifrs-full_DisclosureOfOperatingSegmentsAbstract" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_NumberOfOperatingSegments1" xlink:label="loc_cpa_NumberOfOperatingSegments1" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NumberOfOperatingSegments1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Operating Segments1</label>
    <label xlink:label="lab_cpa_NumberOfOperatingSegments1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of operating segment</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NumberOfOperatingSegments1" xlink:to="lab_cpa_NumberOfOperatingSegments1" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NumberOfOperatingSegments1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of operating segments.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfGeographicalAreasAbstract" xlink:label="loc_ifrs-full_DisclosureOfGeographicalAreasAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfGeographicalAreasAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of geographical areas [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfGeographicalAreasAbstract" xlink:to="lab_ifrs-full_DisclosureOfGeographicalAreasAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfGeographicalAreasTable" xlink:label="loc_ifrs-full_DisclosureOfGeographicalAreasTable" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfGeographicalAreasTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of geographical areas [table]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfGeographicalAreasTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of geographical areas [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfGeographicalAreasTable" xlink:to="lab_ifrs-full_DisclosureOfGeographicalAreasTable" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_NorthAmericaMember" xlink:label="loc_srt_NorthAmericaMember" xlink:type="locator"/>
    <label xlink:label="lab_srt_NorthAmericaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">North America [Member]</label>
    <label xlink:label="lab_srt_NorthAmericaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">North America [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_NorthAmericaMember" xlink:to="lab_srt_NorthAmericaMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_SouthAmericaMember" xlink:label="loc_srt_SouthAmericaMember" xlink:type="locator"/>
    <label xlink:label="lab_srt_SouthAmericaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">South America [Member]</label>
    <label xlink:label="lab_srt_SouthAmericaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">South America [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_SouthAmericaMember" xlink:to="lab_srt_SouthAmericaMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CentralAmericaMember" xlink:label="loc_srt_CentralAmericaMember" xlink:type="locator"/>
    <label xlink:label="lab_srt_CentralAmericaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Central America [Member]</label>
    <label xlink:label="lab_srt_CentralAmericaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Central America [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CentralAmericaMember" xlink:to="lab_srt_CentralAmericaMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_CarribeanMember" xlink:label="loc_cpa_CarribeanMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CarribeanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Carribean [Member]</label>
    <label xlink:label="lab_cpa_CarribeanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Carribean [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CarribeanMember" xlink:to="lab_cpa_CarribeanMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfGeographicalAreasLineItems" xlink:label="loc_ifrs-full_DisclosureOfGeographicalAreasLineItems" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfGeographicalAreasLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of geographical areas [line items]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfGeographicalAreasLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of geographical areas [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfGeographicalAreasLineItems" xlink:to="lab_ifrs-full_DisclosureOfGeographicalAreasLineItems" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_PassengerAndCargoAndMailRevenue" xlink:label="loc_cpa_PassengerAndCargoAndMailRevenue" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PassengerAndCargoAndMailRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Passenger And Cargo And Mail Revenue</label>
    <label xlink:label="lab_cpa_PassengerAndCargoAndMailRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Passenger, Cargo and Mail Revenue</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PassengerAndCargoAndMailRevenue" xlink:to="lab_cpa_PassengerAndCargoAndMailRevenue" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PassengerAndCargoAndMailRevenue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Passenger and cargo and mail revenue.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashAndCashEquivalentsAbstract" xlink:label="loc_ifrs-full_CashAndCashEquivalentsAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CashAndCashEquivalentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashAndCashEquivalentsAbstract" xlink:to="lab_ifrs-full_CashAndCashEquivalentsAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_BalancesWithBanks" xlink:label="loc_ifrs-full_BalancesWithBanks" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_BalancesWithBanks" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Balances with banks</label>
    <label xlink:label="lab_ifrs-full_BalancesWithBanks" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Checking and saving accounts</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BalancesWithBanks" xlink:to="lab_ifrs-full_BalancesWithBanks" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashOnHand" xlink:label="loc_ifrs-full_CashOnHand" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CashOnHand" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash on hand</label>
    <label xlink:label="lab_ifrs-full_CashOnHand" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash on hand</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashOnHand" xlink:to="lab_ifrs-full_CashOnHand" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xlink:label="loc_ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Short-term deposits, classified as cash equivalents</label>
    <label xlink:label="lab_ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Time deposits of no more than ninety days</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xlink:to="lab_ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfCashAndCashEquivalentsTable" xlink:label="loc_cpa_DisclosureOfCashAndCashEquivalentsTable" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfCashAndCashEquivalentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Cash And Cash Equivalents [table]</label>
    <label xlink:label="lab_cpa_DisclosureOfCashAndCashEquivalentsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure Of Cash And Cash Equivalents [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfCashAndCashEquivalentsTable" xlink:to="lab_cpa_DisclosureOfCashAndCashEquivalentsTable" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfCashAndCashEquivalentsTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of cash and cash equivalents [table]</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfCashAndCashEquivalentsLineItems" xlink:label="loc_cpa_DisclosureOfCashAndCashEquivalentsLineItems" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfCashAndCashEquivalentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of cash and cash equivalents [line items]</label>
    <label xlink:label="lab_cpa_DisclosureOfCashAndCashEquivalentsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of cash and cash equivalents [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfCashAndCashEquivalentsLineItems" xlink:to="lab_cpa_DisclosureOfCashAndCashEquivalentsLineItems" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfCashAndCashEquivalentsLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of cash and cash equivalents.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_AdjustmentForInterestRateEarningTimeDeposit" xlink:label="loc_cpa_AdjustmentForInterestRateEarningTimeDeposit" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AdjustmentForInterestRateEarningTimeDeposit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustment for Interest Rate Earning Time Deposit</label>
    <label xlink:label="lab_cpa_AdjustmentForInterestRateEarningTimeDeposit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Time deposits interest rate</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AdjustmentForInterestRateEarningTimeDeposit" xlink:to="lab_cpa_AdjustmentForInterestRateEarningTimeDeposit" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AdjustmentForInterestRateEarningTimeDeposit" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Adjustment for interest rate earning time deposit.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashCollateralPledgedSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialLiabilities" xlink:label="loc_ifrs-full_CashCollateralPledgedSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CashCollateralPledgedSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash collateral pledged subject to enforceable master netting arrangement or similar agreement not set off against financial liabilities</label>
    <label xlink:label="lab_ifrs-full_CashCollateralPledgedSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Collateral pledged</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashCollateralPledgedSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialLiabilities" xlink:to="lab_ifrs-full_CashCollateralPledgedSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialLiabilities" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfInvestmentPropertyAbstract" xlink:label="loc_ifrs-full_DisclosureOfInvestmentPropertyAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfInvestmentPropertyAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about investment property [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfInvestmentPropertyAbstract" xlink:to="lab_ifrs-full_DisclosureOfInvestmentPropertyAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfInvestmentPropertyTable" xlink:label="loc_ifrs-full_DisclosureOfInvestmentPropertyTable" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfInvestmentPropertyTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about investment property [table]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfInvestmentPropertyTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about investment property [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfInvestmentPropertyTable" xlink:to="lab_ifrs-full_DisclosureOfInvestmentPropertyTable" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfFinancialAssetsLineItems" xlink:label="loc_ifrs-full_DisclosureOfFinancialAssetsLineItems" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfFinancialAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of financial assets [line items]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfFinancialAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about financial assets [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFinancialAssetsLineItems" xlink:to="lab_ifrs-full_DisclosureOfFinancialAssetsLineItems" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:label="loc_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investments in subsidiaries, joint ventures and associates</label>
    <label xlink:label="lab_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:to="lab_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:label="loc_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Temporary difference, unused tax losses and unused tax credits [axis]</label>
    <label xlink:label="lab_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Temporary difference, unused tax losses and unused tax credits [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:to="lab_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember" xlink:label="loc_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Temporary difference, unused tax losses and unused tax credits [member]</label>
    <label xlink:label="lab_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Temporary difference, unused tax losses and unused tax credits [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember" xlink:to="lab_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AllowanceForCreditLossesMember" xlink:label="loc_ifrs-full_AllowanceForCreditLossesMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AllowanceForCreditLossesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Allowance for credit losses [member]</label>
    <label xlink:label="lab_ifrs-full_AllowanceForCreditLossesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Allowance for credit losses [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AllowanceForCreditLossesMember" xlink:to="lab_ifrs-full_AllowanceForCreditLossesMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TypesOfInvestmentPropertyAxis" xlink:label="loc_ifrs-full_TypesOfInvestmentPropertyAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_TypesOfInvestmentPropertyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Types of investment property [axis]</label>
    <label xlink:label="lab_ifrs-full_TypesOfInvestmentPropertyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Types of investment property [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TypesOfInvestmentPropertyAxis" xlink:to="lab_ifrs-full_TypesOfInvestmentPropertyAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_InvestmentPropertyMember" xlink:label="loc_ifrs-full_InvestmentPropertyMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_InvestmentPropertyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment property [member]</label>
    <label xlink:label="lab_ifrs-full_InvestmentPropertyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investment [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InvestmentPropertyMember" xlink:to="lab_ifrs-full_InvestmentPropertyMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_BondMember" xlink:label="loc_cpa_BondMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_BondMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bonds [member]</label>
    <label xlink:label="lab_cpa_BondMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bonds [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_BondMember" xlink:to="lab_cpa_BondMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_BondMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bonds.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_TimeDepositsAndBondsMember" xlink:label="loc_cpa_TimeDepositsAndBondsMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TimeDepositsAndBondsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Time Deposits And Bonds [Member]</label>
    <label xlink:label="lab_cpa_TimeDepositsAndBondsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Time deposits and bonds [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TimeDepositsAndBondsMember" xlink:to="lab_cpa_TimeDepositsAndBondsMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TimeDepositsAndBondsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Time deposits and bonds.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_TimeDepositsMember" xlink:label="loc_cpa_TimeDepositsMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TimeDepositsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Time deposits [member]</label>
    <label xlink:label="lab_cpa_TimeDepositsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Time deposits [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TimeDepositsMember" xlink:to="lab_cpa_TimeDepositsMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TimeDepositsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Time deposits.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfInvestmentPropertyLineItems" xlink:label="loc_ifrs-full_DisclosureOfInvestmentPropertyLineItems" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfInvestmentPropertyLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about investment property [line items]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfInvestmentPropertyLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about investment property [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfInvestmentPropertyLineItems" xlink:to="lab_ifrs-full_DisclosureOfInvestmentPropertyLineItems" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_BorrowingsSemiAnnualInterestRate" xlink:label="loc_cpa_BorrowingsSemiAnnualInterestRate" xlink:type="locator"/>
    <label xlink:label="lab_cpa_BorrowingsSemiAnnualInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings semi annual interest rate</label>
    <label xlink:label="lab_cpa_BorrowingsSemiAnnualInterestRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Semiannual interest payment, interest rates</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_BorrowingsSemiAnnualInterestRate" xlink:to="lab_cpa_BorrowingsSemiAnnualInterestRate" xlink:type="arc"/>
    <label xlink:label="lab_cpa_BorrowingsSemiAnnualInterestRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Borrowings semi annual interest rate.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_PercentageOfTimeDeposits" xlink:label="loc_cpa_PercentageOfTimeDeposits" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PercentageOfTimeDeposits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of time deposits</label>
    <label xlink:label="lab_cpa_PercentageOfTimeDeposits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest rates on time deposits</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PercentageOfTimeDeposits" xlink:to="lab_cpa_PercentageOfTimeDeposits" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PercentageOfTimeDeposits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage of time deposits.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_RiskExposureAssociatedWithInstrumentsSharingCharacteristic" xlink:label="loc_ifrs-full_RiskExposureAssociatedWithInstrumentsSharingCharacteristic" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_RiskExposureAssociatedWithInstrumentsSharingCharacteristic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Risk exposure associated with instruments sharing characteristic</label>
    <label xlink:label="lab_ifrs-full_RiskExposureAssociatedWithInstrumentsSharingCharacteristic" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Risk exposure associated with instruments</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RiskExposureAssociatedWithInstrumentsSharingCharacteristic" xlink:to="lab_ifrs-full_RiskExposureAssociatedWithInstrumentsSharingCharacteristic" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_BottomOfRangeBondsWithSemiannualInterestPaymentMember" xlink:label="loc_cpa_BottomOfRangeBondsWithSemiannualInterestPaymentMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_BottomOfRangeBondsWithSemiannualInterestPaymentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bottom Of Range Bonds With Semiannual Interest Payment [Member]</label>
    <label xlink:label="lab_cpa_BottomOfRangeBondsWithSemiannualInterestPaymentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Bottom of range Bonds with semiannual interest payment [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_BottomOfRangeBondsWithSemiannualInterestPaymentMember" xlink:to="lab_cpa_BottomOfRangeBondsWithSemiannualInterestPaymentMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_TopOfRangeBondsWithSemiannualInterestPaymentMember" xlink:label="loc_cpa_TopOfRangeBondsWithSemiannualInterestPaymentMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TopOfRangeBondsWithSemiannualInterestPaymentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Top Of Range Bonds With Semiannual Interest Payment [Member]</label>
    <label xlink:label="lab_cpa_TopOfRangeBondsWithSemiannualInterestPaymentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Top of range Bonds with semiannual interest payment [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TopOfRangeBondsWithSemiannualInterestPaymentMember" xlink:to="lab_cpa_TopOfRangeBondsWithSemiannualInterestPaymentMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_LongTermTimeDepositsMember" xlink:label="loc_cpa_LongTermTimeDepositsMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_LongTermTimeDepositsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long Term Time Deposits [member]</label>
    <label xlink:label="lab_cpa_LongTermTimeDepositsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Time deposits with a contractual maturity of more than 365 days [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_LongTermTimeDepositsMember" xlink:to="lab_cpa_LongTermTimeDepositsMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_LongTermTimeDepositsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Long term time deposits.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ShortTermTimeDepositsMember" xlink:label="loc_cpa_ShortTermTimeDepositsMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ShortTermTimeDepositsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Short Term Time Deposits [member]</label>
    <label xlink:label="lab_cpa_ShortTermTimeDepositsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Time deposits denominated with a contractual maturity of less than 365 days [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ShortTermTimeDepositsMember" xlink:to="lab_cpa_ShortTermTimeDepositsMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ShortTermTimeDepositsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Short term time deposits.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TypesOfRisksAxis" xlink:label="loc_ifrs-full_TypesOfRisksAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_TypesOfRisksAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Types of risks [axis]</label>
    <label xlink:label="lab_ifrs-full_TypesOfRisksAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Types of risks [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TypesOfRisksAxis" xlink:to="lab_ifrs-full_TypesOfRisksAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TypesOfRisksMember" xlink:label="loc_ifrs-full_TypesOfRisksMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_TypesOfRisksMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Risks [member]</label>
    <label xlink:label="lab_ifrs-full_TypesOfRisksMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Risks [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TypesOfRisksMember" xlink:to="lab_ifrs-full_TypesOfRisksMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrencyRiskMember" xlink:label="loc_ifrs-full_CurrencyRiskMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CurrencyRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Currency risk [member]</label>
    <label xlink:label="lab_ifrs-full_CurrencyRiskMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Currency risk [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrencyRiskMember" xlink:to="lab_ifrs-full_CurrencyRiskMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherPriceRiskMember" xlink:label="loc_ifrs-full_OtherPriceRiskMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_OtherPriceRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other price risk [member]</label>
    <label xlink:label="lab_ifrs-full_OtherPriceRiskMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other price risk [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherPriceRiskMember" xlink:to="lab_ifrs-full_OtherPriceRiskMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfAccountsReceivablesAbstract" xlink:label="loc_cpa_DisclosureOfAccountsReceivablesAbstract" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfAccountsReceivablesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of accounts receivables [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfAccountsReceivablesAbstract" xlink:to="lab_cpa_DisclosureOfAccountsReceivablesAbstract" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfAccountsReceivablesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of accounts receivables.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TradeAndOtherReceivablesAbstract" xlink:label="loc_ifrs-full_TradeAndOtherReceivablesAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_TradeAndOtherReceivablesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade and other receivables [abstract]</label>
    <label xlink:label="lab_ifrs-full_TradeAndOtherReceivablesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade and other receivables current and non - current</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TradeAndOtherReceivablesAbstract" xlink:to="lab_ifrs-full_TradeAndOtherReceivablesAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TradeAndOtherReceivables" xlink:label="loc_ifrs-full_TradeAndOtherReceivables" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_TradeAndOtherReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade and other receivables</label>
    <label xlink:label="lab_ifrs-full_TradeAndOtherReceivables" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Trade and other receivables</label>
    <label xlink:label="lab_ifrs-full_TradeAndOtherReceivables" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Accounts receivable, net</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TradeAndOtherReceivables" xlink:to="lab_ifrs-full_TradeAndOtherReceivables" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_TradeAndOtherReceivablesNetImpairment" xlink:label="loc_cpa_TradeAndOtherReceivablesNetImpairment" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TradeAndOtherReceivablesNetImpairment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade and other receivables net impairment</label>
    <label xlink:label="lab_cpa_TradeAndOtherReceivablesNetImpairment" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total accounts receivable</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TradeAndOtherReceivablesNetImpairment" xlink:to="lab_cpa_TradeAndOtherReceivablesNetImpairment" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TradeAndOtherReceivablesNetImpairment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Trade and other receivables net impairment.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_AllowanceForExpectedCreditLossesReceivables" xlink:label="loc_cpa_AllowanceForExpectedCreditLossesReceivables" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AllowanceForExpectedCreditLossesReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Allowance for expected credit losses receivables</label>
    <label xlink:label="lab_cpa_AllowanceForExpectedCreditLossesReceivables" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Allowance for expected credit losses</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AllowanceForExpectedCreditLossesReceivables" xlink:to="lab_cpa_AllowanceForExpectedCreditLossesReceivables" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AllowanceForExpectedCreditLossesReceivables" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Allowance for expected credit losses receivables.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:label="loc_ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amounts receivable, related party transactions</label>
    <label xlink:label="lab_ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Trade receivables from related parties</label>
    <label xlink:label="lab_ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Account receivable</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:to="lab_ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_CargoAndOtherTravelAgenciesReceivables" xlink:label="loc_cpa_CargoAndOtherTravelAgenciesReceivables" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CargoAndOtherTravelAgenciesReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cargo and other travel agencies receivables</label>
    <label xlink:label="lab_cpa_CargoAndOtherTravelAgenciesReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cargo and other travel agencies</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CargoAndOtherTravelAgenciesReceivables" xlink:to="lab_cpa_CargoAndOtherTravelAgenciesReceivables" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CargoAndOtherTravelAgenciesReceivables" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Cargo and other travel agencies receivables.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_CreditCardsReceivables" xlink:label="loc_cpa_CreditCardsReceivables" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CreditCardsReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Credit cards receivables</label>
    <label xlink:label="lab_cpa_CreditCardsReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Credit cards</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CreditCardsReceivables" xlink:to="lab_cpa_CreditCardsReceivables" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CreditCardsReceivables" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Credit cards receivables.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_GovernmentReceivables" xlink:label="loc_cpa_GovernmentReceivables" xlink:type="locator"/>
    <label xlink:label="lab_cpa_GovernmentReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Government receivables</label>
    <label xlink:label="lab_cpa_GovernmentReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Government</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_GovernmentReceivables" xlink:to="lab_cpa_GovernmentReceivables" xlink:type="arc"/>
    <label xlink:label="lab_cpa_GovernmentReceivables" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Government receivables.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherReceivables" xlink:label="loc_ifrs-full_OtherReceivables" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_OtherReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other receivables</label>
    <label xlink:label="lab_ifrs-full_OtherReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherReceivables" xlink:to="lab_ifrs-full_OtherReceivables" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_AirlinesAndClearingHouseReceivables" xlink:label="loc_cpa_AirlinesAndClearingHouseReceivables" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AirlinesAndClearingHouseReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Airlines And Clearing House Receivables</label>
    <label xlink:label="lab_cpa_AirlinesAndClearingHouseReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Airlines and clearing house</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AirlinesAndClearingHouseReceivables" xlink:to="lab_cpa_AirlinesAndClearingHouseReceivables" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AirlinesAndClearingHouseReceivables" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Airlines And Clearing House Receivables</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfAccountsReceivableTable" xlink:label="loc_cpa_DisclosureOfAccountsReceivableTable" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfAccountsReceivableTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of Accounts receivable [table]</label>
    <label xlink:label="lab_cpa_DisclosureOfAccountsReceivableTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of Accounts receivable [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfAccountsReceivableTable" xlink:to="lab_cpa_DisclosureOfAccountsReceivableTable" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfAccountsReceivableTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of accounts receivable.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfAccountsReceivableLineItems" xlink:label="loc_cpa_DisclosureOfAccountsReceivableLineItems" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfAccountsReceivableLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Accounts Receivable [line items]</label>
    <label xlink:label="lab_cpa_DisclosureOfAccountsReceivableLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of accounts receivable [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfAccountsReceivableLineItems" xlink:to="lab_cpa_DisclosureOfAccountsReceivableLineItems" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfAccountsReceivableLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Accounts Receivable [line items]</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_TradeReceivablesPaymentTerms" xlink:label="loc_cpa_TradeReceivablesPaymentTerms" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TradeReceivablesPaymentTerms" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade Receivables Payment Terms</label>
    <label xlink:label="lab_cpa_TradeReceivablesPaymentTerms" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade receivable term</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TradeReceivablesPaymentTerms" xlink:to="lab_cpa_TradeReceivablesPaymentTerms" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TradeReceivablesPaymentTerms" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Trade receivables payment terms.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_AdditionsReversalsProvisionForImpairmentReceivables" xlink:label="loc_cpa_AdditionsReversalsProvisionForImpairmentReceivables" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AdditionsReversalsProvisionForImpairmentReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additions (reversals) provision for impairment receivables</label>
    <label xlink:label="lab_cpa_AdditionsReversalsProvisionForImpairmentReceivables" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Additions</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AdditionsReversalsProvisionForImpairmentReceivables" xlink:to="lab_cpa_AdditionsReversalsProvisionForImpairmentReceivables" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AdditionsReversalsProvisionForImpairmentReceivables" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Additions (reversals) provision for impairment receivables.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_BadDebtsProvisionWrittenOff" xlink:label="loc_cpa_BadDebtsProvisionWrittenOff" xlink:type="locator"/>
    <label xlink:label="lab_cpa_BadDebtsProvisionWrittenOff" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bad debts provision written off</label>
    <label xlink:label="lab_cpa_BadDebtsProvisionWrittenOff" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Write-offs</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_BadDebtsProvisionWrittenOff" xlink:to="lab_cpa_BadDebtsProvisionWrittenOff" xlink:type="arc"/>
    <label xlink:label="lab_cpa_BadDebtsProvisionWrittenOff" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bad debts provision written off.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ProvisionForImpairmentReceivablesAdjustedBalance" xlink:label="loc_cpa_ProvisionForImpairmentReceivablesAdjustedBalance" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ProvisionForImpairmentReceivablesAdjustedBalance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Provision for impairment receivables adjusted balance</label>
    <label xlink:label="lab_cpa_ProvisionForImpairmentReceivablesAdjustedBalance" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Balance at beginning of year under IFRS 9</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ProvisionForImpairmentReceivablesAdjustedBalance" xlink:to="lab_cpa_ProvisionForImpairmentReceivablesAdjustedBalance" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ProvisionForImpairmentReceivablesAdjustedBalance" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Provision for impairment receivables adjusted balance</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ProvisionForImpairmentReceivablesBeginningBalance" xlink:label="loc_cpa_ProvisionForImpairmentReceivablesBeginningBalance" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ProvisionForImpairmentReceivablesBeginningBalance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Provision for impairment receivables beginning balance</label>
    <label xlink:label="lab_cpa_ProvisionForImpairmentReceivablesBeginningBalance" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Beginning balance</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ProvisionForImpairmentReceivablesBeginningBalance" xlink:to="lab_cpa_ProvisionForImpairmentReceivablesBeginningBalance" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ProvisionForImpairmentReceivablesBeginningBalance" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Provision for impairment receivables beginning balance.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ProvisionForImpairmentReceivablesEndingBalance" xlink:label="loc_cpa_ProvisionForImpairmentReceivablesEndingBalance" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ProvisionForImpairmentReceivablesEndingBalance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Provision for impairment receivables ending balance</label>
    <label xlink:label="lab_cpa_ProvisionForImpairmentReceivablesEndingBalance" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Ending balance</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ProvisionForImpairmentReceivablesEndingBalance" xlink:to="lab_cpa_ProvisionForImpairmentReceivablesEndingBalance" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ProvisionForImpairmentReceivablesEndingBalance" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Provision for impairment receivables ending balance.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_AdjustmentsOnInitialApplicationOfIfrs9" xlink:label="loc_cpa_AdjustmentsOnInitialApplicationOfIfrs9" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AdjustmentsOnInitialApplicationOfIfrs9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments on initial application of IFRS 9</label>
    <label xlink:label="lab_cpa_AdjustmentsOnInitialApplicationOfIfrs9" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Adjustment on initial application of IFRS 9</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AdjustmentsOnInitialApplicationOfIfrs9" xlink:to="lab_cpa_AdjustmentsOnInitialApplicationOfIfrs9" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AdjustmentsOnInitialApplicationOfIfrs9" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Adjustments on initial application of IFRS 9.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ClassesOfInventoriesAbstract" xlink:label="loc_ifrs-full_ClassesOfInventoriesAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ClassesOfInventoriesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of current inventories [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfInventoriesAbstract" xlink:to="lab_ifrs-full_ClassesOfInventoriesAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherInventories" xlink:label="loc_ifrs-full_OtherInventories" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_OtherInventories" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other current inventories</label>
    <label xlink:label="lab_ifrs-full_OtherInventories" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other inventories</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherInventories" xlink:to="lab_ifrs-full_OtherInventories" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_AllowanceForObsolescenceInventory" xlink:label="loc_cpa_AllowanceForObsolescenceInventory" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AllowanceForObsolescenceInventory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Allowance For Obsolescence Inventory</label>
    <label xlink:label="lab_cpa_AllowanceForObsolescenceInventory" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Allowance for obsolescence</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AllowanceForObsolescenceInventory" xlink:to="lab_cpa_AllowanceForObsolescenceInventory" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AllowanceForObsolescenceInventory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Allowance for obsolescence inventory.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_InventoriesGross" xlink:label="loc_cpa_InventoriesGross" xlink:type="locator"/>
    <label xlink:label="lab_cpa_InventoriesGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Inventories Gross</label>
    <label xlink:label="lab_cpa_InventoriesGross" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Expendable parts and supplies, gross</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_InventoriesGross" xlink:to="lab_cpa_InventoriesGross" xlink:type="arc"/>
    <label xlink:label="lab_cpa_InventoriesGross" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Inventories gross.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_RawMaterials" xlink:label="loc_ifrs-full_RawMaterials" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_RawMaterials" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current raw materials</label>
    <label xlink:label="lab_ifrs-full_RawMaterials" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Material for repair and maintenance</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RawMaterials" xlink:to="lab_ifrs-full_RawMaterials" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_InventoryWritedown2011" xlink:label="loc_ifrs-full_InventoryWritedown2011" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_InventoryWritedown2011" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Inventory write-down</label>
    <label xlink:label="lab_ifrs-full_InventoryWritedown2011" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expendable parts and supplies expense</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InventoryWritedown2011" xlink:to="lab_ifrs-full_InventoryWritedown2011" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentPrepaymentsAbstract" xlink:label="loc_ifrs-full_CurrentPrepaymentsAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CurrentPrepaymentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current prepayments [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentPrepaymentsAbstract" xlink:to="lab_ifrs-full_CurrentPrepaymentsAbstract" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_PrepaidCommissions" xlink:label="loc_cpa_PrepaidCommissions" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PrepaidCommissions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Prepaid Commissions</label>
    <label xlink:label="lab_cpa_PrepaidCommissions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Prepaid commissions</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PrepaidCommissions" xlink:to="lab_cpa_PrepaidCommissions" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PrepaidCommissions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Prepaid commissions.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_PrepaidInsurance1" xlink:label="loc_cpa_PrepaidInsurance1" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PrepaidInsurance1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Prepaid Insurance 1</label>
    <label xlink:label="lab_cpa_PrepaidInsurance1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Prepaid insurance</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PrepaidInsurance1" xlink:to="lab_cpa_PrepaidInsurance1" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PrepaidInsurance1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Prepaid insurance.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_PrepaidTaxes1" xlink:label="loc_cpa_PrepaidTaxes1" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PrepaidTaxes1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Prepaid Taxes 1</label>
    <label xlink:label="lab_cpa_PrepaidTaxes1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Prepaid taxes</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PrepaidTaxes1" xlink:to="lab_cpa_PrepaidTaxes1" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PrepaidTaxes1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Prepaid taxes.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_PrepaidToSupplier" xlink:label="loc_cpa_PrepaidToSupplier" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PrepaidToSupplier" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Prepaid to supplier</label>
    <label xlink:label="lab_cpa_PrepaidToSupplier" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Prepaid to supplier</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PrepaidToSupplier" xlink:to="lab_cpa_PrepaidToSupplier" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PrepaidToSupplier" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Prepaid to supplier.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_Prepayments" xlink:label="loc_ifrs-full_Prepayments" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_Prepayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Prepayments</label>
    <label xlink:label="lab_ifrs-full_Prepayments" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total prepaid expenses</label>
    <label xlink:label="lab_ifrs-full_Prepayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Prepaid expenses</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Prepayments" xlink:to="lab_ifrs-full_Prepayments" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_PrepaidExpensesTable" xlink:label="loc_cpa_PrepaidExpensesTable" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PrepaidExpensesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Prepaid Expenses [table]</label>
    <label xlink:label="lab_cpa_PrepaidExpensesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Prepaid Expenses [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PrepaidExpensesTable" xlink:to="lab_cpa_PrepaidExpensesTable" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PrepaidExpensesTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Prepaid Expenses [table]</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:label="loc_ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Categories of related parties [axis]</label>
    <label xlink:label="lab_ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Categories of related parties [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="lab_ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:label="loc_ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity's total for related parties [member]</label>
    <label xlink:label="lab_ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity's total for related parties [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:to="lab_ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_PrepaidExpensesLineItems" xlink:label="loc_cpa_PrepaidExpensesLineItems" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PrepaidExpensesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Prepaid Expenses [line items]</label>
    <label xlink:label="lab_cpa_PrepaidExpensesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Prepaid expenses [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PrepaidExpensesLineItems" xlink:to="lab_cpa_PrepaidExpensesLineItems" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PrepaidExpensesLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Prepaid expenses.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_TaxAdvanceOfVATAndWithholdingsTaxes" xlink:label="loc_cpa_TaxAdvanceOfVATAndWithholdingsTaxes" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TaxAdvanceOfVATAndWithholdingsTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax Advance of VAT and Withholdings Taxes</label>
    <label xlink:label="lab_cpa_TaxAdvanceOfVATAndWithholdingsTaxes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax advance of VAT and withholdings taxes</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TaxAdvanceOfVATAndWithholdingsTaxes" xlink:to="lab_cpa_TaxAdvanceOfVATAndWithholdingsTaxes" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TaxAdvanceOfVATAndWithholdingsTaxes" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tax advance of VAT and withholdings taxes.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_TaxCredits" xlink:label="loc_cpa_TaxCredits" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TaxCredits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax credits</label>
    <label xlink:label="lab_cpa_TaxCredits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax credits</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TaxCredits" xlink:to="lab_cpa_TaxCredits" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TaxCredits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tax credits.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_NoncurrentIncomeTaxAdvance" xlink:label="loc_cpa_NoncurrentIncomeTaxAdvance" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NoncurrentIncomeTaxAdvance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current Income Tax Advance</label>
    <label xlink:label="lab_cpa_NoncurrentIncomeTaxAdvance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Advance payments of taxes</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NoncurrentIncomeTaxAdvance" xlink:to="lab_cpa_NoncurrentIncomeTaxAdvance" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NoncurrentIncomeTaxAdvance" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Non-current income tax advance.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ReturnOfCreditsOfIncomeInTaxRefundTitiles" xlink:label="loc_cpa_ReturnOfCreditsOfIncomeInTaxRefundTitiles" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ReturnOfCreditsOfIncomeInTaxRefundTitiles" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Return of credits of income in Tax refund titiles</label>
    <label xlink:label="lab_cpa_ReturnOfCreditsOfIncomeInTaxRefundTitiles" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Return of credits of income in Tax refund titiles</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ReturnOfCreditsOfIncomeInTaxRefundTitiles" xlink:to="lab_cpa_ReturnOfCreditsOfIncomeInTaxRefundTitiles" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ReturnOfCreditsOfIncomeInTaxRefundTitiles" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Return of credits of income in Tax refund titiles</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_LossOnSaleOfTaxRefundTitlesIncludedUnderOtherNonOperatingExpense" xlink:label="loc_cpa_LossOnSaleOfTaxRefundTitlesIncludedUnderOtherNonOperatingExpense" xlink:type="locator"/>
    <label xlink:label="lab_cpa_LossOnSaleOfTaxRefundTitlesIncludedUnderOtherNonOperatingExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loss on sale of tax refund titles included under other non operating expense</label>
    <label xlink:label="lab_cpa_LossOnSaleOfTaxRefundTitlesIncludedUnderOtherNonOperatingExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loss on sale of tax refund titles included under other non operating expense</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_LossOnSaleOfTaxRefundTitlesIncludedUnderOtherNonOperatingExpense" xlink:to="lab_cpa_LossOnSaleOfTaxRefundTitlesIncludedUnderOtherNonOperatingExpense" xlink:type="arc"/>
    <label xlink:label="lab_cpa_LossOnSaleOfTaxRefundTitlesIncludedUnderOtherNonOperatingExpense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Loss on sale of tax refund titles included under other non operating expense</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_IncomeTaxAuthorityAxis" xlink:label="loc_cpa_IncomeTaxAuthorityAxis" xlink:type="locator"/>
    <label xlink:label="lab_cpa_IncomeTaxAuthorityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Tax Authority [Axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_IncomeTaxAuthorityAxis" xlink:to="lab_cpa_IncomeTaxAuthorityAxis" xlink:type="arc"/>
    <label xlink:label="lab_cpa_IncomeTaxAuthorityAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Income Tax Authority</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_IncomeTaxAuthorityMember" xlink:label="loc_cpa_IncomeTaxAuthorityMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_IncomeTaxAuthorityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Tax Authority [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_IncomeTaxAuthorityMember" xlink:to="lab_cpa_IncomeTaxAuthorityMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_IncomeTaxAuthorityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Income Tax Authority</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:label="loc_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:to="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FixturesAndFittingsMember" xlink:label="loc_ifrs-full_FixturesAndFittingsMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_FixturesAndFittingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fixtures and fittings [member]</label>
    <label xlink:label="lab_ifrs-full_FixturesAndFittingsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Furniture, fixture, equipment a and other [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FixturesAndFittingsMember" xlink:to="lab_ifrs-full_FixturesAndFittingsMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_FlightEquipment1Member" xlink:label="loc_cpa_FlightEquipment1Member" xlink:type="locator"/>
    <label xlink:label="lab_cpa_FlightEquipment1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Flight Equipment 1 [member]</label>
    <label xlink:label="lab_cpa_FlightEquipment1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Flight equipment [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_FlightEquipment1Member" xlink:to="lab_cpa_FlightEquipment1Member" xlink:type="arc"/>
    <label xlink:label="lab_cpa_FlightEquipment1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Flight equipment.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_PurchaseDepositsForFlightEquipmentMember" xlink:label="loc_cpa_PurchaseDepositsForFlightEquipmentMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PurchaseDepositsForFlightEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Purchase Deposits For Flight Equipment [member]</label>
    <label xlink:label="lab_cpa_PurchaseDepositsForFlightEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Purchase deposits for flight equipment [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PurchaseDepositsForFlightEquipmentMember" xlink:to="lab_cpa_PurchaseDepositsForFlightEquipmentMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PurchaseDepositsForFlightEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Purchase deposits for flight equipment.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_RampAndMiscellaneousFlightEquipmentMember" xlink:label="loc_cpa_RampAndMiscellaneousFlightEquipmentMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_RampAndMiscellaneousFlightEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Ramp And Miscellaneous Flight Equipment [member]</label>
    <label xlink:label="lab_cpa_RampAndMiscellaneousFlightEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Ramp and miscellaneous [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_RampAndMiscellaneousFlightEquipmentMember" xlink:to="lab_cpa_RampAndMiscellaneousFlightEquipmentMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_RampAndMiscellaneousFlightEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Ramp and miscellaneous flight equipment.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LandMember" xlink:label="loc_ifrs-full_LandMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_LandMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Land [member]</label>
    <label xlink:label="lab_ifrs-full_LandMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Land [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LandMember" xlink:to="lab_ifrs-full_LandMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ConstructionInProgressMember" xlink:label="loc_ifrs-full_ConstructionInProgressMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ConstructionInProgressMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Construction in progress [member]</label>
    <label xlink:label="lab_ifrs-full_ConstructionInProgressMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Construction in progress [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ConstructionInProgressMember" xlink:to="lab_ifrs-full_ConstructionInProgressMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:label="loc_ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disposals, property, plant and equipment</label>
    <label xlink:label="lab_ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Disposals</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:to="lab_ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment" xlink:label="loc_cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reclassification Adjustments Of Property Plant And Equipment</label>
    <label xlink:label="lab_cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Reclassifications</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment" xlink:to="lab_cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Reclassification adjustments of property plant and equipment.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:label="loc_ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Depreciation, property, plant and equipment</label>
    <label xlink:label="lab_ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Depreciation for the year</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:to="lab_ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:label="loc_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additions other than through business combinations, property, plant and equipment</label>
    <label xlink:label="lab_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additions</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="lab_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment" xlink:label="loc_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Decrease through classified as held for sale, property, plant and equipment</label>
    <label xlink:label="lab_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Assets held for sale</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment" xlink:to="lab_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" xlink:label="loc_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through transfers and other changes, property, plant and equipment</label>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Transfer of pre-delivery payments</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" xlink:to="lab_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:label="loc_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Carrying amount, accumulated depreciation, amortisation and impairment and gross carrying amount [axis]</label>
    <label xlink:label="lab_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Carrying amount, accumulated depreciation, amortisation and impairment and gross carrying amount [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:to="lab_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CarryingAmountMember" xlink:label="loc_ifrs-full_CarryingAmountMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CarryingAmountMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Carrying amount [member]</label>
    <label xlink:label="lab_ifrs-full_CarryingAmountMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Carrying amount [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CarryingAmountMember" xlink:to="lab_ifrs-full_CarryingAmountMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:label="loc_ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accumulated depreciation and amortisation [member]</label>
    <label xlink:label="lab_ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accumulated depreciation and impairment [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:to="lab_ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_GrossCarryingAmountMember" xlink:label="loc_ifrs-full_GrossCarryingAmountMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_GrossCarryingAmountMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gross carrying amount [member]</label>
    <label xlink:label="lab_ifrs-full_GrossCarryingAmountMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gross carrying amount [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GrossCarryingAmountMember" xlink:to="lab_ifrs-full_GrossCarryingAmountMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_BoeingSevenHundredAndThirtySevenMaxNineAircraftMember" xlink:label="loc_cpa_BoeingSevenHundredAndThirtySevenMaxNineAircraftMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_BoeingSevenHundredAndThirtySevenMaxNineAircraftMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Boeing seven hundred and thirty seven max nine aircraft [member]</label>
    <label xlink:label="lab_cpa_BoeingSevenHundredAndThirtySevenMaxNineAircraftMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Boeing 737 MAX 9 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_BoeingSevenHundredAndThirtySevenMaxNineAircraftMember" xlink:to="lab_cpa_BoeingSevenHundredAndThirtySevenMaxNineAircraftMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_BoeingSevenHundredAndThirtySevenMaxNineAircraftMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Boeing 737 MAX 9.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AircraftMember" xlink:label="loc_ifrs-full_AircraftMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AircraftMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Aircraft [member]</label>
    <label xlink:label="lab_ifrs-full_AircraftMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aircraft [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AircraftMember" xlink:to="lab_ifrs-full_AircraftMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CapitalisationRateOfBorrowingCostsEligibleForCapitalisation" xlink:label="loc_ifrs-full_CapitalisationRateOfBorrowingCostsEligibleForCapitalisation" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CapitalisationRateOfBorrowingCostsEligibleForCapitalisation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Capitalisation rate of borrowing costs eligible for capitalisation</label>
    <label xlink:label="lab_ifrs-full_CapitalisationRateOfBorrowingCostsEligibleForCapitalisation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Capitalized borrowing rate</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CapitalisationRateOfBorrowingCostsEligibleForCapitalisation" xlink:to="lab_ifrs-full_CapitalisationRateOfBorrowingCostsEligibleForCapitalisation" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DescriptionOfKeyAssumptionsOnWhichManagementHasBasedCashFlowProjections" xlink:label="loc_ifrs-full_DescriptionOfKeyAssumptionsOnWhichManagementHasBasedCashFlowProjections" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DescriptionOfKeyAssumptionsOnWhichManagementHasBasedCashFlowProjections" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of key assumptions on which management has based cash flow projections</label>
    <label xlink:label="lab_ifrs-full_DescriptionOfKeyAssumptionsOnWhichManagementHasBasedCashFlowProjections" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Description of cash flow projections</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfKeyAssumptionsOnWhichManagementHasBasedCashFlowProjections" xlink:to="lab_ifrs-full_DescriptionOfKeyAssumptionsOnWhichManagementHasBasedCashFlowProjections" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections" xlink:label="loc_ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Discount rate applied to cash flow projections</label>
    <label xlink:label="lab_ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pre-tax discount rate applied to cash flow projections</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections" xlink:to="lab_ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_BorrowingCostsCapitalised" xlink:label="loc_ifrs-full_BorrowingCostsCapitalised" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_BorrowingCostsCapitalised" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowing costs capitalised</label>
    <label xlink:label="lab_ifrs-full_BorrowingCostsCapitalised" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowing costs capitalized</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BorrowingCostsCapitalised" xlink:to="lab_ifrs-full_BorrowingCostsCapitalised" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ImpairmentLoss" xlink:label="loc_ifrs-full_ImpairmentLoss" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ImpairmentLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Impairment loss</label>
    <label xlink:label="lab_ifrs-full_ImpairmentLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Impairment loss</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ImpairmentLoss" xlink:to="lab_ifrs-full_ImpairmentLoss" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_AverageLeaseTerm" xlink:label="loc_cpa_AverageLeaseTerm" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AverageLeaseTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Average Lease Term</label>
    <label xlink:label="lab_cpa_AverageLeaseTerm" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Average lease term</label>
    <label xlink:label="lab_cpa_AverageLeaseTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Average duration of long-term lease agreement</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AverageLeaseTerm" xlink:to="lab_cpa_AverageLeaseTerm" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AverageLeaseTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Average lease term.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_OtherPropertyPlantEquipmentCapitalizedCost" xlink:label="loc_cpa_OtherPropertyPlantEquipmentCapitalizedCost" xlink:type="locator"/>
    <label xlink:label="lab_cpa_OtherPropertyPlantEquipmentCapitalizedCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Property Plant Equipment Capitalized Cost</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_OtherPropertyPlantEquipmentCapitalizedCost" xlink:to="lab_cpa_OtherPropertyPlantEquipmentCapitalizedCost" xlink:type="arc"/>
    <label xlink:label="lab_cpa_OtherPropertyPlantEquipmentCapitalizedCost" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Property Plant Equipment Capitalized Cost.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_PaymentsFromContractsHeldForDealingOrTradingPurpose" xlink:label="loc_ifrs-full_PaymentsFromContractsHeldForDealingOrTradingPurpose" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_PaymentsFromContractsHeldForDealingOrTradingPurpose" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments from contracts held for dealing or trading purpose</label>
    <label xlink:label="lab_ifrs-full_PaymentsFromContractsHeldForDealingOrTradingPurpose" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Additions purchase deposits</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PaymentsFromContractsHeldForDealingOrTradingPurpose" xlink:to="lab_ifrs-full_PaymentsFromContractsHeldForDealingOrTradingPurpose" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_PropertyPlantAndEquipmentPledgedAsSecurity" xlink:label="loc_ifrs-full_PropertyPlantAndEquipmentPledgedAsSecurity" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentPledgedAsSecurity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property, plant and equipment, pledged as security</label>
    <label xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentPledgedAsSecurity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Carrying value pledged as collateral obligation</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PropertyPlantAndEquipmentPledgedAsSecurity" xlink:to="lab_ifrs-full_PropertyPlantAndEquipmentPledgedAsSecurity" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_GainsOnChangeInFairValueOfDerivatives" xlink:label="loc_ifrs-full_GainsOnChangeInFairValueOfDerivatives" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_GainsOnChangeInFairValueOfDerivatives" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gains on change in fair value of derivatives</label>
    <label xlink:label="lab_ifrs-full_GainsOnChangeInFairValueOfDerivatives" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Credits received on acquisition</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GainsOnChangeInFairValueOfDerivatives" xlink:to="lab_ifrs-full_GainsOnChangeInFairValueOfDerivatives" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_AdditionsFromContractsHeldForDealingOrTradingPurpose" xlink:label="loc_cpa_AdditionsFromContractsHeldForDealingOrTradingPurpose" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AdditionsFromContractsHeldForDealingOrTradingPurpose" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additions From Contracts Held For Dealing Or Trading Purpose</label>
    <label xlink:label="lab_cpa_AdditionsFromContractsHeldForDealingOrTradingPurpose" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additions for advance payments contracts</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AdditionsFromContractsHeldForDealingOrTradingPurpose" xlink:to="lab_cpa_AdditionsFromContractsHeldForDealingOrTradingPurpose" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AdditionsFromContractsHeldForDealingOrTradingPurpose" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Additions from contracts held for dealing or trading purpose.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_AircraftsAcquiredThroughJapaneseOperatingLeasesWithCallOption" xlink:label="loc_cpa_AircraftsAcquiredThroughJapaneseOperatingLeasesWithCallOption" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AircraftsAcquiredThroughJapaneseOperatingLeasesWithCallOption" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Aircrafts Acquired Through Japanese Operating Leases with Call Option</label>
    <label xlink:label="lab_cpa_AircraftsAcquiredThroughJapaneseOperatingLeasesWithCallOption" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aircrafts acquired through Japanese Operating Leases with Call Option</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AircraftsAcquiredThroughJapaneseOperatingLeasesWithCallOption" xlink:to="lab_cpa_AircraftsAcquiredThroughJapaneseOperatingLeasesWithCallOption" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AircraftsAcquiredThroughJapaneseOperatingLeasesWithCallOption" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Aircrafts acquired through japanese operating leases with call option.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ClassesOfAssetsAxis" xlink:label="loc_ifrs-full_ClassesOfAssetsAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ClassesOfAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of assets [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfAssetsAxis" xlink:to="lab_ifrs-full_ClassesOfAssetsAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ClassesOfAssetsMember" xlink:label="loc_ifrs-full_ClassesOfAssetsMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ClassesOfAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfAssetsMember" xlink:to="lab_ifrs-full_ClassesOfAssetsMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_CiudadDelSaberPanamaCityMember" xlink:label="loc_cpa_CiudadDelSaberPanamaCityMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CiudadDelSaberPanamaCityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Ciudad del Saber Panama City [Member]</label>
    <label xlink:label="lab_cpa_CiudadDelSaberPanamaCityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Ciudad del Saber Panama City [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CiudadDelSaberPanamaCityMember" xlink:to="lab_cpa_CiudadDelSaberPanamaCityMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CiudadDelSaberPanamaCityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Ciudad del Saber, Panama City</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_UncertainEventAxis" xlink:label="loc_cpa_UncertainEventAxis" xlink:type="locator"/>
    <label xlink:label="lab_cpa_UncertainEventAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Uncertain Event [Axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_UncertainEventAxis" xlink:to="lab_cpa_UncertainEventAxis" xlink:type="arc"/>
    <label xlink:label="lab_cpa_UncertainEventAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Uncertain Event</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_UncertainEventMember" xlink:label="loc_cpa_UncertainEventMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_UncertainEventMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Uncertain Event [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_UncertainEventMember" xlink:to="lab_cpa_UncertainEventMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_UncertainEventMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Uncertain Event</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_Covid19Member" xlink:label="loc_cpa_Covid19Member" xlink:type="locator"/>
    <label xlink:label="lab_cpa_Covid19Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Covid 19 [Member]</label>
    <label xlink:label="lab_cpa_Covid19Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Covid 19 [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_Covid19Member" xlink:to="lab_cpa_Covid19Member" xlink:type="arc"/>
    <label xlink:label="lab_cpa_Covid19Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Covid 19</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfAssetsHeldForSaleAbstract" xlink:label="loc_cpa_DisclosureOfAssetsHeldForSaleAbstract" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfAssetsHeldForSaleAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Assets Held For sale [Abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfAssetsHeldForSaleAbstract" xlink:to="lab_cpa_DisclosureOfAssetsHeldForSaleAbstract" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfAssetsHeldForSaleAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Assets Held For sale.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfAssetsHeldForSaleTable" xlink:label="loc_cpa_DisclosureOfAssetsHeldForSaleTable" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfAssetsHeldForSaleTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Assets Held For sale [Table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfAssetsHeldForSaleTable" xlink:to="lab_cpa_DisclosureOfAssetsHeldForSaleTable" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfAssetsHeldForSaleTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Assets Held For sale [table].</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ExpendablePartsAndSuppliesMember" xlink:label="loc_cpa_ExpendablePartsAndSuppliesMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ExpendablePartsAndSuppliesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expendable Parts And Supplies [Member]</label>
    <label xlink:label="lab_cpa_ExpendablePartsAndSuppliesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expendable Parts And Supplies [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ExpendablePartsAndSuppliesMember" xlink:to="lab_cpa_ExpendablePartsAndSuppliesMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ExpendablePartsAndSuppliesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expendable Parts And Supplies [member].</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_FlightEquipmentMember" xlink:label="loc_cpa_FlightEquipmentMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_FlightEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Flight Equipment [Member]</label>
    <label xlink:label="lab_cpa_FlightEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Flight Equipment [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_FlightEquipmentMember" xlink:to="lab_cpa_FlightEquipmentMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_FlightEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Flight Equipment [member].</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfAssetsHeldForSaleLineItems" xlink:label="loc_cpa_DisclosureOfAssetsHeldForSaleLineItems" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfAssetsHeldForSaleLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Assets Held For sale [Line Items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfAssetsHeldForSaleLineItems" xlink:to="lab_cpa_DisclosureOfAssetsHeldForSaleLineItems" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfAssetsHeldForSaleLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Assets Held For sale [line items].</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:label="loc_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current assets or disposal groups classified as held for sale or as held for distribution to owners</label>
    <label xlink:label="lab_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:to="lab_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsAbstract" xlink:label="loc_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of quantitative information about right-of-use assets [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsAbstract" xlink:to="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable" xlink:label="loc_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of quantitative information about right-of-use assets [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable" xlink:to="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_RealEstateMember" xlink:label="loc_cpa_RealEstateMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_RealEstateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Real Estate [Member]</label>
    <label xlink:label="lab_cpa_RealEstateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Real Estate [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_RealEstateMember" xlink:to="lab_cpa_RealEstateMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_RealEstateMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Real Estate [Member].</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems" xlink:label="loc_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of quantitative information about right-of-use assets [line items]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of quantitative information about right-of-use assets [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems" xlink:to="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AdditionsToRightofuseAssets" xlink:label="loc_ifrs-full_AdditionsToRightofuseAssets" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AdditionsToRightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additions to right-of-use assets</label>
    <label xlink:label="lab_ifrs-full_AdditionsToRightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Additions</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdditionsToRightofuseAssets" xlink:to="lab_ifrs-full_AdditionsToRightofuseAssets" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DepreciationRightofuseAssets" xlink:label="loc_ifrs-full_DepreciationRightofuseAssets" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DepreciationRightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Depreciation, right-of-use assets</label>
    <label xlink:label="lab_ifrs-full_DepreciationRightofuseAssets" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Depreciation expense</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DepreciationRightofuseAssets" xlink:to="lab_ifrs-full_DepreciationRightofuseAssets" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_AdditionsAndTerminationsToRightToUseAsset" xlink:label="loc_cpa_AdditionsAndTerminationsToRightToUseAsset" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AdditionsAndTerminationsToRightToUseAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additions and Terminations To Right To Use Asset</label>
    <label xlink:label="lab_cpa_AdditionsAndTerminationsToRightToUseAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additions/(Terminations)</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AdditionsAndTerminationsToRightToUseAsset" xlink:to="lab_cpa_AdditionsAndTerminationsToRightToUseAsset" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AdditionsAndTerminationsToRightToUseAsset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Additions and Terminations To Right To Use Asset</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ImpairmentsToRightToUseAsset" xlink:label="loc_cpa_ImpairmentsToRightToUseAsset" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ImpairmentsToRightToUseAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Impairments to Right To Use Asset</label>
    <label xlink:label="lab_cpa_ImpairmentsToRightToUseAsset" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Impairment</label>
    <label xlink:label="lab_cpa_ImpairmentsToRightToUseAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Impairment</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ImpairmentsToRightToUseAsset" xlink:to="lab_cpa_ImpairmentsToRightToUseAsset" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ImpairmentsToRightToUseAsset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Impairments to Right To Use Asset</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfLeaseLiabilitiesAbstract" xlink:label="loc_cpa_DisclosureOfLeaseLiabilitiesAbstract" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfLeaseLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Lease Liabilities [Abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfLeaseLiabilitiesAbstract" xlink:to="lab_cpa_DisclosureOfLeaseLiabilitiesAbstract" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfLeaseLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of lease liabilities .</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfLeaseLiabilitiesTable" xlink:label="loc_cpa_DisclosureOfLeaseLiabilitiesTable" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfLeaseLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Lease Liabilities [Table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfLeaseLiabilitiesTable" xlink:to="lab_cpa_DisclosureOfLeaseLiabilitiesTable" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfLeaseLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of lease liabilities .</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfLeaseLiabilitiesLineItems" xlink:label="loc_cpa_DisclosureOfLeaseLiabilitiesLineItems" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfLeaseLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Lease Liabilities [Line Items]</label>
    <label xlink:label="lab_cpa_DisclosureOfLeaseLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure Of Lease Liabilities [Line Items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfLeaseLiabilitiesLineItems" xlink:to="lab_cpa_DisclosureOfLeaseLiabilitiesLineItems" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfLeaseLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of lease liabilities .</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LeaseLiabilities" xlink:label="loc_ifrs-full_LeaseLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_LeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lease liabilities</label>
    <label xlink:label="lab_ifrs-full_LeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lease Liabilities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LeaseLiabilities" xlink:to="lab_ifrs-full_LeaseLiabilities" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_TotalCashOutflowForLeasesForTheYearsAbstract" xlink:label="loc_cpa_TotalCashOutflowForLeasesForTheYearsAbstract" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TotalCashOutflowForLeasesForTheYearsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Total cash outflow for leases for the years [Abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TotalCashOutflowForLeasesForTheYearsAbstract" xlink:to="lab_cpa_TotalCashOutflowForLeasesForTheYearsAbstract" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TotalCashOutflowForLeasesForTheYearsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Total cash outflow for leases for the years ended</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfCashFlowsForLeasesTable" xlink:label="loc_cpa_DisclosureOfCashFlowsForLeasesTable" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfCashFlowsForLeasesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Cash Flows For Leases [Table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfCashFlowsForLeasesTable" xlink:to="lab_cpa_DisclosureOfCashFlowsForLeasesTable" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfCashFlowsForLeasesTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Cash Flows For Leases .</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfCashFlowsForLeasesLineItems" xlink:label="loc_cpa_DisclosureOfCashFlowsForLeasesLineItems" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfCashFlowsForLeasesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Cash Flows For Leases [Line Items]</label>
    <label xlink:label="lab_cpa_DisclosureOfCashFlowsForLeasesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure Of Cash Flows For Leases [Line Items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfCashFlowsForLeasesLineItems" xlink:to="lab_cpa_DisclosureOfCashFlowsForLeasesLineItems" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfCashFlowsForLeasesLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Cash Flows For Leases .</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashOutflowForLeases" xlink:label="loc_ifrs-full_CashOutflowForLeases" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CashOutflowForLeases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash outflow for leases</label>
    <label xlink:label="lab_ifrs-full_CashOutflowForLeases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash outflow for leases</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashOutflowForLeases" xlink:to="lab_ifrs-full_CashOutflowForLeases" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfLeaseExpensesAbstract" xlink:label="loc_cpa_DisclosureOfLeaseExpensesAbstract" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfLeaseExpensesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Lease Expenses [Abstract]</label>
    <label xlink:label="lab_cpa_DisclosureOfLeaseExpensesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amounts recognized in the consolidated statement of profit or loss related to leases[Abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfLeaseExpensesAbstract" xlink:to="lab_cpa_DisclosureOfLeaseExpensesAbstract" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfLeaseExpensesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of lease expenses.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfLeaseExpensesTable" xlink:label="loc_cpa_DisclosureOfLeaseExpensesTable" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfLeaseExpensesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Lease Expenses [Table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfLeaseExpensesTable" xlink:to="lab_cpa_DisclosureOfLeaseExpensesTable" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfLeaseExpensesTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of lease expenses.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfLeaseExpensesLineItems" xlink:label="loc_cpa_DisclosureOfLeaseExpensesLineItems" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfLeaseExpensesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Lease Expenses [Line Items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfLeaseExpensesLineItems" xlink:to="lab_cpa_DisclosureOfLeaseExpensesLineItems" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfLeaseExpensesLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Lease Expenses .</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DepreciationAndAmotisationRightOfUseAssetsAbstract" xlink:label="loc_cpa_DepreciationAndAmotisationRightOfUseAssetsAbstract" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DepreciationAndAmotisationRightOfUseAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Depreciation And Amotisation Right Of Use Assets [Abstract]</label>
    <label xlink:label="lab_cpa_DepreciationAndAmotisationRightOfUseAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Depreciation and amortization</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DepreciationAndAmotisationRightOfUseAssetsAbstract" xlink:to="lab_cpa_DepreciationAndAmotisationRightOfUseAssetsAbstract" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DepreciationAndAmotisationRightOfUseAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Depreciation and amotisation right of use assets</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DepreciationAndAmotisationRightOfUseAssets" xlink:label="loc_cpa_DepreciationAndAmotisationRightOfUseAssets" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DepreciationAndAmotisationRightOfUseAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Depreciation And Amotisation Right Of Use Assets</label>
    <label xlink:label="lab_cpa_DepreciationAndAmotisationRightOfUseAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Depreciation and amortization</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DepreciationAndAmotisationRightOfUseAssets" xlink:to="lab_cpa_DepreciationAndAmotisationRightOfUseAssets" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DepreciationAndAmotisationRightOfUseAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Depreciation and amotisation right of use assets.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfQuantitativeInformationAboutLeasesForLesseeAbstract" xlink:label="loc_ifrs-full_DisclosureOfQuantitativeInformationAboutLeasesForLesseeAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutLeasesForLesseeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of quantitative information about leases for lessee [abstract]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutLeasesForLesseeAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other operating and administrative expenses</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfQuantitativeInformationAboutLeasesForLesseeAbstract" xlink:to="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutLeasesForLesseeAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" xlink:label="loc_ifrs-full_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expense relating to short-term leases for which recognition exemption has been used</label>
    <label xlink:label="lab_ifrs-full_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Short-term leases</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" xlink:to="lab_ifrs-full_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" xlink:label="loc_ifrs-full_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expense relating to leases of low-value assets for which recognition exemption has been used</label>
    <label xlink:label="lab_ifrs-full_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Leases of low-value assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" xlink:to="lab_ifrs-full_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" xlink:label="loc_ifrs-full_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expense relating to variable lease payments not included in measurement of lease liabilities</label>
    <label xlink:label="lab_ifrs-full_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Variable lease payments not include in the measurement of lease liabilities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" xlink:to="lab_ifrs-full_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_LeaseCostOperatingAndAdimninstrativeExpenses" xlink:label="loc_cpa_LeaseCostOperatingAndAdimninstrativeExpenses" xlink:type="locator"/>
    <label xlink:label="lab_cpa_LeaseCostOperatingAndAdimninstrativeExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lease Cost Operating And Adimninstrative Expenses</label>
    <label xlink:label="lab_cpa_LeaseCostOperatingAndAdimninstrativeExpenses" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Lease Cost Operating And Adimninstrative Expenses</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_LeaseCostOperatingAndAdimninstrativeExpenses" xlink:to="lab_cpa_LeaseCostOperatingAndAdimninstrativeExpenses" xlink:type="arc"/>
    <label xlink:label="lab_cpa_LeaseCostOperatingAndAdimninstrativeExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Lease cost operating and Adminstrative Expenses.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncomeRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfNetInvestmentInFinanceLease" xlink:label="loc_ifrs-full_IncomeRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfNetInvestmentInFinanceLease" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_IncomeRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfNetInvestmentInFinanceLease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income relating to variable lease payments not included in measurement of net investment in finance lease</label>
    <label xlink:label="lab_ifrs-full_IncomeRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfNetInvestmentInFinanceLease" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Variable lease payments by rental concessions received</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncomeRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfNetInvestmentInFinanceLease" xlink:to="lab_ifrs-full_IncomeRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfNetInvestmentInFinanceLease" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_CostOfFinancingLeasesAbstract" xlink:label="loc_cpa_CostOfFinancingLeasesAbstract" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CostOfFinancingLeasesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cost Of Financing Leases [Abstract]</label>
    <label xlink:label="lab_cpa_CostOfFinancingLeasesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Finance cost</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CostOfFinancingLeasesAbstract" xlink:to="lab_cpa_CostOfFinancingLeasesAbstract" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CostOfFinancingLeasesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Cost Of Financing Leases .</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:label="loc_ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest expense on lease liabilities</label>
    <label xlink:label="lab_ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest expense on lease liabilities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:to="lab_ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_UnwindingOfDiscountAndChangesInTheDiscountRate" xlink:label="loc_cpa_UnwindingOfDiscountAndChangesInTheDiscountRate" xlink:type="locator"/>
    <label xlink:label="lab_cpa_UnwindingOfDiscountAndChangesInTheDiscountRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unwinding Of Discount And Changes In The Discount Rate</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_UnwindingOfDiscountAndChangesInTheDiscountRate" xlink:to="lab_cpa_UnwindingOfDiscountAndChangesInTheDiscountRate" xlink:type="arc"/>
    <label xlink:label="lab_cpa_UnwindingOfDiscountAndChangesInTheDiscountRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Unwinding of discount and changes in the discount rate.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FinanceCosts" xlink:label="loc_ifrs-full_FinanceCosts" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_FinanceCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Finance costs</label>
    <label xlink:label="lab_ifrs-full_FinanceCosts" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Finance costs</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinanceCosts" xlink:to="lab_ifrs-full_FinanceCosts" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_TotalLeaseCosts" xlink:label="loc_cpa_TotalLeaseCosts" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TotalLeaseCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Total Lease Costs</label>
    <label xlink:label="lab_cpa_TotalLeaseCosts" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total lease costs</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TotalLeaseCosts" xlink:to="lab_cpa_TotalLeaseCosts" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TotalLeaseCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Total lease costs.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ImpairmentOfRightToUseAssetAbstract" xlink:label="loc_cpa_ImpairmentOfRightToUseAssetAbstract" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ImpairmentOfRightToUseAssetAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Impairment of Right To Use Asset [Abstract]</label>
    <label xlink:label="lab_cpa_ImpairmentOfRightToUseAssetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Impairment of non financial assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ImpairmentOfRightToUseAssetAbstract" xlink:to="lab_cpa_ImpairmentOfRightToUseAssetAbstract" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ImpairmentOfRightToUseAssetAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Impairment of Right To Use Asset</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfFinanceAndOperatingLeaseByLessorAbstract" xlink:label="loc_cpa_DisclosureOfFinanceAndOperatingLeaseByLessorAbstract" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfFinanceAndOperatingLeaseByLessorAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Finance And Operating Lease By Lessor [Abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfFinanceAndOperatingLeaseByLessorAbstract" xlink:to="lab_cpa_DisclosureOfFinanceAndOperatingLeaseByLessorAbstract" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfFinanceAndOperatingLeaseByLessorAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Finance And Operating Lease By Lessor</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfFinanceAndOperatingLeaseByLessorTable" xlink:label="loc_cpa_DisclosureOfFinanceAndOperatingLeaseByLessorTable" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfFinanceAndOperatingLeaseByLessorTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Finance And Operating Lease By Lessor [Table]</label>
    <label xlink:label="lab_cpa_DisclosureOfFinanceAndOperatingLeaseByLessorTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of finance lease and operating lease by lessor [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfFinanceAndOperatingLeaseByLessorTable" xlink:to="lab_cpa_DisclosureOfFinanceAndOperatingLeaseByLessorTable" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfFinanceAndOperatingLeaseByLessorTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Finance And Operating Lease By Lessor</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfFinanceAndOperatingLeaseByLessorLineItems" xlink:label="loc_cpa_DisclosureOfFinanceAndOperatingLeaseByLessorLineItems" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfFinanceAndOperatingLeaseByLessorLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Finance And Operating Lease By Lessor [Line Items]</label>
    <label xlink:label="lab_cpa_DisclosureOfFinanceAndOperatingLeaseByLessorLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of finance lease and operating lease by lessor [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfFinanceAndOperatingLeaseByLessorLineItems" xlink:to="lab_cpa_DisclosureOfFinanceAndOperatingLeaseByLessorLineItems" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfFinanceAndOperatingLeaseByLessorLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Finance And Operating Lease By Lessor</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_MinimumLeasePaymentReceivableUnderNoncancellableOperatingLease" xlink:label="loc_cpa_MinimumLeasePaymentReceivableUnderNoncancellableOperatingLease" xlink:type="locator"/>
    <label xlink:label="lab_cpa_MinimumLeasePaymentReceivableUnderNoncancellableOperatingLease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Minimum Lease Payment Receivable Under Noncancellable Operating Lease</label>
    <label xlink:label="lab_cpa_MinimumLeasePaymentReceivableUnderNoncancellableOperatingLease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Future minimum lease receivables under non -cancelable leases</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_MinimumLeasePaymentReceivableUnderNoncancellableOperatingLease" xlink:to="lab_cpa_MinimumLeasePaymentReceivableUnderNoncancellableOperatingLease" xlink:type="arc"/>
    <label xlink:label="lab_cpa_MinimumLeasePaymentReceivableUnderNoncancellableOperatingLease" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Minimum Lease Payment Receivable Under Noncancellable Operating Lease</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_MaturityAxis" xlink:label="loc_ifrs-full_MaturityAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_MaturityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maturity [axis]</label>
    <label xlink:label="lab_ifrs-full_MaturityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maturity [axis]</label>
    <label xlink:label="lab_ifrs-full_MaturityAxis" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">MaturityAxis</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_MaturityAxis" xlink:to="lab_ifrs-full_MaturityAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AggregatedTimeBandsMember" xlink:label="loc_ifrs-full_AggregatedTimeBandsMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AggregatedTimeBandsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Aggregated time bands [member]</label>
    <label xlink:label="lab_ifrs-full_AggregatedTimeBandsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aggregated time bands [member]</label>
    <label xlink:label="lab_ifrs-full_AggregatedTimeBandsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Aggregated time bands [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AggregatedTimeBandsMember" xlink:to="lab_ifrs-full_AggregatedTimeBandsMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:label="loc_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later than one year and not later than five years [member]</label>
    <label xlink:label="lab_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">One to five years [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:to="lab_ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NotLaterThanOneYearMember" xlink:label="loc_ifrs-full_NotLaterThanOneYearMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_NotLaterThanOneYearMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Not later than one year [member]</label>
    <label xlink:label="lab_ifrs-full_NotLaterThanOneYearMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Up to one year [member]</label>
    <label xlink:label="lab_ifrs-full_NotLaterThanOneYearMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">2021</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NotLaterThanOneYearMember" xlink:to="lab_ifrs-full_NotLaterThanOneYearMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfFinanceAndOperatingLeaseByLesseeAbstract" xlink:label="loc_cpa_DisclosureOfFinanceAndOperatingLeaseByLesseeAbstract" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfFinanceAndOperatingLeaseByLesseeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Finance And Operating Lease By Lessee [Abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfFinanceAndOperatingLeaseByLesseeAbstract" xlink:to="lab_cpa_DisclosureOfFinanceAndOperatingLeaseByLesseeAbstract" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfFinanceAndOperatingLeaseByLesseeAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Finance And Operating Lease By Lessee</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfFinanceAndOperatingLeaseByLesseeLineItems" xlink:label="loc_cpa_DisclosureOfFinanceAndOperatingLeaseByLesseeLineItems" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfFinanceAndOperatingLeaseByLesseeLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Finance And Operating Lease By Lessee [Line Items]</label>
    <label xlink:label="lab_cpa_DisclosureOfFinanceAndOperatingLeaseByLesseeLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of finance and operating lease by lessee [Line Items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfFinanceAndOperatingLeaseByLesseeLineItems" xlink:to="lab_cpa_DisclosureOfFinanceAndOperatingLeaseByLesseeLineItems" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfFinanceAndOperatingLeaseByLesseeLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Finance And Operating Lease By Lessee</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_MinimumOperatingLeasePaymentsReceivableRecognizedAsIncome" xlink:label="loc_cpa_MinimumOperatingLeasePaymentsReceivableRecognizedAsIncome" xlink:type="locator"/>
    <label xlink:label="lab_cpa_MinimumOperatingLeasePaymentsReceivableRecognizedAsIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Minimum operating lease payments receivable recognized as income</label>
    <label xlink:label="lab_cpa_MinimumOperatingLeasePaymentsReceivableRecognizedAsIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total lease income amounts</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_MinimumOperatingLeasePaymentsReceivableRecognizedAsIncome" xlink:to="lab_cpa_MinimumOperatingLeasePaymentsReceivableRecognizedAsIncome" xlink:type="arc"/>
    <label xlink:label="lab_cpa_MinimumOperatingLeasePaymentsReceivableRecognizedAsIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Minimum operating lease payments receivable recognized as income.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_NumberOfAircraftUnderLessor" xlink:label="loc_cpa_NumberOfAircraftUnderLessor" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NumberOfAircraftUnderLessor" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of aircraft under lessor</label>
    <label xlink:label="lab_cpa_NumberOfAircraftUnderLessor" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of aircraft under lessor</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NumberOfAircraftUnderLessor" xlink:to="lab_cpa_NumberOfAircraftUnderLessor" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NumberOfAircraftUnderLessor" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of aircraft under lessor.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ScheduledExpirationDateOfLease" xlink:label="loc_cpa_ScheduledExpirationDateOfLease" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ScheduledExpirationDateOfLease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Scheduled Expiration Date of Lease</label>
    <label xlink:label="lab_cpa_ScheduledExpirationDateOfLease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Scheduled expiration date of lease</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ScheduledExpirationDateOfLease" xlink:to="lab_cpa_ScheduledExpirationDateOfLease" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ScheduledExpirationDateOfLease" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Scheduled expiration date of lease.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xlink:label="loc_ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16</label>
    <label xlink:label="lab_ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted average incremental borrowing rate</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xlink:to="lab_ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_CarryingAmountOfFixedAssetsUnderOperatingLease" xlink:label="loc_cpa_CarryingAmountOfFixedAssetsUnderOperatingLease" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CarryingAmountOfFixedAssetsUnderOperatingLease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Carrying amount of fixed assets under operating lease</label>
    <label xlink:label="lab_cpa_CarryingAmountOfFixedAssetsUnderOperatingLease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Carrying amount of aircraft under operating lease</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CarryingAmountOfFixedAssetsUnderOperatingLease" xlink:to="lab_cpa_CarryingAmountOfFixedAssetsUnderOperatingLease" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CarryingAmountOfFixedAssetsUnderOperatingLease" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Carrying amount of fixed assets under operating lease</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_LeaseLiabilitiesIncludingDismantlingProvision" xlink:label="loc_cpa_LeaseLiabilitiesIncludingDismantlingProvision" xlink:type="locator"/>
    <label xlink:label="lab_cpa_LeaseLiabilitiesIncludingDismantlingProvision" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lease Liabilities Including Dismantling Provision</label>
    <label xlink:label="lab_cpa_LeaseLiabilitiesIncludingDismantlingProvision" xlink:role="http://www.xbrl.org/2003/role/presentationGuidance" xlink:type="resource" xml:lang="en-US">Total liability related to leases including the provision of dismantling</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_LeaseLiabilitiesIncludingDismantlingProvision" xlink:to="lab_cpa_LeaseLiabilitiesIncludingDismantlingProvision" xlink:type="arc"/>
    <label xlink:label="lab_cpa_LeaseLiabilitiesIncludingDismantlingProvision" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Lease liabilities including dismantling provision.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetAbstract" xlink:label="loc_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of net defined benefit liability (asset) [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetAbstract" xlink:to="lab_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetTable" xlink:label="loc_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetTable" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of net defined benefit liability (asset) [table]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of net defined benefit liability (asset) [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetTable" xlink:to="lab_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetTable" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DefinedBenefitPlansAxis" xlink:label="loc_ifrs-full_DefinedBenefitPlansAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DefinedBenefitPlansAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Defined benefit plans [axis]</label>
    <label xlink:label="lab_ifrs-full_DefinedBenefitPlansAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Defined benefit plans [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DefinedBenefitPlansAxis" xlink:to="lab_ifrs-full_DefinedBenefitPlansAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DefinedBenefitPlansMember" xlink:label="loc_ifrs-full_DefinedBenefitPlansMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DefinedBenefitPlansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Defined benefit plans [member]</label>
    <label xlink:label="lab_ifrs-full_DefinedBenefitPlansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Defined benefit plans [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DefinedBenefitPlansMember" xlink:to="lab_ifrs-full_DefinedBenefitPlansMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_OtherEmployeeBenefitsMember" xlink:label="loc_cpa_OtherEmployeeBenefitsMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_OtherEmployeeBenefitsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other employee benefits [member]</label>
    <label xlink:label="lab_cpa_OtherEmployeeBenefitsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other employee benefits [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_OtherEmployeeBenefitsMember" xlink:to="lab_cpa_OtherEmployeeBenefitsMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_OtherEmployeeBenefitsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other employee benefits.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DefinedBenefitObligationMember" xlink:label="loc_cpa_DefinedBenefitObligationMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DefinedBenefitObligationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Defined benefit obligation [member]</label>
    <label xlink:label="lab_cpa_DefinedBenefitObligationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Defined benefit obligation [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DefinedBenefitObligationMember" xlink:to="lab_cpa_DefinedBenefitObligationMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DefinedBenefitObligationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Defined benefit obligation [member]</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems" xlink:label="loc_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of net defined benefit liability (asset) [line items]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of net defined benefit asset (liability) [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems" xlink:to="lab_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AssetsOfBenefitPlan" xlink:label="loc_ifrs-full_AssetsOfBenefitPlan" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AssetsOfBenefitPlan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets of benefit plan</label>
    <label xlink:label="lab_ifrs-full_AssetsOfBenefitPlan" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Fair value of plan assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AssetsOfBenefitPlan" xlink:to="lab_ifrs-full_AssetsOfBenefitPlan" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_Noncurrentrecognisedassetsandliabilitiesdefinedbenefitplan" xlink:label="loc_cpa_Noncurrentrecognisedassetsandliabilitiesdefinedbenefitplan" xlink:type="locator"/>
    <label xlink:label="lab_cpa_Noncurrentrecognisedassetsandliabilitiesdefinedbenefitplan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">NoncurrentRecognisedAssetsAndLiabilitiesDefinedBenefitPlan</label>
    <label xlink:label="lab_cpa_Noncurrentrecognisedassetsandliabilitiesdefinedbenefitplan" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Benefit (liability) assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_Noncurrentrecognisedassetsandliabilitiesdefinedbenefitplan" xlink:to="lab_cpa_Noncurrentrecognisedassetsandliabilitiesdefinedbenefitplan" xlink:type="arc"/>
    <label xlink:label="lab_cpa_Noncurrentrecognisedassetsandliabilitiesdefinedbenefitplan" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Non-current net defined benefit assets and liabilities.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits" xlink:label="loc_ifrs-full_LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities other than actuarial present value of promised retirement benefits</label>
    <label xlink:label="lab_ifrs-full_LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Employee benefits liability</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits" xlink:to="lab_ifrs-full_LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_IndemnityPlanMember" xlink:label="loc_cpa_IndemnityPlanMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_IndemnityPlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Indemnity plan [member]</label>
    <label xlink:label="lab_cpa_IndemnityPlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Indemnity plan [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_IndemnityPlanMember" xlink:to="lab_cpa_IndemnityPlanMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_IndemnityPlanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Indemnity plan.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" xlink:label="loc_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Actuarial gains (losses) arising from changes in financial assumptions, net defined benefit liability (asset)</label>
    <label xlink:label="lab_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Actuarial loss recognized in other comprehensive income</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" xlink:to="lab_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_ContributionsToPlanByEmployerNetOfRegularContributions" xlink:label="loc_cpa_ContributionsToPlanByEmployerNetOfRegularContributions" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ContributionsToPlanByEmployerNetOfRegularContributions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Contributions to plan by employer, net of regular contributions</label>
    <label xlink:label="lab_cpa_ContributionsToPlanByEmployerNetOfRegularContributions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Employer contributions</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ContributionsToPlanByEmployerNetOfRegularContributions" xlink:to="lab_cpa_ContributionsToPlanByEmployerNetOfRegularContributions" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ContributionsToPlanByEmployerNetOfRegularContributions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Contributions to plan by employer, net of regular contributions.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_InterestIncomeOnRetirement" xlink:label="loc_cpa_InterestIncomeOnRetirement" xlink:type="locator"/>
    <label xlink:label="lab_cpa_InterestIncomeOnRetirement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest income on retirement</label>
    <label xlink:label="lab_cpa_InterestIncomeOnRetirement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Retirement of interest earned</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_InterestIncomeOnRetirement" xlink:to="lab_cpa_InterestIncomeOnRetirement" xlink:type="arc"/>
    <label xlink:label="lab_cpa_InterestIncomeOnRetirement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Interest income on retirement.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_PercentageOfEligibleEarningsAccumulatedAsBenefits" xlink:label="loc_cpa_PercentageOfEligibleEarningsAccumulatedAsBenefits" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PercentageOfEligibleEarningsAccumulatedAsBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of eligible earnings accumulated, as benefits</label>
    <label xlink:label="lab_cpa_PercentageOfEligibleEarningsAccumulatedAsBenefits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of eligible earnings accumulated as benefit</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PercentageOfEligibleEarningsAccumulatedAsBenefits" xlink:to="lab_cpa_PercentageOfEligibleEarningsAccumulatedAsBenefits" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PercentageOfEligibleEarningsAccumulatedAsBenefits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage of eligible earnings accumulated, as benefits.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_WeightedAverageDurationOfDefinedBenefitObligation2019" xlink:label="loc_ifrs-full_WeightedAverageDurationOfDefinedBenefitObligation2019" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_WeightedAverageDurationOfDefinedBenefitObligation2019" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted average duration of defined benefit obligation</label>
    <label xlink:label="lab_ifrs-full_WeightedAverageDurationOfDefinedBenefitObligation2019" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Duration of defined benefit plan obligation</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_WeightedAverageDurationOfDefinedBenefitObligation2019" xlink:to="lab_ifrs-full_WeightedAverageDurationOfDefinedBenefitObligation2019" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NetDefinedBenefitLiabilityAssetAxis" xlink:label="loc_ifrs-full_NetDefinedBenefitLiabilityAssetAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_NetDefinedBenefitLiabilityAssetAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net defined benefit liability (asset) [axis]</label>
    <label xlink:label="lab_ifrs-full_NetDefinedBenefitLiabilityAssetAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net defined benefit liability (asset) [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NetDefinedBenefitLiabilityAssetAxis" xlink:to="lab_ifrs-full_NetDefinedBenefitLiabilityAssetAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NetDefinedBenefitLiabilityAssetMember" xlink:label="loc_ifrs-full_NetDefinedBenefitLiabilityAssetMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_NetDefinedBenefitLiabilityAssetMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net defined benefit liability (asset) [member]</label>
    <label xlink:label="lab_ifrs-full_NetDefinedBenefitLiabilityAssetMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net defined benefit liability (asset) [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NetDefinedBenefitLiabilityAssetMember" xlink:to="lab_ifrs-full_NetDefinedBenefitLiabilityAssetMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_FairValueOfAssetsMember" xlink:label="loc_cpa_FairValueOfAssetsMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_FairValueOfAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair value of assets [member]</label>
    <label xlink:label="lab_cpa_FairValueOfAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair value of assets [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_FairValueOfAssetsMember" xlink:to="lab_cpa_FairValueOfAssetsMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_FairValueOfAssetsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair value of assets.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:label="loc_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current service cost, net defined benefit liability (asset)</label>
    <label xlink:label="lab_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Current service cost</label>
    <label xlink:label="lab_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Current service cost</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:to="lab_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncreaseDecreaseInNetDefinedBenefitLiabilityAsset" xlink:label="loc_ifrs-full_IncreaseDecreaseInNetDefinedBenefitLiabilityAsset" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseInNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) in net defined benefit liability (asset)</label>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseInNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net benefit expense</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseInNetDefinedBenefitLiabilityAsset" xlink:to="lab_ifrs-full_IncreaseDecreaseInNetDefinedBenefitLiabilityAsset" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:label="loc_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest expense (income), net defined benefit liability (asset)</label>
    <label xlink:label="lab_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest cost on net benefit obligation</label>
    <label xlink:label="lab_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Interest (cost) income</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:to="lab_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset" xlink:label="loc_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Past service cost, net defined benefit liability (asset)</label>
    <label xlink:label="lab_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Past service cost</label>
    <label xlink:label="lab_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Past service cost</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset" xlink:to="lab_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset" xlink:label="loc_ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gains (losses) arising from settlements, net defined benefit liability (asset)</label>
    <label xlink:label="lab_ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Curtailment / Settlement</label>
    <label xlink:label="lab_ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Curtailment / Settlement</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset" xlink:to="lab_ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_OtherEmployeeBenefitsLiabilityMember" xlink:label="loc_cpa_OtherEmployeeBenefitsLiabilityMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_OtherEmployeeBenefitsLiabilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Employee Benefits Liability [member]</label>
    <label xlink:label="lab_cpa_OtherEmployeeBenefitsLiabilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other employee benefits liability [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_OtherEmployeeBenefitsLiabilityMember" xlink:to="lab_cpa_OtherEmployeeBenefitsLiabilityMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_OtherEmployeeBenefitsLiabilityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Employee Benefits Liability [member]</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ExperienceGainLossNetDefinedBenefitLiabilityAsset" xlink:label="loc_cpa_ExperienceGainLossNetDefinedBenefitLiabilityAsset" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ExperienceGainLossNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Experience gain (loss), net defined benefit liability (asset)</label>
    <label xlink:label="lab_cpa_ExperienceGainLossNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Experience (loss) gain</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ExperienceGainLossNetDefinedBenefitLiabilityAsset" xlink:to="lab_cpa_ExperienceGainLossNetDefinedBenefitLiabilityAsset" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ExperienceGainLossNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Experience gain (loss), net defined benefit liability (asset).</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_BenefitsPaidNetDefinedBenefitLiabilityAsset" xlink:label="loc_cpa_BenefitsPaidNetDefinedBenefitLiabilityAsset" xlink:type="locator"/>
    <label xlink:label="lab_cpa_BenefitsPaidNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Benefits paid, net defined benefit liability (asset)</label>
    <label xlink:label="lab_cpa_BenefitsPaidNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Benefits paid</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_BenefitsPaidNetDefinedBenefitLiabilityAsset" xlink:to="lab_cpa_BenefitsPaidNetDefinedBenefitLiabilityAsset" xlink:type="arc"/>
    <label xlink:label="lab_cpa_BenefitsPaidNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Benefits paid, net defined benefit liability (asset).</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" xlink:label="loc_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through other changes, net defined benefit liability (asset)</label>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Adjustments</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" xlink:to="lab_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_InvestmentReturnNetDefinedBenefitLiabilityAsset" xlink:label="loc_cpa_InvestmentReturnNetDefinedBenefitLiabilityAsset" xlink:type="locator"/>
    <label xlink:label="lab_cpa_InvestmentReturnNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment return, net defined benefit liability (asset)</label>
    <label xlink:label="lab_cpa_InvestmentReturnNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Investment return</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_InvestmentReturnNetDefinedBenefitLiabilityAsset" xlink:to="lab_cpa_InvestmentReturnNetDefinedBenefitLiabilityAsset" xlink:type="arc"/>
    <label xlink:label="lab_cpa_InvestmentReturnNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Investment return, net defined benefit liability (asset).</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:label="loc_ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net defined benefit liability (asset)</label>
    <label xlink:label="lab_ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Beginning balance</label>
    <label xlink:label="lab_ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Ending balance</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:to="lab_ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:label="loc_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Return on plan assets excluding interest income or expense, net defined benefit liability (asset)</label>
    <label xlink:label="lab_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Return on plan assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:to="lab_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_WithdrawalsFromPlanByEmployerNetDefinedBenefitLiabilityAsset" xlink:label="loc_cpa_WithdrawalsFromPlanByEmployerNetDefinedBenefitLiabilityAsset" xlink:type="locator"/>
    <label xlink:label="lab_cpa_WithdrawalsFromPlanByEmployerNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Withdrawals from plan by employer net defined benefit liability asset</label>
    <label xlink:label="lab_cpa_WithdrawalsFromPlanByEmployerNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Employer contributions</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_WithdrawalsFromPlanByEmployerNetDefinedBenefitLiabilityAsset" xlink:to="lab_cpa_WithdrawalsFromPlanByEmployerNetDefinedBenefitLiabilityAsset" xlink:type="arc"/>
    <label xlink:label="lab_cpa_WithdrawalsFromPlanByEmployerNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Withdrawals from plan by employer net defined benefit liability asset.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset" xlink:label="loc_ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Actuarial gains (losses) arising from changes in demographic assumptions, net defined benefit liability (asset)</label>
    <label xlink:label="lab_ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Actuarial changes arising from changes in demographic assumptions</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset" xlink:to="lab_ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_AssumptionChangesNetDefinedBenefitLiabilityAsset" xlink:label="loc_cpa_AssumptionChangesNetDefinedBenefitLiabilityAsset" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AssumptionChangesNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assumption Changes Net Defined Benefit Liability Asset</label>
    <label xlink:label="lab_cpa_AssumptionChangesNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Actuarial changes arising from changes in financial assumptions</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AssumptionChangesNetDefinedBenefitLiabilityAsset" xlink:to="lab_cpa_AssumptionChangesNetDefinedBenefitLiabilityAsset" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AssumptionChangesNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Assumption changes, net defined benefit liability (asset)</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DefinedBenefitObligationLiabilitiesMember" xlink:label="loc_cpa_DefinedBenefitObligationLiabilitiesMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DefinedBenefitObligationLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Defined benefit obligation liabilities [member]</label>
    <label xlink:label="lab_cpa_DefinedBenefitObligationLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Defined benefit obligation [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DefinedBenefitObligationLiabilitiesMember" xlink:to="lab_cpa_DefinedBenefitObligationLiabilitiesMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DefinedBenefitObligationLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Defined benefit obligation liabilities.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsAbstract" xlink:label="loc_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of sensitivity analysis for actuarial assumptions [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsAbstract" xlink:to="lab_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsTable" xlink:label="loc_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsTable" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of sensitivity analysis for actuarial assumptions [table]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of sensitivity analysis for actuarial assumptions [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsTable" xlink:to="lab_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsTable" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ActuarialAssumptionsAxis" xlink:label="loc_ifrs-full_ActuarialAssumptionsAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ActuarialAssumptionsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Actuarial assumptions [axis]</label>
    <label xlink:label="lab_ifrs-full_ActuarialAssumptionsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Actuarial assumptions [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ActuarialAssumptionsAxis" xlink:to="lab_ifrs-full_ActuarialAssumptionsAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ActuarialAssumptionsMember" xlink:label="loc_ifrs-full_ActuarialAssumptionsMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ActuarialAssumptionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Actuarial assumptions [member]</label>
    <label xlink:label="lab_ifrs-full_ActuarialAssumptionsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Actuarial assumptions [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ActuarialAssumptionsMember" xlink:to="lab_ifrs-full_ActuarialAssumptionsMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ActuarialAssumptionOfDiscountRatesMember" xlink:label="loc_ifrs-full_ActuarialAssumptionOfDiscountRatesMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ActuarialAssumptionOfDiscountRatesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Actuarial assumption of discount rates [member]</label>
    <label xlink:label="lab_ifrs-full_ActuarialAssumptionOfDiscountRatesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Discount rate [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ActuarialAssumptionOfDiscountRatesMember" xlink:to="lab_ifrs-full_ActuarialAssumptionOfDiscountRatesMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_MaleMember" xlink:label="loc_cpa_MaleMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_MaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Male [member]</label>
    <label xlink:label="lab_cpa_MaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Male [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_MaleMember" xlink:to="lab_cpa_MaleMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_MaleMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Male [member]</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_FemaleMember" xlink:label="loc_cpa_FemaleMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_FemaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Female [member]</label>
    <label xlink:label="lab_cpa_FemaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Female [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_FemaleMember" xlink:to="lab_cpa_FemaleMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_FemaleMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Female [member]</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" xlink:label="loc_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Actuarial assumption of expected rates of salary increases [member]</label>
    <label xlink:label="lab_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Compensation - salary increase [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" xlink:to="lab_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_ActuarialAssumptionOfTerminationRatesAllAgesMember" xlink:label="loc_cpa_ActuarialAssumptionOfTerminationRatesAllAgesMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ActuarialAssumptionOfTerminationRatesAllAgesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Actuarial assumption of termination rates all ages [member]</label>
    <label xlink:label="lab_cpa_ActuarialAssumptionOfTerminationRatesAllAgesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Termination [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ActuarialAssumptionOfTerminationRatesAllAgesMember" xlink:to="lab_cpa_ActuarialAssumptionOfTerminationRatesAllAgesMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ActuarialAssumptionOfTerminationRatesAllAgesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">This member stands for the termination rates for all ages used as actuarial assumptions.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ActuarialAssumptionRpTwoThousandMortalityTableNoCollarMember" xlink:label="loc_cpa_ActuarialAssumptionRpTwoThousandMortalityTableNoCollarMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ActuarialAssumptionRpTwoThousandMortalityTableNoCollarMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Actuarial assumption rp two thousand mortality table no collar [member]</label>
    <label xlink:label="lab_cpa_ActuarialAssumptionRpTwoThousandMortalityTableNoCollarMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mortality [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ActuarialAssumptionRpTwoThousandMortalityTableNoCollarMember" xlink:to="lab_cpa_ActuarialAssumptionRpTwoThousandMortalityTableNoCollarMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ActuarialAssumptionRpTwoThousandMortalityTableNoCollarMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Actuarial assumption RP-2000 mortality table no collar.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems" xlink:label="loc_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of sensitivity analysis for actuarial assumptions [line items]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of sensitivity analysis for actuarial assumptions [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems" xlink:to="lab_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_RatioOfReasonablyPossibleIncreaseInActuarialAssumption" xlink:label="loc_cpa_RatioOfReasonablyPossibleIncreaseInActuarialAssumption" xlink:type="locator"/>
    <label xlink:label="lab_cpa_RatioOfReasonablyPossibleIncreaseInActuarialAssumption" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Ratio of reasonably possible increase in actuarial assumption</label>
    <label xlink:label="lab_cpa_RatioOfReasonablyPossibleIncreaseInActuarialAssumption" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Demographic assumptions, Mortality</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_RatioOfReasonablyPossibleIncreaseInActuarialAssumption" xlink:to="lab_cpa_RatioOfReasonablyPossibleIncreaseInActuarialAssumption" xlink:type="arc"/>
    <label xlink:label="lab_cpa_RatioOfReasonablyPossibleIncreaseInActuarialAssumption" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Ratio of reasonably possible increase in actuarial assumption.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" xlink:label="loc_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of reasonably possible increase in actuarial assumption</label>
    <label xlink:label="lab_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Actuarial assumption rate</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" xlink:to="lab_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ActuarialAssumptionOfRetirementAge2019" xlink:label="loc_ifrs-full_ActuarialAssumptionOfRetirementAge2019" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ActuarialAssumptionOfRetirementAge2019" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Actuarial assumption of retirement age</label>
    <label xlink:label="lab_ifrs-full_ActuarialAssumptionOfRetirementAge2019" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Retirement age</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ActuarialAssumptionOfRetirementAge2019" xlink:to="lab_ifrs-full_ActuarialAssumptionOfRetirementAge2019" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_ActuarialAssumptionOfDiscountRatesPointFivePercentMember" xlink:label="loc_cpa_ActuarialAssumptionOfDiscountRatesPointFivePercentMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ActuarialAssumptionOfDiscountRatesPointFivePercentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Actuarial assumption of discount rates point five percent [member]</label>
    <label xlink:label="lab_cpa_ActuarialAssumptionOfDiscountRatesPointFivePercentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Discount rate (0.5% movement) [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ActuarialAssumptionOfDiscountRatesPointFivePercentMember" xlink:to="lab_cpa_ActuarialAssumptionOfDiscountRatesPointFivePercentMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ActuarialAssumptionOfDiscountRatesPointFivePercentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Actuarial assumption of discount rates point five percent.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption" xlink:label="loc_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption</label>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Decrease</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption" xlink:to="lab_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption" xlink:label="loc_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption</label>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption" xlink:to="lab_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfDefinedBenefitPlansAbstract" xlink:label="loc_ifrs-full_DisclosureOfDefinedBenefitPlansAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfDefinedBenefitPlansAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of defined benefit plans [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfDefinedBenefitPlansAbstract" xlink:to="lab_ifrs-full_DisclosureOfDefinedBenefitPlansAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfDefinedBenefitPlansTable" xlink:label="loc_ifrs-full_DisclosureOfDefinedBenefitPlansTable" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfDefinedBenefitPlansTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of defined benefit plans [table]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfDefinedBenefitPlansTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of defined benefit plans [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfDefinedBenefitPlansTable" xlink:to="lab_ifrs-full_DisclosureOfDefinedBenefitPlansTable" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfDefinedBenefitPlansLineItems" xlink:label="loc_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of defined benefit plans [line items]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of defined benefit plans [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems" xlink:to="lab_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan" xlink:label="loc_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Estimate of contributions expected to be paid to plan for next annual reporting period</label>
    <label xlink:label="lab_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total expected payments</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan" xlink:to="lab_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LaterThanFiveYearsMember" xlink:label="loc_ifrs-full_LaterThanFiveYearsMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_LaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later than five years [member]</label>
    <label xlink:label="lab_ifrs-full_LaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Over five years [member]</label>
    <label xlink:label="lab_ifrs-full_LaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Thereafter</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LaterThanFiveYearsMember" xlink:to="lab_ifrs-full_LaterThanFiveYearsMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_MoreThanOneYearButLessThanFiveYearsMember" xlink:label="loc_cpa_MoreThanOneYearButLessThanFiveYearsMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_MoreThanOneYearButLessThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">More Than One Year But Less Than Five Years [member]</label>
    <label xlink:label="lab_cpa_MoreThanOneYearButLessThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">More than one year but less than five years [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_MoreThanOneYearButLessThanFiveYearsMember" xlink:to="lab_cpa_MoreThanOneYearButLessThanFiveYearsMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_MoreThanOneYearButLessThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">More than 1 year but less than 5 years.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract" xlink:label="loc_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of reconciliation of changes in intangible assets and goodwill [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract" xlink:to="lab_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" xlink:label="loc_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of reconciliation of changes in intangible assets and goodwill [table]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of reconciliation of changes in intangible assets and goodwill [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" xlink:to="lab_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" xlink:label="loc_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" xlink:to="lab_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:label="loc_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Acquisitions through business combinations, intangible assets and goodwill</label>
    <label xlink:label="lab_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additions</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:to="lab_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:label="loc_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amortisation, intangible assets other than goodwill</label>
    <label xlink:label="lab_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amortization for the year</label>
    <label xlink:label="lab_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Amortization expense</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:to="lab_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_ReclassificationIncreaseDecreaseIntangibleAssetsAndGoodwill" xlink:label="loc_cpa_ReclassificationIncreaseDecreaseIntangibleAssetsAndGoodwill" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ReclassificationIncreaseDecreaseIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reclassification increase (decrease), intangible assets and goodwill</label>
    <label xlink:label="lab_cpa_ReclassificationIncreaseDecreaseIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reclassifications</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ReclassificationIncreaseDecreaseIntangibleAssetsAndGoodwill" xlink:to="lab_cpa_ReclassificationIncreaseDecreaseIntangibleAssetsAndGoodwill" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ReclassificationIncreaseDecreaseIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Reclassification increase (decrease), intangible assets and goodwill.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisposalsIntangibleAssetsAndGoodwill" xlink:label="loc_ifrs-full_DisposalsIntangibleAssetsAndGoodwill" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisposalsIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disposals, intangible assets and goodwill</label>
    <label xlink:label="lab_ifrs-full_DisposalsIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Disposals</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisposalsIntangibleAssetsAndGoodwill" xlink:to="lab_ifrs-full_DisposalsIntangibleAssetsAndGoodwill" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:label="loc_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Impairment loss recognised in profit or loss, intangible assets and goodwill</label>
    <label xlink:label="lab_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Impairment loss</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:to="lab_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:label="loc_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accumulated depreciation, amortisation and impairment [member]</label>
    <label xlink:label="lab_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Accumulated amortization and impairment [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:to="lab_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:label="loc_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of intangible assets and goodwill [axis]</label>
    <label xlink:label="lab_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of intangible assets and goodwill [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:to="lab_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IntangibleAssetsAndGoodwillMember" xlink:label="loc_ifrs-full_IntangibleAssetsAndGoodwillMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_IntangibleAssetsAndGoodwillMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible assets and goodwill [member]</label>
    <label xlink:label="lab_ifrs-full_IntangibleAssetsAndGoodwillMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangible assets and goodwill [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IntangibleAssetsAndGoodwillMember" xlink:to="lab_ifrs-full_IntangibleAssetsAndGoodwillMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IntangibleAssetsUnderDevelopmentMember" xlink:label="loc_ifrs-full_IntangibleAssetsUnderDevelopmentMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_IntangibleAssetsUnderDevelopmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible assets under development [member]</label>
    <label xlink:label="lab_ifrs-full_IntangibleAssetsUnderDevelopmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangible in process [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IntangibleAssetsUnderDevelopmentMember" xlink:to="lab_ifrs-full_IntangibleAssetsUnderDevelopmentMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_LicenseAndSoftwareRightsMember" xlink:label="loc_cpa_LicenseAndSoftwareRightsMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_LicenseAndSoftwareRightsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">License and software rights [member]</label>
    <label xlink:label="lab_cpa_LicenseAndSoftwareRightsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">License and software rights [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_LicenseAndSoftwareRightsMember" xlink:to="lab_cpa_LicenseAndSoftwareRightsMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_LicenseAndSoftwareRightsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">License and software rights.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_GoodwillMember" xlink:label="loc_ifrs-full_GoodwillMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_GoodwillMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Goodwill [member]</label>
    <label xlink:label="lab_ifrs-full_GoodwillMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Goodwill [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GoodwillMember" xlink:to="lab_ifrs-full_GoodwillMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount" xlink:label="loc_ifrs-full_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amount by which unit's recoverable amount exceeds its carrying amount</label>
    <label xlink:label="lab_ifrs-full_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated recoverable amount</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount" xlink:to="lab_ifrs-full_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_PercentageOfDiscountRate" xlink:label="loc_cpa_PercentageOfDiscountRate" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PercentageOfDiscountRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of discount rate</label>
    <label xlink:label="lab_cpa_PercentageOfDiscountRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Discount rates</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PercentageOfDiscountRate" xlink:to="lab_cpa_PercentageOfDiscountRate" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PercentageOfDiscountRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage of discount rate.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_PercentageOfGrowthRateToExtrapolateCashFlows" xlink:label="loc_cpa_PercentageOfGrowthRateToExtrapolateCashFlows" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PercentageOfGrowthRateToExtrapolateCashFlows" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of growth rate to extrapolate cash flows</label>
    <label xlink:label="lab_cpa_PercentageOfGrowthRateToExtrapolateCashFlows" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of growth rate</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PercentageOfGrowthRateToExtrapolateCashFlows" xlink:to="lab_cpa_PercentageOfGrowthRateToExtrapolateCashFlows" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PercentageOfGrowthRateToExtrapolateCashFlows" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage of growth rate to extrapolate cash flows.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_PercentageOfIncreaseInDiscountRate" xlink:label="loc_cpa_PercentageOfIncreaseInDiscountRate" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PercentageOfIncreaseInDiscountRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of increase in discount rate</label>
    <label xlink:label="lab_cpa_PercentageOfIncreaseInDiscountRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase in discount rate</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PercentageOfIncreaseInDiscountRate" xlink:to="lab_cpa_PercentageOfIncreaseInDiscountRate" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PercentageOfIncreaseInDiscountRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage of increase in discount rate.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_PercentageOfRiseInIncreaseInDiscountRate" xlink:label="loc_cpa_PercentageOfRiseInIncreaseInDiscountRate" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PercentageOfRiseInIncreaseInDiscountRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of rise in increase in discount rate</label>
    <label xlink:label="lab_cpa_PercentageOfRiseInIncreaseInDiscountRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of rise in increase in discount rate</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PercentageOfRiseInIncreaseInDiscountRate" xlink:to="lab_cpa_PercentageOfRiseInIncreaseInDiscountRate" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PercentageOfRiseInIncreaseInDiscountRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage of rise in increase in discount rate</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CapitalisedDevelopmentExpenditureMember" xlink:label="loc_ifrs-full_CapitalisedDevelopmentExpenditureMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CapitalisedDevelopmentExpenditureMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Capitalised development expenditure [member]</label>
    <label xlink:label="lab_ifrs-full_CapitalisedDevelopmentExpenditureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Capitalised development expenditure [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CapitalisedDevelopmentExpenditureMember" xlink:to="lab_ifrs-full_CapitalisedDevelopmentExpenditureMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherNoncurrentFinancialAssets" xlink:label="loc_ifrs-full_OtherNoncurrentFinancialAssets" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_OtherNoncurrentFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other non-current financial assets</label>
    <label xlink:label="lab_ifrs-full_OtherNoncurrentFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherNoncurrentFinancialAssets" xlink:to="lab_ifrs-full_OtherNoncurrentFinancialAssets" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_NoncurrentGuarantyDeposits" xlink:label="loc_cpa_NoncurrentGuarantyDeposits" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NoncurrentGuarantyDeposits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Noncurrent Guaranty Deposits</label>
    <label xlink:label="lab_cpa_NoncurrentGuarantyDeposits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Guarantee deposits</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NoncurrentGuarantyDeposits" xlink:to="lab_cpa_NoncurrentGuarantyDeposits" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NoncurrentGuarantyDeposits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Non current guaranty deposits.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherCurrentFinancialAssets" xlink:label="loc_ifrs-full_OtherCurrentFinancialAssets" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_OtherCurrentFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other current financial assets</label>
    <label xlink:label="lab_ifrs-full_OtherCurrentFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherCurrentFinancialAssets" xlink:to="lab_ifrs-full_OtherCurrentFinancialAssets" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherAssets" xlink:label="loc_ifrs-full_OtherAssets" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_OtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other assets</label>
    <label xlink:label="lab_ifrs-full_OtherAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Other current and non-current assets</label>
    <label xlink:label="lab_ifrs-full_OtherAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherAssets" xlink:to="lab_ifrs-full_OtherAssets" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentInterestReceivable" xlink:label="loc_ifrs-full_CurrentInterestReceivable" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CurrentInterestReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current interest receivable</label>
    <label xlink:label="lab_ifrs-full_CurrentInterestReceivable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest receivable</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentInterestReceivable" xlink:to="lab_ifrs-full_CurrentInterestReceivable" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_NoncurrentDepositsForLitigation" xlink:label="loc_cpa_NoncurrentDepositsForLitigation" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NoncurrentDepositsForLitigation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Noncurrent Deposits For Litigation</label>
    <label xlink:label="lab_cpa_NoncurrentDepositsForLitigation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deposits for litigation</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NoncurrentDepositsForLitigation" xlink:to="lab_cpa_NoncurrentDepositsForLitigation" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NoncurrentDepositsForLitigation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Non current deposits for litigation.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_BorrowingsAbstract" xlink:label="loc_ifrs-full_BorrowingsAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_BorrowingsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BorrowingsAbstract" xlink:to="lab_ifrs-full_BorrowingsAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:label="loc_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about borrowings [table]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about borrowings [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:to="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:label="loc_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about borrowings [line items]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about borrowings [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:to="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_BorrowingsInterestRate" xlink:label="loc_ifrs-full_BorrowingsInterestRate" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_BorrowingsInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings, interest rate</label>
    <label xlink:label="lab_ifrs-full_BorrowingsInterestRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Effective interest rates of borrowings</label>
    <label xlink:label="lab_ifrs-full_BorrowingsInterestRate" xlink:role="http://www.xbrl.org/2003/role/presentationGuidance" xlink:type="resource" xml:lang="en-US">Borrowing interest rate</label>
    <label xlink:label="lab_ifrs-full_BorrowingsInterestRate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Fixed interest rates</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BorrowingsInterestRate" xlink:to="lab_ifrs-full_BorrowingsInterestRate" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_BorrowingDueThroughTwoThousandTwentyNineMember" xlink:label="loc_cpa_BorrowingDueThroughTwoThousandTwentyNineMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_BorrowingDueThroughTwoThousandTwentyNineMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowing Due Through Two Thousand Twenty Nine [Member]</label>
    <label xlink:label="lab_cpa_BorrowingDueThroughTwoThousandTwentyNineMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowing due through 2029 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_BorrowingDueThroughTwoThousandTwentyNineMember" xlink:to="lab_cpa_BorrowingDueThroughTwoThousandTwentyNineMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_SeniorConvertibleNotesDueThrough2025Member" xlink:label="loc_cpa_SeniorConvertibleNotesDueThrough2025Member" xlink:type="locator"/>
    <label xlink:label="lab_cpa_SeniorConvertibleNotesDueThrough2025Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Senior Convertible Notes Due Through 2025 [Member]</label>
    <label xlink:label="lab_cpa_SeniorConvertibleNotesDueThrough2025Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Senior Convertible Notes Due Through 2025 [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_SeniorConvertibleNotesDueThrough2025Member" xlink:to="lab_cpa_SeniorConvertibleNotesDueThrough2025Member" xlink:type="arc"/>
    <label xlink:label="lab_cpa_SeniorConvertibleNotesDueThrough2025Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Senior Convertible Notes Due Through 2025</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TypesOfInterestRatesAxis" xlink:label="loc_ifrs-full_TypesOfInterestRatesAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_TypesOfInterestRatesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Types of interest rates [axis]</label>
    <label xlink:label="lab_ifrs-full_TypesOfInterestRatesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Types of interest rates [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TypesOfInterestRatesAxis" xlink:to="lab_ifrs-full_TypesOfInterestRatesAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_InterestRateTypesMember" xlink:label="loc_ifrs-full_InterestRateTypesMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_InterestRateTypesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest rate types [member]</label>
    <label xlink:label="lab_ifrs-full_InterestRateTypesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest rate types [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InterestRateTypesMember" xlink:to="lab_ifrs-full_InterestRateTypesMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FloatingInterestRateMember" xlink:label="loc_ifrs-full_FloatingInterestRateMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_FloatingInterestRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Floating interest rate [member]</label>
    <label xlink:label="lab_ifrs-full_FloatingInterestRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Floating interest rate [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FloatingInterestRateMember" xlink:to="lab_ifrs-full_FloatingInterestRateMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FixedInterestRateMember" xlink:label="loc_ifrs-full_FixedInterestRateMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_FixedInterestRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fixed interest rate [member]</label>
    <label xlink:label="lab_ifrs-full_FixedInterestRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fixed interest rate [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FixedInterestRateMember" xlink:to="lab_ifrs-full_FixedInterestRateMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_ThereafterMember" xlink:label="loc_cpa_ThereafterMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ThereafterMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Thereafter [member]</label>
    <label xlink:label="lab_cpa_ThereafterMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Thereafter [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ThereafterMember" xlink:to="lab_cpa_ThereafterMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ThereafterMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Thereafter.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_TwoThousandTwentyTwoMember" xlink:label="loc_cpa_TwoThousandTwentyTwoMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TwoThousandTwentyTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Two thousand twenty two [member]</label>
    <label xlink:label="lab_cpa_TwoThousandTwentyTwoMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2022 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TwoThousandTwentyTwoMember" xlink:to="lab_cpa_TwoThousandTwentyTwoMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TwoThousandTwentyTwoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Two thousand twenty two.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_TwoThousandTwentyOneMember" xlink:label="loc_cpa_TwoThousandTwentyOneMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TwoThousandTwentyOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Two thousand twenty one [member]</label>
    <label xlink:label="lab_cpa_TwoThousandTwentyOneMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2021 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TwoThousandTwentyOneMember" xlink:to="lab_cpa_TwoThousandTwentyOneMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TwoThousandTwentyOneMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Two thousand twenty one.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_TwoThousandTwentyThreeMember" xlink:label="loc_cpa_TwoThousandTwentyThreeMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TwoThousandTwentyThreeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Two Thousand Twenty Three [member]</label>
    <label xlink:label="lab_cpa_TwoThousandTwentyThreeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2023 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TwoThousandTwentyThreeMember" xlink:to="lab_cpa_TwoThousandTwentyThreeMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TwoThousandTwentyThreeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Two thousand twenty three.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_TwothousandtwentyfourMember" xlink:label="loc_cpa_TwothousandtwentyfourMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TwothousandtwentyfourMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">TwoThousandTwentyFour [Member]</label>
    <label xlink:label="lab_cpa_TwothousandtwentyfourMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2024 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TwothousandtwentyfourMember" xlink:to="lab_cpa_TwothousandtwentyfourMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_TwoThousandTwentyFiveMember" xlink:label="loc_cpa_TwoThousandTwentyFiveMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TwoThousandTwentyFiveMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Two Thousand Twenty Five [Member]</label>
    <label xlink:label="lab_cpa_TwoThousandTwentyFiveMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2025 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TwoThousandTwentyFiveMember" xlink:to="lab_cpa_TwoThousandTwentyFiveMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_BorrowingCostsAbstract" xlink:label="loc_ifrs-full_BorrowingCostsAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_BorrowingCostsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowing costs [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BorrowingCostsAbstract" xlink:to="lab_ifrs-full_BorrowingCostsAbstract" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfDetailedInformationOfSeniorConvertibleNotesExplanatoryTable" xlink:label="loc_cpa_DisclosureOfDetailedInformationOfSeniorConvertibleNotesExplanatoryTable" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfDetailedInformationOfSeniorConvertibleNotesExplanatoryTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of Detailed Information Of Senior Convertible Notes Explanatory [Table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfDetailedInformationOfSeniorConvertibleNotesExplanatoryTable" xlink:to="lab_cpa_DisclosureOfDetailedInformationOfSeniorConvertibleNotesExplanatoryTable" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfDetailedInformationOfSeniorConvertibleNotesExplanatoryTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of Detailed Information&#xA0; Of Senior Convertible Notes Explanatory</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_SeniorConvertibleNotesMember" xlink:label="loc_cpa_SeniorConvertibleNotesMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_SeniorConvertibleNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Senior Convertible Notes [Member]</label>
    <label xlink:label="lab_cpa_SeniorConvertibleNotesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Senior Convertible Notes [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_SeniorConvertibleNotesMember" xlink:to="lab_cpa_SeniorConvertibleNotesMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_SeniorConvertibleNotesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Senior Convertible Notes</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfDetailedInformationOfSeniorConvertibleNotesExplanatoryLineItems" xlink:label="loc_cpa_DisclosureOfDetailedInformationOfSeniorConvertibleNotesExplanatoryLineItems" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfDetailedInformationOfSeniorConvertibleNotesExplanatoryLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of Detailed Information Of Senior Convertible Notes Explanatory [Line Items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfDetailedInformationOfSeniorConvertibleNotesExplanatoryLineItems" xlink:to="lab_cpa_DisclosureOfDetailedInformationOfSeniorConvertibleNotesExplanatoryLineItems" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfDetailedInformationOfSeniorConvertibleNotesExplanatoryLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of Detailed Information&#xA0; Of Senior Convertible Notes Explanatory</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DebtInstrumentMaturityDate" xlink:label="loc_cpa_DebtInstrumentMaturityDate" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DebtInstrumentMaturityDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument Maturity Date</label>
    <label xlink:label="lab_cpa_DebtInstrumentMaturityDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument Maturity Date</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DebtInstrumentMaturityDate" xlink:to="lab_cpa_DebtInstrumentMaturityDate" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DebtInstrumentMaturityDate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Debt Instrument Maturity Date</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_NominalIssue" xlink:label="loc_cpa_NominalIssue" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NominalIssue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Nominal Issue</label>
    <label xlink:label="lab_cpa_NominalIssue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Nominal issue</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NominalIssue" xlink:to="lab_cpa_NominalIssue" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NominalIssue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Nominal issue</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_BorrowingCostsRecognisedAsExpense" xlink:label="loc_ifrs-full_BorrowingCostsRecognisedAsExpense" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_BorrowingCostsRecognisedAsExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowing costs recognised as expense</label>
    <label xlink:label="lab_ifrs-full_BorrowingCostsRecognisedAsExpense" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Borrowing costs recognised as expense</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BorrowingCostsRecognisedAsExpense" xlink:to="lab_ifrs-full_BorrowingCostsRecognisedAsExpense" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_ExportImportBankOfUnitedStatesMember" xlink:label="loc_cpa_ExportImportBankOfUnitedStatesMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ExportImportBankOfUnitedStatesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Export-Import Bank of United States [member]</label>
    <label xlink:label="lab_cpa_ExportImportBankOfUnitedStatesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Export-Import Bank of United States [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ExportImportBankOfUnitedStatesMember" xlink:to="lab_cpa_ExportImportBankOfUnitedStatesMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ExportImportBankOfUnitedStatesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Export-Import Bank of United States.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_OutstandingIndebtedness" xlink:label="loc_cpa_OutstandingIndebtedness" xlink:type="locator"/>
    <label xlink:label="lab_cpa_OutstandingIndebtedness" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Outstanding indebtedness</label>
    <label xlink:label="lab_cpa_OutstandingIndebtedness" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Outstanding indebtedness</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_OutstandingIndebtedness" xlink:to="lab_cpa_OutstandingIndebtedness" xlink:type="arc"/>
    <label xlink:label="lab_cpa_OutstandingIndebtedness" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Outstanding indebtedness.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_BorrowingsOnWhichApplicableInterestRateIsFixed" xlink:label="loc_cpa_BorrowingsOnWhichApplicableInterestRateIsFixed" xlink:type="locator"/>
    <label xlink:label="lab_cpa_BorrowingsOnWhichApplicableInterestRateIsFixed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings on which applicable interest rate is fixed</label>
    <label xlink:label="lab_cpa_BorrowingsOnWhichApplicableInterestRateIsFixed" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowing on which fixed applicable interest rate is exercised</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_BorrowingsOnWhichApplicableInterestRateIsFixed" xlink:to="lab_cpa_BorrowingsOnWhichApplicableInterestRateIsFixed" xlink:type="arc"/>
    <label xlink:label="lab_cpa_BorrowingsOnWhichApplicableInterestRateIsFixed" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Borrowings on which applicable interest rate is fixed.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_PercentageOfSupportFromFinancialInstitution" xlink:label="loc_cpa_PercentageOfSupportFromFinancialInstitution" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PercentageOfSupportFromFinancialInstitution" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of support from financial institution</label>
    <label xlink:label="lab_cpa_PercentageOfSupportFromFinancialInstitution" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Support from Export-Import Bank for net purchase price of aircraft</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PercentageOfSupportFromFinancialInstitution" xlink:to="lab_cpa_PercentageOfSupportFromFinancialInstitution" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PercentageOfSupportFromFinancialInstitution" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage of support from financial institution.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DescriptionOfConversionRatioOfSeniorConvertibleNotes" xlink:label="loc_cpa_DescriptionOfConversionRatioOfSeniorConvertibleNotes" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DescriptionOfConversionRatioOfSeniorConvertibleNotes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of conversion ratio of senior convertible notes</label>
    <label xlink:label="lab_cpa_DescriptionOfConversionRatioOfSeniorConvertibleNotes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Description of conversion ratio of senior convertible notes</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DescriptionOfConversionRatioOfSeniorConvertibleNotes" xlink:to="lab_cpa_DescriptionOfConversionRatioOfSeniorConvertibleNotes" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DescriptionOfConversionRatioOfSeniorConvertibleNotes" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Description of conversion ratio of senior convertible notes</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ConversionPricePerPrincipalAmount" xlink:label="loc_cpa_ConversionPricePerPrincipalAmount" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ConversionPricePerPrincipalAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Conversion price per principal amount</label>
    <label xlink:label="lab_cpa_ConversionPricePerPrincipalAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Conversion price per principal amount</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ConversionPricePerPrincipalAmount" xlink:to="lab_cpa_ConversionPricePerPrincipalAmount" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ConversionPricePerPrincipalAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Conversion price per principal amount</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_FairValue" xlink:label="loc_cpa_FairValue" xlink:type="locator"/>
    <label xlink:label="lab_cpa_FairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_FairValue" xlink:to="lab_cpa_FairValue" xlink:type="arc"/>
    <label xlink:label="lab_cpa_FairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair value</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_FairValueOfEmbeddedDerivative" xlink:label="loc_cpa_FairValueOfEmbeddedDerivative" xlink:type="locator"/>
    <label xlink:label="lab_cpa_FairValueOfEmbeddedDerivative" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value of Embedded Derivative</label>
    <label xlink:label="lab_cpa_FairValueOfEmbeddedDerivative" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair value of the embedded derivative at initial recognition</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_FairValueOfEmbeddedDerivative" xlink:to="lab_cpa_FairValueOfEmbeddedDerivative" xlink:type="arc"/>
    <label xlink:label="lab_cpa_FairValueOfEmbeddedDerivative" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair value of embedded derivative.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ClassesOfLiabilitiesAxis" xlink:label="loc_ifrs-full_ClassesOfLiabilitiesAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ClassesOfLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of liabilities [axis]</label>
    <label xlink:label="lab_ifrs-full_ClassesOfLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of liabilities [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfLiabilitiesAxis" xlink:to="lab_ifrs-full_ClassesOfLiabilitiesAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LiabilitiesMember" xlink:label="loc_ifrs-full_LiabilitiesMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_LiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities [member]</label>
    <label xlink:label="lab_ifrs-full_LiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Liabilities [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LiabilitiesMember" xlink:to="lab_ifrs-full_LiabilitiesMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_FinanceLeaseMember" xlink:label="loc_cpa_FinanceLeaseMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_FinanceLeaseMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Finance Lease [member]</label>
    <label xlink:label="lab_cpa_FinanceLeaseMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Finance lease [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_FinanceLeaseMember" xlink:to="lab_cpa_FinanceLeaseMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_FinanceLeaseMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Finance Lease [member]</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:label="loc_ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of financial instruments [axis]</label>
    <label xlink:label="lab_ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of financial instruments [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:to="lab_ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ClassesOfFinancialInstrumentsMember" xlink:label="loc_ifrs-full_ClassesOfFinancialInstrumentsMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ClassesOfFinancialInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial instruments, class [member]</label>
    <label xlink:label="lab_ifrs-full_ClassesOfFinancialInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial instruments, class [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfFinancialInstrumentsMember" xlink:to="lab_ifrs-full_ClassesOfFinancialInstrumentsMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_BankLoansMember" xlink:label="loc_cpa_BankLoansMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_BankLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bank loans [member]</label>
    <label xlink:label="lab_cpa_BankLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interests expense on bank loans [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_BankLoansMember" xlink:to="lab_cpa_BankLoansMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_BankLoansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bank loans.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_FactoringMember" xlink:label="loc_cpa_FactoringMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_FactoringMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Factoring [member]</label>
    <label xlink:label="lab_cpa_FactoringMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest on factoring [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_FactoringMember" xlink:to="lab_cpa_FactoringMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_FactoringMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Factoring.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LeaseLiabilitiesMember" xlink:label="loc_ifrs-full_LeaseLiabilitiesMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_LeaseLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lease liabilities [member]</label>
    <label xlink:label="lab_ifrs-full_LeaseLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest on lease liabilities [member]</label>
    <label xlink:label="lab_ifrs-full_LeaseLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Lease liability [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LeaseLiabilitiesMember" xlink:to="lab_ifrs-full_LeaseLiabilitiesMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_OtherFinanceCostMember" xlink:label="loc_cpa_OtherFinanceCostMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_OtherFinanceCostMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Finance Cost [Member]</label>
    <label xlink:label="lab_cpa_OtherFinanceCostMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Other finance cost [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_OtherFinanceCostMember" xlink:to="lab_cpa_OtherFinanceCostMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_OtherFinanceCostMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other finance cost.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_InvestmentMember" xlink:label="loc_cpa_InvestmentMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_InvestmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment [member]</label>
    <label xlink:label="lab_cpa_InvestmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest income on investment [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_InvestmentMember" xlink:to="lab_cpa_InvestmentMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_InvestmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Investment.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ShortTermDepositsMember" xlink:label="loc_cpa_ShortTermDepositsMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ShortTermDepositsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Short term deposits [member]</label>
    <label xlink:label="lab_cpa_ShortTermDepositsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest income on short-term bank deposits [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ShortTermDepositsMember" xlink:to="lab_cpa_ShortTermDepositsMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ShortTermDepositsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Short term deposits.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_InterestExpenseOnSeniorConvertibleNotesMember" xlink:label="loc_cpa_InterestExpenseOnSeniorConvertibleNotesMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_InterestExpenseOnSeniorConvertibleNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Expense on Senior Convertible Notes [Member]</label>
    <label xlink:label="lab_cpa_InterestExpenseOnSeniorConvertibleNotesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest Expense on Senior Convertible Notes [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_InterestExpenseOnSeniorConvertibleNotesMember" xlink:to="lab_cpa_InterestExpenseOnSeniorConvertibleNotesMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_InterestExpenseOnSeniorConvertibleNotesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Interest Expense on Senior Convertible Notes</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesTable" xlink:label="loc_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesTable" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of reconciliation of liabilities arising from financing activities [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesTable" xlink:to="lab_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesTable" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems" xlink:label="loc_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of reconciliation of liabilities arising from financing activities [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems" xlink:to="lab_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LiabilitiesArisingFromFinancingActivities" xlink:label="loc_ifrs-full_LiabilitiesArisingFromFinancingActivities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_LiabilitiesArisingFromFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities arising from financing activities</label>
    <label xlink:label="lab_ifrs-full_LiabilitiesArisingFromFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Ending balance</label>
    <label xlink:label="lab_ifrs-full_LiabilitiesArisingFromFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Beginning Balance</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LiabilitiesArisingFromFinancingActivities" xlink:to="lab_ifrs-full_LiabilitiesArisingFromFinancingActivities" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xlink:label="loc_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through financing cash flows, liabilities arising from financing activities</label>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash flows</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xlink:to="lab_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_LiabilitiesArisingFromFinancingActivitiesIncludingDividendsPaid" xlink:label="loc_cpa_LiabilitiesArisingFromFinancingActivitiesIncludingDividendsPaid" xlink:type="locator"/>
    <label xlink:label="lab_cpa_LiabilitiesArisingFromFinancingActivitiesIncludingDividendsPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities Arising From Financing Activities Including Dividends Paid</label>
    <label xlink:label="lab_cpa_LiabilitiesArisingFromFinancingActivitiesIncludingDividendsPaid" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Beginning Balance</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_LiabilitiesArisingFromFinancingActivitiesIncludingDividendsPaid" xlink:to="lab_cpa_LiabilitiesArisingFromFinancingActivitiesIncludingDividendsPaid" xlink:type="arc"/>
    <label xlink:label="lab_cpa_LiabilitiesArisingFromFinancingActivitiesIncludingDividendsPaid" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Liabilities arising from financing activities including dividends paid.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_LiabilitiesArisingFromDividendsPaid" xlink:label="loc_cpa_LiabilitiesArisingFromDividendsPaid" xlink:type="locator"/>
    <label xlink:label="lab_cpa_LiabilitiesArisingFromDividendsPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities Arising From Dividends Paid</label>
    <label xlink:label="lab_cpa_LiabilitiesArisingFromDividendsPaid" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Beginning Balance</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_LiabilitiesArisingFromDividendsPaid" xlink:to="lab_cpa_LiabilitiesArisingFromDividendsPaid" xlink:type="arc"/>
    <label xlink:label="lab_cpa_LiabilitiesArisingFromDividendsPaid" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Liabilities arising from dividends paid.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities" xlink:label="loc_ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities</label>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Foreign Exchange Movement</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities" xlink:to="lab_ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities" xlink:label="loc_ifrs-full_IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase through new leases, liabilities arising from financing activities</label>
    <label xlink:label="lab_ifrs-full_IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Leases</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities" xlink:to="lab_ifrs-full_IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities" xlink:label="loc_cpa_IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities" xlink:type="locator"/>
    <label xlink:label="lab_cpa_IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase Decrease Through Changes of Concession Covid Nineteen Liabilities Arising from Financing Activities</label>
    <label xlink:label="lab_cpa_IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Concession Covid-19</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities" xlink:to="lab_cpa_IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities" xlink:type="arc"/>
    <label xlink:label="lab_cpa_IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase decrease through changes of concession covid nineteen liabilities arising from financing activities.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" xlink:label="loc_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through other changes, liabilities arising from financing activities</label>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" xlink:to="lab_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis" xlink:label="loc_ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities arising from financing activities [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis" xlink:to="lab_ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember" xlink:label="loc_ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities arising from financing activities [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember" xlink:to="lab_ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LongtermBorrowingsMember" xlink:label="loc_ifrs-full_LongtermBorrowingsMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_LongtermBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-term borrowings [member]</label>
    <label xlink:label="lab_ifrs-full_LongtermBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Loans and borrowings [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LongtermBorrowingsMember" xlink:to="lab_ifrs-full_LongtermBorrowingsMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DividendsPayableMember" xlink:label="loc_cpa_DividendsPayableMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DividendsPayableMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends Payable [Member]</label>
    <label xlink:label="lab_cpa_DividendsPayableMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Dividends payable [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DividendsPayableMember" xlink:to="lab_cpa_DividendsPayableMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DividendsPayableMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Dividends Payable [member]</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TradeAndOtherPayablesAbstract" xlink:label="loc_ifrs-full_TradeAndOtherPayablesAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_TradeAndOtherPayablesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade and other payables [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TradeAndOtherPayablesAbstract" xlink:to="lab_ifrs-full_TradeAndOtherPayablesAbstract" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_TradeAndOtherPayablesTable" xlink:label="loc_cpa_TradeAndOtherPayablesTable" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TradeAndOtherPayablesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade and other payables [table]</label>
    <label xlink:label="lab_cpa_TradeAndOtherPayablesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade and other payables [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TradeAndOtherPayablesTable" xlink:to="lab_cpa_TradeAndOtherPayablesTable" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TradeAndOtherPayablesTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Trade and other payables [table]</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_OthersMember" xlink:label="loc_cpa_OthersMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_OthersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Others [member]</label>
    <label xlink:label="lab_cpa_OthersMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Others [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_OthersMember" xlink:to="lab_cpa_OthersMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_OthersMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Others.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_TradeAndOtherPayablesLineItems" xlink:label="loc_cpa_TradeAndOtherPayablesLineItems" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TradeAndOtherPayablesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade and other payables [line items]</label>
    <label xlink:label="lab_cpa_TradeAndOtherPayablesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade and other payables [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TradeAndOtherPayablesLineItems" xlink:to="lab_cpa_TradeAndOtherPayablesLineItems" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TradeAndOtherPayablesLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Trade and other payables line items.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_OtherPayablesAndFinacnialLiabilities" xlink:label="loc_cpa_OtherPayablesAndFinacnialLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_cpa_OtherPayablesAndFinacnialLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other payables and finacnial liabilities</label>
    <label xlink:label="lab_cpa_OtherPayablesAndFinacnialLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other payables and financial liabilities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_OtherPayablesAndFinacnialLiabilities" xlink:to="lab_cpa_OtherPayablesAndFinacnialLiabilities" xlink:type="arc"/>
    <label xlink:label="lab_cpa_OtherPayablesAndFinacnialLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other payables and finacnial liabilities.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TradeAndOtherPayablesToTradeSuppliers" xlink:label="loc_ifrs-full_TradeAndOtherPayablesToTradeSuppliers" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_TradeAndOtherPayablesToTradeSuppliers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade payables</label>
    <label xlink:label="lab_ifrs-full_TradeAndOtherPayablesToTradeSuppliers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Account payables</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TradeAndOtherPayablesToTradeSuppliers" xlink:to="lab_ifrs-full_TradeAndOtherPayablesToTradeSuppliers" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_TradeOtherPayablesAndFinancialLiabilities" xlink:label="loc_cpa_TradeOtherPayablesAndFinancialLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TradeOtherPayablesAndFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade, other payables and financial liabilities</label>
    <label xlink:label="lab_cpa_TradeOtherPayablesAndFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Trade, other payables and financial liabilities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TradeOtherPayablesAndFinancialLiabilities" xlink:to="lab_cpa_TradeOtherPayablesAndFinancialLiabilities" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TradeOtherPayablesAndFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Trade, other payables and financial liabilities.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_TradePayable" xlink:label="loc_cpa_TradePayable" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TradePayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade payable</label>
    <label xlink:label="lab_cpa_TradePayable" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Trade payable</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TradePayable" xlink:to="lab_cpa_TradePayable" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TradePayable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Trade payable</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AmountsPayableRelatedPartyTransactions" xlink:label="loc_ifrs-full_AmountsPayableRelatedPartyTransactions" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AmountsPayableRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amounts payable, related party transactions</label>
    <label xlink:label="lab_ifrs-full_AmountsPayableRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Account payables to related parties</label>
    <label xlink:label="lab_ifrs-full_AmountsPayableRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Account payable</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AmountsPayableRelatedPartyTransactions" xlink:to="lab_ifrs-full_AmountsPayableRelatedPartyTransactions" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_AccruedExpensesAbstract" xlink:label="loc_cpa_AccruedExpensesAbstract" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AccruedExpensesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accrued expenses [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AccruedExpensesAbstract" xlink:to="lab_cpa_AccruedExpensesAbstract" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AccruedExpensesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Accrued expenses.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_OtherAccruedExpensesPayable" xlink:label="loc_cpa_OtherAccruedExpensesPayable" xlink:type="locator"/>
    <label xlink:label="lab_cpa_OtherAccruedExpensesPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other accrued expenses payable</label>
    <label xlink:label="lab_cpa_OtherAccruedExpensesPayable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_OtherAccruedExpensesPayable" xlink:to="lab_cpa_OtherAccruedExpensesPayable" xlink:type="arc"/>
    <label xlink:label="lab_cpa_OtherAccruedExpensesPayable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other accrued expenses payable.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:label="loc_ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payables on social security and taxes other than income tax</label>
    <label xlink:label="lab_ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Liability for social security contributions</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:to="lab_ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_AccruedExpensesPayableOnAccrualsAndEstimations" xlink:label="loc_cpa_AccruedExpensesPayableOnAccrualsAndEstimations" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AccruedExpensesPayableOnAccrualsAndEstimations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accrued expenses payable on accruals and estimations</label>
    <label xlink:label="lab_cpa_AccruedExpensesPayableOnAccrualsAndEstimations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accruals and estimations</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AccruedExpensesPayableOnAccrualsAndEstimations" xlink:to="lab_cpa_AccruedExpensesPayableOnAccrualsAndEstimations" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AccruedExpensesPayableOnAccrualsAndEstimations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Accrued expenses payable on accruals and estimations.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_AccruedExpensesPayableOnLaborRelatedProvisions" xlink:label="loc_cpa_AccruedExpensesPayableOnLaborRelatedProvisions" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AccruedExpensesPayableOnLaborRelatedProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accrued expenses payable on labor related provisions</label>
    <label xlink:label="lab_cpa_AccruedExpensesPayableOnLaborRelatedProvisions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Labor related provisions</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AccruedExpensesPayableOnLaborRelatedProvisions" xlink:to="lab_cpa_AccruedExpensesPayableOnLaborRelatedProvisions" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AccruedExpensesPayableOnLaborRelatedProvisions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Accrued expenses payable on labor related provisions.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:label="loc_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current accrued expenses and other current liabilities</label>
    <label xlink:label="lab_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accrued expenses payable</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:to="lab_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_AccrualExpenseSettlementPeriod" xlink:label="loc_cpa_AccrualExpenseSettlementPeriod" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AccrualExpenseSettlementPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accrual expense settlement period</label>
    <label xlink:label="lab_cpa_AccrualExpenseSettlementPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accrual expense settlement period</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AccrualExpenseSettlementPeriod" xlink:to="lab_cpa_AccrualExpenseSettlementPeriod" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AccrualExpenseSettlementPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Accrual expense settlement period.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfNonfinancialLiabilitiesTable" xlink:label="loc_cpa_DisclosureOfNonfinancialLiabilitiesTable" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfNonfinancialLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of non-financial liabilities [table]</label>
    <label xlink:label="lab_cpa_DisclosureOfNonfinancialLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of non-financial liabilities [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfNonfinancialLiabilitiesTable" xlink:to="lab_cpa_DisclosureOfNonfinancialLiabilitiesTable" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfNonfinancialLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of non-financial liabilities [table]</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_OtherLongTermLiabilitiesMember" xlink:label="loc_cpa_OtherLongTermLiabilitiesMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_OtherLongTermLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other long term liabilities [member]</label>
    <label xlink:label="lab_cpa_OtherLongTermLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other long term liabilities [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_OtherLongTermLiabilitiesMember" xlink:to="lab_cpa_OtherLongTermLiabilitiesMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_OtherLongTermLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other long term liabilities.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DismantlingProvisionMember" xlink:label="loc_cpa_DismantlingProvisionMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DismantlingProvisionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dismantling provision [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DismantlingProvisionMember" xlink:to="lab_cpa_DismantlingProvisionMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DismantlingProvisionMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Dismantling provision.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ProvisionForLitigationsMember" xlink:label="loc_cpa_ProvisionForLitigationsMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ProvisionForLitigationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Provision for litigations [member]</label>
    <label xlink:label="lab_cpa_ProvisionForLitigationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Provision for litigations [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ProvisionForLitigationsMember" xlink:to="lab_cpa_ProvisionForLitigationsMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ProvisionForLitigationsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Provision for litigations.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ProvisionForReturnConditionMember" xlink:label="loc_cpa_ProvisionForReturnConditionMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ProvisionForReturnConditionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Provision for return condition [member]</label>
    <label xlink:label="lab_cpa_ProvisionForReturnConditionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Provision for return condition [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ProvisionForReturnConditionMember" xlink:to="lab_cpa_ProvisionForReturnConditionMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ProvisionForReturnConditionMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Provision for return condition.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfOtherLongtermLiabilitiesLineItems" xlink:label="loc_cpa_DisclosureOfOtherLongtermLiabilitiesLineItems" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfOtherLongtermLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Other Long-term Liabilities [line items]</label>
    <label xlink:label="lab_cpa_DisclosureOfOtherLongtermLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of other long-term liabilities [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfOtherLongtermLiabilitiesLineItems" xlink:to="lab_cpa_DisclosureOfOtherLongtermLiabilitiesLineItems" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfOtherLongtermLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of other long-term liabilities.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_MiscellaneousLiabilitiesAbstract" xlink:label="loc_ifrs-full_MiscellaneousLiabilitiesAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_MiscellaneousLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Miscellaneous liabilities [abstract]</label>
    <label xlink:label="lab_ifrs-full_MiscellaneousLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current and non - current</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_MiscellaneousLiabilitiesAbstract" xlink:to="lab_ifrs-full_MiscellaneousLiabilitiesAbstract" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_NoncurrentPortionOfOtherLongtermLiabilities" xlink:label="loc_cpa_NoncurrentPortionOfOtherLongtermLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NoncurrentPortionOfOtherLongtermLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Noncurrent Portion Of Other Long-Term Liabilities</label>
    <label xlink:label="lab_cpa_NoncurrentPortionOfOtherLongtermLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-current</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NoncurrentPortionOfOtherLongtermLiabilities" xlink:to="lab_cpa_NoncurrentPortionOfOtherLongtermLiabilities" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NoncurrentPortionOfOtherLongtermLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Noncurrent portion of other long-term liabilities.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_OtherLiabilitiesCurrent1" xlink:label="loc_cpa_OtherLiabilitiesCurrent1" xlink:type="locator"/>
    <label xlink:label="lab_cpa_OtherLiabilitiesCurrent1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other liabilities current 1</label>
    <label xlink:label="lab_cpa_OtherLiabilitiesCurrent1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_OtherLiabilitiesCurrent1" xlink:to="lab_cpa_OtherLiabilitiesCurrent1" xlink:type="arc"/>
    <label xlink:label="lab_cpa_OtherLiabilitiesCurrent1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other liabilities current 1.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherLiabilities" xlink:label="loc_ifrs-full_OtherLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_OtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other liabilities</label>
    <label xlink:label="lab_ifrs-full_OtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Ending balance</label>
    <label xlink:label="lab_ifrs-full_OtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Beginning balance</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherLiabilities" xlink:to="lab_ifrs-full_OtherLiabilities" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate" xlink:label="loc_cpa_OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate" xlink:type="locator"/>
    <label xlink:label="lab_cpa_OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other non-current liabilities effect of movements in exchange rate</label>
    <label xlink:label="lab_cpa_OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Effect of movements in exchange rates</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate" xlink:to="lab_cpa_OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate" xlink:type="arc"/>
    <label xlink:label="lab_cpa_OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other non-current liabilities effect of movements in exchange rate</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_AdjustmentsToOtherNonCurrentLiabilities" xlink:label="loc_cpa_AdjustmentsToOtherNonCurrentLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AdjustmentsToOtherNonCurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments To Other Non Current Liabilities</label>
    <label xlink:label="lab_cpa_AdjustmentsToOtherNonCurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Adjustment</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AdjustmentsToOtherNonCurrentLiabilities" xlink:to="lab_cpa_AdjustmentsToOtherNonCurrentLiabilities" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AdjustmentsToOtherNonCurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Adjustments to other non current liabilities.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_AdjustmentsForChangesInDiscountRateOnProvisions" xlink:label="loc_cpa_AdjustmentsForChangesInDiscountRateOnProvisions" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AdjustmentsForChangesInDiscountRateOnProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments For Changes In Discount Rate On Provisions</label>
    <label xlink:label="lab_cpa_AdjustmentsForChangesInDiscountRateOnProvisions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unwinding of discount and changes in the discount rate</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AdjustmentsForChangesInDiscountRateOnProvisions" xlink:to="lab_cpa_AdjustmentsForChangesInDiscountRateOnProvisions" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AdjustmentsForChangesInDiscountRateOnProvisions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Adjustments for changes in discount rate on provisions.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_OtherNoncurrentLiabilitiesIncrease" xlink:label="loc_cpa_OtherNoncurrentLiabilitiesIncrease" xlink:type="locator"/>
    <label xlink:label="lab_cpa_OtherNoncurrentLiabilitiesIncrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other non-current liabilities increase</label>
    <label xlink:label="lab_cpa_OtherNoncurrentLiabilitiesIncrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increases</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_OtherNoncurrentLiabilitiesIncrease" xlink:to="lab_cpa_OtherNoncurrentLiabilitiesIncrease" xlink:type="arc"/>
    <label xlink:label="lab_cpa_OtherNoncurrentLiabilitiesIncrease" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other non-current liabilities increase</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_OtherNoncurrentLiabilitiesUsed" xlink:label="loc_cpa_OtherNoncurrentLiabilitiesUsed" xlink:type="locator"/>
    <label xlink:label="lab_cpa_OtherNoncurrentLiabilitiesUsed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other non-current liabilities used</label>
    <label xlink:label="lab_cpa_OtherNoncurrentLiabilitiesUsed" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Used</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_OtherNoncurrentLiabilitiesUsed" xlink:to="lab_cpa_OtherNoncurrentLiabilitiesUsed" xlink:type="arc"/>
    <label xlink:label="lab_cpa_OtherNoncurrentLiabilitiesUsed" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other non-current liabilities used</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_OtherNonCurrentLiabilitiesUnusedAmountsReversed" xlink:label="loc_cpa_OtherNonCurrentLiabilitiesUnusedAmountsReversed" xlink:type="locator"/>
    <label xlink:label="lab_cpa_OtherNonCurrentLiabilitiesUnusedAmountsReversed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Non current Liabilities Unused Amounts Reversed</label>
    <label xlink:label="lab_cpa_OtherNonCurrentLiabilitiesUnusedAmountsReversed" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unused amounts reversed</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_OtherNonCurrentLiabilitiesUnusedAmountsReversed" xlink:to="lab_cpa_OtherNonCurrentLiabilitiesUnusedAmountsReversed" xlink:type="arc"/>
    <label xlink:label="lab_cpa_OtherNonCurrentLiabilitiesUnusedAmountsReversed" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other non current liabilities unused amounts reversed</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_TrustFund" xlink:label="loc_cpa_TrustFund" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TrustFund" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trust fund</label>
    <label xlink:label="lab_cpa_TrustFund" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trust fund</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TrustFund" xlink:to="lab_cpa_TrustFund" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TrustFund" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Trust fund.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_AmountInEscrowDeposits" xlink:label="loc_cpa_AmountInEscrowDeposits" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AmountInEscrowDeposits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amount in escrow deposits</label>
    <label xlink:label="lab_cpa_AmountInEscrowDeposits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amount in escrow account</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AmountInEscrowDeposits" xlink:to="lab_cpa_AmountInEscrowDeposits" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AmountInEscrowDeposits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount in escrow deposits.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ProvisionForMaintenance" xlink:label="loc_cpa_ProvisionForMaintenance" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ProvisionForMaintenance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">provision for maintenance</label>
    <label xlink:label="lab_cpa_ProvisionForMaintenance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Provision for maintenance</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ProvisionForMaintenance" xlink:to="lab_cpa_ProvisionForMaintenance" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ProvisionForMaintenance" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Provision for maintenance.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ProvisionForReturnCondition" xlink:label="loc_cpa_ProvisionForReturnCondition" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ProvisionForReturnCondition" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Provision for Return Condition</label>
    <label xlink:label="lab_cpa_ProvisionForReturnCondition" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Provision for return condition</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ProvisionForReturnCondition" xlink:to="lab_cpa_ProvisionForReturnCondition" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ProvisionForReturnCondition" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Provison for return condition</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ProvisionForDismantaling" xlink:label="loc_cpa_ProvisionForDismantaling" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ProvisionForDismantaling" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Provision for Dismantaling</label>
    <label xlink:label="lab_cpa_ProvisionForDismantaling" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Provision for Dismantaling</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ProvisionForDismantaling" xlink:to="lab_cpa_ProvisionForDismantaling" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ProvisionForDismantaling" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Provision for Dismantaling</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:label="loc_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Major components of tax expense (income) [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:to="lab_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract" xlink:label="loc_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current tax expense (income) and adjustments for current tax of prior periods [abstract]</label>
    <label xlink:label="lab_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current taxes expense</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract" xlink:to="lab_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod" xlink:label="loc_ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjustments for current tax of prior periods</label>
    <label xlink:label="lab_ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Adjustment for prior period</label>
    <label xlink:label="lab_ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">(Over) under provided in prior periods</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod" xlink:to="lab_ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentTaxExpenseIncome" xlink:label="loc_ifrs-full_CurrentTaxExpenseIncome" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CurrentTaxExpenseIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current tax expense (income)</label>
    <label xlink:label="lab_ifrs-full_CurrentTaxExpenseIncome" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Current period</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentTaxExpenseIncome" xlink:to="lab_ifrs-full_CurrentTaxExpenseIncome" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" xlink:label="loc_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current tax expense (income) and adjustments for current tax of prior periods</label>
    <label xlink:label="lab_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xml:lang="en-US">Current taxes expense, total</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" xlink:to="lab_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DeferredTaxExpenseIncomeAbstract" xlink:label="loc_ifrs-full_DeferredTaxExpenseIncomeAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DeferredTaxExpenseIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax expense (income) [abstract]</label>
    <label xlink:label="lab_ifrs-full_DeferredTaxExpenseIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred taxes expenses</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DeferredTaxExpenseIncomeAbstract" xlink:to="lab_ifrs-full_DeferredTaxExpenseIncomeAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences" xlink:label="loc_ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax expense (income) relating to origination and reversal of temporary differences</label>
    <label xlink:label="lab_ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Origination and reversal of temporary differences</label>
    <label xlink:label="lab_ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Origination and reversal of temporary differences</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences" xlink:to="lab_ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsTable" xlink:label="loc_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsTable" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of temporary difference, unused tax losses and unused tax credits [table]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of temporary difference, unused tax losses and unused tax credits [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsTable" xlink:to="lab_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsTable" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_ApplicableTaxationYearsAxis" xlink:label="loc_cpa_ApplicableTaxationYearsAxis" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ApplicableTaxationYearsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Applicable taxation years [axis]</label>
    <label xlink:label="lab_cpa_ApplicableTaxationYearsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Applicable taxation years [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ApplicableTaxationYearsAxis" xlink:to="lab_cpa_ApplicableTaxationYearsAxis" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ApplicableTaxationYearsAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Applicable taxation years [axis]</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ApplicableTaxationYearsMember" xlink:label="loc_cpa_ApplicableTaxationYearsMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ApplicableTaxationYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Applicable taxation years [member]</label>
    <label xlink:label="lab_cpa_ApplicableTaxationYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Applicable taxation years [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ApplicableTaxationYearsMember" xlink:to="lab_cpa_ApplicableTaxationYearsMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ApplicableTaxationYearsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Applicable taxation years [member]</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_TaxYearTwoThousandTwentyOneMember" xlink:label="loc_cpa_TaxYearTwoThousandTwentyOneMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TaxYearTwoThousandTwentyOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax Year Two Thousand Twenty One [member]</label>
    <label xlink:label="lab_cpa_TaxYearTwoThousandTwentyOneMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax year 2021 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TaxYearTwoThousandTwentyOneMember" xlink:to="lab_cpa_TaxYearTwoThousandTwentyOneMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TaxYearTwoThousandTwentyOneMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tax Year Two Thousand Twenty One [member]</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_TaxYearTwoThousandTwentyTwoMember" xlink:label="loc_cpa_TaxYearTwoThousandTwentyTwoMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TaxYearTwoThousandTwentyTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax Year Two Thousand Twenty Two [member]</label>
    <label xlink:label="lab_cpa_TaxYearTwoThousandTwentyTwoMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax year 2022 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TaxYearTwoThousandTwentyTwoMember" xlink:to="lab_cpa_TaxYearTwoThousandTwentyTwoMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TaxYearTwoThousandTwentyTwoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tax Year Two Thousand Twenty Two.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems" xlink:label="loc_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems" xlink:to="lab_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AverageEffectiveTaxRate" xlink:label="loc_ifrs-full_AverageEffectiveTaxRate" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AverageEffectiveTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Average effective tax rate</label>
    <label xlink:label="lab_ifrs-full_AverageEffectiveTaxRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Effective rate</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AverageEffectiveTaxRate" xlink:to="lab_ifrs-full_AverageEffectiveTaxRate" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesForWhichDeferredTaxLiabilitiesHaveNotBeenRecognized" xlink:label="loc_cpa_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesForWhichDeferredTaxLiabilitiesHaveNotBeenRecognized" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesForWhichDeferredTaxLiabilitiesHaveNotBeenRecognized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Temporary differences associated with investments in subsidiaries for which deferred tax liabilities have not been recognized</label>
    <label xlink:label="lab_cpa_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesForWhichDeferredTaxLiabilitiesHaveNotBeenRecognized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Temporary differences associated with investments in subsidiaries, for which deferred tax liabilities have not been recognized</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesForWhichDeferredTaxLiabilitiesHaveNotBeenRecognized" xlink:to="lab_cpa_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesForWhichDeferredTaxLiabilitiesHaveNotBeenRecognized" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesForWhichDeferredTaxLiabilitiesHaveNotBeenRecognized" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Temporary differences associated with investments in subsidiaries for which deferred tax liabilities have not been recognized.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DuarationOfTaxLossCarryforward" xlink:label="loc_cpa_DuarationOfTaxLossCarryforward" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DuarationOfTaxLossCarryforward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Duaration of tax loss carryforward</label>
    <label xlink:label="lab_cpa_DuarationOfTaxLossCarryforward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Duaration of tax loss carryforward</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DuarationOfTaxLossCarryforward" xlink:to="lab_cpa_DuarationOfTaxLossCarryforward" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DuarationOfTaxLossCarryforward" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Duaration of tax loss carryforward</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_StartingYearOfTaxLossesCarryforwardPutToUse" xlink:label="loc_cpa_StartingYearOfTaxLossesCarryforwardPutToUse" xlink:type="locator"/>
    <label xlink:label="lab_cpa_StartingYearOfTaxLossesCarryforwardPutToUse" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Starting year of Tax losses carryforward put to use</label>
    <label xlink:label="lab_cpa_StartingYearOfTaxLossesCarryforwardPutToUse" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax Losses Carry Forward Start Year</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_StartingYearOfTaxLossesCarryforwardPutToUse" xlink:to="lab_cpa_StartingYearOfTaxLossesCarryforwardPutToUse" xlink:type="arc"/>
    <label xlink:label="lab_cpa_StartingYearOfTaxLossesCarryforwardPutToUse" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Starting year of Tax losses carryforward put to use</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_CarriedForwardTaxLossesOfCopaColombiaMember" xlink:label="loc_cpa_CarriedForwardTaxLossesOfCopaColombiaMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CarriedForwardTaxLossesOfCopaColombiaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Carried forward tax losses of Copa Colombia [member]</label>
    <label xlink:label="lab_cpa_CarriedForwardTaxLossesOfCopaColombiaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Carried forward tax losses of Copa Colombia [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CarriedForwardTaxLossesOfCopaColombiaMember" xlink:to="lab_cpa_CarriedForwardTaxLossesOfCopaColombiaMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CarriedForwardTaxLossesOfCopaColombiaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Carried forward tax losses of Copa Colombia.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract" xlink:label="loc_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax assets and liabilities [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract" xlink:to="lab_ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DeferredTaxAssetsAbstract" xlink:label="loc_cpa_DeferredTaxAssetsAbstract" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DeferredTaxAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax assets [abstract]</label>
    <label xlink:label="lab_cpa_DeferredTaxAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DeferredTaxAssetsAbstract" xlink:to="lab_cpa_DeferredTaxAssetsAbstract" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DeferredTaxAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deferred tax assets.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DeferredTaxAssetsSetOffTax" xlink:label="loc_cpa_DeferredTaxAssetsSetOffTax" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DeferredTaxAssetsSetOffTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax assets set off tax</label>
    <label xlink:label="lab_cpa_DeferredTaxAssetsSetOffTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Set off tax</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DeferredTaxAssetsSetOffTax" xlink:to="lab_cpa_DeferredTaxAssetsSetOffTax" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DeferredTaxAssetsSetOffTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deferred tax assets air set off tax.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DeferredTaxAssetsTaxLoss" xlink:label="loc_cpa_DeferredTaxAssetsTaxLoss" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DeferredTaxAssetsTaxLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax assets tax Loss</label>
    <label xlink:label="lab_cpa_DeferredTaxAssetsTaxLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax Loss</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DeferredTaxAssetsTaxLoss" xlink:to="lab_cpa_DeferredTaxAssetsTaxLoss" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DeferredTaxAssetsTaxLoss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deferred tax assets air tax loss.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DeferredTaxAssetsAirTrafficLiability" xlink:label="loc_cpa_DeferredTaxAssetsAirTrafficLiability" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DeferredTaxAssetsAirTrafficLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax assets air traffic liability</label>
    <label xlink:label="lab_cpa_DeferredTaxAssetsAirTrafficLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Air traffic liability</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DeferredTaxAssetsAirTrafficLiability" xlink:to="lab_cpa_DeferredTaxAssetsAirTrafficLiability" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DeferredTaxAssetsAirTrafficLiability" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deferred tax assets air traffic liability.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DeferredTaxAssetsOtherProvisions" xlink:label="loc_cpa_DeferredTaxAssetsOtherProvisions" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DeferredTaxAssetsOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred Tax Assets Other Provisions</label>
    <label xlink:label="lab_cpa_DeferredTaxAssetsOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other provisions</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DeferredTaxAssetsOtherProvisions" xlink:to="lab_cpa_DeferredTaxAssetsOtherProvisions" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DeferredTaxAssetsOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deferred tax assets other provisions.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DeferredTaxAssetsProvisionForReturnConditions" xlink:label="loc_cpa_DeferredTaxAssetsProvisionForReturnConditions" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DeferredTaxAssetsProvisionForReturnConditions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax assets provision for return conditions</label>
    <label xlink:label="lab_cpa_DeferredTaxAssetsProvisionForReturnConditions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Provision for return conditions</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DeferredTaxAssetsProvisionForReturnConditions" xlink:to="lab_cpa_DeferredTaxAssetsProvisionForReturnConditions" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DeferredTaxAssetsProvisionForReturnConditions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deferred tax assets provision for return conditions.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DeferredTaxLiabilityAsset" xlink:label="loc_ifrs-full_DeferredTaxLiabilityAsset" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DeferredTaxLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax liability (asset)</label>
    <label xlink:label="lab_ifrs-full_DeferredTaxLiabilityAsset" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xml:lang="en-US">Total deferred taxes</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DeferredTaxLiabilityAsset" xlink:to="lab_ifrs-full_DeferredTaxLiabilityAsset" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DeferredTaxLiabilities1Abstract" xlink:label="loc_cpa_DeferredTaxLiabilities1Abstract" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DeferredTaxLiabilities1Abstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred Tax Liabilities 1 [abstract]</label>
    <label xlink:label="lab_cpa_DeferredTaxLiabilities1Abstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DeferredTaxLiabilities1Abstract" xlink:to="lab_cpa_DeferredTaxLiabilities1Abstract" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DeferredTaxLiabilities1Abstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DeferredTaxLiabilitiesSetOffTax" xlink:label="loc_cpa_DeferredTaxLiabilitiesSetOffTax" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DeferredTaxLiabilitiesSetOffTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities set off tax</label>
    <label xlink:label="lab_cpa_DeferredTaxLiabilitiesSetOffTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Set off tax</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DeferredTaxLiabilitiesSetOffTax" xlink:to="lab_cpa_DeferredTaxLiabilitiesSetOffTax" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DeferredTaxLiabilitiesSetOffTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities set off tax.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DeferredTaxLiabilitiesMaintenanceDeposits" xlink:label="loc_cpa_DeferredTaxLiabilitiesMaintenanceDeposits" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DeferredTaxLiabilitiesMaintenanceDeposits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities maintenance deposits</label>
    <label xlink:label="lab_cpa_DeferredTaxLiabilitiesMaintenanceDeposits" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Maintenance deposits</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DeferredTaxLiabilitiesMaintenanceDeposits" xlink:to="lab_cpa_DeferredTaxLiabilitiesMaintenanceDeposits" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DeferredTaxLiabilitiesMaintenanceDeposits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities maintenance deposits</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DeferredTaxLiabilitiesOther1" xlink:label="loc_cpa_DeferredTaxLiabilitiesOther1" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DeferredTaxLiabilitiesOther1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities other1</label>
    <label xlink:label="lab_cpa_DeferredTaxLiabilitiesOther1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Other</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DeferredTaxLiabilitiesOther1" xlink:to="lab_cpa_DeferredTaxLiabilitiesOther1" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DeferredTaxLiabilitiesOther1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities other.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DeferredTaxLiabilitiesPrepaidDividendTax" xlink:label="loc_cpa_DeferredTaxLiabilitiesPrepaidDividendTax" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DeferredTaxLiabilitiesPrepaidDividendTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities prepaid dividend tax</label>
    <label xlink:label="lab_cpa_DeferredTaxLiabilitiesPrepaidDividendTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Prepaid dividend tax</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DeferredTaxLiabilitiesPrepaidDividendTax" xlink:to="lab_cpa_DeferredTaxLiabilitiesPrepaidDividendTax" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DeferredTaxLiabilitiesPrepaidDividendTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities prepaid dividend tax.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DeferredTaxLiabilitiesPropertyAndEquipment" xlink:label="loc_cpa_DeferredTaxLiabilitiesPropertyAndEquipment" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DeferredTaxLiabilitiesPropertyAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities property and equipment</label>
    <label xlink:label="lab_cpa_DeferredTaxLiabilitiesPropertyAndEquipment" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Property and equipment</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DeferredTaxLiabilitiesPropertyAndEquipment" xlink:to="lab_cpa_DeferredTaxLiabilitiesPropertyAndEquipment" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DeferredTaxLiabilitiesPropertyAndEquipment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities property and equipment.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilitiesAbstract" xlink:label="loc_cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilitiesAbstract" xlink:type="locator"/>
    <label xlink:label="lab_cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Origination and reversal of temporary differences, deferred Tax Liabilities [abstract]</label>
    <label xlink:label="lab_cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilitiesAbstract" xlink:to="lab_cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilitiesAbstract" xlink:type="arc"/>
    <label xlink:label="lab_cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Origination and reversal of temporary differences, deferred Tax Liabilities abstract.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilities" xlink:label="loc_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax expense (income) relating to origination and reversal of temporary differences, deferred tax liabilities</label>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilities" xlink:to="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilities" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, deferred tax liabilities.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesLiabilitiesSetOffTax" xlink:label="loc_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesLiabilitiesSetOffTax" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesLiabilitiesSetOffTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax expense (income) relating to origination and reversal of temporary differences, liabilities set off tax</label>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesLiabilitiesSetOffTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Set off tax</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesLiabilitiesSetOffTax" xlink:to="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesLiabilitiesSetOffTax" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesLiabilitiesSetOffTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, liabilities set off tax.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesMaintenanceDeposits" xlink:label="loc_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesMaintenanceDeposits" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesMaintenanceDeposits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax expense (income) relating to origination and reversal of temporary differences, maintenance deposits</label>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesMaintenanceDeposits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maintenance deposits</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesMaintenanceDeposits" xlink:to="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesMaintenanceDeposits" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesMaintenanceDeposits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, maintenance deposits.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOther" xlink:label="loc_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOther" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax expense (income) relating to origination and reversal of temporary differences, other</label>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOther" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOther" xlink:to="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOther" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOther" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, other.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPropertyAndEquipment" xlink:label="loc_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPropertyAndEquipment" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPropertyAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax expense (income) relating to origination and reversal of temporary differences, property and equipment</label>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPropertyAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Property and equipment</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPropertyAndEquipment" xlink:to="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPropertyAndEquipment" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPropertyAndEquipment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, property and equipment.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPrepaidDividendTax" xlink:label="loc_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPrepaidDividendTax" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPrepaidDividendTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax expense (income) relating to origination and reversal of temporary differences, prepaid dividend tax</label>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPrepaidDividendTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Prepaid dividend tax</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPrepaidDividendTax" xlink:to="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPrepaidDividendTax" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPrepaidDividendTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, prepaid dividend tax.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxAssetsAbstract" xlink:label="loc_cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxAssetsAbstract" xlink:type="locator"/>
    <label xlink:label="lab_cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Origination and reversal of temporary differences, deferred tax assets [abstract]</label>
    <label xlink:label="lab_cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxAssetsAbstract" xlink:to="lab_cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxAssetsAbstract" xlink:type="arc"/>
    <label xlink:label="lab_cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Origination and reversal of temporary differences, deferred tax assets abstract.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxAssets" xlink:label="loc_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxAssets" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax expense (income) relating to origination and reversal of temporary differences, deferred tax assets</label>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Deferred tax assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxAssets" xlink:to="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxAssets" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, deferred tax assets.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesAirTrafficLiability" xlink:label="loc_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesAirTrafficLiability" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesAirTrafficLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax expense (income) relating to origination and reversal of temporary differences, air traffic liability</label>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesAirTrafficLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Air traffic liability</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesAirTrafficLiability" xlink:to="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesAirTrafficLiability" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesAirTrafficLiability" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, air traffic liability.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesAssetsSetOffTax" xlink:label="loc_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesAssetsSetOffTax" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesAssetsSetOffTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax expense (income) relating to origination and reversal of temporary differences, assets set off tax</label>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesAssetsSetOffTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Set off tax</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesAssetsSetOffTax" xlink:to="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesAssetsSetOffTax" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesAssetsSetOffTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, assets set off tax.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesProvisionForReturnConditions" xlink:label="loc_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesProvisionForReturnConditions" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesProvisionForReturnConditions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax expense (income) relating to origination and reversal of temporary differences, provision for return conditions</label>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesProvisionForReturnConditions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Provision for return conditions</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesProvisionForReturnConditions" xlink:to="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesProvisionForReturnConditions" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesProvisionForReturnConditions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, provision for return conditions.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesTaxLoss" xlink:label="loc_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesTaxLoss" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesTaxLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax expense (income) relating to origination and reversal of temporary differences, tax loss</label>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesTaxLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax Loss</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesTaxLoss" xlink:to="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesTaxLoss" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesTaxLoss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, tax loss.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOtherProvisions" xlink:label="loc_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOtherProvisions" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax expense (income) relating to origination and reversal of temporary differences, other provisions</label>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other provisions</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOtherProvisions" xlink:to="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOtherProvisions" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, other provisions.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ReconciliationOfEffectiveTaxRateAbstract" xlink:label="loc_cpa_ReconciliationOfEffectiveTaxRateAbstract" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ReconciliationOfEffectiveTaxRateAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reconciliation of effective tax rate [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ReconciliationOfEffectiveTaxRateAbstract" xlink:to="lab_cpa_ReconciliationOfEffectiveTaxRateAbstract" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ReconciliationOfEffectiveTaxRateAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Reconciliation of effective tax rate.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_IncomeTaxesStatutoryRates" xlink:label="loc_cpa_IncomeTaxesStatutoryRates" xlink:type="locator"/>
    <label xlink:label="lab_cpa_IncomeTaxesStatutoryRates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income taxes statutory rates</label>
    <label xlink:label="lab_cpa_IncomeTaxesStatutoryRates" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Income taxes at Panamanian statutory rates</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_IncomeTaxesStatutoryRates" xlink:to="lab_cpa_IncomeTaxesStatutoryRates" xlink:type="arc"/>
    <label xlink:label="lab_cpa_IncomeTaxesStatutoryRates" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Income taxes statutory rates.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_TaxExemptionAdjustmentsInNonTaxableCountriesPercentage" xlink:label="loc_cpa_TaxExemptionAdjustmentsInNonTaxableCountriesPercentage" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TaxExemptionAdjustmentsInNonTaxableCountriesPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax exemption adjustments in non taxable countries percentage</label>
    <label xlink:label="lab_cpa_TaxExemptionAdjustmentsInNonTaxableCountriesPercentage" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Stations - Non Taxable/Non panama</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TaxExemptionAdjustmentsInNonTaxableCountriesPercentage" xlink:to="lab_cpa_TaxExemptionAdjustmentsInNonTaxableCountriesPercentage" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TaxExemptionAdjustmentsInNonTaxableCountriesPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tax exemption in non taxable countries percentage.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TaxRateEffectFromChangeInTaxRate" xlink:label="loc_ifrs-full_TaxRateEffectFromChangeInTaxRate" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_TaxRateEffectFromChangeInTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax rate effect from change in tax rate</label>
    <label xlink:label="lab_ifrs-full_TaxRateEffectFromChangeInTaxRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stations - Taxable/Panama</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TaxRateEffectFromChangeInTaxRate" xlink:to="lab_ifrs-full_TaxRateEffectFromChangeInTaxRate" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods" xlink:label="loc_ifrs-full_TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax rate effect of adjustments for current tax of prior periods</label>
    <label xlink:label="lab_ifrs-full_TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">(Over) under provided in prior periods</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods" xlink:to="lab_ifrs-full_TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_ProvisionForIncomeTaxesPercentage" xlink:label="loc_cpa_ProvisionForIncomeTaxesPercentage" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ProvisionForIncomeTaxesPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Provision for income taxes percentage</label>
    <label xlink:label="lab_cpa_ProvisionForIncomeTaxesPercentage" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Provision for income taxes</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ProvisionForIncomeTaxesPercentage" xlink:to="lab_cpa_ProvisionForIncomeTaxesPercentage" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ProvisionForIncomeTaxesPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Provision for income taxes percentage.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_TaxRateEffectOfDividendTaxRate" xlink:label="loc_cpa_TaxRateEffectOfDividendTaxRate" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TaxRateEffectOfDividendTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax rate effect of dividend tax rate</label>
    <label xlink:label="lab_cpa_TaxRateEffectOfDividendTaxRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividend tax</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TaxRateEffectOfDividendTaxRate" xlink:to="lab_cpa_TaxRateEffectOfDividendTaxRate" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TaxRateEffectOfDividendTaxRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tax rate effect of dividend tax rate</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TaxRateEffectOfForeignTaxRates" xlink:label="loc_ifrs-full_TaxRateEffectOfForeignTaxRates" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_TaxRateEffectOfForeignTaxRates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax rate effect of foreign tax rates</label>
    <label xlink:label="lab_ifrs-full_TaxRateEffectOfForeignTaxRates" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stations - Taxable/Non Panama</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TaxRateEffectOfForeignTaxRates" xlink:to="lab_ifrs-full_TaxRateEffectOfForeignTaxRates" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TaxEffectFromChangeInTaxRate" xlink:label="loc_ifrs-full_TaxEffectFromChangeInTaxRate" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_TaxEffectFromChangeInTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax effect from change in tax rate</label>
    <label xlink:label="lab_ifrs-full_TaxEffectFromChangeInTaxRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stations - Taxable/Panama</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TaxEffectFromChangeInTaxRate" xlink:to="lab_ifrs-full_TaxEffectFromChangeInTaxRate" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_TaxEffectOfDividendsTaxRate" xlink:label="loc_cpa_TaxEffectOfDividendsTaxRate" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TaxEffectOfDividendsTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax Effect of Dividends Tax Rate</label>
    <label xlink:label="lab_cpa_TaxEffectOfDividendsTaxRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividend tax</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TaxEffectOfDividendsTaxRate" xlink:to="lab_cpa_TaxEffectOfDividendsTaxRate" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TaxEffectOfDividendsTaxRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tax effect of dividends tax rate.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TaxEffectOfForeignTaxRates" xlink:label="loc_ifrs-full_TaxEffectOfForeignTaxRates" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_TaxEffectOfForeignTaxRates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax effect of foreign tax rates</label>
    <label xlink:label="lab_ifrs-full_TaxEffectOfForeignTaxRates" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stations - Taxable/Non Panama</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TaxEffectOfForeignTaxRates" xlink:to="lab_ifrs-full_TaxEffectOfForeignTaxRates" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_TaxExemptionAdjustmentsInNonTaxableCountries" xlink:label="loc_cpa_TaxExemptionAdjustmentsInNonTaxableCountries" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TaxExemptionAdjustmentsInNonTaxableCountries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax exemption adjustments in non - taxable countries</label>
    <label xlink:label="lab_cpa_TaxExemptionAdjustmentsInNonTaxableCountries" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Stations - Non Taxable/Non panama</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TaxExemptionAdjustmentsInNonTaxableCountries" xlink:to="lab_cpa_TaxExemptionAdjustmentsInNonTaxableCountries" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TaxExemptionAdjustmentsInNonTaxableCountries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tax exemption in non - taxable countries.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:label="loc_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of transactions between related parties [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:to="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:label="loc_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of transactions between related parties [table]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of transactions between related parties [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:to="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DesarrolloInmobiliarioDelEsteSAMember" xlink:label="loc_cpa_DesarrolloInmobiliarioDelEsteSAMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DesarrolloInmobiliarioDelEsteSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Desarrollo inmobiliario del Este, S. A.[member]</label>
    <label xlink:label="lab_cpa_DesarrolloInmobiliarioDelEsteSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Desarrollo inmobiliario del este, S. A. [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DesarrolloInmobiliarioDelEsteSAMember" xlink:to="lab_cpa_DesarrolloInmobiliarioDelEsteSAMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DesarrolloInmobiliarioDelEsteSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Desarrollo inmobiliario del este, S. A.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_BancoGeneralSAMember" xlink:label="loc_cpa_BancoGeneralSAMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_BancoGeneralSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Banco General, S. A. [member]</label>
    <label xlink:label="lab_cpa_BancoGeneralSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Banco general, S. A. [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_BancoGeneralSAMember" xlink:to="lab_cpa_BancoGeneralSAMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_BancoGeneralSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Banco general, S. A.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_CableOndaMember" xlink:label="loc_cpa_CableOndaMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CableOndaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cable Onda [member]</label>
    <label xlink:label="lab_cpa_CableOndaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cable onda [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CableOndaMember" xlink:to="lab_cpa_CableOndaMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CableOndaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Cable onda.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_AssaCompaniaDeSegurosMember" xlink:label="loc_cpa_AssaCompaniaDeSegurosMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AssaCompaniaDeSegurosMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ASSA Compania de Seguros, S. A.[member]</label>
    <label xlink:label="lab_cpa_AssaCompaniaDeSegurosMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">ASSA compania de seguros, S. A. [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AssaCompaniaDeSegurosMember" xlink:to="lab_cpa_AssaCompaniaDeSegurosMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AssaCompaniaDeSegurosMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">ASSA compania de seguros, S. A.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_GalindoAriasAndLopezMember" xlink:label="loc_cpa_GalindoAriasAndLopezMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_GalindoAriasAndLopezMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Galindo, Arias and Lopez [member]</label>
    <label xlink:label="lab_cpa_GalindoAriasAndLopezMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Galindo, arias and lopez [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_GalindoAriasAndLopezMember" xlink:to="lab_cpa_GalindoAriasAndLopezMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_GalindoAriasAndLopezMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Galindo, arias and lopez.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_MottaInternationalSAMember" xlink:label="loc_cpa_MottaInternationalSAMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_MottaInternationalSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Motta International SA [member]</label>
    <label xlink:label="lab_cpa_MottaInternationalSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Motta international, S.A. [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_MottaInternationalSAMember" xlink:to="lab_cpa_MottaInternationalSAMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_MottaInternationalSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Motta international, S.A.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_PanamaAirCargoTerminalMember" xlink:label="loc_cpa_PanamaAirCargoTerminalMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PanamaAirCargoTerminalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Panama Air Cargo Terminal [member]</label>
    <label xlink:label="lab_cpa_PanamaAirCargoTerminalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Panama air cargo terminal [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PanamaAirCargoTerminalMember" xlink:to="lab_cpa_PanamaAirCargoTerminalMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PanamaAirCargoTerminalMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Panama air cargo terminal.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_PetroleosDeltaMember" xlink:label="loc_cpa_PetroleosDeltaMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PetroleosDeltaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Petroleos Delta, S. A. [member]</label>
    <label xlink:label="lab_cpa_PetroleosDeltaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Petroleos delta, S. A. [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PetroleosDeltaMember" xlink:to="lab_cpa_PetroleosDeltaMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PetroleosDeltaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Petroleos delta, S. A.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:label="loc_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of transactions between related parties [line items]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of transactions between related parties [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:to="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_GBMInternationalIncMember" xlink:label="loc_cpa_GBMInternationalIncMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_GBMInternationalIncMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">GBM International, Inc.[member]</label>
    <label xlink:label="lab_cpa_GBMInternationalIncMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">GBM International, Inc. [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_GBMInternationalIncMember" xlink:to="lab_cpa_GBMInternationalIncMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_GBMInternationalIncMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">GBM International, Inc.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_GlobalBrandsPanamaSAMember" xlink:label="loc_cpa_GlobalBrandsPanamaSAMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_GlobalBrandsPanamaSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Global Brands Panama, S. A. [member]</label>
    <label xlink:label="lab_cpa_GlobalBrandsPanamaSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Global Brands Panama, S. A. [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_GlobalBrandsPanamaSAMember" xlink:to="lab_cpa_GlobalBrandsPanamaSAMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_GlobalBrandsPanamaSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Global Brands Panama, S. A.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_CableOndaSAMember" xlink:label="loc_cpa_CableOndaSAMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CableOndaSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cable Onda, S. A. [member]</label>
    <label xlink:label="lab_cpa_CableOndaSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cable Onda, S. A. [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CableOndaSAMember" xlink:to="lab_cpa_CableOndaSAMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CableOndaSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Cable Onda, S. A.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ProfuturoAdministradoraDeFondosDePensionyCesantiaMember" xlink:label="loc_cpa_ProfuturoAdministradoraDeFondosDePensionyCesantiaMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ProfuturoAdministradoraDeFondosDePensionyCesantiaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Profuturo Administradora de Fondos de Pensiony Cesantia [member]</label>
    <label xlink:label="lab_cpa_ProfuturoAdministradoraDeFondosDePensionyCesantiaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Profuturo administradora de fondos de pension y cesantia [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ProfuturoAdministradoraDeFondosDePensionyCesantiaMember" xlink:to="lab_cpa_ProfuturoAdministradoraDeFondosDePensionyCesantiaMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ProfuturoAdministradoraDeFondosDePensionyCesantiaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Profuturo administradora de fondos de pension y cesantia.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_MottaInternationalMember" xlink:label="loc_cpa_MottaInternationalMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_MottaInternationalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Motta International [member]</label>
    <label xlink:label="lab_cpa_MottaInternationalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Motta International [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_MottaInternationalMember" xlink:to="lab_cpa_MottaInternationalMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_MottaInternationalMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Motta International.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_TelevisoraNacionalSaMember" xlink:label="loc_cpa_TelevisoraNacionalSaMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TelevisoraNacionalSaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Televisora Nacional SA [Member]</label>
    <label xlink:label="lab_cpa_TelevisoraNacionalSaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Televisora Nacional, S.A. [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TelevisoraNacionalSaMember" xlink:to="lab_cpa_TelevisoraNacionalSaMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_IncomeExpenseForRelatedPartyTransactions" xlink:label="loc_cpa_IncomeExpenseForRelatedPartyTransactions" xlink:type="locator"/>
    <label xlink:label="lab_cpa_IncomeExpenseForRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income expense for related party transactions</label>
    <label xlink:label="lab_cpa_IncomeExpenseForRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Related party</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_IncomeExpenseForRelatedPartyTransactions" xlink:to="lab_cpa_IncomeExpenseForRelatedPartyTransactions" xlink:type="arc"/>
    <label xlink:label="lab_cpa_IncomeExpenseForRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Income expense for related party transactions.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_PropertyLeasingMember" xlink:label="loc_cpa_PropertyLeasingMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PropertyLeasingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property leasing [member]</label>
    <label xlink:label="lab_cpa_PropertyLeasingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Property leasing [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PropertyLeasingMember" xlink:to="lab_cpa_PropertyLeasingMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PropertyLeasingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Property leasing.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_PurchaseJetFuelMember" xlink:label="loc_cpa_PurchaseJetFuelMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PurchaseJetFuelMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Purchase jet fuel [member]</label>
    <label xlink:label="lab_cpa_PurchaseJetFuelMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Purchase of jet fuel [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PurchaseJetFuelMember" xlink:to="lab_cpa_PurchaseJetFuelMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PurchaseJetFuelMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Purchase jet fuel.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_PurchaseMember" xlink:label="loc_cpa_PurchaseMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PurchaseMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Purchase [member]</label>
    <label xlink:label="lab_cpa_PurchaseMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Purchase [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PurchaseMember" xlink:to="lab_cpa_PurchaseMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PurchaseMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Purchase.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_TechnologicalSupportMember" xlink:label="loc_cpa_TechnologicalSupportMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TechnologicalSupportMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Technological Support [member]</label>
    <label xlink:label="lab_cpa_TechnologicalSupportMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Technological support [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TechnologicalSupportMember" xlink:to="lab_cpa_TechnologicalSupportMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TechnologicalSupportMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Technological support.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_CommunicationsMember" xlink:label="loc_cpa_CommunicationsMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CommunicationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Communications [member]</label>
    <label xlink:label="lab_cpa_CommunicationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Communications [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CommunicationsMember" xlink:to="lab_cpa_CommunicationsMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CommunicationsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Communications.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_HandlingMember" xlink:label="loc_cpa_HandlingMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_HandlingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Handling [member]</label>
    <label xlink:label="lab_cpa_HandlingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Handling [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_HandlingMember" xlink:to="lab_cpa_HandlingMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_HandlingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Handling.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_InsuranceMember" xlink:label="loc_cpa_InsuranceMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_InsuranceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Insurance [member]</label>
    <label xlink:label="lab_cpa_InsuranceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Insurance [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_InsuranceMember" xlink:to="lab_cpa_InsuranceMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_InsuranceMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Insurance.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_InterestIncomeMember" xlink:label="loc_cpa_InterestIncomeMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_InterestIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest income [member]</label>
    <label xlink:label="lab_cpa_InterestIncomeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest income [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_InterestIncomeMember" xlink:to="lab_cpa_InterestIncomeMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_InterestIncomeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Interest income [member]</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_LegalServicesMember" xlink:label="loc_cpa_LegalServicesMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_LegalServicesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Legal Services [member]</label>
    <label xlink:label="lab_cpa_LegalServicesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Legal services [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_LegalServicesMember" xlink:to="lab_cpa_LegalServicesMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_LegalServicesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Legal services.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_PaymentsMember" xlink:label="loc_cpa_PaymentsMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PaymentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments [member]</label>
    <label xlink:label="lab_cpa_PaymentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payments [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PaymentsMember" xlink:to="lab_cpa_PaymentsMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PaymentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payments.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ClassBSharesMember" xlink:label="loc_cpa_ClassBSharesMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ClassBSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Class B Shares [member]</label>
    <label xlink:label="lab_cpa_ClassBSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Class B shares [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ClassBSharesMember" xlink:to="lab_cpa_ClassBSharesMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ClassBSharesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Class B shares.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ExecutiveOfficersMember" xlink:label="loc_cpa_ExecutiveOfficersMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ExecutiveOfficersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Executive officers [member]</label>
    <label xlink:label="lab_cpa_ExecutiveOfficersMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Executive officers [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ExecutiveOfficersMember" xlink:to="lab_cpa_ExecutiveOfficersMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ExecutiveOfficersMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Executive officers.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_CorporacionDeInversionesAreasMember" xlink:label="loc_cpa_CorporacionDeInversionesAreasMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CorporacionDeInversionesAreasMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Corporacion de Inversiones Areas, S. A [member]</label>
    <label xlink:label="lab_cpa_CorporacionDeInversionesAreasMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Corporacion de inversiones areas, S. A [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CorporacionDeInversionesAreasMember" xlink:to="lab_cpa_CorporacionDeInversionesAreasMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CorporacionDeInversionesAreasMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Corporacion de inversiones areas, S. A.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DesarrolloInmobiliarioMember" xlink:label="loc_cpa_DesarrolloInmobiliarioMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DesarrolloInmobiliarioMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Desarrollo inmobiliario [member]</label>
    <label xlink:label="lab_cpa_DesarrolloInmobiliarioMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Desarrollo inmobiliario [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DesarrolloInmobiliarioMember" xlink:to="lab_cpa_DesarrolloInmobiliarioMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DesarrolloInmobiliarioMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Desarrollo inmobiliario.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_AreaOfBuilding" xlink:label="loc_cpa_AreaOfBuilding" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AreaOfBuilding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Area of Building</label>
    <label xlink:label="lab_cpa_AreaOfBuilding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Approximate area of building</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AreaOfBuilding" xlink:to="lab_cpa_AreaOfBuilding" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AreaOfBuilding" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Area of building.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ContractAgreementTerm" xlink:label="loc_cpa_ContractAgreementTerm" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ContractAgreementTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Contract agreement term</label>
    <label xlink:label="lab_cpa_ContractAgreementTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contract agreement term</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ContractAgreementTerm" xlink:to="lab_cpa_ContractAgreementTerm" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ContractAgreementTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Contract agreement term.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_FuturePaymentsPursuantToNonCompeteAgreement" xlink:label="loc_cpa_FuturePaymentsPursuantToNonCompeteAgreement" xlink:type="locator"/>
    <label xlink:label="lab_cpa_FuturePaymentsPursuantToNonCompeteAgreement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Future payments pursuant to a non-compete agreement</label>
    <label xlink:label="lab_cpa_FuturePaymentsPursuantToNonCompeteAgreement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Future payments pursuant to a non-compete agreement</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_FuturePaymentsPursuantToNonCompeteAgreement" xlink:to="lab_cpa_FuturePaymentsPursuantToNonCompeteAgreement" xlink:type="arc"/>
    <label xlink:label="lab_cpa_FuturePaymentsPursuantToNonCompeteAgreement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Future payments pursuant to a non-compete agreement.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_InterestReceivable" xlink:label="loc_ifrs-full_InterestReceivable" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_InterestReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest receivable</label>
    <label xlink:label="lab_ifrs-full_InterestReceivable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest receivable</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InterestReceivable" xlink:to="lab_ifrs-full_InterestReceivable" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_NumberOfLeaseFloor" xlink:label="loc_cpa_NumberOfLeaseFloor" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NumberOfLeaseFloor" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of lease floor</label>
    <label xlink:label="lab_cpa_NumberOfLeaseFloor" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of lease floor</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NumberOfLeaseFloor" xlink:to="lab_cpa_NumberOfLeaseFloor" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NumberOfLeaseFloor" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of lease floor.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_PercentageOfOwnershipInterest" xlink:label="loc_cpa_PercentageOfOwnershipInterest" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PercentageOfOwnershipInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of Ownership Interest</label>
    <label xlink:label="lab_cpa_PercentageOfOwnershipInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of ownership</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PercentageOfOwnershipInterest" xlink:to="lab_cpa_PercentageOfOwnershipInterest" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PercentageOfOwnershipInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage of ownership interest.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_TheLastContractSubscribed" xlink:label="loc_cpa_TheLastContractSubscribed" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TheLastContractSubscribed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">The last contract subscribed</label>
    <label xlink:label="lab_cpa_TheLastContractSubscribed" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">The last contract subscribed</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TheLastContractSubscribed" xlink:to="lab_cpa_TheLastContractSubscribed" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TheLastContractSubscribed" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The last contract subscribed.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_KeyManagementPersonnelCompensation" xlink:label="loc_ifrs-full_KeyManagementPersonnelCompensation" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Key management personnel compensation</label>
    <label xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensation" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_KeyManagementPersonnelCompensation" xlink:to="lab_ifrs-full_KeyManagementPersonnelCompensation" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits" xlink:label="loc_ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Key management personnel compensation, post-employment benefits</label>
    <label xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Post-employment pension</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits" xlink:to="lab_ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" xlink:label="loc_ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Key management personnel compensation, share-based payment</label>
    <label xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based payments</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" xlink:to="lab_ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:label="loc_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Key management personnel compensation, short-term employee benefits</label>
    <label xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Short-term employee benefits</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:to="lab_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfEquityTable" xlink:label="loc_cpa_DisclosureOfEquityTable" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfEquityTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of equity [table]</label>
    <label xlink:label="lab_cpa_DisclosureOfEquityTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of equity [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfEquityTable" xlink:to="lab_cpa_DisclosureOfEquityTable" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfEquityTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of equity [table]</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ClassCCommonStockMember" xlink:label="loc_cpa_ClassCCommonStockMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ClassCCommonStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Class C Common Stock [member]</label>
    <label xlink:label="lab_cpa_ClassCCommonStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Class C common stock [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ClassCCommonStockMember" xlink:to="lab_cpa_ClassCCommonStockMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ClassCCommonStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Class C Common Stock [member]</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_AcceleratedShareRepurchaseMember" xlink:label="loc_cpa_AcceleratedShareRepurchaseMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AcceleratedShareRepurchaseMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accelerated Share Repurchase [member]</label>
    <label xlink:label="lab_cpa_AcceleratedShareRepurchaseMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accelerated share repurchase [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AcceleratedShareRepurchaseMember" xlink:to="lab_cpa_AcceleratedShareRepurchaseMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AcceleratedShareRepurchaseMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Accelerated share repurchase.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfEquityLineItems" xlink:label="loc_cpa_DisclosureOfEquityLineItems" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfEquityLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of equity [line items]</label>
    <label xlink:label="lab_cpa_DisclosureOfEquityLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of equity [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfEquityLineItems" xlink:to="lab_cpa_DisclosureOfEquityLineItems" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfEquityLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of equity [line items]</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_NumberOfSharesRepurchaseProgram" xlink:label="loc_cpa_NumberOfSharesRepurchaseProgram" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NumberOfSharesRepurchaseProgram" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of shares repurchase program</label>
    <label xlink:label="lab_cpa_NumberOfSharesRepurchaseProgram" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of shares repurchase program</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NumberOfSharesRepurchaseProgram" xlink:to="lab_cpa_NumberOfSharesRepurchaseProgram" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NumberOfSharesRepurchaseProgram" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of shares repurchase program.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NumberOfSharesAuthorised" xlink:label="loc_ifrs-full_NumberOfSharesAuthorised" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_NumberOfSharesAuthorised" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of shares authorised</label>
    <label xlink:label="lab_ifrs-full_NumberOfSharesAuthorised" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common stock, shares authorised</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NumberOfSharesAuthorised" xlink:to="lab_ifrs-full_NumberOfSharesAuthorised" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_StockRepurchaseProgramAuthorized" xlink:label="loc_cpa_StockRepurchaseProgramAuthorized" xlink:type="locator"/>
    <label xlink:label="lab_cpa_StockRepurchaseProgramAuthorized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Repurchase Program, Authorized</label>
    <label xlink:label="lab_cpa_StockRepurchaseProgramAuthorized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share repurchase program authorized amount</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_StockRepurchaseProgramAuthorized" xlink:to="lab_cpa_StockRepurchaseProgramAuthorized" xlink:type="arc"/>
    <label xlink:label="lab_cpa_StockRepurchaseProgramAuthorized" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Stock repurchase program, authorized.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_StockRepurchasedDuringPeriodValue1" xlink:label="loc_cpa_StockRepurchasedDuringPeriodValue1" xlink:type="locator"/>
    <label xlink:label="lab_cpa_StockRepurchasedDuringPeriodValue1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Repurchased During Period Value 1</label>
    <label xlink:label="lab_cpa_StockRepurchasedDuringPeriodValue1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share repurchase program period value</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_StockRepurchasedDuringPeriodValue1" xlink:to="lab_cpa_StockRepurchasedDuringPeriodValue1" xlink:type="arc"/>
    <label xlink:label="lab_cpa_StockRepurchasedDuringPeriodValue1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Stock repurchased during period value.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DividendPayableAnnualPercentage" xlink:label="loc_cpa_DividendPayableAnnualPercentage" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DividendPayableAnnualPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividend Payable Annual Percentage</label>
    <label xlink:label="lab_cpa_DividendPayableAnnualPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividend payable annual percentage</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DividendPayableAnnualPercentage" xlink:to="lab_cpa_DividendPayableAnnualPercentage" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DividendPayableAnnualPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Dividend payable annual percentage.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DividendsPaidOrdinarySharesPerShare" xlink:label="loc_ifrs-full_DividendsPaidOrdinarySharesPerShare" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DividendsPaidOrdinarySharesPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends paid, ordinary shares per share</label>
    <label xlink:label="lab_ifrs-full_DividendsPaidOrdinarySharesPerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends payable per share</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DividendsPaidOrdinarySharesPerShare" xlink:to="lab_ifrs-full_DividendsPaidOrdinarySharesPerShare" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementAbstract" xlink:label="loc_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementAbstract" xlink:to="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:label="loc_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [table]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:to="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:label="loc_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [line items]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:to="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_CompensationCostRecognizedForNonvestedStockAndOptionsAwards" xlink:label="loc_cpa_CompensationCostRecognizedForNonvestedStockAndOptionsAwards" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CompensationCostRecognizedForNonvestedStockAndOptionsAwards" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Compensation cost recognized for non-vested stock and options awards</label>
    <label xlink:label="lab_cpa_CompensationCostRecognizedForNonvestedStockAndOptionsAwards" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based compensation expense</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CompensationCostRecognizedForNonvestedStockAndOptionsAwards" xlink:to="lab_cpa_CompensationCostRecognizedForNonvestedStockAndOptionsAwards" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CompensationCostRecognizedForNonvestedStockAndOptionsAwards" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Compensation cost recognized for non-vested stock and options awards.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_FairValueOfNonvestedStockAward" xlink:label="loc_cpa_FairValueOfNonvestedStockAward" xlink:type="locator"/>
    <label xlink:label="lab_cpa_FairValueOfNonvestedStockAward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair value of non-vested stock award</label>
    <label xlink:label="lab_cpa_FairValueOfNonvestedStockAward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair value of non-vested stock awards</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_FairValueOfNonvestedStockAward" xlink:to="lab_cpa_FairValueOfNonvestedStockAward" xlink:type="arc"/>
    <label xlink:label="lab_cpa_FairValueOfNonvestedStockAward" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair value of non-vested stock award.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_RemainingCompensationCostNotYetRecognizedForNonvestedStockAwards" xlink:label="loc_cpa_RemainingCompensationCostNotYetRecognizedForNonvestedStockAwards" xlink:type="locator"/>
    <label xlink:label="lab_cpa_RemainingCompensationCostNotYetRecognizedForNonvestedStockAwards" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Remaining compensation cost, not yet recognized for non-vested stock awards</label>
    <label xlink:label="lab_cpa_RemainingCompensationCostNotYetRecognizedForNonvestedStockAwards" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated compensation cost for next year</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_RemainingCompensationCostNotYetRecognizedForNonvestedStockAwards" xlink:to="lab_cpa_RemainingCompensationCostNotYetRecognizedForNonvestedStockAwards" xlink:type="arc"/>
    <label xlink:label="lab_cpa_RemainingCompensationCostNotYetRecognizedForNonvestedStockAwards" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Remaining compensation cost, not yet recognized for non-vested stock awards.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ShareBasedPaymentArrangementExpectedTerm" xlink:label="loc_cpa_ShareBasedPaymentArrangementExpectedTerm" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ShareBasedPaymentArrangementExpectedTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share based payment arrangement expected term</label>
    <label xlink:label="lab_cpa_ShareBasedPaymentArrangementExpectedTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expected term</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ShareBasedPaymentArrangementExpectedTerm" xlink:to="lab_cpa_ShareBasedPaymentArrangementExpectedTerm" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ShareBasedPaymentArrangementExpectedTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Share based payment arrangement expected term.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_ShareBasedPaymentArrangementVestingPeriod" xlink:label="loc_cpa_ShareBasedPaymentArrangementVestingPeriod" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ShareBasedPaymentArrangementVestingPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share based Payment Arrangement Vesting Period</label>
    <label xlink:label="lab_cpa_ShareBasedPaymentArrangementVestingPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Vesting period</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ShareBasedPaymentArrangementVestingPeriod" xlink:to="lab_cpa_ShareBasedPaymentArrangementVestingPeriod" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ShareBasedPaymentArrangementVestingPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Share based payment arrangement vesting period.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019" xlink:label="loc_ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted average remaining contractual life of outstanding share options</label>
    <label xlink:label="lab_ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted average remaining contractual life</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019" xlink:to="lab_ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" xlink:label="loc_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Types of share-based payment arrangements [axis]</label>
    <label xlink:label="lab_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Types of share-based payment arrangements [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" xlink:to="lab_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_SharebasedPaymentArrangementsMember" xlink:label="loc_ifrs-full_SharebasedPaymentArrangementsMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_SharebasedPaymentArrangementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-based payment arrangements [member]</label>
    <label xlink:label="lab_ifrs-full_SharebasedPaymentArrangementsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based payment arrangements [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_SharebasedPaymentArrangementsMember" xlink:to="lab_ifrs-full_SharebasedPaymentArrangementsMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_TwoThousandSeventeenMember" xlink:label="loc_cpa_TwoThousandSeventeenMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TwoThousandSeventeenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Two thousand seventeen [member]</label>
    <label xlink:label="lab_cpa_TwoThousandSeventeenMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2017 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TwoThousandSeventeenMember" xlink:to="lab_cpa_TwoThousandSeventeenMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TwoThousandSeventeenMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Two thousand seventeen.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement" xlink:label="loc_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of vesting requirements for share-based payment arrangement</label>
    <label xlink:label="lab_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Vesting conditions</label>
    <label xlink:label="lab_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-vested stock, vesting period</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement" xlink:to="lab_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement" xlink:label="loc_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of maximum term of options granted for share-based payment arrangement</label>
    <label xlink:label="lab_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contractual life</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement" xlink:to="lab_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" xlink:label="loc_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of instruments granted in share-based payment arrangement</label>
    <label xlink:label="lab_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Number of instruments</label>
    <label xlink:label="lab_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-vested stock, number of awards approved</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" xlink:to="lab_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_GrantDateFiveBMember" xlink:label="loc_cpa_GrantDateFiveBMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_GrantDateFiveBMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Grant Date Five B [member]</label>
    <label xlink:label="lab_cpa_GrantDateFiveBMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">February, 2016 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_GrantDateFiveBMember" xlink:to="lab_cpa_GrantDateFiveBMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_GrantDateFiveBMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Grant date five B.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_GrantDateNineMember" xlink:label="loc_cpa_GrantDateNineMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_GrantDateNineMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Grant Date Nine [member]</label>
    <label xlink:label="lab_cpa_GrantDateNineMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">February, 2017 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_GrantDateNineMember" xlink:to="lab_cpa_GrantDateNineMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_GrantDateNineMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Grant date nine.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_GrantDateFiveAMember" xlink:label="loc_cpa_GrantDateFiveAMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_GrantDateFiveAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Grant Date Five A [member]</label>
    <label xlink:label="lab_cpa_GrantDateFiveAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">February, 2016 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_GrantDateFiveAMember" xlink:to="lab_cpa_GrantDateFiveAMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_GrantDateFiveAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Grant date five A.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_GrantDateTwelveMember" xlink:label="loc_cpa_GrantDateTwelveMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_GrantDateTwelveMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Grant Date Twelve [member]</label>
    <label xlink:label="lab_cpa_GrantDateTwelveMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">July, 2018 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_GrantDateTwelveMember" xlink:to="lab_cpa_GrantDateTwelveMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_GrantDateTwelveMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Grant date twelve.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_GrantDateTwoMember" xlink:label="loc_cpa_GrantDateTwoMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_GrantDateTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Grant Date Two [member]</label>
    <label xlink:label="lab_cpa_GrantDateTwoMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">April, 2015 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_GrantDateTwoMember" xlink:to="lab_cpa_GrantDateTwoMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_GrantDateTwoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Grant Date Two.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_GrantDateElevenCMember" xlink:label="loc_cpa_GrantDateElevenCMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_GrantDateElevenCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Grant Date Eleven C [member]</label>
    <label xlink:label="lab_cpa_GrantDateElevenCMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">February, 2018 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_GrantDateElevenCMember" xlink:to="lab_cpa_GrantDateElevenCMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_GrantDateElevenCMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Grant Date Eleven C.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_GrantDateElevenBMember" xlink:label="loc_cpa_GrantDateElevenBMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_GrantDateElevenBMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Grant Date Eleven B [member]</label>
    <label xlink:label="lab_cpa_GrantDateElevenBMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">February, 2018 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_GrantDateElevenBMember" xlink:to="lab_cpa_GrantDateElevenBMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_GrantDateElevenBMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Grant date eleven B.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_GrantDateElevenAMember" xlink:label="loc_cpa_GrantDateElevenAMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_GrantDateElevenAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Grant Date Eleven A [member]</label>
    <label xlink:label="lab_cpa_GrantDateElevenAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">February, 2018 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_GrantDateElevenAMember" xlink:to="lab_cpa_GrantDateElevenAMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_GrantDateElevenAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Grant date eleven A.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_GrantDateNineAMember" xlink:label="loc_cpa_GrantDateNineAMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_GrantDateNineAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Grant Date Nine A [Member]</label>
    <label xlink:label="lab_cpa_GrantDateNineAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">February, 2017 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_GrantDateNineAMember" xlink:to="lab_cpa_GrantDateNineAMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_GrantDateNineAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Grant date nine A</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_GrantDateNineBMember" xlink:label="loc_cpa_GrantDateNineBMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_GrantDateNineBMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Grant Date Nine B [Member]</label>
    <label xlink:label="lab_cpa_GrantDateNineBMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">February, 2017 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_GrantDateNineBMember" xlink:to="lab_cpa_GrantDateNineBMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_GrantDateNineBMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Grant date nine B.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_GrantDateThirteenMember" xlink:label="loc_cpa_GrantDateThirteenMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_GrantDateThirteenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Grant Date Thirteen [Member]</label>
    <label xlink:label="lab_cpa_GrantDateThirteenMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">February, 2019 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_GrantDateThirteenMember" xlink:to="lab_cpa_GrantDateThirteenMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_GrantDateThirteenMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Grant date thirteen.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_GrantDateSixAMember" xlink:label="loc_cpa_GrantDateSixAMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_GrantDateSixAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Grant Date Six A [member]</label>
    <label xlink:label="lab_cpa_GrantDateSixAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">May, 2016 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_GrantDateSixAMember" xlink:to="lab_cpa_GrantDateSixAMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_GrantDateSixAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Grant date six A.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_GrantDateThreeAMember" xlink:label="loc_cpa_GrantDateThreeAMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_GrantDateThreeAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Grant Date Three A [member]</label>
    <label xlink:label="lab_cpa_GrantDateThreeAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">June, 2015 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_GrantDateThreeAMember" xlink:to="lab_cpa_GrantDateThreeAMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_GrantDateThreeAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Grant date three A.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_GrantDateFourteenMember" xlink:label="loc_cpa_GrantDateFourteenMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_GrantDateFourteenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Grant Date Fourteen [Member]</label>
    <label xlink:label="lab_cpa_GrantDateFourteenMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">June, 2019 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_GrantDateFourteenMember" xlink:to="lab_cpa_GrantDateFourteenMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_GrantDateFourteenMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Grant date fourteen.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_GrantDateFifteenMember" xlink:label="loc_cpa_GrantDateFifteenMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_GrantDateFifteenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Grant Date Fifteen [Member]</label>
    <label xlink:label="lab_cpa_GrantDateFifteenMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">June, 2019 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_GrantDateFifteenMember" xlink:to="lab_cpa_GrantDateFifteenMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_GrantDateFifteenMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Grant date fifteen.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_GrantDateSixteenMember" xlink:label="loc_cpa_GrantDateSixteenMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_GrantDateSixteenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Grant Date Sixteen [Member]</label>
    <label xlink:label="lab_cpa_GrantDateSixteenMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">August, 2019 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_GrantDateSixteenMember" xlink:to="lab_cpa_GrantDateSixteenMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_GrantDateSixteenMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Grant date sixteen.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_GrantDateSeventeenMember" xlink:label="loc_cpa_GrantDateSeventeenMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_GrantDateSeventeenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Grant Date Seventeen [Member]</label>
    <label xlink:label="lab_cpa_GrantDateSeventeenMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">December, 2019 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_GrantDateSeventeenMember" xlink:to="lab_cpa_GrantDateSeventeenMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_GrantDateSeventeenMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Grant date seventeen.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_GrantDateEighteenMember" xlink:label="loc_cpa_GrantDateEighteenMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_GrantDateEighteenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Grant Date Eighteen [Member]</label>
    <label xlink:label="lab_cpa_GrantDateEighteenMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">February, 2020 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_GrantDateEighteenMember" xlink:to="lab_cpa_GrantDateEighteenMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_GrantDateNineteenMember" xlink:label="loc_cpa_GrantDateNineteenMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_GrantDateNineteenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Grant Date Nineteen [Member]</label>
    <label xlink:label="lab_cpa_GrantDateNineteenMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">December, 2020 [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_GrantDateNineteenMember" xlink:to="lab_cpa_GrantDateNineteenMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_NonVestedMember" xlink:label="loc_cpa_NonVestedMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NonVestedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non Vested [member]</label>
    <label xlink:label="lab_cpa_NonVestedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-vested [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NonVestedMember" xlink:to="lab_cpa_NonVestedMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NonVestedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Non vested.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NumberOfOutstandingShareOptions" xlink:label="loc_ifrs-full_NumberOfOutstandingShareOptions" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_NumberOfOutstandingShareOptions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of share options outstanding in share-based payment arrangement</label>
    <label xlink:label="lab_ifrs-full_NumberOfOutstandingShareOptions" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Non-vested at January 1</label>
    <label xlink:label="lab_ifrs-full_NumberOfOutstandingShareOptions" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Non-vested at December 31</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NumberOfOutstandingShareOptions" xlink:to="lab_ifrs-full_NumberOfOutstandingShareOptions" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" xlink:label="loc_ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of share options exercised in share-based payment arrangement</label>
    <label xlink:label="lab_ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Vested</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" xlink:to="lab_ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" xlink:label="loc_ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of share options forfeited in share-based payment arrangement</label>
    <label xlink:label="lab_ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Forfeited</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" xlink:to="lab_ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" xlink:label="loc_ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of share options granted in share-based payment arrangement</label>
    <label xlink:label="lab_ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Granted</label>
    <label xlink:label="lab_ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Non-vested stock, grant</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" xlink:to="lab_ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_BasicAndDilutedEarningsPerShareAbstract" xlink:label="loc_ifrs-full_BasicAndDilutedEarningsPerShareAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_BasicAndDilutedEarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Basic and diluted earnings per share [abstract]</label>
    <label xlink:label="lab_ifrs-full_BasicAndDilutedEarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Basic earnings per share -</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BasicAndDilutedEarningsPerShareAbstract" xlink:to="lab_ifrs-full_BasicAndDilutedEarningsPerShareAbstract" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_NonVestedDividendParticipatingNonVestedAwards" xlink:label="loc_cpa_NonVestedDividendParticipatingNonVestedAwards" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NonVestedDividendParticipatingNonVestedAwards" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non Vested Dividend Participating Non Vested Awards</label>
    <label xlink:label="lab_cpa_NonVestedDividendParticipatingNonVestedAwards" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Non-vested dividend participating awards</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NonVestedDividendParticipatingNonVestedAwards" xlink:to="lab_cpa_NonVestedDividendParticipatingNonVestedAwards" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NonVestedDividendParticipatingNonVestedAwards" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Non vested dividend participating non vested awards.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_WeightedAverageShares" xlink:label="loc_ifrs-full_WeightedAverageShares" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_WeightedAverageShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted average number of ordinary shares outstanding</label>
    <label xlink:label="lab_ifrs-full_WeightedAverageShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted-average shares outstanding</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_WeightedAverageShares" xlink:to="lab_ifrs-full_WeightedAverageShares" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AdjustedWeightedAverageShares" xlink:label="loc_ifrs-full_AdjustedWeightedAverageShares" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AdjustedWeightedAverageShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adjusted weighted average number of ordinary shares outstanding</label>
    <label xlink:label="lab_ifrs-full_AdjustedWeightedAverageShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Adjusted weighted average number of ordinary shares outstanding</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdjustedWeightedAverageShares" xlink:to="lab_ifrs-full_AdjustedWeightedAverageShares" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_CommitmentAndContingenciesAbstract" xlink:label="loc_cpa_CommitmentAndContingenciesAbstract" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CommitmentAndContingenciesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commitment And Contingencies [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CommitmentAndContingenciesAbstract" xlink:to="lab_cpa_CommitmentAndContingenciesAbstract" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CommitmentAndContingenciesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Commitment and contingencies.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_CommitmentsAndContingenciesTable" xlink:label="loc_cpa_CommitmentsAndContingenciesTable" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CommitmentsAndContingenciesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commitments and contingencies [table]</label>
    <label xlink:label="lab_cpa_CommitmentsAndContingenciesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Commitments and contingencies [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CommitmentsAndContingenciesTable" xlink:to="lab_cpa_CommitmentsAndContingenciesTable" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CommitmentsAndContingenciesTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Schedule disclosing information related to details of commitments and contingencies.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_CommitmentsAndContingenciesLineItems" xlink:label="loc_cpa_CommitmentsAndContingenciesLineItems" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CommitmentsAndContingenciesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commitments and contingencies [line items]</label>
    <label xlink:label="lab_cpa_CommitmentsAndContingenciesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Commitments and contingencies [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CommitmentsAndContingenciesLineItems" xlink:to="lab_cpa_CommitmentsAndContingenciesLineItems" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CommitmentsAndContingenciesLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Commitments and contingencies.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_CollectiveBargainingAgreementsTerm" xlink:label="loc_cpa_CollectiveBargainingAgreementsTerm" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CollectiveBargainingAgreementsTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Collective bargaining agreements term</label>
    <label xlink:label="lab_cpa_CollectiveBargainingAgreementsTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Collective bargaining agreements terms</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CollectiveBargainingAgreementsTerm" xlink:to="lab_cpa_CollectiveBargainingAgreementsTerm" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CollectiveBargainingAgreementsTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Collective bargaining agreements term.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_LineOfCreditFacilityOutstandingBorrowings" xlink:label="loc_cpa_LineOfCreditFacilityOutstandingBorrowings" xlink:type="locator"/>
    <label xlink:label="lab_cpa_LineOfCreditFacilityOutstandingBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Line of credit facility outstanding borrowings</label>
    <label xlink:label="lab_cpa_LineOfCreditFacilityOutstandingBorrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Line of credit facility outstanding</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_LineOfCreditFacilityOutstandingBorrowings" xlink:to="lab_cpa_LineOfCreditFacilityOutstandingBorrowings" xlink:type="arc"/>
    <label xlink:label="lab_cpa_LineOfCreditFacilityOutstandingBorrowings" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Line of credit facility outstanding borrowings.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_PercentageOfEmployeesUnionized" xlink:label="loc_cpa_PercentageOfEmployeesUnionized" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PercentageOfEmployeesUnionized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of employees unionized</label>
    <label xlink:label="lab_cpa_PercentageOfEmployeesUnionized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of employees unionized</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PercentageOfEmployeesUnionized" xlink:to="lab_cpa_PercentageOfEmployeesUnionized" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PercentageOfEmployeesUnionized" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage of employees unionized.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_LettersOfCreditOutstandingAmount1" xlink:label="loc_cpa_LettersOfCreditOutstandingAmount1" xlink:type="locator"/>
    <label xlink:label="lab_cpa_LettersOfCreditOutstandingAmount1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Letters of credit outstanding amount 1</label>
    <label xlink:label="lab_cpa_LettersOfCreditOutstandingAmount1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Letters of credit maintained</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_LettersOfCreditOutstandingAmount1" xlink:to="lab_cpa_LettersOfCreditOutstandingAmount1" xlink:type="arc"/>
    <label xlink:label="lab_cpa_LettersOfCreditOutstandingAmount1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Letters of credit outstanding amount.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NumberOfEmployees" xlink:label="loc_ifrs-full_NumberOfEmployees" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_NumberOfEmployees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of employees</label>
    <label xlink:label="lab_ifrs-full_NumberOfEmployees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of company's employees</label>
    <label xlink:label="lab_ifrs-full_NumberOfEmployees" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Number of employees</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NumberOfEmployees" xlink:to="lab_ifrs-full_NumberOfEmployees" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LoansAndAdvancesToCustomers" xlink:label="loc_ifrs-full_LoansAndAdvancesToCustomers" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_LoansAndAdvancesToCustomers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loans and advances to customers</label>
    <label xlink:label="lab_ifrs-full_LoansAndAdvancesToCustomers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Predelivery Deposits</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LoansAndAdvancesToCustomers" xlink:to="lab_ifrs-full_LoansAndAdvancesToCustomers" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_NumberOfPurchasesContractsSubscribed" xlink:label="loc_cpa_NumberOfPurchasesContractsSubscribed" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NumberOfPurchasesContractsSubscribed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of purchases contracts subscribed</label>
    <label xlink:label="lab_cpa_NumberOfPurchasesContractsSubscribed" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of purchase contracts subscribed</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NumberOfPurchasesContractsSubscribed" xlink:to="lab_cpa_NumberOfPurchasesContractsSubscribed" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NumberOfPurchasesContractsSubscribed" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of purchases contracts subscribed.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_NumberOfUnionOrganizations" xlink:label="loc_cpa_NumberOfUnionOrganizations" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NumberOfUnionOrganizations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of union organizations</label>
    <label xlink:label="lab_cpa_NumberOfUnionOrganizations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of union organizations</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NumberOfUnionOrganizations" xlink:to="lab_cpa_NumberOfUnionOrganizations" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NumberOfUnionOrganizations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of union organizations.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DurationOfStatuteOfLimiatationForIncomeTax" xlink:label="loc_cpa_DurationOfStatuteOfLimiatationForIncomeTax" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DurationOfStatuteOfLimiatationForIncomeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Duration of statute of limiatation for income tax</label>
    <label xlink:label="lab_cpa_DurationOfStatuteOfLimiatationForIncomeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Duration of statute of limiatation for income tax</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DurationOfStatuteOfLimiatationForIncomeTax" xlink:to="lab_cpa_DurationOfStatuteOfLimiatationForIncomeTax" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DurationOfStatuteOfLimiatationForIncomeTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Duration of statute of limiatation for income tax.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DurationOfStatuteOfLimiatationForDividendTax" xlink:label="loc_cpa_DurationOfStatuteOfLimiatationForDividendTax" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DurationOfStatuteOfLimiatationForDividendTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Duration Of Statute Of Limiatation For Dividend Tax</label>
    <label xlink:label="lab_cpa_DurationOfStatuteOfLimiatationForDividendTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Duration of statute of limiatation for dividend tax</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DurationOfStatuteOfLimiatationForDividendTax" xlink:to="lab_cpa_DurationOfStatuteOfLimiatationForDividendTax" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DurationOfStatuteOfLimiatationForDividendTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Duration of statute of limiatation for dividend tax.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ItemsOfContingentLiabilitiesAxis" xlink:label="loc_ifrs-full_ItemsOfContingentLiabilitiesAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ItemsOfContingentLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Items of contingent liabilities [axis]</label>
    <label xlink:label="lab_ifrs-full_ItemsOfContingentLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Items of contingent liabilities [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ItemsOfContingentLiabilitiesAxis" xlink:to="lab_ifrs-full_ItemsOfContingentLiabilitiesAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ItemsOfContingentLiabilitiesMember" xlink:label="loc_ifrs-full_ItemsOfContingentLiabilitiesMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ItemsOfContingentLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Items of contingent liabilities [member]</label>
    <label xlink:label="lab_ifrs-full_ItemsOfContingentLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Items of contingent liabilities [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ItemsOfContingentLiabilitiesMember" xlink:to="lab_ifrs-full_ItemsOfContingentLiabilitiesMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_LaborUnionsMember" xlink:label="loc_cpa_LaborUnionsMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_LaborUnionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Labor unions [member]</label>
    <label xlink:label="lab_cpa_LaborUnionsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Labor unions [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_LaborUnionsMember" xlink:to="lab_cpa_LaborUnionsMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_LaborUnionsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Labor unions.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_LinesOfCreditForWorkingCapitalAndLettersOfCreditMember" xlink:label="loc_cpa_LinesOfCreditForWorkingCapitalAndLettersOfCreditMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_LinesOfCreditForWorkingCapitalAndLettersOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lines of credit for working capital and letters of credit [member]</label>
    <label xlink:label="lab_cpa_LinesOfCreditForWorkingCapitalAndLettersOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lines of credit for working capital and letters of credit [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_LinesOfCreditForWorkingCapitalAndLettersOfCreditMember" xlink:to="lab_cpa_LinesOfCreditForWorkingCapitalAndLettersOfCreditMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_LinesOfCreditForWorkingCapitalAndLettersOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Lines of credit for working capital and letters of credit.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_PurchaseContractsMember" xlink:label="loc_cpa_PurchaseContractsMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PurchaseContractsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Purchase Contracts [member]</label>
    <label xlink:label="lab_cpa_PurchaseContractsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Purchase contracts [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PurchaseContractsMember" xlink:to="lab_cpa_PurchaseContractsMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PurchaseContractsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Purchase contracts.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_LaterThanOneYearAndNotLaterThanSixYearsMember" xlink:label="loc_cpa_LaterThanOneYearAndNotLaterThanSixYearsMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_LaterThanOneYearAndNotLaterThanSixYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later than one year and not later than six years [member]</label>
    <label xlink:label="lab_cpa_LaterThanOneYearAndNotLaterThanSixYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Later than one year and not later than six years [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_LaterThanOneYearAndNotLaterThanSixYearsMember" xlink:to="lab_cpa_LaterThanOneYearAndNotLaterThanSixYearsMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_LaterThanOneYearAndNotLaterThanSixYearsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Later than one year and not later than six years.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CounterpartiesAxis" xlink:label="loc_ifrs-full_CounterpartiesAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CounterpartiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Counterparties [axis]</label>
    <label xlink:label="lab_ifrs-full_CounterpartiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Counterparties[Axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CounterpartiesAxis" xlink:to="lab_ifrs-full_CounterpartiesAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CounterpartiesMember" xlink:label="loc_ifrs-full_CounterpartiesMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CounterpartiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Counterparties [member]</label>
    <label xlink:label="lab_ifrs-full_CounterpartiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Counterparties [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CounterpartiesMember" xlink:to="lab_ifrs-full_CounterpartiesMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_BoeingCompanyMember" xlink:label="loc_cpa_BoeingCompanyMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_BoeingCompanyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Boeing Company [Member]</label>
    <label xlink:label="lab_cpa_BoeingCompanyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Boeing Company [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_BoeingCompanyMember" xlink:to="lab_cpa_BoeingCompanyMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_BoeingCompanyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Boeing company.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_TaxAuthorityAxis" xlink:label="loc_cpa_TaxAuthorityAxis" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TaxAuthorityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax Authority [Axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TaxAuthorityAxis" xlink:to="lab_cpa_TaxAuthorityAxis" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TaxAuthorityAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tax Authority.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_TaxAuthorityDomain" xlink:label="loc_cpa_TaxAuthorityDomain" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TaxAuthorityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax Authority [Domain]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TaxAuthorityDomain" xlink:to="lab_cpa_TaxAuthorityDomain" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TaxAuthorityDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tax Authority.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_PanamaTaxAuthorityMember" xlink:label="loc_cpa_PanamaTaxAuthorityMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PanamaTaxAuthorityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Panama Tax Authority [Member]</label>
    <label xlink:label="lab_cpa_PanamaTaxAuthorityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Panama Tax Authority</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PanamaTaxAuthorityMember" xlink:to="lab_cpa_PanamaTaxAuthorityMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PanamaTaxAuthorityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Panama Tax Authority.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_FirmCommitmentToPurchaseAssetTable" xlink:label="loc_cpa_FirmCommitmentToPurchaseAssetTable" xlink:type="locator"/>
    <label xlink:label="lab_cpa_FirmCommitmentToPurchaseAssetTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Firm Commitment To Purchase Asset [Table]</label>
    <label xlink:label="lab_cpa_FirmCommitmentToPurchaseAssetTable" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Firm Commitment To Purchase Asset [Table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_FirmCommitmentToPurchaseAssetTable" xlink:to="lab_cpa_FirmCommitmentToPurchaseAssetTable" xlink:type="arc"/>
    <label xlink:label="lab_cpa_FirmCommitmentToPurchaseAssetTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Firm Commitment To Purchase Asset.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:label="loc_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later than one year and not later than two years [member]</label>
    <label xlink:label="lab_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">2022</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:to="lab_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:label="loc_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later than two years and not later than three years [member]</label>
    <label xlink:label="lab_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">2023</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:to="lab_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:label="loc_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later than three years and not later than four years [member]</label>
    <label xlink:label="lab_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">2024</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:to="lab_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:label="loc_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later than four years and not later than five years [member]</label>
    <label xlink:label="lab_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">2025</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:to="lab_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_FirmCommitmentToPurchaseAssetLineItems" xlink:label="loc_cpa_FirmCommitmentToPurchaseAssetLineItems" xlink:type="locator"/>
    <label xlink:label="lab_cpa_FirmCommitmentToPurchaseAssetLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Firm Commitment To Purchase Asset [Line Items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_FirmCommitmentToPurchaseAssetLineItems" xlink:to="lab_cpa_FirmCommitmentToPurchaseAssetLineItems" xlink:type="arc"/>
    <label xlink:label="lab_cpa_FirmCommitmentToPurchaseAssetLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Firm Commitment To Purchase Asset.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ContractualCapitalCommitments" xlink:label="loc_ifrs-full_ContractualCapitalCommitments" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ContractualCapitalCommitments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Contractual capital commitments</label>
    <label xlink:label="lab_ifrs-full_ContractualCapitalCommitments" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Contractual capital commitments</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ContractualCapitalCommitments" xlink:to="lab_ifrs-full_ContractualCapitalCommitments" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfFinancialInstrumentsAbstract" xlink:label="loc_ifrs-full_DisclosureOfFinancialInstrumentsAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfFinancialInstrumentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about financial instruments [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFinancialInstrumentsAbstract" xlink:to="lab_ifrs-full_DisclosureOfFinancialInstrumentsAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfFinancialInstrumentsTable" xlink:label="loc_ifrs-full_DisclosureOfFinancialInstrumentsTable" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfFinancialInstrumentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about financial instruments [table]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfFinancialInstrumentsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about financial instruments [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFinancialInstrumentsTable" xlink:to="lab_ifrs-full_DisclosureOfFinancialInstrumentsTable" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_FuelDerivativeInstrumentsMember" xlink:label="loc_cpa_FuelDerivativeInstrumentsMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_FuelDerivativeInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fuel derivative instruments [member]</label>
    <label xlink:label="lab_cpa_FuelDerivativeInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fuel derivative instruments [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_FuelDerivativeInstrumentsMember" xlink:to="lab_cpa_FuelDerivativeInstrumentsMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_FuelDerivativeInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fuel derivative instruments.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ClassesOfFinancialAssetsAxis" xlink:label="loc_ifrs-full_ClassesOfFinancialAssetsAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ClassesOfFinancialAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of financial assets [axis]</label>
    <label xlink:label="lab_ifrs-full_ClassesOfFinancialAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of financial assets [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfFinancialAssetsAxis" xlink:to="lab_ifrs-full_ClassesOfFinancialAssetsAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FinancialAssetsMember" xlink:label="loc_ifrs-full_FinancialAssetsMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_FinancialAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial assets, class [member]</label>
    <label xlink:label="lab_ifrs-full_FinancialAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial assets, class [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialAssetsMember" xlink:to="lab_ifrs-full_FinancialAssetsMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_InterestRateSwapContractMember" xlink:label="loc_ifrs-full_InterestRateSwapContractMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_InterestRateSwapContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest rate swap contract [member]</label>
    <label xlink:label="lab_ifrs-full_InterestRateSwapContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest rate swap contract [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InterestRateSwapContractMember" xlink:to="lab_ifrs-full_InterestRateSwapContractMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CurrencyAxis" xlink:label="loc_srt_CurrencyAxis" xlink:type="locator"/>
    <label xlink:label="lab_srt_CurrencyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Currency [Axis]</label>
    <label xlink:label="lab_srt_CurrencyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Currency [Axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CurrencyAxis" xlink:to="lab_srt_CurrencyAxis" xlink:type="arc"/>
    <loc xlink:href="https://xbrl.sec.gov/currency/2020/currency-2020-01-31.xsd#currency_AllCurrenciesDomain" xlink:label="loc_currency_AllCurrenciesDomain" xlink:type="locator"/>
    <label xlink:label="lab_currency_AllCurrenciesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">All Currencies [Domain]</label>
    <label xlink:label="lab_currency_AllCurrenciesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">All Currencies [Domain]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_currency_AllCurrenciesDomain" xlink:to="lab_currency_AllCurrenciesDomain" xlink:type="arc"/>
    <loc xlink:href="https://xbrl.sec.gov/currency/2020/currency-2020-01-31.xsd#currency_BRL" xlink:label="loc_currency_BRL" xlink:type="locator"/>
    <label xlink:label="lab_currency_BRL" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Brazil, Brazil Real</label>
    <label xlink:label="lab_currency_BRL" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Brazil, Brazil real [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_currency_BRL" xlink:to="lab_currency_BRL" xlink:type="arc"/>
    <loc xlink:href="https://xbrl.sec.gov/currency/2020/currency-2020-01-31.xsd#currency_COP" xlink:label="loc_currency_COP" xlink:type="locator"/>
    <label xlink:label="lab_currency_COP" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Colombia, Pesos</label>
    <label xlink:label="lab_currency_COP" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Colombia, pesos [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_currency_COP" xlink:to="lab_currency_COP" xlink:type="arc"/>
    <loc xlink:href="https://xbrl.sec.gov/currency/2020/currency-2020-01-31.xsd#currency_ARS" xlink:label="loc_currency_ARS" xlink:type="locator"/>
    <label xlink:label="lab_currency_ARS" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Argentina, Pesos</label>
    <label xlink:label="lab_currency_ARS" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Argentina, pesos [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_currency_ARS" xlink:to="lab_currency_ARS" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xlink:label="loc_ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about financial instruments [line items]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about financial instruments [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xlink:to="lab_ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_InterestExpenseOnDebtInstrumentsIssued" xlink:label="loc_ifrs-full_InterestExpenseOnDebtInstrumentsIssued" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_InterestExpenseOnDebtInstrumentsIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest expense on debt instruments issued</label>
    <label xlink:label="lab_ifrs-full_InterestExpenseOnDebtInstrumentsIssued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Change in interest expense</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InterestExpenseOnDebtInstrumentsIssued" xlink:to="lab_ifrs-full_InterestExpenseOnDebtInstrumentsIssued" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DerivativeInstrumentIncreasesPercentage" xlink:label="loc_cpa_DerivativeInstrumentIncreasesPercentage" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DerivativeInstrumentIncreasesPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative instrument increases percentage</label>
    <label xlink:label="lab_cpa_DerivativeInstrumentIncreasesPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative instrument hypothetical increases percentage</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DerivativeInstrumentIncreasesPercentage" xlink:to="lab_cpa_DerivativeInstrumentIncreasesPercentage" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DerivativeInstrumentIncreasesPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Derivative instrument increases percentage.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncreaseDecreaseInCreditDerivativeFairValue" xlink:label="loc_ifrs-full_IncreaseDecreaseInCreditDerivativeFairValue" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseInCreditDerivativeFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) in credit derivative, fair value</label>
    <label xlink:label="lab_ifrs-full_IncreaseDecreaseInCreditDerivativeFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase decrease in fair value of debt</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseInCreditDerivativeFairValue" xlink:to="lab_ifrs-full_IncreaseDecreaseInCreditDerivativeFairValue" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_MethodsUsedInPreparingSensitivityAnalysisReflectingInterdependenciesBetweenRiskVariables" xlink:label="loc_ifrs-full_MethodsUsedInPreparingSensitivityAnalysisReflectingInterdependenciesBetweenRiskVariables" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_MethodsUsedInPreparingSensitivityAnalysisReflectingInterdependenciesBetweenRiskVariables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of method, parameters and assumptions used in preparing sensitivity analysis reflecting interdependencies between risk variables</label>
    <label xlink:label="lab_ifrs-full_MethodsUsedInPreparingSensitivityAnalysisReflectingInterdependenciesBetweenRiskVariables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Description of impact of hypothetical interest rates on the variable-rate debt and marketable securities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_MethodsUsedInPreparingSensitivityAnalysisReflectingInterdependenciesBetweenRiskVariables" xlink:to="lab_ifrs-full_MethodsUsedInPreparingSensitivityAnalysisReflectingInterdependenciesBetweenRiskVariables" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_PercentageOfForeignCurrencyRiskRevenue" xlink:label="loc_cpa_PercentageOfForeignCurrencyRiskRevenue" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PercentageOfForeignCurrencyRiskRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of foreign currency risk revenue</label>
    <label xlink:label="lab_cpa_PercentageOfForeignCurrencyRiskRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of foreign currency risk revenue</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PercentageOfForeignCurrencyRiskRevenue" xlink:to="lab_cpa_PercentageOfForeignCurrencyRiskRevenue" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PercentageOfForeignCurrencyRiskRevenue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage of foreign currency risk revenue.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_PercentageOfForeignExchangeRiskExpenses" xlink:label="loc_cpa_PercentageOfForeignExchangeRiskExpenses" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PercentageOfForeignExchangeRiskExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of foreign exchange risk expenses</label>
    <label xlink:label="lab_cpa_PercentageOfForeignExchangeRiskExpenses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of foreign exchange risk expenses</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PercentageOfForeignExchangeRiskExpenses" xlink:to="lab_cpa_PercentageOfForeignExchangeRiskExpenses" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PercentageOfForeignExchangeRiskExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage of foreign exchange risk expenses.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_PercentageOfForeignExchangeRiskRevenue" xlink:label="loc_cpa_PercentageOfForeignExchangeRiskRevenue" xlink:type="locator"/>
    <label xlink:label="lab_cpa_PercentageOfForeignExchangeRiskRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of foreign exchange risk revenue</label>
    <label xlink:label="lab_cpa_PercentageOfForeignExchangeRiskRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of foreign exchange risk revenue</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_PercentageOfForeignExchangeRiskRevenue" xlink:to="lab_cpa_PercentageOfForeignExchangeRiskRevenue" xlink:type="arc"/>
    <label xlink:label="lab_cpa_PercentageOfForeignExchangeRiskRevenue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage of foreign exchange risk revenue.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TradingIncomeExpenseOnDerivativeFinancialInstruments" xlink:label="loc_ifrs-full_TradingIncomeExpenseOnDerivativeFinancialInstruments" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_TradingIncomeExpenseOnDerivativeFinancialInstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading income (expense) on derivative financial instruments</label>
    <label xlink:label="lab_ifrs-full_TradingIncomeExpenseOnDerivativeFinancialInstruments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mark to market derivative income (expense)</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TradingIncomeExpenseOnDerivativeFinancialInstruments" xlink:to="lab_ifrs-full_TradingIncomeExpenseOnDerivativeFinancialInstruments" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DerivativeInstrumentExpenseIncreases" xlink:label="loc_cpa_DerivativeInstrumentExpenseIncreases" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DerivativeInstrumentExpenseIncreases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative instrument expense increases</label>
    <label xlink:label="lab_cpa_DerivativeInstrumentExpenseIncreases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative instrument expense increase</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DerivativeInstrumentExpenseIncreases" xlink:to="lab_cpa_DerivativeInstrumentExpenseIncreases" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DerivativeInstrumentExpenseIncreases" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Derivative instrument expense increases.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_InterestRateOnDerivativeInstrument" xlink:label="loc_cpa_InterestRateOnDerivativeInstrument" xlink:type="locator"/>
    <label xlink:label="lab_cpa_InterestRateOnDerivativeInstrument" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Rate On Derivative Instrument</label>
    <label xlink:label="lab_cpa_InterestRateOnDerivativeInstrument" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Average interest rate on derivatives</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_InterestRateOnDerivativeInstrument" xlink:to="lab_cpa_InterestRateOnDerivativeInstrument" xlink:type="arc"/>
    <label xlink:label="lab_cpa_InterestRateOnDerivativeInstrument" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Interest rate on derivative instrument.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TypesOfHedgesAxis" xlink:label="loc_ifrs-full_TypesOfHedgesAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_TypesOfHedgesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Types of hedges [axis]</label>
    <label xlink:label="lab_ifrs-full_TypesOfHedgesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Types of hedges [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TypesOfHedgesAxis" xlink:to="lab_ifrs-full_TypesOfHedgesAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TypesOfHedgesMember" xlink:label="loc_ifrs-full_TypesOfHedgesMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_TypesOfHedgesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hedges [member]</label>
    <label xlink:label="lab_ifrs-full_TypesOfHedgesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Hedges [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TypesOfHedgesMember" xlink:to="lab_ifrs-full_TypesOfHedgesMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_ProjectedPeriodMember" xlink:label="loc_cpa_ProjectedPeriodMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ProjectedPeriodMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Projected Period [member]</label>
    <label xlink:label="lab_cpa_ProjectedPeriodMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2019 projection [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ProjectedPeriodMember" xlink:to="lab_cpa_ProjectedPeriodMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ProjectedPeriodMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Projected period.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_FixedRatedDebtMember" xlink:label="loc_cpa_FixedRatedDebtMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_FixedRatedDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fixed Rated Debt [Member]</label>
    <label xlink:label="lab_cpa_FixedRatedDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fixed Rated Debt [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_FixedRatedDebtMember" xlink:to="lab_cpa_FixedRatedDebtMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_FixedRatedDebtMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fixed Rated Debt.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_VariableRatedDebtMember" xlink:label="loc_cpa_VariableRatedDebtMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_VariableRatedDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Rated Debt [Member]</label>
    <label xlink:label="lab_cpa_VariableRatedDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Variable Rated Debt [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_VariableRatedDebtMember" xlink:to="lab_cpa_VariableRatedDebtMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_VariableRatedDebtMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Variable Rated Debt.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingAbstract" xlink:label="loc_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of risk management strategy related to hedge accounting [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingAbstract" xlink:to="lab_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable" xlink:label="loc_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of risk management strategy related to hedge accounting [table]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of risk management strategy related to hedge accounting [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable" xlink:to="lab_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingTable" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" xlink:label="loc_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of risk management strategy related to hedge accounting [line items]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of risk management strategy related to hedge accounting [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" xlink:to="lab_ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingLineItems" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FinancialAssets" xlink:label="loc_ifrs-full_FinancialAssets" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_FinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial assets</label>
    <label xlink:label="lab_ifrs-full_FinancialAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total assets</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialAssets" xlink:to="lab_ifrs-full_FinancialAssets" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_FinancialAssetLiabilitiesNet" xlink:label="loc_cpa_FinancialAssetLiabilitiesNet" xlink:type="locator"/>
    <label xlink:label="lab_cpa_FinancialAssetLiabilitiesNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Asset Liabilities Net</label>
    <label xlink:label="lab_cpa_FinancialAssetLiabilitiesNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net position</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_FinancialAssetLiabilitiesNet" xlink:to="lab_cpa_FinancialAssetLiabilitiesNet" xlink:type="arc"/>
    <label xlink:label="lab_cpa_FinancialAssetLiabilitiesNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financial asset liabilities net.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LiabilitiesAbstract" xlink:label="loc_ifrs-full_LiabilitiesAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_LiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities [abstract]</label>
    <label xlink:label="lab_ifrs-full_LiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Liabilities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LiabilitiesAbstract" xlink:to="lab_ifrs-full_LiabilitiesAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherFinancialLiabilities" xlink:label="loc_ifrs-full_OtherFinancialLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_OtherFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other financial liabilities</label>
    <label xlink:label="lab_ifrs-full_OtherFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other liabilities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherFinancialLiabilities" xlink:to="lab_ifrs-full_OtherFinancialLiabilities" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_TradePayablesTradeSuppliersAndAgencies" xlink:label="loc_cpa_TradePayablesTradeSuppliersAndAgencies" xlink:type="locator"/>
    <label xlink:label="lab_cpa_TradePayablesTradeSuppliersAndAgencies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade payables, trade suppliers and agencies</label>
    <label xlink:label="lab_cpa_TradePayablesTradeSuppliersAndAgencies" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accounts payable</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_TradePayablesTradeSuppliersAndAgencies" xlink:to="lab_cpa_TradePayablesTradeSuppliersAndAgencies" xlink:type="arc"/>
    <label xlink:label="lab_cpa_TradePayablesTradeSuppliersAndAgencies" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Trade payables to trade suppliers and agencies</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FinancialLiabilities" xlink:label="loc_ifrs-full_FinancialLiabilities" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_FinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial liabilities</label>
    <label xlink:label="lab_ifrs-full_FinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total liabilities</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialLiabilities" xlink:to="lab_ifrs-full_FinancialLiabilities" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_NoncurrentPayablesOnAccumulatedTaxesAndExpenses" xlink:label="loc_cpa_NoncurrentPayablesOnAccumulatedTaxesAndExpenses" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NoncurrentPayablesOnAccumulatedTaxesAndExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Noncurrent Payables On Accumulated Taxes And Expenses</label>
    <label xlink:label="lab_cpa_NoncurrentPayablesOnAccumulatedTaxesAndExpenses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Taxes payable</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NoncurrentPayablesOnAccumulatedTaxesAndExpenses" xlink:to="lab_cpa_NoncurrentPayablesOnAccumulatedTaxesAndExpenses" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NoncurrentPayablesOnAccumulatedTaxesAndExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Noncurrent payables on accumulated taxes and expenses.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract" xlink:label="loc_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of impairment loss and reversal of impairment loss [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract" xlink:to="lab_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossTable" xlink:label="loc_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossTable" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of impairment loss and reversal of impairment loss [table]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of impairment loss and reversal of impairment loss [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossTable" xlink:to="lab_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossTable" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems" xlink:label="loc_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of impairment loss and reversal of impairment loss [line items]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of impairment loss and reversal of impairment loss [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems" xlink:to="lab_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesAndIncomeOfFinancialAssets" xlink:label="loc_cpa_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesAndIncomeOfFinancialAssets" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesAndIncomeOfFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additional Allowance Recognised in Profit or Loss Allowance Account for Credit Losses and Income of Financial Assets</label>
    <label xlink:label="lab_cpa_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesAndIncomeOfFinancialAssets" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">(Additions)/Reversal</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesAndIncomeOfFinancialAssets" xlink:to="lab_cpa_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesAndIncomeOfFinancialAssets" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesAndIncomeOfFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Additional allowance recognised in profit or loss, allowance account for credit losses and income of financial assets.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:label="loc_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Allowance account for credit losses of financial assets</label>
    <label xlink:label="lab_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:type="resource" xml:lang="en-US">Balance at beginning of year</label>
    <label xlink:label="lab_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:type="resource" xml:lang="en-US">Balance at end of year</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="lab_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfCreditRiskExposureAbstract" xlink:label="loc_ifrs-full_DisclosureOfCreditRiskExposureAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfCreditRiskExposureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of credit risk exposure [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfCreditRiskExposureAbstract" xlink:to="lab_ifrs-full_DisclosureOfCreditRiskExposureAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfCreditRiskExposureTable" xlink:label="loc_ifrs-full_DisclosureOfCreditRiskExposureTable" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfCreditRiskExposureTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of credit risk exposure [table]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfCreditRiskExposureTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of credit risk exposure [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfCreditRiskExposureTable" xlink:to="lab_ifrs-full_DisclosureOfCreditRiskExposureTable" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ImpairmentOfFinancialAssetsAxis" xlink:label="loc_ifrs-full_ImpairmentOfFinancialAssetsAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ImpairmentOfFinancialAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Impairment of financial assets [axis]</label>
    <label xlink:label="lab_ifrs-full_ImpairmentOfFinancialAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Impairment of financial assets [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ImpairmentOfFinancialAssetsAxis" xlink:to="lab_ifrs-full_ImpairmentOfFinancialAssetsAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EntitysTotalForImpairmentOfFinancialAssetsMember" xlink:label="loc_ifrs-full_EntitysTotalForImpairmentOfFinancialAssetsMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_EntitysTotalForImpairmentOfFinancialAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity's total for impairment of financial assets [member]</label>
    <label xlink:label="lab_ifrs-full_EntitysTotalForImpairmentOfFinancialAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity's total for impairment of financial assets [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EntitysTotalForImpairmentOfFinancialAssetsMember" xlink:to="lab_ifrs-full_EntitysTotalForImpairmentOfFinancialAssetsMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfCreditRiskExposureLineItems" xlink:label="loc_ifrs-full_DisclosureOfCreditRiskExposureLineItems" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfCreditRiskExposureLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of credit risk exposure [line items]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfCreditRiskExposureLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of credit risk exposure [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfCreditRiskExposureLineItems" xlink:to="lab_ifrs-full_DisclosureOfCreditRiskExposureLineItems" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised" xlink:label="loc_ifrs-full_UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Undiscounted expected credit losses at initial recognition on purchased or originated credit-impaired financial assets initially recognised</label>
    <label xlink:label="lab_ifrs-full_UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expected credit loss</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised" xlink:to="lab_ifrs-full_UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_MaximumExposureToCreditRiskOfFinancialAssets" xlink:label="loc_ifrs-full_MaximumExposureToCreditRiskOfFinancialAssets" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_MaximumExposureToCreditRiskOfFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss</label>
    <label xlink:label="lab_ifrs-full_MaximumExposureToCreditRiskOfFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gross carrying amount</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_MaximumExposureToCreditRiskOfFinancialAssets" xlink:to="lab_ifrs-full_MaximumExposureToCreditRiskOfFinancialAssets" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ExpectedCreditLossRate" xlink:label="loc_ifrs-full_ExpectedCreditLossRate" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ExpectedCreditLossRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expected credit loss rate</label>
    <label xlink:label="lab_ifrs-full_ExpectedCreditLossRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expected credit loss rate</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ExpectedCreditLossRate" xlink:to="lab_ifrs-full_ExpectedCreditLossRate" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_PastDueStatusAxis" xlink:label="loc_ifrs-full_PastDueStatusAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_PastDueStatusAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Past due status [axis]</label>
    <label xlink:label="lab_ifrs-full_PastDueStatusAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Past due status [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PastDueStatusAxis" xlink:to="lab_ifrs-full_PastDueStatusAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_PastDueStatusMember" xlink:label="loc_ifrs-full_PastDueStatusMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_PastDueStatusMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Past due status [member]</label>
    <label xlink:label="lab_ifrs-full_PastDueStatusMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Past due status [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PastDueStatusMember" xlink:to="lab_ifrs-full_PastDueStatusMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" xlink:label="loc_ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later than one month and not later than two months [member]</label>
    <label xlink:label="lab_ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Past due 31 to 60 days [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" xlink:to="lab_ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LaterThanThreeMonthsMember" xlink:label="loc_ifrs-full_LaterThanThreeMonthsMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_LaterThanThreeMonthsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later than three months [member]</label>
    <label xlink:label="lab_ifrs-full_LaterThanThreeMonthsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">More than 90 days [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LaterThanThreeMonthsMember" xlink:to="lab_ifrs-full_LaterThanThreeMonthsMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" xlink:label="loc_ifrs-full_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later than two months and not later than three months [member]</label>
    <label xlink:label="lab_ifrs-full_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Past due 61 to 90 days [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" xlink:to="lab_ifrs-full_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentMember" xlink:label="loc_ifrs-full_CurrentMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_CurrentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current [member]</label>
    <label xlink:label="lab_ifrs-full_CurrentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentMember" xlink:to="lab_ifrs-full_CurrentMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NotLaterThanOneMonthMember" xlink:label="loc_ifrs-full_NotLaterThanOneMonthMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_NotLaterThanOneMonthMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Not later than one month [member]</label>
    <label xlink:label="lab_ifrs-full_NotLaterThanOneMonthMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Past due 1 to 30 days [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NotLaterThanOneMonthMember" xlink:to="lab_ifrs-full_NotLaterThanOneMonthMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesAbstract" xlink:label="loc_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of maturity analysis for derivative financial liabilities [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesAbstract" xlink:to="lab_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesTable" xlink:label="loc_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesTable" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of maturity analysis for derivative financial liabilities [table]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of maturity analysis for derivative financial liabilities [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesTable" xlink:to="lab_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesTable" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems" xlink:label="loc_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of maturity analysis for derivative financial liabilities [line items]</label>
    <label xlink:label="lab_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of maturity analysis for derivative financial liabilities [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems" xlink:to="lab_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_NonDerivativeFinancialLiabilitiesCarryingAmount" xlink:label="loc_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount" xlink:type="locator"/>
    <label xlink:label="lab_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non Derivative Financial Liabilities Carrying Amount</label>
    <label xlink:label="lab_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non - derivative financial liabilities carrying amount</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount" xlink:to="lab_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount" xlink:type="arc"/>
    <label xlink:label="lab_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Non-derivative financial liabilities carrying amount.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_LeaseLiabilityMember" xlink:label="loc_cpa_LeaseLiabilityMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_LeaseLiabilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lease Liability [Member]</label>
    <label xlink:label="lab_cpa_LeaseLiabilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lease liability [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_LeaseLiabilityMember" xlink:to="lab_cpa_LeaseLiabilityMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_LeaseLiabilityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Lease liability member.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_AccountsPayableToRelatedPartiesMember" xlink:label="loc_cpa_AccountsPayableToRelatedPartiesMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AccountsPayableToRelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accounts Payable to Related Parties [member]</label>
    <label xlink:label="lab_cpa_AccountsPayableToRelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Account payable to related parties [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AccountsPayableToRelatedPartiesMember" xlink:to="lab_cpa_AccountsPayableToRelatedPartiesMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AccountsPayableToRelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Accounts payable to related parties.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_AccountsPayable1Member" xlink:label="loc_cpa_AccountsPayable1Member" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AccountsPayable1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accounts Payable 1 [member]</label>
    <label xlink:label="lab_cpa_AccountsPayable1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accounts payable [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AccountsPayable1Member" xlink:to="lab_cpa_AccountsPayable1Member" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AccountsPayable1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Accounts Payable [Member]</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_LoansAndBorrowingsMember" xlink:label="loc_cpa_LoansAndBorrowingsMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_LoansAndBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loans and Borrowings [Member]</label>
    <label xlink:label="lab_cpa_LoansAndBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loans and Borrowings [Member</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_LoansAndBorrowingsMember" xlink:to="lab_cpa_LoansAndBorrowingsMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_LoansAndBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Loans and Borrowings.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_LaterThanFourYearMember" xlink:label="loc_cpa_LaterThanFourYearMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_LaterThanFourYearMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later than four year [member]</label>
    <label xlink:label="lab_cpa_LaterThanFourYearMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">More than 4 years [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_LaterThanFourYearMember" xlink:to="lab_cpa_LaterThanFourYearMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_LaterThanFourYearMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Later than four year.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_LaterThanOneYearAndNotLaterThanFourYearMember" xlink:label="loc_cpa_LaterThanOneYearAndNotLaterThanFourYearMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_LaterThanOneYearAndNotLaterThanFourYearMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later Than One Year And Not Later Than Four Year [member]</label>
    <label xlink:label="lab_cpa_LaterThanOneYearAndNotLaterThanFourYearMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Between 1 and 4 years [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_LaterThanOneYearAndNotLaterThanFourYearMember" xlink:to="lab_cpa_LaterThanOneYearAndNotLaterThanFourYearMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_LaterThanOneYearAndNotLaterThanFourYearMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Later than one year and not later than four year.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_MeasurementAxis" xlink:label="loc_ifrs-full_MeasurementAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_MeasurementAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Measurement [axis]</label>
    <label xlink:label="lab_ifrs-full_MeasurementAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Measurement [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_MeasurementAxis" xlink:to="lab_ifrs-full_MeasurementAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AggregatedMeasurementMember" xlink:label="loc_ifrs-full_AggregatedMeasurementMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AggregatedMeasurementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Aggregated measurement [member]</label>
    <label xlink:label="lab_ifrs-full_AggregatedMeasurementMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aggregated measurement [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AggregatedMeasurementMember" xlink:to="lab_ifrs-full_AggregatedMeasurementMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_ContractualCashFlowMember" xlink:label="loc_cpa_ContractualCashFlowMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_ContractualCashFlowMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Contractual Cash Flow [member]</label>
    <label xlink:label="lab_cpa_ContractualCashFlowMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contractual cash flow [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_ContractualCashFlowMember" xlink:to="lab_cpa_ContractualCashFlowMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_ContractualCashFlowMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Contractual cash flow.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FinancialAssetsAtFairValueMember" xlink:label="loc_ifrs-full_FinancialAssetsAtFairValueMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_FinancialAssetsAtFairValueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial assets at fair value, class [member]</label>
    <label xlink:label="lab_ifrs-full_FinancialAssetsAtFairValueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial Assets at Fair Value, Class [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialAssetsAtFairValueMember" xlink:to="lab_ifrs-full_FinancialAssetsAtFairValueMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:label="loc_ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of financial liabilities [axis]</label>
    <label xlink:label="lab_ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of financial liabilities [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:to="lab_ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FinancialLiabilitiesMember" xlink:label="loc_ifrs-full_FinancialLiabilitiesMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_FinancialLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial liabilities, class [member]</label>
    <label xlink:label="lab_ifrs-full_FinancialLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial liabilities, class [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialLiabilitiesMember" xlink:to="lab_ifrs-full_FinancialLiabilitiesMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FinancialLiabilitiesAtFairValueMember" xlink:label="loc_ifrs-full_FinancialLiabilitiesAtFairValueMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_FinancialLiabilitiesAtFairValueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial liabilities at fair value, class [member]</label>
    <label xlink:label="lab_ifrs-full_FinancialLiabilitiesAtFairValueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial Liabilities at Fair Value, Class [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialLiabilitiesAtFairValueMember" xlink:to="lab_ifrs-full_FinancialLiabilitiesAtFairValueMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfAssetsAbstract" xlink:label="loc_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of fair value measurement of assets [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsAbstract" xlink:to="lab_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfAssetsTable" xlink:label="loc_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsTable" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of fair value measurement of assets [table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsTable" xlink:to="lab_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsTable" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_RecurringFairValueMeasurementMember" xlink:label="loc_ifrs-full_RecurringFairValueMeasurementMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_RecurringFairValueMeasurementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Recurring fair value measurement [member]</label>
    <label xlink:label="lab_ifrs-full_RecurringFairValueMeasurementMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Recurring fair value measurement</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RecurringFairValueMeasurementMember" xlink:to="lab_ifrs-full_RecurringFairValueMeasurementMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NonrecurringFairValueMeasurementMember" xlink:label="loc_ifrs-full_NonrecurringFairValueMeasurementMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_NonrecurringFairValueMeasurementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-recurring fair value measurement [member]</label>
    <label xlink:label="lab_ifrs-full_NonrecurringFairValueMeasurementMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-recurring fair value measurement</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NonrecurringFairValueMeasurementMember" xlink:to="lab_ifrs-full_NonrecurringFairValueMeasurementMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_AssetsHeldForSaleMember" xlink:label="loc_cpa_AssetsHeldForSaleMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_AssetsHeldForSaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets Held For Sale [Member]</label>
    <label xlink:label="lab_cpa_AssetsHeldForSaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Assets Held For Sale</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_AssetsHeldForSaleMember" xlink:to="lab_cpa_AssetsHeldForSaleMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_AssetsHeldForSaleMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Assets Held For Sale.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DerivativesMember" xlink:label="loc_ifrs-full_DerivativesMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DerivativesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivatives [member]</label>
    <label xlink:label="lab_ifrs-full_DerivativesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivatives</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DerivativesMember" xlink:to="lab_ifrs-full_DerivativesMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems" xlink:label="loc_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of fair value measurement of assets [line items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems" xlink:to="lab_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:label="loc_ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Levels of fair value hierarchy [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:to="lab_ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:label="loc_ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">All levels of fair value hierarchy [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:to="lab_ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_Level1OfFairValueHierarchyMember" xlink:label="loc_ifrs-full_Level1OfFairValueHierarchyMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_Level1OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Level 1 of fair value hierarchy [member]</label>
    <label xlink:label="lab_ifrs-full_Level1OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Level 1 of fair value hierarchy</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Level1OfFairValueHierarchyMember" xlink:to="lab_ifrs-full_Level1OfFairValueHierarchyMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_Level2OfFairValueHierarchyMember" xlink:label="loc_ifrs-full_Level2OfFairValueHierarchyMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_Level2OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Level 2 of fair value hierarchy [member]</label>
    <label xlink:label="lab_ifrs-full_Level2OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Level 2 of fair value hierarchy</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Level2OfFairValueHierarchyMember" xlink:to="lab_ifrs-full_Level2OfFairValueHierarchyMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_Level3OfFairValueHierarchyMember" xlink:label="loc_ifrs-full_Level3OfFairValueHierarchyMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_Level3OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Level 3 of fair value hierarchy [member]</label>
    <label xlink:label="lab_ifrs-full_Level3OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Level 3 of fair value hierarchy</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Level3OfFairValueHierarchyMember" xlink:to="lab_ifrs-full_Level3OfFairValueHierarchyMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryAbstract" xlink:label="loc_cpa_DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryAbstract" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Information About Key Assumptions Used To Determine The Fair Value Of Assets Held For Sale Explanatory [Abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryAbstract" xlink:to="lab_cpa_DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryAbstract" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Information About Key Assumptions Used To Determine The Fair Value Of Assets Held For Sale Explanatory</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryTable" xlink:label="loc_cpa_DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryTable" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Information About Key Assumptions Used To Determine The Fair Value Of Assets Held For Sale Explanatory [Table]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryTable" xlink:to="lab_cpa_DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryTable" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Information About Key Assumptions Used To Determine The Fair Value Of Assets Held For Sale Explanatory</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_UnobservableInputAxis" xlink:label="loc_cpa_UnobservableInputAxis" xlink:type="locator"/>
    <label xlink:label="lab_cpa_UnobservableInputAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unobservable Input [Axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_UnobservableInputAxis" xlink:to="lab_cpa_UnobservableInputAxis" xlink:type="arc"/>
    <label xlink:label="lab_cpa_UnobservableInputAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Unobservable Input</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_UnobservableInputMember" xlink:label="loc_cpa_UnobservableInputMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_UnobservableInputMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unobservable Input [Member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_UnobservableInputMember" xlink:to="lab_cpa_UnobservableInputMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_UnobservableInputMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Unobservable Input</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_SalePriceMember" xlink:label="loc_cpa_SalePriceMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_SalePriceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sale Price [Member]</label>
    <label xlink:label="lab_cpa_SalePriceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sale Price</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_SalePriceMember" xlink:to="lab_cpa_SalePriceMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_SalePriceMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Sale Price</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_CostOfDisposalMember" xlink:label="loc_cpa_CostOfDisposalMember" xlink:type="locator"/>
    <label xlink:label="lab_cpa_CostOfDisposalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cost of Disposal [Member]</label>
    <label xlink:label="lab_cpa_CostOfDisposalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cost of Disposal</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_CostOfDisposalMember" xlink:to="lab_cpa_CostOfDisposalMember" xlink:type="arc"/>
    <label xlink:label="lab_cpa_CostOfDisposalMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Cost of Disposal</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AssetsAndLiabilitiesClassifiedAsHeldForSaleAxis" xlink:label="loc_ifrs-full_AssetsAndLiabilitiesClassifiedAsHeldForSaleAxis" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AssetsAndLiabilitiesClassifiedAsHeldForSaleAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets and liabilities classified as held for sale [axis]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AssetsAndLiabilitiesClassifiedAsHeldForSaleAxis" xlink:to="lab_ifrs-full_AssetsAndLiabilitiesClassifiedAsHeldForSaleAxis" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AssetsAndLiabilitiesNotClassifiedAsHeldForSaleMember" xlink:label="loc_ifrs-full_AssetsAndLiabilitiesNotClassifiedAsHeldForSaleMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_AssetsAndLiabilitiesNotClassifiedAsHeldForSaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets and liabilities not classified as held for sale [member]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AssetsAndLiabilitiesNotClassifiedAsHeldForSaleMember" xlink:to="lab_ifrs-full_AssetsAndLiabilitiesNotClassifiedAsHeldForSaleMember" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisposalGroupsClassifiedAsHeldForSaleMember" xlink:label="loc_ifrs-full_DisposalGroupsClassifiedAsHeldForSaleMember" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisposalGroupsClassifiedAsHeldForSaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disposal groups classified as held for sale [member]</label>
    <label xlink:label="lab_ifrs-full_DisposalGroupsClassifiedAsHeldForSaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Assets Held for Sale</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisposalGroupsClassifiedAsHeldForSaleMember" xlink:to="lab_ifrs-full_DisposalGroupsClassifiedAsHeldForSaleMember" xlink:type="arc"/>
    <loc xlink:href="cpa-20201231.xsd#cpa_DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryLineItems" xlink:label="loc_cpa_DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryLineItems" xlink:type="locator"/>
    <label xlink:label="lab_cpa_DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Information About Key Assumptions Used To Determine The Fair Value Of Assets Held For Sale Explanatory [Line Items]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryLineItems" xlink:to="lab_cpa_DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryLineItems" xlink:type="arc"/>
    <label xlink:label="lab_cpa_DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Information About Key Assumptions Used To Determine The Fair Value Of Assets Held For Sale Explanatory.</label>
    <loc xlink:href="cpa-20201231.xsd#cpa_FairValueLessCostsOfDisposalOfValueAssignedToKeyAssumption" xlink:label="loc_cpa_FairValueLessCostsOfDisposalOfValueAssignedToKeyAssumption" xlink:type="locator"/>
    <label xlink:label="lab_cpa_FairValueLessCostsOfDisposalOfValueAssignedToKeyAssumption" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair value less costs of disposal of value assigned to key assumption</label>
    <label xlink:label="lab_cpa_FairValueLessCostsOfDisposalOfValueAssignedToKeyAssumption" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Value assigned to key assumption</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_cpa_FairValueLessCostsOfDisposalOfValueAssignedToKeyAssumption" xlink:to="lab_cpa_FairValueLessCostsOfDisposalOfValueAssignedToKeyAssumption" xlink:type="arc"/>
    <label xlink:label="lab_cpa_FairValueLessCostsOfDisposalOfValueAssignedToKeyAssumption" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair value less costs of disposal of value assigned to key assumption.</label>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ExplanationOfValueAssignedToKeyAssumption" xlink:label="loc_ifrs-full_ExplanationOfValueAssignedToKeyAssumption" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_ExplanationOfValueAssignedToKeyAssumption" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Explanation of value assigned to key assumption</label>
    <label xlink:label="lab_ifrs-full_ExplanationOfValueAssignedToKeyAssumption" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unobservable input</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ExplanationOfValueAssignedToKeyAssumption" xlink:to="lab_ifrs-full_ExplanationOfValueAssignedToKeyAssumption" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DescriptionOfKeyAssumptionsOnWhichManagementHasBasedDeterminationOfFairValueLessCostsOfDisposal" xlink:label="loc_ifrs-full_DescriptionOfKeyAssumptionsOnWhichManagementHasBasedDeterminationOfFairValueLessCostsOfDisposal" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DescriptionOfKeyAssumptionsOnWhichManagementHasBasedDeterminationOfFairValueLessCostsOfDisposal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of key assumptions on which management has based determination of fair value less costs of disposal</label>
    <label xlink:label="lab_ifrs-full_DescriptionOfKeyAssumptionsOnWhichManagementHasBasedDeterminationOfFairValueLessCostsOfDisposal" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Approach to determining key assumption</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfKeyAssumptionsOnWhichManagementHasBasedDeterminationOfFairValueLessCostsOfDisposal" xlink:to="lab_ifrs-full_DescriptionOfKeyAssumptionsOnWhichManagementHasBasedDeterminationOfFairValueLessCostsOfDisposal" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:label="loc_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:type="locator"/>
    <label xlink:label="lab_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of non-adjusting events after reporting period [abstract]</label>
    <labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:to="lab_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:type="arc"/>
    <loc xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:label="loc_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:type="locator"/>
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<DOCUMENT>
<TYPE>EX-101.PRE
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<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
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<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921859972232">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cover Page<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2020 </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">20-F<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2020<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2020<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CPA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">COPA HOLDINGS, S.A.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001345105<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Large Accelerated Filer<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityShellCompany', window );">Entity Shell Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Class A Common Stock, without par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentAnnualReport', window );">Document Annual Report</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentTransitionReport', window );">Document Transition Report</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentShellCompanyReport', window );">Document Shell Company Report</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInteractiveDataCurrent', window );">Entity Interactive Data Current</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">PA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_IcfrAuditorAttestationFlag', window );">ICFR Auditor Attestation Flag</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassACommonStockMember', window );">Class A common stock [member]</a></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">31,421,265<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassBCommonStockMember', window );">Class B common stock [member]</a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">10,938,125<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentAccountingStandard">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The basis of accounting the registrant has used to prepare the financial statements included in this filing This can either be 'U.S. GAAP', 'International Financial Reporting Standards', or 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentAccountingStandard</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentAnnualReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as an annual report.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentAnnualReport</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentRegistrationStatement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a registration statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number Section<br> -Section 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentRegistrationStatement</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentShellCompanyReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentShellCompanyReport</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentTransitionReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a transition report.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Forms 10-K, 10-Q, 20-F<br> -Number 240<br> -Section 13<br> -Subsection a-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentTransitionReport</td>
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<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>ISO 3166-1 alpha-2 country code.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCountry</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInteractiveDataCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInteractiveDataCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityShellCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityShellCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_IcfrAuditorAttestationFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_IcfrAuditorAttestationFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassACommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassACommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassBCommonStockMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921840349960">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated statement of financial position - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>Current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">$ 119,065<span></span>
</td>
<td class="nump">$ 158,732<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Investments</a></td>
<td class="nump">770,816<span></span>
</td>
<td class="nump">692,403<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Accounts receivable</a></td>
<td class="nump">64,635<span></span>
</td>
<td class="nump">129,781<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Expendable parts and supplies</a></td>
<td class="nump">74,319<span></span>
</td>
<td class="nump">69,100<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPrepaidExpenses', window );">Prepaid expenses</a></td>
<td class="nump">30,473<span></span>
</td>
<td class="nump">49,034<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PrepaidIncomeTaxes', window );">Prepaid income tax</a></td>
<td class="nump">16,716<span></span>
</td>
<td class="nump">1,181<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentAssets', window );">Other currents assets</a></td>
<td class="nump">7,805<span></span>
</td>
<td class="nump">14,206<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners', window );">Total current assets excluding assets held for sale</a></td>
<td class="nump">1,083,829<span></span>
</td>
<td class="nump">1,114,437<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners', window );">Asset held for sale</a></td>
<td class="nump">135,542<span></span>
</td>
<td class="nump">120,006<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Total current assets</a></td>
<td class="nump">1,219,371<span></span>
</td>
<td class="nump">1,234,443<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>Non - current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Investments</a></td>
<td class="nump">119,617<span></span>
</td>
<td class="nump">134,347<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentTradeReceivables', window );">Accounts receivable</a></td>
<td class="nump">1,054<span></span>
</td>
<td class="nump">2,139<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPrepayments', window );">Prepaid expenses</a></td>
<td class="nump">6,066<span></span>
</td>
<td class="nump">17,743<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property and equipment</a></td>
<td class="nump">2,147,486<span></span>
</td>
<td class="nump">2,532,402<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Right of use assets</a></td>
<td class="nump">214,279<span></span>
</td>
<td class="nump">290,843<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentRecognisedAssetsDefinedBenefitPlan', window );">Net employee defined benefit assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">249<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets</a></td>
<td class="nump">95,568<span></span>
</td>
<td class="nump">108,116<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="nump">35,595<span></span>
</td>
<td class="nump">19,215<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentAssets', window );">Other non - current assets</a></td>
<td class="nump">14,348<span></span>
</td>
<td class="nump">17,881<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Total non - current assets</a></td>
<td class="nump">2,634,013<span></span>
</td>
<td class="nump">3,122,935<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="nump">3,853,384<span></span>
</td>
<td class="nump">4,357,378<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Loans and borrowings</a></td>
<td class="nump">127,946<span></span>
</td>
<td class="nump">122,582<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLeaseLiabilities', window );">Current portion of lease liabilities</a></td>
<td class="nump">83,605<span></span>
</td>
<td class="nump">97,732<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade, other payables and financial liabilities</a></td>
<td class="nump">66,683<span></span>
</td>
<td class="nump">133,502<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AirTrafficLiability', window );">Air traffic liability</a></td>
<td class="nump">470,695<span></span>
</td>
<td class="nump">497,374<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredIncomeClassifiedAsCurrent', window );">Frequent flyer deferred revenue</a></td>
<td class="nump">16,041<span></span>
</td>
<td class="nump">35,120<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CurrentTaxesAndInterestPayable', window );">Taxes payable</a></td>
<td class="nump">13,400<span></span>
</td>
<td class="nump">46,267<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AccrualsClassifiedAsCurrent', window );">Accrued expenses payable</a></td>
<td class="nump">33,995<span></span>
</td>
<td class="nump">55,373<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilities', window );">Income tax payable</a></td>
<td class="nump">1,023<span></span>
</td>
<td class="nump">9,683<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Total current liabilities</a></td>
<td class="nump">813,388<span></span>
</td>
<td class="nump">997,633<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesAbstract', window );"><strong>Non-current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Loans and borrowings long-term</a></td>
<td class="nump">1,035,954<span></span>
</td>
<td class="nump">938,183<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLeaseLiabilities', window );">Lease liabilities</a></td>
<td class="nump">146,905<span></span>
</td>
<td class="nump">206,832<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredIncomeClassifiedAsNoncurrent', window );">Frequent flyer deferred revenue</a></td>
<td class="nump">75,172<span></span>
</td>
<td class="nump">45,206<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentRecognisedLiabilitiesDefinedBenefitPlan', window );">Net employee defined benefit&#160;liabilities</a></td>
<td class="nump">14,332<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="nump">245,560<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentLiabilities', window );">Other long - term liabilities</a></td>
<td class="nump">216,325<span></span>
</td>
<td class="nump">191,221<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="nump">22,190<span></span>
</td>
<td class="nump">43,397<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilities', window );">Total non - current liabilities</a></td>
<td class="nump">1,756,438<span></span>
</td>
<td class="nump">1,424,839<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Total liabilities</a></td>
<td class="nump">2,569,826<span></span>
</td>
<td class="nump">2,422,472<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAbstract', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalPaidinCapital', window );">Additional paid in capital</a></td>
<td class="nump">91,341<span></span>
</td>
<td class="nump">86,135<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TreasuryShares', window );">Treasury stock</a></td>
<td class="num">(136,388)<span></span>
</td>
<td class="num">(136,388)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RetainedEarnings', window );">Retained earnings</a></td>
<td class="nump">1,324,022<span></span>
</td>
<td class="nump">1,965,179<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AccumulatedOtherComprehensiveIncome', window );">Accumulated other comprehensive loss</a></td>
<td class="num">(24,082)<span></span>
</td>
<td class="num">(8,628)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="nump">1,283,558<span></span>
</td>
<td class="nump">1,934,906<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CommitmentsAndContingencies1', window );">Commitments and contingencies</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAndLiabilities', window );">Total liabilities and equity</a></td>
<td class="nump">3,853,384<span></span>
</td>
<td class="nump">4,357,378<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassACommonStockMember', window );">Class A common stock [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAbstract', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Common stock</a></td>
<td class="nump">21,199<span></span>
</td>
<td class="nump">21,142<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="nump">21,199<span></span>
</td>
<td class="nump">21,142<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassBCommonStockMember', window );">Class B common stock [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAbstract', window );"><strong>Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Common stock</a></td>
<td class="nump">7,466<span></span>
</td>
<td class="nump">7,466<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="nump">$ 7,466<span></span>
</td>
<td class="nump">$ 7,466<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AirTrafficLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Air traffic liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AirTrafficLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_CommitmentsAndContingencies1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commitments and contingencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_CommitmentsAndContingencies1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current assets or disposal groups classified as held for sale or as held for distribution to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_CurrentTaxesAndInterestPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Current taxes and interest payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_CurrentTaxesAndInterestPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_PrepaidIncomeTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Prepaid income taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_PrepaidIncomeTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AccrualsClassifiedAsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of accruals classified as current. [Refer: Accruals]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AccrualsClassifiedAsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AccumulatedOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of accumulated items of income and expense (including reclassification adjustments) that are not recognised in profit or loss as required or permitted by other IFRSs. [Refer: IFRSs [member]; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AccumulatedOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionalPaidinCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount received or receivable from the issuance of the entity's shares in excess of nominal value and amounts received from other transactions involving the entity's stock or stockholders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionalPaidinCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of a present economic resource controlled by the entity as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B12_b_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners. [Refer: Current assets; Disposal groups classified as held for sale [member]; Non-current assets or disposal groups classified as held for sale; Non-current assets or disposal groups classified as held for distribution to owners]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B12_b_iii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentPortionOfLongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPortionOfLongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentPrepaidExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as a current asset for expenditures made prior to the period when the economic benefit will be realised.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPrepaidExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current tax for current and prior periods to the extent unpaid. Current tax is the amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredIncomeClassifiedAsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred income classified as current. [Refer: Deferred income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredIncomeClassifiedAsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredIncomeClassifiedAsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred income classified as non-current. [Refer: Deferred income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredIncomeClassifiedAsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DerivativeFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial liabilities classified as derivative instruments. [Refer: Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DerivativeFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAndLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the entity's equity and liabilities. [Refer: Equity; Liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAndLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of intangible assets and goodwill held by the entity. [Refer: Goodwill; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2020-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value of capital issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of a present obligation of the entity to transfer an economic resource as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 28<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_28_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that do not meet the definition of current assets. [Refer: Current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B12_b_ii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current investments other than investments accounted for using the equity method. [Refer: Investments accounted for using equity method; Non-current assets; Investments other than investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that do not meet the definition of current liabilities. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B12_b_iv&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentPrepayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current prepayments. [Refer: Prepayments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentPrepayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentRecognisedAssetsDefinedBenefitPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current net defined benefit asset. [Refer: Net defined benefit asset]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentRecognisedAssetsDefinedBenefitPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentRecognisedLiabilitiesDefinedBenefitPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current net defined benefit liability. [Refer: Net defined benefit liability]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentRecognisedLiabilitiesDefinedBenefitPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current assets that the entity does not separately disclose in the same statement or note. [Refer: Current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current assets that the entity does not separately disclose in the same statement or note. [Refer: Non-current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Non-current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RetainedEarnings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the entity's cumulative undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph IG6<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RetainedEarnings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that represent a lessee's right to use an underlying asset for the lease term. Underlying asset is an asset that is the subject of a lease, for which the right to use that asset has been provided by a lessor to a lessee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 53<br> -Subparagraph j<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_53_j&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>An entity&#8217;s own equity instruments, held by the entity or other members of the consolidated group.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2020-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=32&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassACommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassACommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassBCommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassBCommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921859832856">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated statement of financial position (Parenthetical) - $ / shares<br></strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassACommonStockMember', window );">Class A common stock [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_StatementLineItems', window );"><strong>Statement [LineItems]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Common stock, shares issued</a></td>
<td class="nump">33,861,872<span></span>
</td>
<td class="nump">33,835,747<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Common stock, shares outstanding</a></td>
<td class="nump">31,421,265<span></span>
</td>
<td class="nump">31,337,856<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassBCommonStockMember', window );">Class B common stock [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_StatementLineItems', window );"><strong>Statement [LineItems]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Common stock, shares issued</a></td>
<td class="nump">10,938,125<span></span>
</td>
<td class="nump">10,938,125<span></span>
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</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Common stock, shares outstanding</a></td>
<td class="nump">10,938,125<span></span>
</td>
<td class="nump">10,938,125<span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NoParValuePerShare', window );">Common stock, no par value</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NoParValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>No Par Value Per Share</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NoParValuePerShare</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_StatementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_StatementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassACommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassACommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassBCommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassBCommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>57
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921860053304">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated statement of profit or loss - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueAbstract', window );"><strong>Operating revenue</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfPassengerTransportServices', window );">Passenger revenue</a></td>
<td class="nump">$ 760,594<span></span>
</td>
<td class="nump">$ 2,612,605<span></span>
</td>
<td class="nump">$ 2,587,389<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfCargoAndMailTransportServices', window );">Cargo and mail revenue</a></td>
<td class="nump">21,002<span></span>
</td>
<td class="nump">62,460<span></span>
</td>
<td class="nump">62,483<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherRevenue', window );">Other operating revenue</a></td>
<td class="nump">19,407<span></span>
</td>
<td class="nump">32,343<span></span>
</td>
<td class="nump">27,755<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Total operating revenue</a></td>
<td class="nump">801,003<span></span>
</td>
<td class="nump">2,707,408<span></span>
</td>
<td class="nump">2,677,627<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OperatingExpenseAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FuelExpense', window );">Fuel</a></td>
<td class="nump">166,723<span></span>
</td>
<td class="nump">696,249<span></span>
</td>
<td class="nump">765,781<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EmployeeBenefitsExpense', window );">Wages, salaries, benefits and other employees' expenses</a></td>
<td class="nump">256,327<span></span>
</td>
<td class="nump">450,439<span></span>
</td>
<td class="nump">443,287<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PassengerServicingExpenses', window );">Passenger servicing</a></td>
<td class="nump">27,566<span></span>
</td>
<td class="nump">102,103<span></span>
</td>
<td class="nump">104,346<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AirportFacilitiesAndHandlingCharges', window );">Airport facilities and handling charges</a></td>
<td class="nump">59,536<span></span>
</td>
<td class="nump">181,959<span></span>
</td>
<td class="nump">186,422<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_SalesMarketingAndDistributionExpenses', window );">Sales and distribution</a></td>
<td class="nump">70,395<span></span>
</td>
<td class="nump">210,623<span></span>
</td>
<td class="nump">210,158<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepairsAndMaintenanceExpense', window );">Maintenance, materials and repairs</a></td>
<td class="nump">76,948<span></span>
</td>
<td class="nump">127,562<span></span>
</td>
<td class="nump">110,710<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="nump">259,336<span></span>
</td>
<td class="nump">282,080<span></span>
</td>
<td class="nump">276,563<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment of non financial assets</a></td>
<td class="nump">243,097<span></span>
</td>
<td class="nump">89,344<span></span>
</td>
<td class="nump">188,624<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_FlightOperationsExpense', window );">Flight operations</a></td>
<td class="nump">30,028<span></span>
</td>
<td class="nump">102,806<span></span>
</td>
<td class="nump">108,437<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherExpenseByFunction', window );">Other operating and administrative expenses</a></td>
<td class="nump">71,977<span></span>
</td>
<td class="nump">118,090<span></span>
</td>
<td class="nump">123,737<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OperatingExpense', window );">Total operating expenses</a></td>
<td class="nump">1,261,933<span></span>
</td>
<td class="nump">2,361,255<span></span>
</td>
<td class="nump">2,518,065<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating (loss) profit</a></td>
<td class="num">(460,930)<span></span>
</td>
<td class="nump">346,153<span></span>
</td>
<td class="nump">159,562<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonOperatingIncomeExpenseAbstract', window );"><strong>Non-operating (expense) income</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceCosts', window );">Finance cost</a></td>
<td class="num">(73,045)<span></span>
</td>
<td class="num">(57,432)<span></span>
</td>
<td class="num">(50,825)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Finance income</a></td>
<td class="nump">19,963<span></span>
</td>
<td class="nump">24,405<span></span>
</td>
<td class="nump">23,628<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax', window );">Loss on foreign currency fluctuations</a></td>
<td class="num">(8,459)<span></span>
</td>
<td class="num">(15,408)<span></span>
</td>
<td class="num">(9,398)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives', window );">Net change in fair value of derivatives</a></td>
<td class="num">(107,139)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherNonOperatingIncomeExpense1', window );">Other non-operating expense</a></td>
<td class="num">(1,169)<span></span>
</td>
<td class="num">(4,279)<span></span>
</td>
<td class="num">(239)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonOperatingIncomeExpense1', window );">Total non-operating (expense) income</a></td>
<td class="num">(169,849)<span></span>
</td>
<td class="num">(52,714)<span></span>
</td>
<td class="num">(36,834)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">(Loss) Profit before taxes</a></td>
<td class="num">(630,779)<span></span>
</td>
<td class="nump">293,439<span></span>
</td>
<td class="nump">122,728<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax expense</a></td>
<td class="nump">23,717<span></span>
</td>
<td class="num">(46,437)<span></span>
</td>
<td class="num">(34,530)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net (loss) profit</a></td>
<td class="num">$ (607,062)<span></span>
</td>
<td class="nump">$ 247,002<span></span>
</td>
<td class="nump">$ 88,198<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EarningsPerShareAbstract', window );"><strong>(Loss) Earnings per share</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicAndDilutedEarningsLossPerShare', window );">Basic and diluted</a></td>
<td class="num">$ (14.28)<span></span>
</td>
<td class="nump">$ 5.81<span></span>
</td>
<td class="nump">$ 2.08<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AirportFacilitiesAndHandlingCharges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Airport facilities and handling charges.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AirportFacilitiesAndHandlingCharges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_FlightOperationsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Flight operations expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_FlightOperationsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NonOperatingIncomeExpense1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Non operating income expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NonOperatingIncomeExpense1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NonOperatingIncomeExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Non operating income expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NonOperatingIncomeExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_OperatingExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Operating expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_OperatingExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_OtherNonOperatingIncomeExpense1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Other non operating income expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_OtherNonOperatingIncomeExpense1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_PassengerServicingExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Passenger servicing expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_PassengerServicingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_SalesMarketingAndDistributionExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sales marketing and distribution expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_SalesMarketingAndDistributionExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForFinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for finance costs to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Finance costs; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 20<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_20_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForFinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicAndDilutedEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of earnings per share when the basic and diluted measurements are equal. [Refer: Basic earnings (loss) per share; Diluted earnings (loss) per share]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicAndDilutedEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationAndAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation and amortisation expense. Depreciation and amortisation are the systematic allocations of depreciable amounts of assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 23<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_23_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B13<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B13_d&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 104<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationAndAmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EmployeeBenefitsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expense of all forms of consideration given by an entity in exchange for a service rendered by employees or for the termination of employment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 104<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EmployeeBenefitsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FuelExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from the consumption of fuel.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FuelExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) resulting from change in the fair value of derivatives recognised in profit or loss. [Refer: Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) recognised in other comprehensive income on change in value of foreign currency basis spreads, before tax. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 91<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_91_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for property, plant and equipment. [Refer: Impairment loss recognised in profit or loss; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_73_e_v&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 98<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_98_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2020-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OperatingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of all operating expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OperatingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherExpenseByFunction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity does not separately disclose in the same statement or note when the entity uses the 'function of expense' form for its analysis of expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2020-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause vii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_35_b_vii&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherExpenseByFunction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from sources that the entity does not separately disclose in the same statement or note. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2020-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2020-en-b&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2020-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2020-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from operating activities of the entity. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2020-01-01<br> -Paragraph IE33<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=32&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_IE33&amp;doctype=Illustrative%20Examples<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepairsAndMaintenanceExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses incurred for the day-to-day servicing of assets, which may include the cost of labour, consumables or small parts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepairsAndMaintenanceExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2020-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfCargoAndMailTransportServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of cargo and mail transport services. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfCargoAndMailTransportServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfPassengerTransportServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of passenger transport services. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfPassengerTransportServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921860031528">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated statement of comprehensive income - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_StatementOfComprehensiveIncomeAbstract', window );"><strong>Statement of comprehensive income [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net (loss) profit</a></td>
<td class="num">$ (607,062)<span></span>
</td>
<td class="nump">$ 247,002<span></span>
</td>
<td class="nump">$ 88,198<span></span>
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</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract', window );"><strong>Other comprehensive loss not to be reclassified to profit or loss in subsequent periods -</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans', window );">Remeasurement of actuarial loss, net of amortization</a></td>
<td class="num">(15,454)<span></span>
</td>
<td class="num">(4,401)<span></span>
</td>
<td class="num">(339)<span></span>
</td>
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<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive (loss) income for the year</a></td>
<td class="num">$ (622,516)<span></span>
</td>
<td class="nump">$ 242,601<span></span>
</td>
<td class="nump">$ 87,859<span></span>
</td>
</tr>
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<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, net of tax, related to gains (losses) on remeasurements of defined benefit plans, which comprise actuarial gains and losses; the return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset); and any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset). [Refer: Other comprehensive income; Defined benefit plans [member]; Plan assets [member]; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2020-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2020-en-b&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2020-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_StatementOfComprehensiveIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_StatementOfComprehensiveIncomeAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921840609528">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated statement of changes in equity - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Total</div></th>
<th class="th"><div>Additional paid in capital [member]</div></th>
<th class="th"><div>Treasury stock [member]</div></th>
<th class="th"><div>Retained earnings [member]</div></th>
<th class="th"><div>Accumulated other comprehensive income (loss) [member]</div></th>
<th class="th"><div>Class A common stock [member]</div></th>
<th class="th"><div>Class B common stock [member]</div></th>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Beginning balance (Previously stated [member]) at Dec. 31, 2017</a></td>
<td class="nump">$ 1,850,938<span></span>
</td>
<td class="nump">$ 72,945<span></span>
</td>
<td class="num">$ (136,388)<span></span>
</td>
<td class="nump">$ 1,889,765<span></span>
</td>
<td class="num">$ (3,888)<span></span>
</td>
<td class="nump">$ 21,038<span></span>
</td>
<td class="nump">$ 7,466<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary', window );">Adjustment on initial application of IFRS 9</a></td>
<td class="num">(1,744)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,744)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Beginning balance, shares (Previously stated [member]) at Dec. 31, 2017</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">31,185,641<span></span>
</td>
<td class="nump">10,938,125<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net profit (loss)</a></td>
<td class="nump">88,198<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">88,198<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive loss</a></td>
<td class="num">(339)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(339)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncreaseDecreaseThroughIssuanceOfStockForEmployeeAwards', window );">Issuance of stock for employee awards</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(49)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 49<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IssuanceOfStockForEmployeeAwardsShares', window );">Issuance of stock for employee awards, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">72,045<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions', window );">Share-based compensation expense</a></td>
<td class="nump">7,145<span></span>
</td>
<td class="nump">7,145<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Dividends paid</a></td>
<td class="num">(147,604)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(147,604)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Ending balance at Dec. 31, 2018</a></td>
<td class="nump">1,796,594<span></span>
</td>
<td class="nump">80,041<span></span>
</td>
<td class="num">(136,388)<span></span>
</td>
<td class="nump">1,828,615<span></span>
</td>
<td class="num">(4,227)<span></span>
</td>
<td class="nump">$ 21,087<span></span>
</td>
<td class="nump">$ 7,466<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Ending balance, shares at Dec. 31, 2018</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">31,257,686<span></span>
</td>
<td class="nump">10,938,125<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net profit (loss)</a></td>
<td class="nump">247,002<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">247,002<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive loss</a></td>
<td class="num">(4,401)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(4,401)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncreaseDecreaseThroughIssuanceOfStockForEmployeeAwards', window );">Issuance of stock for employee awards</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(55)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 55<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IssuanceOfStockForEmployeeAwardsShares', window );">Issuance of stock for employee awards, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">80,170<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions', window );">Share-based compensation expense</a></td>
<td class="nump">6,149<span></span>
</td>
<td class="nump">6,149<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Dividends paid</a></td>
<td class="num">(110,438)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(110,438)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Ending balance at Dec. 31, 2019</a></td>
<td class="nump">1,934,906<span></span>
</td>
<td class="nump">86,135<span></span>
</td>
<td class="num">(136,388)<span></span>
</td>
<td class="nump">1,965,179<span></span>
</td>
<td class="num">(8,628)<span></span>
</td>
<td class="nump">$ 21,142<span></span>
</td>
<td class="nump">$ 7,466<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Ending balance, shares at Dec. 31, 2019</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">31,337,856<span></span>
</td>
<td class="nump">10,938,125<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net profit (loss)</a></td>
<td class="num">(607,062)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(607,062)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive loss</a></td>
<td class="num">(15,454)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(15,454)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncreaseDecreaseThroughIssuanceOfStockForEmployeeAwards', window );">Issuance of stock for employee awards</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(57)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 57<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IssuanceOfStockForEmployeeAwardsShares', window );">Issuance of stock for employee awards, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">83,409<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions', window );">Share-based compensation expense</a></td>
<td class="nump">5,263<span></span>
</td>
<td class="nump">5,263<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Dividends paid</a></td>
<td class="num">(33,990)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(33,990)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity', window );">Other</a></td>
<td class="num">(105)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(105)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Ending balance at Dec. 31, 2020</a></td>
<td class="nump">$ 1,283,558<span></span>
</td>
<td class="nump">$ 91,341<span></span>
</td>
<td class="num">$ (136,388)<span></span>
</td>
<td class="nump">$ 1,324,022<span></span>
</td>
<td class="num">$ (24,082)<span></span>
</td>
<td class="nump">$ 21,199<span></span>
</td>
<td class="nump">$ 7,466<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Ending balance, shares at Dec. 31, 2020</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">31,421,265<span></span>
</td>
<td class="nump">10,938,125<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_IncreaseDecreaseThroughIssuanceOfStockForEmployeeAwards">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Increase decrease through issuance of stock for employee awards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_IncreaseDecreaseThroughIssuanceOfStockForEmployeeAwards</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_IssuanceOfStockForEmployeeAwardsShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Issuance of stock for employee awards shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_IssuanceOfStockForEmployeeAwardsShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in equity resulting from tax on transactions in which the entity: (a) receives goods or services from the supplier of those goods or services (including an employee) in a share-based payment arrangement; or (b) incurs an obligation to settle the transaction with the supplier in a share-based payment arrangement when another group entity receives those goods or services. [Refer: Share-based payment arrangements [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends recognised as distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 107<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_107&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from the acquisition of subsidiaries. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from changes that the entity does not separately disclose in the same statement or note. [Refer: Equity]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 81A<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2020-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2020-en-b&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2020-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=ifrs-full_PreviouslyStatedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=ifrs-full_PreviouslyStatedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921840234744">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated statement of cash flows - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract', window );"><strong>Operating activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net (loss) profit</a></td>
<td class="num">$ (607,062)<span></span>
</td>
<td class="nump">$ 247,002<span></span>
</td>
<td class="nump">$ 88,198<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract', window );"><strong>Adjustments for:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncomeTaxExpense', window );">Income tax expense</a></td>
<td class="num">(23,717)<span></span>
</td>
<td class="nump">46,437<span></span>
</td>
<td class="nump">34,530<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceCosts', window );">Finance cost</a></td>
<td class="nump">73,045<span></span>
</td>
<td class="nump">57,432<span></span>
</td>
<td class="nump">50,825<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceIncome', window );">Finance income</a></td>
<td class="num">(19,963)<span></span>
</td>
<td class="num">(24,405)<span></span>
</td>
<td class="num">(23,628)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="nump">259,336<span></span>
</td>
<td class="nump">282,080<span></span>
</td>
<td class="nump">276,563<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment of non finacial assets</a></td>
<td class="nump">243,097<span></span>
</td>
<td class="nump">89,344<span></span>
</td>
<td class="nump">188,624<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AdjustmentsForGainsLossesOnDisposalOfAssets', window );">Disposal of non financial assets</a></td>
<td class="nump">4,635<span></span>
</td>
<td class="nump">3,850<span></span>
</td>
<td class="nump">3,746<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossOnFinancialAssets', window );">Impairment of financial assets</a></td>
<td class="nump">1,570<span></span>
</td>
<td class="nump">483<span></span>
</td>
<td class="nump">1,409<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AdjustmentForAllowanceForObsolescenceOfExpendablesPartsAndSupplies', window );">Allowance for obsolescence of expendable parts and supplies</a></td>
<td class="nump">47<span></span>
</td>
<td class="nump">164<span></span>
</td>
<td class="nump">159<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForSharebasedPayments', window );">Share-based compensation expense</a></td>
<td class="nump">5,263<span></span>
</td>
<td class="nump">6,149<span></span>
</td>
<td class="nump">7,145<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives', window );">Net change in fair value of derivatives</a></td>
<td class="nump">107,139<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains', window );">Net foreign exchange differences</a></td>
<td class="nump">44,328<span></span>
</td>
<td class="nump">45,086<span></span>
</td>
<td class="nump">42,536<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ChangesInOperatingActivitiesAbstract', window );"><strong>Change in:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable', window );">Accounts receivable</a></td>
<td class="nump">71,625<span></span>
</td>
<td class="num">(17,054)<span></span>
</td>
<td class="num">(3,150)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncreaseDecreaseInAmountsReceivableRelatedPartyTransactions', window );">Accounts receivable from related parties</a></td>
<td class="num">(1,282)<span></span>
</td>
<td class="nump">76<span></span>
</td>
<td class="nump">95<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherCurrentAssets', window );">Other current assets</a></td>
<td class="nump">11,148<span></span>
</td>
<td class="nump">15,653<span></span>
</td>
<td class="num">(50,241)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets', window );">Other assets</a></td>
<td class="nump">8,895<span></span>
</td>
<td class="nump">20,678<span></span>
</td>
<td class="num">(5,669)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ChangesInAccountPayable', window );">Accounts payable</a></td>
<td class="num">(55,718)<span></span>
</td>
<td class="num">(2,984)<span></span>
</td>
<td class="nump">8,270<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncreaseDecreaseInAccountPayableFromRelatedParties', window );">Accounts payable from related parties</a></td>
<td class="num">(11,116)<span></span>
</td>
<td class="num">(587)<span></span>
</td>
<td class="nump">2,584<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ChangesInAirTrafficLiability', window );">Air traffic liability</a></td>
<td class="num">(26,679)<span></span>
</td>
<td class="nump">25,698<span></span>
</td>
<td class="num">(5,492)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ChangeInFrequentFlyerDeferredRevenue', window );">Frequent flyer deferred revenue</a></td>
<td class="nump">10,887<span></span>
</td>
<td class="nump">12,512<span></span>
</td>
<td class="nump">17,502<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ChangeInOtherLiability', window );">Other liability</a></td>
<td class="num">(36,975)<span></span>
</td>
<td class="nump">48,400<span></span>
</td>
<td class="num">(24,515)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperations', window );">Cash from operating activities</a></td>
<td class="nump">58,503<span></span>
</td>
<td class="nump">856,014<span></span>
</td>
<td class="nump">609,491<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities', window );">Income tax paid</a></td>
<td class="num">(37,631)<span></span>
</td>
<td class="num">(42,999)<span></span>
</td>
<td class="num">(38,698)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsOperatingActivities', window );">Interest paid</a></td>
<td class="num">(41,938)<span></span>
</td>
<td class="num">(52,234)<span></span>
</td>
<td class="num">(49,317)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestReceivedClassifiedAsOperatingActivities', window );">Interest received</a></td>
<td class="nump">26,343<span></span>
</td>
<td class="nump">24,102<span></span>
</td>
<td class="nump">21,537<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivities', window );">Net cash from operating activities</a></td>
<td class="nump">5,277<span></span>
</td>
<td class="nump">784,883<span></span>
</td>
<td class="nump">543,013<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract', window );"><strong>Investing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod', window );">Acquisition of investments</a></td>
<td class="num">(904,570)<span></span>
</td>
<td class="num">(711,045)<span></span>
</td>
<td class="num">(711,840)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod', window );">Proceeds from redemption of investments</a></td>
<td class="nump">840,627<span></span>
</td>
<td class="nump">589,602<span></span>
</td>
<td class="nump">775,504<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AdvancePaymentsOnAircraftPurchaseContractsAndOthers', window );">Advance payments on aircraft purchase contracts and other</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(75,428)<span></span>
</td>
<td class="num">(216,732)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ReimbursementOfAdvancePaymentsOnAircraftPurchaseContracts', window );">Reimbursement of advance payments on aircraft purchase contracts</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">48,262<span></span>
</td>
<td class="nump">152,651<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets', window );">Acquisition of property and equipment</a></td>
<td class="num">(44,065)<span></span>
</td>
<td class="num">(62,397)<span></span>
</td>
<td class="num">(118,997)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets', window );">Proceeds from sale of property and equipment</a></td>
<td class="nump">30,666<span></span>
</td>
<td class="nump">43,603<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities', window );">Acquisition of intangible assets</a></td>
<td class="num">(16,419)<span></span>
</td>
<td class="num">(25,465)<span></span>
</td>
<td class="num">(30,182)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivities', window );">Net cash used in investing activities</a></td>
<td class="num">(93,761)<span></span>
</td>
<td class="num">(192,868)<span></span>
</td>
<td class="num">(149,596)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract', window );"><strong>Financing activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures', window );">Proceeds from issue of convertible notes, net of costs</a></td>
<td class="nump">342,898<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from new borrowings</a></td>
<td class="nump">145,000<span></span>
</td>
<td class="nump">95,000<span></span>
</td>
<td class="nump">225,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PaymentsOnLoansBorrowingsAndFinanceLeases', window );">Payments on loans and borrowings</a></td>
<td class="num">(267,086)<span></span>
</td>
<td class="num">(426,827)<span></span>
</td>
<td class="num">(401,333)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities', window );">Payment of lease liability</a></td>
<td class="num">(93,213)<span></span>
</td>
<td class="num">(103,069)<span></span>
</td>
<td class="num">(106,254)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities', window );">Dividends paid</a></td>
<td class="num">(33,990)<span></span>
</td>
<td class="num">(110,438)<span></span>
</td>
<td class="num">(147,604)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivities', window );">Net cash from (used) in financing activities</a></td>
<td class="nump">93,609<span></span>
</td>
<td class="num">(545,334)<span></span>
</td>
<td class="num">(430,191)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents', window );">Net increase (decrease) in cash and cash equivalents</a></td>
<td class="nump">5,125<span></span>
</td>
<td class="nump">46,681<span></span>
</td>
<td class="num">(36,774)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalent at Beginning value</a></td>
<td class="nump">158,732<span></span>
</td>
<td class="nump">156,158<span></span>
</td>
<td class="nump">238,792<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents', window );">Effect of exchange rate change on cash</a></td>
<td class="num">(44,792)<span></span>
</td>
<td class="num">(44,107)<span></span>
</td>
<td class="num">(45,860)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalent at Ending balance</a></td>
<td class="nump">$ 119,065<span></span>
</td>
<td class="nump">$ 158,732<span></span>
</td>
<td class="nump">$ 156,158<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AdjustmentForAllowanceForObsolescenceOfExpendablesPartsAndSupplies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustment for allowance for obsolescence of expendables parts and supplies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AdjustmentForAllowanceForObsolescenceOfExpendablesPartsAndSupplies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AdjustmentsForGainsLossesOnDisposalOfAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for gains losses on disposal of assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AdjustmentsForGainsLossesOnDisposalOfAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AdvancePaymentsOnAircraftPurchaseContractsAndOthers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Advance payments on aircraft purchase contracts and others.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AdvancePaymentsOnAircraftPurchaseContractsAndOthers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ChangeInFrequentFlyerDeferredRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Change in frequent flyer deferred revenue.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ChangeInFrequentFlyerDeferredRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ChangeInOtherLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Change in other liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ChangeInOtherLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ChangesInAccountPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Changes in account payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ChangesInAccountPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ChangesInAirTrafficLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Changes in air traffic liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ChangesInAirTrafficLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ChangesInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Changes in operating activities [abstract]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ChangesInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_IncreaseDecreaseInAccountPayableFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Increase decrease in account payable from related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_IncreaseDecreaseInAccountPayableFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_IncreaseDecreaseInAmountsReceivableRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Increase decrease in amounts receivable, related party transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_IncreaseDecreaseInAmountsReceivableRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_PaymentsOnLoansBorrowingsAndFinanceLeases">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Payments on loans, borrowings and finance leases.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_PaymentsOnLoansBorrowingsAndFinanceLeases</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ReimbursementOfAdvancePaymentsOnAircraftPurchaseContracts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Reimbursement of advance payments on aircraft purchase contracts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ReimbursementOfAdvancePaymentsOnAircraftPurchaseContracts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in other assets to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Other assets; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherCurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in other current assets to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Other current assets; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInOtherCurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in trade accounts receivable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for depreciation and amortisation expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Depreciation and amortisation expense; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForFinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for finance costs to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Finance costs; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 20<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_20_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForFinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForFinanceIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for finance income to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Finance income; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForFinanceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for impairment loss (reversal of impairment loss) on property, plant and equipment recognised in profit or loss to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncomeTaxExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for income tax expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 35<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncomeTaxExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForReconcileProfitLossAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForSharebasedPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for share-based payments to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForSharebasedPayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for unrealised foreign exchange losses (gains) to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) financing activities, which are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) investing activities, which are the acquisition and disposal of long-term assets and other investments not included in cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash from (used in) the entity's operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Section A Statement of cash flows for an entity other than a financial institution<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;doctype=Illustrative%20Examples&amp;dita_xref=IAS07_IE_A_TI<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for dividends paid by the entity, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 28<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_28&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) resulting from change in the fair value of derivatives recognised in profit or loss. [Refer: Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossOnFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss on financial assets. [Refer: Financial assets; Impairment loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 20<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2017-en-b&amp;anchor=para_20_e&amp;doctype=Standard&amp;book=b<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossOnFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from income taxes paid or refunded, classified as operating activities. [Refer: Income taxes paid (refund)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 35<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 14<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_14_f&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in cash and cash equivalents. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestPaidClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for interest paid, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestPaidClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestReceivedClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from interest received, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestReceivedClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payment of lease liabilities, classified as financing activities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 17<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_17_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the disposal of property, plant and equipment, intangible assets other than goodwill, investment property and other non-current assets. [Refer: Intangible assets other than goodwill; Investment property; Other non-current assets; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the issuing of bonds, notes and debentures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from sales of investments accounted for using the equity method. [Refer: Investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2020-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2020-en-b&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2020-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of intangible assets, classified as investing activities. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchase of interests in investments accounted for using the equity method. [Refer: Investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchase of property, plant and equipment, intangible assets other than goodwill, investment property and other non-current assets. [Refer: Intangible assets other than goodwill; Investment property; Other non-current assets; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921897573656">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Corporate information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TextBlockAbstract', window );"><strong>Text block [abstract]</strong></a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfCorporateInformationExplanatory', window );">Corporate information</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1.</div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Corporate information </div></div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Copa Holdings, S. A. (&#8220;the Company&#8221;) was incorporated according to the laws of the Republic of Panama on May&#160;6, 1988 with an indefinite duration. The Company is a public company listed in the New York Stock Exchange (NYSE) under the symbol CPA since December&#160;14, 2005. The address of its registered office is Boulevard Costa del Este, Avenida Principal y Avenida de la Rotonda, Urbanizaci&#243;n Costa del Este, Complejo Business Park, Torre Norte, Parque Lefevre, Panama City, Republic of Panama. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">These consolidated financial statements comprise the Company and its subsidiaries: Compa&#241;&#237;a Paname&#241;a de Aviaci&#243;n, S. A. (&#8220;Copa Airlines&#8221;), Oval Financial Leasing, Ltd. (&#8220;OVAL&#8221;), AeroRep&#250;blica, S. A. (&#8220;Copa Colombia&#8221;): </div></div></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:1%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:2%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Copa Airlines: the Company&#8217;s core operation is incorporated according to the laws of the Republic of Panama and provides international air transportation for passengers, cargo and mail, operating from its Panama City hub in the Republic of Panama. </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:1%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:2%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Copa Colombia: is a Colombian air carrier, incorporated according to the laws of the Republic of Colombia which provides domestic and international air transportation for passengers, cargo, and mail. </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Copa Colombia operates &#8220;Wingo&#8221; a brand under a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">low-cost</div> business model. Wingo operates administratively and functionally under Copa Colombia, with an independent structure for its commercialization, distribution systems and customer service. </div></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:1%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:2%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">OVAL: incorporated according to the laws of the British Virgin Islands, it controls the special-purpose entities that have a beneficial interest in the majority of the Company&#8217;s fleet, which is leased to either Copa Airlines or Copa Colombia. </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company has a broad commercial alliance with United Airlines Holdings, Inc. (&#8220;United&#8221;), which was renewed during May 2016, for another five years. This Alliance includes an extensive and expanding code-sharing and technology cooperation. In addition, the Company is part of Star Alliance, the leading global airline network since June 2012. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Copa Airlines has the loyalty program &#8220;ConnectMiles&#8221;, designed to strengthen the relationship with its frequent flyers and provide exclusive attention. ConnectMiles members are eligible to earn and redeem miles to any of Star Alliance&#8217;s 1,300 (unaudited) destinations in 195 countries within 26 airlines members (unaudited). </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Situation of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Covid-19</div> </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The novel strain of coronavirus <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">(&#8220;Covid-19&#8221;)</div> first identified in Wuhan, China in December 2019 has now spread to nearly all regions around the world. The outbreak, and measures taken to contain or mitigate it, have had dramatic adverse consequences for the global economy, including on consumer demand, operations, supply chains and financial markets. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In an effort to slow-down the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Covid-19</div> outbreak in the region, Panama and several countries throughout Latin America extended their restrictions on international travel. Due to this air travel restrictions, the Company did not provide scheduled commercial service from March&#160;22, 2020 until July 2020, and only operated a small number of charters and humanitarian flights. On August 2020, the Panamanian Government authorized the establishment of a Controlled Operations Center for the interconnection of international commercial aviation in which, in a limited way, permitted air operations for transit through the Tocumen Airport for the departure of passengers and the controlled entry of Panamanians or residents in Panama. </div></div><div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">After the lifting of significant travel restrictions in October 2020, the Company began rebuilding its network. 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of preparation<br></strong></div></th>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant accounting policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory', window );">Significant accounting policies</a></td>
<td class="text"><div style="margin-bottom: 0px; margin-top: 0px;">&#160;</div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">3.</div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Significant accounting policies </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;">&#160;</div></td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;">&#160;</td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(a)</div></div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Basis of consolidation</div></div><div style="font-weight:bold;display:inline;"> </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">These consolidated financial statements comprise the financial statements of the Company and its subsidiaries. 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Members in this program earn miles for travel on Copa Airlines, Star Alliance partners&#8217; airlines and also by purchasing the goods and services of the Company network of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-airline</div> partners and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">co-branded</div> credit cards. The miles or points earned can be exchanged for flights on Copa or any of other Star Alliance partners&#8217; airlines. </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Passenger revenue includes flights redeemed under our frequent flyer program. 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This revenue is comprised of the marketing component of mileage sales to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">co-branded</div> card, other partners and other marketing related payments. </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Company sells miles to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-airline</div> businesses with which it has marketing agreements. The main contracts to sell miles are related to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">co-branded</div> credit card relationships with major banks in the region. The Company determined the selling prices of miles according to a method which allocates consideration based upon the relative selling price of the deliverables. The relative selling price of the deliverables is determined based upon the estimated standalone selling prices of each deliverable in the arrangement and is allocated between the miles sold to the passenger (as described above) and the marketing elements. 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For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Company&#8217;s CGU or group of CGU&#8217;s that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. 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The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. 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The Company determines the net interest by applying the discount rate to the net defined benefit liability or asset. The Company recognizes the following changes in the net defined benefit obligation in the consolidated statement of profit or loss. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Share-based&#160;payments</div></div> </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Employees (including senior executives) of the Company receive compensation in the form of share-based payment transactions, whereby employees render services as consideration for equity instruments (equity-settled transactions). </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The cost of equity-settled transactions is recognized, together with a corresponding increase in additional paid in capital in equity, over the period in which the performance and/or service conditions are fulfilled. The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company&#8217;s best estimate of the number of equity instruments that will ultimately vest. Expense or credit for a period represents the movement in cumulative expense recognized as of the beginning and end of that period and is recognized under &#8220;Wages, salaries, benefits and other employees&#8217; expenses&#8221; expense in the consolidated statement of profit or loss (note 25). </div></div></div> <div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Termination benefits</div> </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Termination benefits are payable when employment is terminated by the Company before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Company recognizes termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without realistic possibility of withdrawal, or providing termination benefits as a result of an offer made to encourage voluntary redundancy. </div></div></div> <div style="letter-spacing: 0px; top: 0px; background: none;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;;display:inline;"> </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;">&#160;</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(r)</div></div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-current</div> assets held for sale and discontinued operations </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Company classifies <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-current</div> assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-current</div> assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment and intangible assets are not depreciated or amortized once classified as held for sale. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">All the financial statements include amounts for continuing operations. 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant accounting judgments, estimates and assumptions<br></strong></div></th>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory', window );">Significant accounting judgments, estimates and assumptions</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">4.</div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Significant accounting judgments, estimates and assumptions </div></div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of the Company&#8217;s consolidated financial statements requires management to make judgments, estimates, and assumptions that affect the reported amounts of revenues, expenses, assets, and liabilities and the accompanying disclosures and the disclosure of contingent liabilities. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities in future periods. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;">The consolidated financial statements have thus been established taking into consideration the current context of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Covid-19</div> pandemic and on the basis of financial parameters available at the closing date. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Judgments </div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In the process of applying the Company&#8217;s accounting policies, management has made judgments, which have the most significant effect on the amounts recognized in the consolidated financial statements in the following area: </div></div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;"><div style="display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:3%;"><div style="display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Leases </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company enters into contracts for the use of the aircraft and real estate which include, airport and terminal facilities, sales offices, maintenance facilities, and general offices. 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The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. Judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments. </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;">For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">re-assessing</div> categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Changes in disclosures<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfChangesInDisclosuresExplanatory', window );">Changes in disclosures</a></td>
<td class="text"><div style="margin-top: 0px; margin-bottom: 0px;"><br/></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">5.</div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Changes in disclosures </div></div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">5.1</div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Adoption of new and amended standards and interpretations </div></div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">Amendment to IFRS 16 </div><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Leases &#8211; <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Covid-19</div> related rent concessions</div></div><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;">On May&#160;28, 2020, the IASB issued <div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Covid-19-Related</div></div> Rent Concessions</div> - amendment IFRS 16 <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Leases</div>. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;">The amendments provide relief to lessees from applying IFRS 16 guidance on lease modification accounting for rent concessions arising as a direct consequence of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Covid-19</div> pandemic. As a practical expedient, a lessee may elect not to assess whether a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Covid-19</div> related rent concession from a lessor is a lease modification. A lessee that makes this election accounts for any change in lease payments resulting from the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Covid-19</div> related rent concession the same way it would account for the change under IFRS 16, if the change were not a lease modification. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;">The practical expedient applies only to rent concessions occurring as a direct consequence of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Covid-19</div> pandemic and only if all of the following conditions described in IFRS 16 paragraph 46B are met: </div></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;"><div style="display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:3%;"><div style="display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change. </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;"><div style="display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:3%;"><div style="display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Any reduction in lease payments affects only payments originally due on or before June&#160;30, 2021 (for example, a rent concession would meet this condition if it results in reduced lease payments before June 30, 2021 and increased lease payments that extend beyond June&#160;30, 2021). </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;"><div style="display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:3%;"><div style="display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">There is no substantive change to other terms and conditions of the lease. </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The amendment is effective for annual reporting periods beginning on or after 1&#160;June 2020. Earlier application is permitted. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;">The Company received rent concessions occurred as a direct consequence of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Covid-19</div> pandemic only for its real estate leases, and applied the practical expedient, accounting the concession in the form of forgiveness or deferral of lease payments, as a negative variable lease payment to the concessions. (see note 14 &#8211; <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Leases</div>). </div></div><div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Other standards issued </div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following amendments and interpretations effective for annual periods beginning on or after January&#160;1, 2020, had no impact on the company&#8217;s financial statements: </div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amendment to IFRS 3 <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Definition of a business </div> </div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amendments to IAS 1 and IAS 8 <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Definition of material</div> </div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amendments to IFRS 9, IAS 39 and IFRS 7 &#8211; <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Interest rate benchmark reform </div> </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective. </div></div></div><div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">5.2</div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Change in presentation </div></div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As disclosed in the table below, a retrospective change in presentation has been made to the December&#160;31, 2019 consolidated statement of financial position to conform to the 2020 presentation. The Company is changing the presentation of the interest payable, previously presented within taxes and interest payables in the consolidated statement of financial position. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following table reconcile the changes in presentation in prior years for comparative effects on the consolidated statement of financial position: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:74%;"></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">As&#160;previosly</div><br/><div style="font-weight:bold;display:inline;">reported</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">Reclasification</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure of changes in disclosures.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Standards and interpretations not yet adopted<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DescriptionOfNewStandardsAndInterpretationsNotYetAdoptedExplanatory', window );">Standards and interpretations not yet adopted</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">6.</div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Standards issued but not yet effective </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company&#8217;s financial statements are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">Amendments to IAS 1 </div><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">&#8211; Classification of Liabilities as Current or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-current</div></div></div><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;">In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Presentation of Financial Statements </div>to specify the requirements for classifying liabilities as current or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-current.</div> The amendments clarify: </div></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;"><div style="display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:3%;"><div style="display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">What is meant by a right to defer settlement. </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;"><div style="display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:3%;"><div style="display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">That a right to defer must exist at the end of the reporting period. </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;"><div style="display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:3%;"><div style="display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">That classification is unaffected by the likelihood that an entity will exercise its deferral right. </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The amendments are effective for reporting periods beginning on or after January&#160;1, 2023 and must be applied retrospectively. The Company does not expect that these amendments have a material impact on its consolidated financial statements. </div></div></div> <div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Amendments to IFRS 3</div><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"> &#8211; Reference to the Conceptual Framework</div></div><div style="font-weight:bold;display:inline;"> </div></div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In May 2020, the IASB issued Amendments to IFRS 3 <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Business Combinations&#8212;Reference to the Conceptual Framework</div>. The amendments are intended to replace a reference to the Framework for the Preparation and Presentation of Financial Statements, issued in 1989, with a reference to the Conceptual Framework for Financial Reporting issued in March 2018 without significantly changing its requirements. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Board also added an exception to the recognition principle of IFRS 3 to avoid the issue of potential &#8216;day 2&#8217; gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Provisions, Contingent Liabilities and Contingent Assets</div> or IFRIC 21 <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Levies</div>, if incurred separately. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">At the same time, the Board decided to clarify existing guidance in IFRS 3 for contingent assets that would not be affected by replacing the reference to the Framework for the Preparation and Presentation of Financial Statements. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The amendments are effective for annual reporting periods beginning on or after January&#160;1, 2022 and apply prospectively. The Company does not expect that these amendments have a material impact on its consolidated financial statements. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Amendment to IAS 16 </div><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">&#8211; Property, Plant and Equipment: Proceeds before Intended Use</div></div><div style="font-weight:bold;display:inline;"> </div></div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In May 2020, the IASB issued <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Property, Plant and Equipment &#8212; Proceeds before Intended Use</div>, which prohibits entities deducting from the cost of an item of property, plant and equipment, any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The amendment is effective for annual reporting periods beginning on or after January&#160;1, 2022 and must be applied retrospectively to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The amendment is not expected to has a material impact on the Company. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Amendments to IAS 37 </div><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">&#8211; Onerous Contracts &#8211; Costs of Fulfilling a Contract</div></div><div style="font-weight:bold;display:inline;"> </div></div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In May 2020, the IASB issued amendments to IAS 37 to specify which costs an entity needs to include when assessing whether a contract is onerous or loss-making. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The amendments apply a &#8220;directly related cost approach&#8221;. The costs that relate directly to a contract to provide goods or services include both incremental costs and an allocation of costs directly related to contract activities. General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The amendments are effective for annual reporting periods beginning on or after January&#160;1, 2022. The Company does not expect that these amendments have a material impact on its consolidated financial statements. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Amendments to IFRS 7, IFRS 4 and IFRS 16 </div><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">&#8211; Interest rate benchmark reform &#8211; Phase 2</div></div><div style="font-weight:bold;display:inline;"> </div></div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In August 2020, the IASB has issued amendments to IFRS 7 <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Financial Instruments: Disclosures,</div> IFRS 4 and IFRS 16 that address issues arising during the reform of benchmark interest rates including the replacement of one benchmark rate with an alternative one. Given the pervasive nature of InterBank Offered Rate (IBOR)-based contracts, the amendments could affect companies in all industries. </div></div></div> <div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">These amendments should be applied for annual periods beginning on or after January&#160;1, 2021. Earlier application is permitted.<div style="font-weight:bold;display:inline;"> </div>At this stage, the Company is in process to estimate the impact of these amendments on the consolidated financial statements. The Company will continue with the assessment of the standard throughout 2021. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Amendment to IFRS 9 &#8211; </div><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Fees in the &#8217;10 per cent&#8217; test for derecognition of financial liabilities</div></div><div style="font-weight:bold;display:inline;"> </div></div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As part of its 2018-2020 annual improvements to IFRS standards process the IASB issued amendment to IFRS 9. The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other&#8217;s behalf. An entity applies the amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The amendment is effective for annual reporting periods beginning on or after 1&#160;January 2022 with earlier adoption permitted. The Company will apply the amendments to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The amendment is not expected to has a material impact on the Company. </div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921861692088">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Revenue from contract with customers<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfRevenueFromContractsWithCustomersExplanatory', window );">Revenue from contract with customers</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">7.</div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Revenue from contract with customers </div></div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">7.1</div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Revenue disaggregation </div></div></div></div></td></tr></table><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Operating revenues are comprised of passenger revenues, cargo and mail, and other operating revenues. 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margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"></div><div style="clear: both; max-height: 0px;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The contract duration of passenger tickets is one year. 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top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; 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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921861692088">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cash and cash equivalents<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="text"><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">8.</div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Investments<br></strong></div></th>
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<td class="text"><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;">&#160;</div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">9.</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">700,500</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; 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top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">52,573</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">74,634</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">693,073</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accounts receivable<br></strong></div></th>
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top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Expendable parts and supplies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">11.</div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Expendable parts and supplies </div></div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; 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top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Expendable parts and supplies recognized when used as an expense in the accompanying consolidated statement of profit or loss under &#8220;Maintenance, materials and repairs&#8221; amount to $12.7&#160;million, $32.4&#160;million and $31.9&#160;million, for the years ended December&#160;31, 2020, 2019 and 2018, respectively. </div></div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Prepaid expenses<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="text"><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">12.</div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; 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font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Prepaid taxes</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,298</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Property and equipment<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="text"><div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">13.</div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; 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letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(46,702</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(30,461</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(41,782</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(4</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(968,436</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-size: 1pt;"><td style="height:8;">&#160;</td><td colspan="4" style="height:8;">&#160;</td><td colspan="4" style="height:8;">&#160;</td><td colspan="4" style="height:8;">&#160;</td><td colspan="4" style="height:8;">&#160;</td><td colspan="4" style="height:8;">&#160;</td><td colspan="4" style="height:8;">&#160;</td><td colspan="4" style="height:8;">&#160;</td><td colspan="4" style="height:8;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Carrying amounts -</div></div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">At December&#160;31, 2018</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">6,301</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">2,165,787</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">474,060</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">13,055</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">5,832</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">18,843</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">14,253</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">2,698,131</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">At December&#160;31, 2019</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">6,301</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,010,509</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">463,274</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">12,466</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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top: 0px;;display:inline;">5,587</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,532,402</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); 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top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; 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font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">During December 2020, one Boeing 737 MAX aircraft was delivered, the Company expects to finalize the financing from the Export-Import Bank of the United States (the &#8220;EXIM Bank&#8221;) of this aircraft, during the first quaeter of 2021. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company has acquired aircraft through Japanese Operating Leases with Call Option (JOLCO) arrangements. These arrangements establish semi-annual payments of obligations, and have a term of 10 years, with a purchase option at the end of the period. During 2019, 2 new aircraft Boeing 737 MAX 9 were acquired through this type of arrangements. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Aircraft with a carrying value of $1.3&#160;billion (include aircraft acquired through JOLCO) are pledged as collateral for the obligation of the special purpose entities as of December&#160;31, 2020 (2019: $1.5 billion). </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">From March 2019 to November 2020, the&#160;Federal Aviation Administration&#160;(FAA) grounded all U.S. registered&#160;Boeing&#160;737 MAX aircraft. The Company&#8217; fleet currently includes 7 Boeing&#160;737 MAX aircraft with an additional 64 aircraft on order (see note 27). The Company is currently in negotiations with Boeing over compensation for the damages that it has suffered as a result of the MAX grounding and expect those to be satisfactory resolved in the near term. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">During 2020, the Company identified indicators of impairment in its aircraft due the capacity reductions, the temporary grounding of part of its fleet, following by the reduction in air traffic as a result of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Covid-19</div> pandemic. To determine whether impairment exists, the recoverable amount at the level of the CGU, was determined using cash flow projections from financial forecasts approved by senior management covering a five-year period. The <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">pre-tax</div> discount rate applied to cash flow projections was 13.1%. 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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfLeasesExplanatory', window );">Leases</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">14.</div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Leases </div></div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">The Company as a lessee </div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company leases some aircraft under long-term lease agreements with an average duration of 10 years. Aircraft under operating leases may be renewed in accordance with management&#8217;s business plan. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other leased assets include real estate, airport and terminal facilities, sales offices, maintenance facilities, and general offices. 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top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">83,389</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,381</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">84,770</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; 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top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Balance at December&#160;31, 2018</div></div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">333,049</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Aircraft</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For leases under IFRS 16 the Company recognizes a provision to estimate the costs for work required to be performed just before the redelivery of the aircraft to the lessors and which does not depend on the aircraft utilization. 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top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Some property leases contain variable payment terms that are linked to the number of passengers or employees using the areas. 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Net employee defined benefit<br></strong></div></th>
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top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; 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line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: times new roman; 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margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;"><tr style="font-size: 0px;"><td style="width:9%;"></td><td style="vertical-align:bottom;;width:3%;"></td><td style="width:88%;"></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Eligibility:</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">All employees</div></td></tr><tr style="font-family: times new roman; 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The benefits consist of 6.54% of eligible earnings accumulated for each year of service. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The actuarial liability is recognized for the legal obligation under the formal terms of the plan, and for the implied projections as required under IAS 19R. These actuarial projections do not constitute a legal obligation for the Company. </div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><br/></div>  <div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following table summarizes the components of net benefit expense included under &#8220;Wages, salaries, benefits and other employees&#180; expenses&#8221; in the accompanying consolidated statement of profit or loss: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; 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top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Fair&#160;value&#160;of<br/>assets</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Defined&#160;benefit<br/>assets&#160;(liability)</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Current service cost</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">2,393</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Interest cost on net benefit obligation</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">706</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(731</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(25</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; 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top: 0px;;display:inline;">457</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">457</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; 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top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(2,026</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Net benefit expense</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">1,530</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1pt;"><td style="height:16;">&#160;</td><td colspan="4" style="height:16;">&#160;</td><td colspan="4" style="height:16;">&#160;</td><td colspan="4" style="height:16;">&#160;</td></tr><tr style="font-family: times new roman; 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top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Fair value of<br/>assets</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Defined benefit<br/>assets (liability)</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">2,192</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">2,192</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(979</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(92</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Net benefit expense</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">3,079</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">2,100</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1pt;"><td style="height:16;">&#160;</td><td colspan="4" style="height:16;">&#160;</td><td colspan="4" style="height:16;">&#160;</td><td colspan="4" style="height:16;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="white-space: nowrap; padding-bottom: 1pt; font-size: 8pt;;vertical-align:bottom;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Year ended December&#160;31,2018</div></div></div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Defined benefit<br/>obligation</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Fair value of<br/>assets</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Defined benefit<br/>assets (liability)</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Current service cost</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">2,105</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Interest cost on net benefit obligation</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">642</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(666</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(24</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Net benefit expense</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; 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border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Defined&#160;benefit<br/>obligation</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Fair&#160;value&#160;of<br/>assets</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(2,105</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Interest (cost) income</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">24</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">483</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">483</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; 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top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">67</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">67</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); 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top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(68</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(68</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">28,339</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(680</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(2,192</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(2,192</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">92</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; 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top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1,681</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Invesment return</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; 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top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1,874</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; 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top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,026</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); 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top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1,028</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for employee benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2020-01-01<br> -Section Scope<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2020-en-r&amp;doctype=Standard&amp;dita_xref=IAS19_g2-7_TI<br> -URIDate 2020-01-01<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Intangible assets<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsExplanatory', window );">Intangible assets</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">16.</div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Intangible assets </div></div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;">&#160;</div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;">&#160;</div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:69%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Other intangibles assets</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Goodwill</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; 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top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; 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top: 0px;;display:inline;">(18,437</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Disposals</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; 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top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1,020</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(1,020</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Disposals</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; 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line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; 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top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(96,820</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-size: 1pt;"><td style="height:8;">&#160;</td><td colspan="4" style="height:8;">&#160;</td><td colspan="4" style="height:8;">&#160;</td><td colspan="4" style="height:8;">&#160;</td><td colspan="4" style="height:8;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; 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Goodwill is tested for impairment annually as at September&#160;30 and when circumstances indicate that the carrying value may be impaired. The Company considers the relationship between its market capitalization and its book value, among other factors, when reviewing for indicators of impairment. On December&#160;31, 2020, the market capitalization of the Company was below the book value of its equity, indicating a potential impairment of goodwill and impairment of the assets of the operating segment. 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When estimating the cash flows for use in the residual value calculation, it is essential to clearly define the normalized cash flows level, the appropriate discount rate for the degree of risk inherent in that return stream, and a constant future growth rate for the related cash flows. To estimate the value, the Gordon Growth Model was used. </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:3%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Discount rates &#8211; The selected <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">pre-tax</div> rate of 13.8% represents the current market assessment of the risks specific to the CGU, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Company and its operating segment and is derived from its <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">pre-tax</div> weighted average cost of capital (WACC). The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Company&#8217;s investors. The cost of debt is based on the interest-bearing borrowings the Company is obliged to service. Segment-specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-indent: 9%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">A rise in the discount rate to 15.2% (i.e., +1.4%) would result in an impairment. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Other intangible assets </div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Intangible assets in process </div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets in process as of December&#160;31, 2020 and 2019 mainly comprise the development of operational systems. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">During 2020, the Company capitalized $10.8&#160;million on marketing, sales and human resources programs. During 2019, the Company capitalized $23.6&#160;million of the new tickets reservation system. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">As of December&#160;31, 2020 the amount of $1.0&#160;million recognized as &#8220;Impairment of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-financial</div> assets&#8221;&#160;in the consolidated statement of profit or loss, is related to intangibles in process that will not continue to develop as&#160;consequence of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Covid-19</div> pandemic. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In addition, the Company identified and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">wrote-off</div> $2.5&#160;million, net of amortization related to capitalized software that were discontinued as a result of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfIntangibleAssetsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2020-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2020-en-r&amp;doctype=Standard&amp;dita_xref=IAS38_g118-128_TI<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfIntangibleAssetsExplanatory</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td>nonnum:textBlockItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921886643032">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other assets<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TextBlockAbstract', window );"><strong>Text block [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherAssetsExplanatory', window );">Other assets</a></td>
<td class="text"><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">17.</div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Loans and borrowings<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); 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top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; 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top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">19,995</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(489</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">230,510</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">99,051</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">375,683</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(103,069</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(84</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">32,034</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">304,564</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Dividends payable</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(110,438</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(110,438</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Trade, other payables and financial liabilities<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of financial liabilities. [Refer: Financial liabilities]</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accrued expenses payable<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="text"><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">20.</div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; 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For members of management, profit-sharing is based on a combination of the Company&#8217;s performance as a whole and the achievement of individual goals. Profit-sharing for <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-management</div> employees is based solely on the Company&#8217;s performance. The accrual at <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">year-end</div> represents the amount expensed for the current year, which is expected to be settled within 12 months. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other long-term liabilities<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherLongtermLiabilitiesExplanatory', window );">Other long-term liabilities</a></td>
<td class="text"><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">21.</div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Adjustment</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(178</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(178</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Effect of movements in exchange rates</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(2,108</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(990</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for income taxes.</p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921861787416">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accounts and transactions with related parties<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TextBlockAbstract', window );"><strong>Text block [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfRelatedPartyExplanatory', window );">Accounts and transactions with related parties</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">23.</div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Accounts and transactions with related parties </div></div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;">&#160;</div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:87%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-weight:bold;display:inline;">Account receivable -</div></div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Banco General, S.A.</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,231</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">24</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Panama Air Cargo Terminal</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">186</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">101</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Petr&#243;leos Delta, S.A.</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">12</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">22</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">1,429</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">147</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Account payable -</div></div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Petr&#243;leos Delta, S.A.</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">2,476</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">13,330</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">283</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; 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Likewise, Banco General, S. A. owns ProFuturo Administradora de Fondos de Pensi&#243;n y Cesant&#237;a S.A., which manages the Company&#8217;s reserves for pension purposes. 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margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"></div> <div style="clear: both; max-height: 0px;"></div>  <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Company has not set aside any additional funds for future payments to executive officers, other than one pursuant to a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-compete</div> agreement for $3.0&#160;million established in 2006 (see note 21). </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2020-01-01<br> -Section Disclosures<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2020-en-r&amp;doctype=Standard&amp;dita_xref=IAS24_g13-24_TI<br> -URIDate 2020-01-01<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Equity<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">24.</div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Equity </div></div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Common stock </div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The authorized capital stock consists of 80&#160;million shares of common stock without par value, divided into Class&#160;A shares, Class&#160;B shares, and Class&#160;C shares. 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The Class&#160;B shares may only be held by Panamanians, and upon registration of any transfer of a Class&#160;B share to a holder that does not certify that it is Panamanian, such Class&#160;B share shall automatically convert into a Class&#160;A share. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Transferees of Class&#160;B shares will be required to deliver to the Company a written certification of their status as Panamanian as a condition to registering the transfer to them of Class&#160;B shares. </div></div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;"><div style="display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:3%;"><div style="display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Class&#160;C shares </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Independent Directors Committee of the Board of Directors, or the Board of Directors as a whole if applicable, is authorized to issue Class&#160;C shares to the Class&#160;B holders pro rata in proportion to such Class&#160;B holders&#8217; ownership of Copa Holdings. The Class&#160;C shares will have no economic value and will not be transferable except to Class&#160;B holders, but will possess such voting rights as the Independent Directors Committee shall deem necessary to ensure the effective control of the Company by Panamanians. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Class&#160;C shares will be redeemable by the Company at such time as the Independent Directors Committee determines that such a triggering event shall no longer be in effect. The Class&#160;C shares will not be entitled to any dividends or any other economic rights. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Class&#160;A shares are listed on the NYSE under the symbol &#8220;CPA.&#8221; The Class&#160;B shares and Class&#160;C shares will not be listed on any stock exchange unless the Board of Directors determines that it is in the best interest of the Company to list the Class&#160;B shares on the Panama Stock Exchange. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Dividends </div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The payment of dividends on shares is subject to the discretion of the Board of Directors. Under Panamanian law, the Company may pay dividends only out of retained earnings and capital surplus. The Articles of Incorporation provides that all dividends declared by the Board of Directors will be paid equally with respect to all of the Class&#160;A and Class&#160;B shares. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In February 2016, the Board of Directors of the Company approved to change the dividend policy to base the calculation of the payment of yearly dividends to shareholders in an amount of up to 40% of the prior year&#8217;s annual consolidated underlying net income, distributed in equal quarterly installments upon board ratifications. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;">During the first quarter of 2020, the Company paid dividends in the amount of $80 cents per share. Given the uncertainty related to the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Covid-19</div> pandemic, including the effect on future air travel demand, on April&#160;26, 2020 the Board of Directors postponed dividend payments for the remaining quarters of 2020. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In 2019, the Company paid quarterly dividends in the amount of $65 cents per share. </div></div></div><div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Treasury stock </div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">When shares recognized as equity are repurchased, the amount of the consideration paid, which includes directly attributable cost net of any tax effects, is recognized as a deduction from equity and presented separately in the balance sheet. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is presented within share premium. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Since treasury stock is not considered outstanding for share count purposes, it is excluded from average common shares outstanding for basic and diluted earnings per share. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In November, 2014, the Board of Directors of the Company approved a $250&#160;million share repurchase program. Purchases will be made from time to time, subject to market and economic conditions, applicable legal requirements, and other relevant factors. Between November 2014 and September 2015, the Company repurchased 2,310,492 shares for a total amount of $136.4&#160;million. As of December&#160;31, 2019, the Company had $113.6&#160;million remaining to purchase shares under its share repurchase program. </div></div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share-based payments<br></strong></div></th>
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<td class="text"><div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">25.</div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Share-based payments </div></div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Company has established equity compensation plans under which it administers restricted stock, stock options, and certain other equity-based awards to attract, retain, and motivate executive officers, certain key employees, and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-employee</div> directors to compensate them for their contributions to the growth and profitability of the Company. Shares delivered under this award program may be sourced from treasury stock, or authorized unissued shares. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s equity compensation plans are accounted for under IFRS 2 <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Share-Based Payment</div> (&#8220;IFRS 2&#8221;). IFRS 2 requires companies to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award or at fair value of the award at each reporting date, depending on the type of award granted. 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font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Vesting conditions</div></div></div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Contractual<br/>life</div></div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">April, 2015</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">4,915</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">15% first three anniversaries</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">25% fourth</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">30% fifth anniversary</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">5&#160;years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">June, 2015</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:right;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,839</div></td><td style="white-space: nowrap;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="font-size: 10pt;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">15% first three anniversaries</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">25% fourth</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">30% fifth anniversary</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="text-align:center;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">February,&#160;2016</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">147,000</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">15% first three anniversaries</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">25% fourth</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">30% fifth anniversary</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">5 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">February, 2016</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:right;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">63,000</div></td><td style="white-space: nowrap;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Fifth anniversary</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="text-align:center;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">May, 2016</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">7,899</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">15% first three anniversaries</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">25% fourth</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">30% fifth anniversary</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">5 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">February, 2017</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:right;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">22,012</div></td><td style="white-space: nowrap;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">One-third</div> every anniversary</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="text-align:center;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">February, 2017</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">11,980</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">One-third</div> every anniversary</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">3 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">February, 2017</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:right;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,237</div></td><td style="white-space: nowrap;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Third anniversary</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="text-align:center;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">February, 2018</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">21,556</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">7% first month</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">31% first three anniversaries</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">3 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">February, 2018</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:right;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">14,379</div></td><td style="white-space: nowrap;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">33% first three anniversaries</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="text-align:center;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">February, 2018</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">1,316</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">15% first three anniversaries</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">25% fourth</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">30% fifth anniversary</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">5 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">July, 2018</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:right;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">6,104</div></td><td style="white-space: nowrap;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Third anniversary</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="text-align:center;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">February, 2019</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">15,951</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">1% first month</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">33% first three anniversaries</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">3 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">June, 2019</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:right;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">9,256</div></td><td style="white-space: nowrap;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">33% first three anniversaries</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="text-align:center;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">June, 2019</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">977</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">33% first three anniversaries</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">3 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">August, 2019</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:right;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,039</div></td><td style="white-space: nowrap;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">33% first three anniversaries</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="text-align:center;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">December, 2019</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">1,724</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">100% first anniversary</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">1 year</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">February, 2020</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:right;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">24,650</div></td><td style="white-space: nowrap;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="font-size: 10pt;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">1% first month</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">33% first three anniversaries</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="text-align:center;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">December,&#160;2020</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">3,551</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for share-based payment arrangements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2020-01-01<br> -Paragraph 44<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_44&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
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<td style="white-space:nowrap;">ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory</td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921861862440">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Earnings per share<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TextBlockAbstract', window );"><strong>Text block [abstract]</strong></a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfEarningsPerShareExplanatory', window );">Earnings per share</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">26.</div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Earnings per share </div></div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;">Basic earnings per share amounts are calculated by dividing the net profit (loss) for the year attributable to ordinary equity holders of the parent by the weighted average number of shares outstanding during the year, increased by the number of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> dividend participating share-based payment awards outstanding during the period. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Diluted earnings per share amounts are calculated by dividing the net profit (loss) attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares, when the effect of their inclusion is dilutive (decreases earnings per share or increases loss per share). </div></div></div> <div style="font-family: times new roman; 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font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); 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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2020-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2020-en-r&amp;doctype=Standard&amp;dita_xref=IAS33_g70-73A_TI<br> -URIDate 2020-01-01<br></p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921861875512">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments and contingencies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TextBlockAbstract', window );"><strong>Text block [abstract]</strong></a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory', window );">Commitments and contingencies</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">27.</div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Commitments and contingencies </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; 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margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="display:inline;">&#160;&#160;</div></td><td colspan="2" style="text-align:right;;vertical-align:bottom;"><div style="display:inline;">$2,975,408</div></td><td style="vertical-align:bottom;"><div style="display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="display:inline;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"></div> <div style="clear: both; max-height: 0px;"></div>   <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As of December&#160;31,2020 the Company has paid $410.9&#160;million (2019: $468.8 million) in predelivery deposits related to the purchase contract with Boeing for the 737 MAX aircraft. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">From March 2019 to November&#160;18, 2020, the Federal Aviation Administration (FAA) grounded all U.S. registered Boeing 737 MAX aircraft an action that was followed by most of the world&#8217;s aviation regulators, including Panamanian aviation regulators. As a consequence, during February 2021, the Company has reached an agreement with Boeing regarding compensation related to the damages that it has suffered during this period. Terms remain confidential (see note 29). </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Labor unions </div></div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Approximately 66.3% of the Company&#8217;s 5,667 employees are unionized. There are currently nine (9)&#160;union organizations, five (5)&#160;covering employees in Panama and four (4)&#160;covering employees in Colombia. The Company traditionally had good relations with its employees and with all the unions and expects to continue to enjoy good relations with its employees and the unions in the future. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;">The five (5)&#160;unions covering employees in Panama include the pilots&#8217; union (UNPAC); the flight attendants&#8217; union (SIPANAB); the mechanics&#8217; union (SITECMAP), the industry union (SIELAS), which represents ground personnel, messengers, drivers, passenger service agents, counter agents, and other <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-executive</div> administrative staff, and other industry union named UGETRACA which represents ground personnel and flight attendants. </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Copa entered into collective bargaining agreements with the pilot&#8217;s union in July 2017, the industry union in December 2017, the mechanics&#8217; union in June 2018 and the flight attendants&#8217; union in October 2018. Copa does not have a collective bargain agreement negotiated with UGETRACA because they do not have the eligible amount of employees. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Collective bargaining agreements in Panama typically have terms of four years. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The four (4)&#160;unions covering employees in Colombia are: the pilots&#8217; union (ACDAC), the flight attendants&#8217; union (ACAV), the industry union (SINTRATAC), and the Mechanics Union (ACMA), approximately 39.0% of the Company&#8217;s 418 employees are unionized. </div></div></div> <div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Copa entered into collective bargaining with ACDAC and ACAV in January 2018. ACDAC has not yet resolved and ACAV ended with a new arbitration collective document for two years that expired in September 2020. This new arbitration was authomatically extended until March 2021. Additionally, SINTRATAC and Copa entered into collective bargaining agreement in December 2017 for terms of four years until December 2021. Negotiations with ACMA were resolved by arbitration on December&#160;31, 2015, extending the validation every 6 months from this date, until June&#160;30, 2018. ACMA has not presented a new bill of petition. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Typically, collective bargaining agreements in Colombia have terms of two to three years. Although Copa Colombia usually settles many of its collective bargaining agreement negotiations through arbitration proceedings, it has traditionally experienced good relations with its unions. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In addition to unions in Panama and Colombia, the Company&#8217;s employees in Brazil are covered by industry union agreements that cover all airline industry employees in the country and airport employees in Argentina are affiliated to an industry union (UPADEP). </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Lines of credit for working capital and letters of credit </div></div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company maintained letters of credit with several banks with a value of $44.3&#160;million as of December&#160;31, 2020 (2019: $25.8 million). These letters of credit are pledged mainly for International Air Transport Association (IATA) settlement systems, operating lessors, maintenance providers and airport operators. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company has committed unsecured credit facilities of $200.0&#160;million, currently undrawn. In addition, the Company closed a secured revolving credit facility for an initial aggregate amount of $105.0&#160;million. Including this facility, the Company has $305.0&#160;million in unutilized committed credit facilities as of December&#160;31, 2020 (2019: $305.0 million). These credit facilities have been put in place for contingency and working capital purposes. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Tax audit </div></div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company received notifications from the tax authorities in Panama on February 2020 and in Colombia on November 2020 and March 2016. The Company, along with its tax advisors, has concluded that it is not probable that an outflow of resources embodying economic benefits will be required to settle them, especially considering that the Company has enough arguments to support its position and also taking into consideration that both cases are in the preliminary stages. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In February 2020, the Company received two notifications from the tax authority in Panama related to a tax audit process that began in 2019. The notification includes potentially significant adjustments to the reported dividend tax for the years 2012 to 2016 and income tax 2016. The Company has filed an administrative appeal which is the first legal stage under Panamanian laws. The Company, along with its tax advisors, has concluded that is probable that the Company&#8217;s tax position will be upheld. As a result, is not probable that the Company will incur any significant additional tax as result. According to Panamanian laws, the statute of limitations is 3 and 15 years for income tax and dividend tax, respectively. </div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of commitments and contingent liabilities. [Refer: Contingent liabilities [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921861916344">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial instruments - Risk management and fair value<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory', window );">Financial instruments - Risk management and fair value</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">28.</div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Financial instruments - Risk management and fair value </div></div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In the normal course of its operations, the Company is exposed to a variety of financial risks: market risk (especially cash flow, currency, commodity prices and interest rate risk), credit risks and liquidity risk. The Company has established risk management policies to minimize potential adverse effects on the Company&#8217;s financial performance: </div></div></div><div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:5%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">28.1</div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Fuel price risk </div></div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company has risks that are common in its industry, related to the price level of aircraft fuel, which can significantly affect its operations, financial position and liquidity. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In the past the Company has entered into financial derivative contracts in an effort to mitigate this risk, but with inconsistent results. The Company has not entered into new fuel hedge contracts, and has adopted a new strategy of remaining unhedged, while regularly reviewing its policies based on market conditions and others factors. As of December&#160;31, 2020 and 2019 , the Company did not have any outstanding fuel hedge contracts. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Fuel price risk is estimated as a hypothetical 10% increase in the December&#160;31, 2020 cost per gallon of fuel. Based on projected 2021 fuel consumption, such an increase would result in an increase to aircraft fuel expense of approximately $21.3&#160;million in 2021 (unaudited). 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Assets and liabilities in foreign currency are translated using the exchange rates at the end of the period, except for <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-monetary</div> assets and liabilities that are translated at the equivalent cost of the U.S. dollar at the acquisition date and maintained at the historical rate. The results of foreign operations are translated using the average exchange rates that were in place during the period. Gains and losses deriving from exchange rates are included within &#8220;(Loss) Gain on foreign currency fluctuations&#8221; in the consolidated statement of profit or loss. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The majority of the Company&#8217;s obligations are denominated in U.S. dollars. Since Panama uses the U.S. dollar as legal tender, the majority of the Company&#8217;s operating expenses are also denominated in U.S. dollars, approximately 65.7% of revenues and 86.0% of expenses. A significant part of our revenue is denominated in foreign currencies, including the Brazilian real, Colombian peso and Argentinian peso, which represented 9.5%, 9.1% and 4.0%, respectively (2019: 8.7%, 8.3% and 4.8% respectively).</div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Generally, the Company&#8217;s exposure to most of these foreign currencies, is limited to the period of up to two weeks between the completion of a sale and the conversion to U.S. dollar. 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top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div>   <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Accounts receivable </div></div></div></div> <div style="clear: both; max-height: 0px;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Regarding credit risk originating from commercial accounts receivable, the Company does not consider it significant since most of the accounts receivable can be easily converted into cash, usually in periods no longer than one month. The risk is managed by each business unit subject to the Company&#8217;s established policy, procedures and control relating to customer credit risk management. Specific credit limits and payment terms have been established according to periodic analysis of the client&#8217;s payment capacity. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">A considerable amount of the Company&#8217;s tickets sales are processed through major credit cards, resulting in accounts receivable that are generally short-term and usually collected before revenue is recognized. 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">6,483</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="18" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Days past due</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); 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top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">0.1</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The income and operating cash flows of the Company are substantially independent of changes in interest rates, because the Company does not have significant assets that generate interest except for surplus cash and cash equivalents and short and long-term investments. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Interest rate risk originates mainly from long-term debt related to aircraft financing. 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top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Carrying<br/> amount</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Contractual<br/> cash flow</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Loans and borrowings</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); 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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921861889608">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent events<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory', window );">Subsequent events</a></td>
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Awards under these plans will grant approximately 136,654 shares of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> stock, which will vest over a period of three to five years. 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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921838102168">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant accounting policies (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory', window );">Basis of consolidation</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;">&#160;</td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(a)</div></div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Basis of consolidation</div></div><div style="font-weight:bold;display:inline;"> </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">These consolidated financial statements comprise the financial statements of the Company and its subsidiaries. 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top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Ownership<br/> interest</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Copa Airlines</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Panama</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">99.9</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">99.9</div></td><td style="white-space: nowrap; 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top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">99.9</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">99.9</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Oval</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">British&#160;Virgin&#160;Islands</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">100</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">100</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory', window );">Current versus non-current classification</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(b)</div></div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Current versus <div style="white-space: nowrap; 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top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:10%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:2%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">expected to be realized within twelve months after the reporting period, or </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:10%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:2%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">cash or cash equivalent, unless restricted. </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">All other assets are classified as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-current.</div> </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">A liability is current when: </div></div></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:10%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:2%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">it is expected to be settled in the normal operating cycle </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:10%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:2%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">it is due to be settled within twelve months after the reporting period, or </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:10%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:2%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Company classifies all other liabilities as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-current.</div> </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Deferred tax assets and liabilities are classified as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-current</div> assets and liabilities. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;">&#160;</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory', window );">Foreign currencies</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(c)</div></div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Foreign currencies </div></div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s consolidated financial statements are presented in U.S. dollars, which is the Company&#8217;s functional currency. The Company determines the functional currency for each entity, and the items included in the financial statements of each entity are measured using that functional currency. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Transactions and balances </div></div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Transactions in foreign currencies are initially recorded by the Company at the respective functional currency spot rates on the date when the transaction first qualifies for recognition. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot exchange rate at the reporting date. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-monetary</div> items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Foreign exchange gains and losses are included in the exchange rate difference line&#160;in the consolidated statement of profit or loss for the year. </div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue', window );">Revenue recognition</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(d)</div></div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Revenue recognition </div></div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Revenue is recognized when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The consideration received or receivable is measured taking into account contractually defined terms of payment and excluding taxes or duties. 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The amount of passenger ticket sales, not yet recognized as revenue, is reflected under &#8220;Air traffic liability&#8221; in the consolidated statement of financial position. Refundable and nonrefundable tickets expire after one year from the date of issuance. </div></div></div> <div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In addition, revenue is recognized for tickets that are expected not to be used, the Company performs a monthly liability evaluation using its historical experience with refundable and nonrefundable expired tickets and other facts. A year after the sale is made, actual ticket breakage is removed from &#8220;Air Traffic liability&#8221; and the provision is reversed. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Typically, unused tickets expire after one year, and any revenue associated with tickets sold for future travel is recognized within 12 months. In response to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Covid-19,</div> the Company is extending the ticket expiration date up to December 2021, only for tickets purchased on or before December&#160;31, 2020 and with original travel dates ending on or before December&#160;31, 2020. As such, any revenue associated with these tickets will not be recognized until the new flight date. Additionally, given this change in travel schedule, the Company&#8217;s estimates of revenue from unused tickets may be subject to variability and may differ from historical averages. </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company sells certain tickets with connecting flights with one or more segments operated by its other airline partners. For segments operated by other airline partners, the Company has determined that it is acting as an agent on behalf of the other airlines as they are responsible for their portion of the contract. The Company, as the agent, reduces its &#8220;Air traffic liability&#8221; when consideration is remitted to those airlines, and recognizes revenue for the net amount representing commission to be retained by the Company for any segments flown by other airlines. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Denied boarding compensation made to customers for voluntarily or involuntarily denied boarding reduces revenue when the voucher is issued to the passenger. </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:10%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:2%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Frequent flyer program </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s frequent flyer program objective, is to reward customer loyalty. Members in this program earn miles for travel on Copa Airlines, Star Alliance partners&#8217; airlines and also by purchasing the goods and services of the Company network of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-airline</div> partners and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">co-branded</div> credit cards. The miles or points earned can be exchanged for flights on Copa or any of other Star Alliance partners&#8217; airlines. </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Passenger revenue includes flights redeemed under our frequent flyer program. When a passenger elects to receive Copa&#8217;s frequent flyer miles in connection with a flight, the Company recognizes a portion of the tickets sale as revenue when the air transportation is provided and recognizes a deferred liability (Frequent flyer deferred revenue) for the portion of the ticket sale representing the value of the related miles as a separate performance obligation. To determine the amount of revenue to be deferred, the Company estimates and allocates the fair value of the miles that were essentially sold along with the airfare, based on a weighted average ticket value, which incorporates the expected redemption of miles including factors such as redemption pattern, cabin class and geographic region. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">A statistical model that estimates the percentages of points that will not be redeemed before expiration is used to estimate breakage.&#160;The breakage and the fair value of the miles are reviewed at least annually, and any adjustments are reflected on a prospective basis to passenger revenues. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company calculates the short and long-term portion of the frequent flyer deferred revenue, using a model that includes estimates based on the members&#180; redemption rates projected by management due to clients&#8217; behavior. </div></div></div> <div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Currently, when a member of another carrier frequent flyer program redeems miles on a Copa Airlines flight, those carriers pay to the Company a per mile rate. The rates paid by them depend on the class of service, the flight length, and the availability of the reward and is included in passenger revenues. </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:10%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:2%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Ancillaries revenues </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Primarily composed of services performed in conjunction with a passenger&#8217;s flight, including administrative fees (such as ticket change fees), baggage fees, and other ticket-related fees. These ancillary fees are part of the travel performance obligation and, as such, are recognized as passenger revenue when the travel occurs. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Cargo and mail revenue </div></div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cargo and mail revenue is recognized when the Company provides and completes the shipping services as requested by the client and the risks on the merchandise and goods are transferred. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Other operating revenue </div></div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Other operating revenue includes revenue associated with the marketing component of the frequent flyer program. This revenue is comprised of the marketing component of mileage sales to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">co-branded</div> card, other partners and other marketing related payments. </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Company sells miles to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-airline</div> businesses with which it has marketing agreements. The main contracts to sell miles are related to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">co-branded</div> credit card relationships with major banks in the region. The Company determined the selling prices of miles according to a method which allocates consideration based upon the relative selling price of the deliverables. The relative selling price of the deliverables is determined based upon the estimated standalone selling prices of each deliverable in the arrangement and is allocated between the miles sold to the passenger (as described above) and the marketing elements. Revenue allocated to the performance obligations related to, marketing components, is recorded in other operating revenue when miles are delivered. </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The remaining amounts included within other revenue are related to lease income, advertising and vacation-related services. </div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="font-size: 18pt; margin-top: 0px; margin-bottom: 0px;">&#160;</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(e)</div></div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Cash and cash equivalents </div></div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents in the statement of financial position, comprise cash on hand and in banks, money market accounts, and time deposits with original maturities of three months or less from the date of purchase. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Company evaluates the term and conditions relating to its restricted cash to determine where it should be presented, as current assets in cash and cash equivalents or as <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-current</div> assets in long-term investments. </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash net of outstanding bank overdrafts, if any. The Company has elected to present the statement of cash flows using the indirect method. </div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;">&#160;</div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory', window );">Financial instruments</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(f)</div></div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Financial instruments </div></div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. </div></div></div> <div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Financial assets </div></div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s financial assets include cash and cash equivalents, short and long-term investments and accounts receivable. </div></div></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(i)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Initial recognition and measurement </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The classification of financial assets at initial recognition depends on the financial assets contractual cash flow characteristics and the Company&#8217;s business model for managing them. With the exception of accounts receivables that do not contain a significant financing component or for which the Company has applied the practical expedient, the Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Accounts receivable that do not contain a significant financing component or for which the Company has applied the practical expedient are measured at the transaction price. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In order for a financial asset to be classified and measured at amortized cost or fair value through OCI, it needs to give rise to cash flows that are &#8216;solely payments of principal and interest&#8217; (SPPI) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">All financial assets are recognized on the trade date, which is the date on which the Company becomes a party to the contractual provisions of an instrument. </div></div></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(ii)</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Subsequent measurement </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; 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max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:10%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:2%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The effect of credit risk does not &#8216;dominate the value changes&#8217; that result from that economic relationship. </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:10%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:2%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Company actually hedges and the quantity of the hedging instrument that the Company actually uses to hedge that quantity of hedged item. </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As of December&#160;31, 2020 and 2019, the Company does not have financial instruments designated under hedge accounting. </div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;">&#160;</div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory', window );">Impairment of non - financial assets</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(g)</div></div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Impairment of non - financial assets </div></div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company assesses at each reporting date whether there is an indication that an asset or its cash-generating unit (CGU) may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset&#8217;s or CGU&#8217;s recoverable amount. The recoverable amount is the higher of an asset&#8217;s or its CGU&#8217;s fair value less costs to sell and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or group of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">In assessing value in use, the estimated future cash flows are discounted to their present value using a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">pre-tax</div> discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. </div></div> <div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Impairment losses of continuing operations, including impairment on inventories, are recognized under &#8220;Impairment of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-financial</div> assets&#8221; in the consolidated statement of profit or loss. </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For assets, excluding goodwill, an assessment is made at each reporting date to determine whether there is any indication that previously recognized impairment losses no longer exist or may have decreased. If such indication exists, the Company estimates the asset&#8217;s or CGU&#8217;s recoverable amount. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset&#8217;s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of profit or loss. </div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="font-size: 18pt; margin-top: 0px; margin-bottom: 0px;">&#160;</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfAccountingPolicySeniorConvertibleNotesExplanatoryPolicyTextBlock', window );">Senior convertible notes</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;">&#160;</td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(h)</div></div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Senior convertible notes </div></div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Senior convertible notes are classified as hybrid instruments that comprises a debt host contract for the interest and principal payments plus a derivative instrument for the conversion option. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The initial carrying amount of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-derivative</div> host contract is the difference between the fair value minus transaction costs of the hybrid instrument and the fair value of the embedded derivative. Under this approach, all of the transaction costs are always allocated to and deducted from the carrying amount of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-derivative</div> host contract on initial recognition. </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">After initial recognition, the debt host contract would be measured at amortized cost and the derivative liability, not being closely related to the debt host contract, would be measured at fair value through profit or loss.</div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;">&#160;</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DescriptionOfAccountingPolicyForExpendablePartsAndSuppliesExplanatory', window );">Expendable parts and supplies</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;">&#160;</td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(i)</div></div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Expendable parts and supplies </div></div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Expendable parts and supplies for flight equipment are carried at the lower of the average acquisition cost or replacement cost, and are expensed when used in operations. The replacement cost is the estimated purchase price in the ordinary course of business.</div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;">&#160;</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DescriptionOfAccountingPolicyForPassengerTrafficCommissionsExplanatory', window );">Passenger traffic commissions</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(j)</div></div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Passenger traffic commissions </div></div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Passenger traffic commissions are recognized as expense when transportation is provided and the related revenue is recognized. Passenger traffic commissions paid but not yet recognized as expense are included under &#8220;Prepaid expenses&#8221; in the accompanying consolidated statement of financial position.</div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;">&#160;</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory', window );">Property and equipment</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(k)</div></div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Property and equipment </div></div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment comprise mainly airframe, engines, and other related flight equipment. All property and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">When a major maintenance inspection or overhaul cost is embedded in the initial purchase cost of an aircraft, the Company estimates the carrying amount of the component. These initial <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">built-in</div> maintenance assets are depreciated over the estimated time period until the first maintenance event is performed. The cost of major maintenance events completed after the aircraft acquisition are capitalized and depreciated over the estimated time period until the next major maintenance event. The remaining value of the previously capitalized component if any, is charged to expense upon completion of the subsequent maintenance event. </div></div> <div style="font-size: 1px; margin-top: 6px; margin-bottom: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company recognizes the depreciation on a straight-line basis which for some aircraft components is akin to depreciation based on use, over the estimated useful life of the assets. Depreciation is recognized in the consolidated statement of profit or loss from the date the property, and equipment is installed and ready for use. </div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div>  <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;"><tr style="font-size: 0px;"><td style="width:41%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td style="width:37%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td style="width:18%;"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="border-bottom: 1pt solid rgb(0, 0, 0); white-space: nowrap; font-size: 8pt;;vertical-align:bottom;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Property and equipment</div></div></div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;;text-align:center;;vertical-align:bottom;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Estimate&#160;useful life (years)</div></div></div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;;text-align:center;;vertical-align:bottom;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Residual Value</div></div></div></div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; 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font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Airframe and engines</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">27</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">15%</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Major maintenance events</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; 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top: 0px;;display:inline;">Ramp and miscellaneous</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Ground equipment</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">10</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Furniture, fixture, equipment and other</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">5-10</div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); 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font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;"><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td colspan="5" style="vertical-align:top;"><div style="text-indent: -2em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(*)&#8194;&#8201;&#8202;Excluding the Embraer 190 and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">737-700</div> fleet, see note 13.</div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; 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max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">An item of property and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the asset is derecognized. </div></div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;">&#160;</div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The costs of major maintenance events for leased aircraft are capitalized and depreciated over the shorter of the scheduled usage period to the next major inspection event or the remaining life of lease term (as appropriate), the remaining value of the previously capitalized maintenance or the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">right-of-use</div></div> asset (&#8220;ROU&#8221;) component if any, is charged to expense upon completion of the subsequent maintenance event. </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The residual values, useful lives, and methods of depreciation of property and equipment are reviewed at each financial <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">year-end</div> and adjusted prospectively, if appropriate. </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The land owned by the Company is recognized at cost less any accumulated impairment. </div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;">&#160;</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory', window );">Leases</a></td>
<td class="text"><div style="margin-bottom: 0px; margin-top: 0px;">&#160;</div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;">&#160;</td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(l)</div></div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Leases </div></div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">At inception of a contract, the Company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. 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font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company has the right to obtain substantially all of the economic benefits from use of the identified asset; and </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; 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max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">At the commencement date, the Company recognizes a ROU and a lease liability. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; 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font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">any initial direct costs incurred by the lessee; and </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; 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font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories. The Company incurs the obligation for those costs either at the commencement date or as a consequence of having used the underlying asset during a particular period. </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The ROU is subsequently depreciated using the straight line method from the commencement date to the earlier of the end of the useful life of the ROU or component, or lease term. 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font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; 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line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; 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font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or a rate, if there is a change in the Company&#8217;s estimated amount expected to be payable under a residual value guarantee or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the ROU, or is recorded in profit or loss if the carrying amount of ROU has been reduced to zero. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Financing arrangements where is certain that the asset will be purchased at the end of the lease term, are &#8220;in substance purchases&#8221; and not leases, in those cases, the related liability is considered a financial liability under IFRS 9 and the asset, as property and equipment, according to IAS 16. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company has elected not to recognize ROU and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low value assets. 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Revenue from operating leases is recognized over the lease term on a straight-line basis as part of other operating revenue. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Initial direct costs incurred by the Company in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized as an expense over the lease term on the same basis as the related lease income. </div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;">&#160;</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DescriptionOfAccountingPolicyForIntangibleAssetsExplanatory', window );">Intangible assets</a></td>
<td class="text"> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;">&#160;</td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(m)</div></div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Intangible assets </div></div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Goodwill</div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred over the net identifiable assets acquired and liabilities assumed of the acquired subsidiary at the date of acquisition. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Company&#8217;s CGU or group of CGU&#8217;s that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. </div></div></div> <div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Other&#160;&#160;</div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">&#160;&#160;intangible assets </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangible assets, excluding capitalized development costs, are not capitalized and the expenditure is reflected in the consolidated statement of profit or loss in the year in which the expenditure is incurred. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The useful lives of intangible assets are assessed as either finite or indefinite. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets with finite lives are amortized over their useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite life is recognized in the consolidated statement of profit or loss as the expense category that is consistent with the function of the intangible assets. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Intangible assets with indefinite useful life are not amortized but are tested for impairment at least annually, either individually or at the CGU level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Gains and losses arising from the derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the consolidated statement of profit or loss when the asset is derecognized. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s intangible assets and the policies applied are summarized as follows: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:10%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:2%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Licenses and software rights </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortized using the straight-line method over their estimated useful life (from three to eight years) and the amortization is recognized in the consolidated statement of profit or loss. Costs associated with maintaining computer software programs are recognized as an expense as incurred. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Costs that are directly associated with the production of identifiable and unique software products controlled by the Company and that are estimated to generate economic benefits exceeding costs beyond one year, are recognized as intangible assets. Direct costs include the software development employee costs and an appropriate portion of relevant overheads. These costs are amortized using the straight-line method over their estimated useful life (from five to fifteen years). </div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;">&#160;</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DescriptionOfAccountingPolicyForTaxExplanatory', window );">Taxes</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="break-inside: avoid;"><td style="width:5%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(n)</div></div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;times new roman&quot;; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Taxes</div></div></div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Income tax expense</div></div></div></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Income tax expense comprises current and deferred tax. It is recognized in profit or loss except when related to the items recognized directly in equity or in other comprehensive income (&#8220;OCI&#8221;).</div></div></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 12pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="break-inside: avoid;"><td style="width:10%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:2%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; font-size: 10pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Current income tax</div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company pays taxes in the Republic of Panama and in other countries in which it operates, based on regulations in effect in each respective country.</div></div></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Revenue arises principally from foreign operations, and according to the Panamanian Tax Code, these foreign operations are not subject to income tax in Panama.</div></div></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Panamanian tax code for the airline industry states that tax is based on net income earned for passenger traffic with origin or final destination in the Republic of Panama. The applicable tax rate is currently 25.0%. Dividends from the Panamanian subsidiaries, are separately subject to a 10% withholding tax on the portion attributable to Panamanian sourced income and a 5% withholding tax on the portion attributable to foreign sourced income.</div></div></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company is also subject to local tax regulations in each of the other jurisdictions where it operates, the great majority of which are related to income taxes.</div></div></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in the countries where the Company operates and generates taxable income.</div></div></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions when appropriate.</div></div></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-size: 12pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="break-inside: avoid;"><td style="width:10%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:2%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; font-size: 10pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred tax</div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred tax is calculated using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.</div></div></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilized, except:</div></div></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="break-inside: avoid;"><td style="width:10%;"><div style="display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:2%;"><div style="display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; font-size: 10pt; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">when the deferred tax asset relating to the deductible temporary difference arises from initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit or loss.</div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="break-inside: avoid;"><td style="width:10%;"><div style="display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:2%;"><div style="display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; font-size: 10pt; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">in respect of deductible temporary differences associated with investments in subsidiaries, associates, and interests in joint ventures, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.</div></div></div></td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 1px; margin-top: 6px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. 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font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="break-inside: avoid;"><td style="width:10%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:2%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; font-size: 10pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit or loss.</div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="break-inside: avoid;"><td style="width:10%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:2%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; font-size: 10pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">in respect of taxable temporary differences associated with investments in subsidiaries, associates, and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.</div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred tax assets and liabilitie<div style="letter-spacing: 0px; top: 0px;;display:inline;">s</div>&#160;are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.</div></div></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity.</div></div></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.</div></div></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 12pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Ticket taxes</div></div></div></div><div style="color: rgb(0, 0, 0); font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt; margin-bottom: 0pt; margin-left: 119.969px; font-size: 10pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company is required to charge certain taxes and fees on its passenger tickets. These taxes and fees include transportation taxes, airport passenger facility charges, and certain governmentally imposed airport arrival and departure taxes. These taxes and fees are legal assessments on the customer. Since the Company has a legal obligation to act as a collection agent with respect to these taxes and fees, such amounts are not included in passenger revenue. The Company records a liability when these amounts are collected and derecognizes the liability when payments are made to the applicable government agency or operating carrier.</div></div></div><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory', window );">Borrowing costs</a></td>
<td class="text"> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;">&#160;</td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(o)</div></div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Borrowing costs </div></div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Borrowing costs directly attributable to the acquisition, construction, or production of any qualifying asset, that necessarily takes a substantial period of time to get ready for its intended use or sale, are capitalized as part of the cost of the asset during that period of time. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. </div></div>&#160;</div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;">&#160;</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory', window );">Provisions</a></td>
<td class="text"> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;">&#160;</td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(p)</div></div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Provisions </div></div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Provisions for costs, including restitution, restructuring and legal claims and assessments are recognized when: </div></div></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:10%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:2%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">the Company has a present legal or constructive obligation as a result of past events; </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:10%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:2%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:10%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:2%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8226;</div></td><td style="vertical-align:top;;width:1%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">the amount of obligation can be reliably estimated. </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For aircraft leases, the Company is contractually obliged to return the aircraft in a defined condition. The Company accrues a provision for return conditions which are based on the usage of leased aircraft throughout the duration of the lease. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Return conditions are based on the net present value of the estimated costs of returning the aircraft and are recognized in the consolidated statement of profit or loss under &#8220;Maintenance, materials and repairs&#8221;. 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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory', window );">Employee benefits</a></td>
<td class="text"> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;">&#160;</td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(q)</div></div></div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Employee benefits </div></div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Defined benefit plan</div> </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company sponsors a defined benefit plan, which requires contributions to be made to a separately administered fund. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The calculation of the defined benefit obligation is performed annually by a qualified actuary using the projected unit credit actuarial cost method (PUC). </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Remeasurements of the net defined benefit liability, which comprises actuarial gains and losses, the return on plan assets and the effect of the asset ceiling (if any), are recognized immediately in other comprehensive income. The Company determines the net interest by applying the discount rate to the net defined benefit liability or asset. The Company recognizes the following changes in the net defined benefit obligation in the consolidated statement of profit or loss. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Share-based&#160;payments</div></div> </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Employees (including senior executives) of the Company receive compensation in the form of share-based payment transactions, whereby employees render services as consideration for equity instruments (equity-settled transactions). </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The cost of equity-settled transactions is recognized, together with a corresponding increase in additional paid in capital in equity, over the period in which the performance and/or service conditions are fulfilled. The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company&#8217;s best estimate of the number of equity instruments that will ultimately vest. Expense or credit for a period represents the movement in cumulative expense recognized as of the beginning and end of that period and is recognized under &#8220;Wages, salaries, benefits and other employees&#8217; expenses&#8221; expense in the consolidated statement of profit or loss (note 25). </div></div></div> <div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Termination benefits</div> </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Termination benefits are payable when employment is terminated by the Company before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Company recognizes termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without realistic possibility of withdrawal, or providing termination benefits as a result of an offer made to encourage voluntary redundancy. </div></div></div> <div style="letter-spacing: 0px; top: 0px; background: none;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;;display:inline;"> </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;">&#160;</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory', window );">Non-current assets held for sale and discontinued operations</a></td>
<td class="text"> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(r)</div></div></div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-current</div> assets held for sale and discontinued operations </div></div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Company classifies <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-current</div> assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-current</div> assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Property and equipment and intangible assets are not depreciated or amortized once classified as held for sale. </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">All the financial statements include amounts for continuing operations. Additional disclosures about assets held for sale are provided in note 13. </div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 9%;">&#160;</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for basis of consolidation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for current versus non current classification.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of accounting policy for expendable parts and supplies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of accounting policy for intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of accounting policy for passenger traffic commissions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DescriptionOfAccountingPolicyForPassengerTrafficCommissionsExplanatory</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of accounting policy for tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DescriptionOfAccountingPolicyForTaxExplanatory</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of Accounting policy Senior Convertible Notes Explanatory[Text Block]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Text block [abstract]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_TextBlockAbstract</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for employee benefits. Employee benefits are all forms of consideration given by an entity in exchange for services rendered by employees or for the termination of employment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for financial instruments. [Refer: Financial instruments, class [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for the currency of the primary economic environment in which the entity operates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for the impairment of non-financial assets. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for leases. A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for non-current assets or disposal groups classified as held for sale and discontinued operations. [Refer: Discontinued operations [member]; Non-current assets or disposal groups classified as held for sale]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for recognising revenue. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy used to determine the components of cash and cash equivalents. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 46<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_46&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921867476792">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant accounting policies (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 9%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following are the significant subsidiaries included in these financial statements: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"><tr style="font-size: 0px;"><td style="width:65%;"></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; 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font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Oval</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">British&#160;Virgin&#160;Islands</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">100</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">100</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfInformationAboutPropertyPlantAndEquipmentEstimatedUsefulLivesExplanatory', window );">Estimated Useful Lives of Assets and Considering Residual Value</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;"><tr style="font-size: 0px;"><td style="width:41%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td style="width:37%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td style="width:18%;"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="border-bottom: 1pt solid rgb(0, 0, 0); white-space: nowrap; font-size: 8pt;;vertical-align:bottom;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Property and equipment</div></div></div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;;text-align:center;;vertical-align:bottom;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Estimate&#160;useful life (years)</div></div></div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;;text-align:center;;vertical-align:bottom;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Residual Value</div></div></div></div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Flight equipment (*)</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Airframe and engines</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">27</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">15%</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Major maintenance events</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">3-16</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Ramp and miscellaneous</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Ground equipment</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">10</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Furniture, fixture, equipment and other</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">5-10</div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Leasehold improvements</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Lesser of remaining lease term and estimated useful<br/> life of the leasehold improvement</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td></tr><tr style="font-size: 1pt;"><td colspan="5" style="height:16;">&#160;</td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:84%;"><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td colspan="5" style="vertical-align:top;"><div style="text-indent: -2em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(*)&#8194;&#8201;&#8202;Excluding the Embraer 190 and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">737-700</div> fleet, see note 13.</div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of information about property plant and equipment estimated useful lives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DisclosureOfInformationAboutPropertyPlantAndEquipmentEstimatedUsefulLivesExplanatory</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Text block [abstract]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of information about unconsolidated subsidiaries. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 19B<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_19B&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921871614520">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Revenue from contract with customers (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory', window );">Summary of Disaggregated Operating Revenues</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Operating revenues are comprised of passenger revenues, cargo and mail, and other operating revenues. 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top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; 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border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;">&#160;</div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory', window );">Summary of Changes in Contract Liabilities</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The table below presents the changes in air traffic liability: </div></div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="color: white; line-height: 0pt; visibility: hidden;"><td style="width:83%;">&#160;</td><td style="vertical-align:bottom;;width:1%;">&#160;</td><td>&#160;</td><td style="white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div></td><td>&#160;</td><td style="vertical-align:bottom;;width:1%;">&#160;</td><td>&#160;</td><td style="white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div></td><td>&#160;</td></tr><tr style="font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Balance at beginning of year</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">$</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">497,374</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">43,938</div></div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td></tr><tr style="font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; 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letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">(31,426</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">)&#160;</div></div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; 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top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">80,326</div></div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1pt;"><td style="height:8;">&#160;</td><td colspan="4" style="height:8;">&#160;</td><td colspan="4" style="height:8;">&#160;</td></tr><tr style="font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Current</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">&#160;</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">16,041</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">&#160;</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">35,120</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">&#160;</div></div></td></tr><tr style="font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-current</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">75,172</div></div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">45,206</div></div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">$</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">91,213</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">$</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">80,326</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">&#160;</div></div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasExplanatory', window );">Operating Revenue by Principal Geographic Area</a></td>
<td class="text"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Information concerning operating revenue by geographic area for the period ended December&#160;31 is as follows:</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="color: white; line-height: 0pt; visibility: hidden;"><td style="width:74%;">&#160;</td><td style="vertical-align:bottom;;width:2%;">&#160;</td><td>&#160;</td><td style="white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div></td><td>&#160;</td><td style="vertical-align:bottom;;width:2%;">&#160;</td><td>&#160;</td><td style="white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div></td><td>&#160;</td><td style="vertical-align:bottom;;width:2%;">&#160;</td><td>&#160;</td><td style="white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div></td><td>&#160;</td></tr><tr style="font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;">&#160;</td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">North America</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">$</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">233,039</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">$</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">857,002</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">$</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">826,529</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">&#160;</div></div></td></tr><tr style="font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">South America</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">281,008</div></div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">975,530</div></div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">1,076,507</div></div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td></tr><tr style="font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Central America</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">&#160;</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">246,727</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">&#160;</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">740,358</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">&#160;</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">648,747</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">&#160;</div></div></td></tr><tr style="font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Caribbean</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">20,822</div></div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">102,175</div></div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">98,089</div></div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">$</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">781,596</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; 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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921859939720">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cash and cash equivalents (Tables)<br></strong></div></th>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Schedule of cash and cash equivalents.</p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921861906360">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Investments (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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top: 0px;;display:inline;">(670</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(287</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(957</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about investment property. [Refer: Investment property]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 40<br> -IssueDate 2020-01-01<br> -Paragraph 32A<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=40&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_32A&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921871272184">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accounts receivable (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">65,689</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">131,920</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Current</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">64,635</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">129,781</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Non-current</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">1,054</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">2,139</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">65,689</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">131,920</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfProvisionForImpairmentOfReceivablesExplanatory', window );">Summary of Movements in the Allowance for Impairment in Respect of Account Receivables</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The change in the allowance for expected credit losses in respect of accounts receivable during the year was as follows. </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:82%;"></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Balance at beginning of year</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(5,579</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(5,057</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(3,673</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Adjustment on initial application of IFRS 9</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(624</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Expendable parts and supplies (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about inventories.</p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921861912584">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Prepaid expenses (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Property and equipment (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory', window );">Summary of Property and Equipment</a></td>
<td class="text"><div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:41%;"></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Land</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Flight<br/>equipment</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Purchase<br/>deposits&#160;for&#160;flight<br/>equipment</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); 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top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Leasehold<br/>improvements</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Construction<br/>in progress</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; 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letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(46,702</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(30,461</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(41,782</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(4</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(968,436</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-size: 1pt;"><td style="height:8;">&#160;</td><td colspan="4" style="height:8;">&#160;</td><td colspan="4" style="height:8;">&#160;</td><td colspan="4" style="height:8;">&#160;</td><td colspan="4" style="height:8;">&#160;</td><td colspan="4" style="height:8;">&#160;</td><td colspan="4" style="height:8;">&#160;</td><td colspan="4" style="height:8;">&#160;</td><td colspan="4" style="height:8;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Carrying amounts -</div></div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">At December&#160;31, 2018</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">6,301</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">2,165,787</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">474,060</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">13,055</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">5,832</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">18,843</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">14,253</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">2,698,131</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">At December&#160;31, 2019</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">6,301</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,010,509</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">463,274</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">12,466</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,292</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">28,973</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,587</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,532,402</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">9,911</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfAssetsHeldForSaleTextBlock', window );">Summary of assets held for sale</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">At 31&#160;December 2020, the assets held for sale comprised the following assets:</div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:84%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-weight:bold;display:inline;">Assets</div></div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921859010264">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Leases (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); 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line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-weight:bold;display:inline;">Balance at December&#160;31, 2020</div></div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">192,361</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">21,918</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">214,279</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfLeaseLiabilitiestextBlock', window );">Lease liabilities</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:84%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-weight:bold;display:inline;">Current portion of lease liability</div></div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; 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top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">91,246</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">6,486</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">83,605</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">97,732</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-weight:bold;display:inline;">Long-term lease liability</div></div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Aircraft</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Real estate</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">21,689</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">27,801</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">146,905</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">206,832</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">230,510</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">304,564</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfCashFlowsForLeases', window );">Disclosure Of Cash Flows For Leases</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total cash outflow for leases for the years ended as December&#160;31, 2020 and 2019: </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&#160;</div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:84%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Aircraft</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">97,353</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">107,610</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Real estate</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">6,039</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">9,458</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">103,392</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">117,068</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfLeaseExpenses', window );">Disclosure Of Lease Expenses</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Amounts recognized in the consolidated statement of profit or loss related to leases: </div></div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"> </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;">&#160;</div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:79%;"></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-weight:bold;display:inline;">Depreciation and amortization</div></div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Variable lease payments by rental concessions received</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(489</div></td><td style="white-space: nowrap; 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">758</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; 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font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-weight:bold;display:inline;">Finance cost</div></div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; 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top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; 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background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">14,975</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">107,874</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">118,767</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">124,978</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfFutureMinimumLeaseReceivablesUnderNoncancellableLeasesExplanatory', window );">Schedule of Future Minimum Lease Receivables under Non-cancellable Leases</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The future minimum lease receivables under <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-cancellable</div> leases are as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="color: white; line-height: 0pt; visibility: hidden;"><td style="width:86%;">&#160;</td><td style="vertical-align:bottom;;width:1%;">&#160;</td><td>&#160;</td><td style="white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div></td><td>&#160;</td><td style="vertical-align:bottom;;width:1%;">&#160;</td><td>&#160;</td><td style="white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div></td><td>&#160;</td></tr><tr style="font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Up to one year</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">$</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">&#160;&#160;&#160;3,000</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">$</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">&#160;&#160;&#160;&#160;3,220</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">&#160;</div></div></td></tr><tr style="font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">One to five years</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">2,875</div></div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">5,875</div></div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Total minimum lease rental receivables</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">$</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">5,875</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">$</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">9,095</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">&#160;</div></div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DisclosureOfCashFlowsForLeases">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure Of Cash Flows For Leases</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DisclosureOfCashFlowsForLeases</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DisclosureOfFutureMinimumLeaseReceivablesUnderNoncancellableLeasesExplanatory">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of future minimum lease receivables under non-cancellable leases.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DisclosureOfFutureMinimumLeaseReceivablesUnderNoncancellableLeasesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DisclosureOfLeaseExpenses">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of lease expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of lease liabilities .</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of quantitative information about right-of-use assets. [Refer: Right-of-use assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 53<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_53&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921897571720">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Net employee defined benefit (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Benefit (liability) assets</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">$</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">(14,332</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">)&#160;</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">$</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">249</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">&#160;</div></div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfNetDefinedBenefitExpenseExplanatory', window );">Summary of Components of Net Benefit Expense</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following table summarizes the components of net benefit expense included under &#8220;Wages, salaries, benefits and other employees&#180; expenses&#8221; in the accompanying consolidated statement of profit or loss: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:71%;"></td><td style="vertical-align:bottom;;width:5%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:5%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:5%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="white-space: nowrap; padding-bottom: 1pt; font-size: 8pt;;vertical-align:bottom;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Year ended December&#160;31,2020</div></div></div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Defined&#160;benefit<br/>obligation</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Fair&#160;value&#160;of<br/>assets</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Defined&#160;benefit<br/>assets&#160;(liability)</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Current service cost</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">2,393</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(731</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(25</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">457</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Curtailment / Settlement</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(2,026</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(2,026</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Net benefit expense</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">1,530</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(731</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">799</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1pt;"><td style="height:16;">&#160;</td><td colspan="4" style="height:16;">&#160;</td><td colspan="4" style="height:16;">&#160;</td><td colspan="4" style="height:16;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="white-space: nowrap; padding-bottom: 1pt; font-size: 8pt;;vertical-align:bottom;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Year ended December&#160;31,2019</div></div></div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Defined benefit<br/>obligation</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Fair value of<br/>assets</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Defined benefit<br/>assets (liability)</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Current service cost</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">2,192</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">2,192</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Interest cost on net benefit obligation</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">887</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(979</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(92</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Net benefit expense</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">3,079</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(979</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">2,100</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1pt;"><td style="height:16;">&#160;</td><td colspan="4" style="height:16;">&#160;</td><td colspan="4" style="height:16;">&#160;</td><td colspan="4" style="height:16;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="white-space: nowrap; padding-bottom: 1pt; font-size: 8pt;;vertical-align:bottom;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Year ended December&#160;31,2018</div></div></div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Defined benefit<br/>obligation</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Fair value of<br/>assets</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Defined benefit<br/>assets (liability)</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Current service cost</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">2,105</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">2,105</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Interest cost on net benefit obligation</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">642</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(666</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(24</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Net benefit expense</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">2,747</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(666</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">2,081</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfReconciliationOfNetPensionAssetExplanatory', window );">Summary of Reconciliation of Net Employee Defined Benefit Liabilities</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following table shows reconciliation from the opening balance to the closing balances for net employee defined benefit liabilities and its components: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:62%;"></td><td style="vertical-align:bottom;;width:4%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:4%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:4%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:4%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Defined&#160;benefit<br/>obligation</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Fair&#160;value&#160;of<br/>assets</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Other&#160;employee<br/>benefits&#160;liability</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Defined&#160;benefit<br/>assets&#160;(liability)</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">At January&#160;1, 2018</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(19,997</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">23,794</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(612</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">3,185</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Current service cost</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(2,105</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(2,105</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">666</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">483</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">483</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(1,943</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Invesment return</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">67</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">67</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Actuarial changes arising from changes in financial assumptions</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">877</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,780</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">4,780</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(1,451</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; 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top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">25</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; 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top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,026</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); 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top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; 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top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(14,332</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory', window );">Summary of Sensitivity Analysis for Actuarial Assumptions</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following were the principal actuarial assumptions at the reporting date: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:54%;"></td><td style="vertical-align:bottom;;width:4%;"></td><td></td><td style="vertical-align:bottom;;width:4%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:4%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Females</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="8" style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">57 years</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfDefinedBenefitObligationAffectedByChangesToRelevantActuarialAssumptionsExplanatory', window );">Summary of Additional Information about Sensitivity Analysis for Actuarial Assumptions</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amount shown below: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:59%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">&#160;&#160;&#160;&#160;December,&#160;31&#160;2020&#160;&#160;&#160;&#160;</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">&#160;&#160;&#160;&#160;December,&#160;31&#160;2019&#160;&#160;&#160;&#160;</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">&#160;&#160;&#160;&#160;December,&#160;31&#160;2018&#160;&#160;&#160;&#160;</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; 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top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Decrease</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Increase</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Decrease</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Increase</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Decrease</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Discount rate (0.5% movement)</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">2,318</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(2,554</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">709</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(751</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">538</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(569</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfDefinedBenefitPlansFuturePeriodExplanatory', window );">Summary of Expected Contribution Payments to Defined Benefit Plan</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following payments are expected contributions to the defined benefit plan in future years: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:86%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Up to one year</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">2,299</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">5,169</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">One to five years</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">8,777</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">14,008</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Over five years</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">14,112</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">14,049</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total expected payments</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">25,188</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">33,226</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DisclosureOfDefinedBenefitObligationAffectedByChangesToRelevantActuarialAssumptionsExplanatory">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of defined benefit obligation affected by changes to relevant actuarial assumptions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DisclosureOfDefinedBenefitObligationAffectedByChangesToRelevantActuarialAssumptionsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of defined benefit plans future period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DisclosureOfDefinedBenefitPlansFuturePeriodExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of net defined benefit expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of reconciliation of net pension asset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of a net defined benefit liability (asset). [Refer: Net defined benefit liability (asset)]</p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921859179464">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Intangible assets (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; 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top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; 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top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; 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top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(44,839</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; 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top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(54,968</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="letter-spacing: 0px; 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top: 0px;;display:inline;">(18,437</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Disposals</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; 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top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; 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top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(73,399</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(73,399</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(25,493</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Impairment</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; 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margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the reconciliation of changes in intangible assets and goodwill. [Refer: Intangible assets and goodwill]</p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921840242360">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other assets (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TextBlockAbstract', window );"><strong>Text block [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfDetailedInformationAboutOtherAssetsExplanatory', window );">Summary of Other Assets</a></td>
<td class="text"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:86%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-weight:bold;display:inline;">Current -</div></div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; 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font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Non-current</div> -</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Guarantee deposits</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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letter-spacing: 0px; top: 0px;;display:inline;">8,126</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">10,548</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; 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border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921839531432">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Loans and borrowings (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDebtSecuritiesExplanatory', window );">Summary of Loans and borrowings</a></td>
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top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(122,582</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Loans and borrowings long-term</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">938,183</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory', window );">Summary of Maturities of Loans and borrowings</a></td>
<td class="text"><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:91%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Year ending December&#160;31, 2021</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">127,946</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">96,132</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2024</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; 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top: 0px; background-color: rgb(204, 238, 255);;display:inline;">2025</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">375,385</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Thereafter</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">289,211</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">1,163,900</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><br/></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><br/></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-size: 10pt; letter-spacing: 0px;;font-weight:bold;display:inline;">Senior convertible notes</div><br/></div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfDetailedInformationOfSeniorConvertibleNotesExplanatoryTextBlock', window );">Summary of Senior convertible notes</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The net proceeds from the offering, after deducting the initial purchasers&#8217; discounts, commissions and other transaction costs is as follows: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:74%;"></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Nominal<br/>issue</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Cost&#160;assigned&#160;to<br/>the debt host<br/>liability</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Net<br/>funding</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="font-weight:bold;display:inline;">Date</div></div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">April&#160;30, 2020</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">350,000</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(7,102</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">342,898</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceCostExplanatory', window );">Summary of Finance Cost and Income</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The detail of finance cost and income is as follows: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:76%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Finance income - </div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Interest income on short-term bank deposits</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$ 19,963</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$ 24,405</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$ 23,628</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; 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top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Interest on factoring</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(256</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(1,316</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(14,140</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(14,975</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Other finace cost</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$(73,045)</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$(57,432)</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$(50,825)</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfChangesInLiabilitiesArisingFromFinancingActivitiesExplanatory', window );">Changes in Liabilities Arising from Financing Activities</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Changes in liabilities arising from financing activities: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:44%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="18" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-cash</div> movements</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Cash flows</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Foreign<br/>exchange<br/>movement</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Leases</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; 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top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">220,812</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(117,677</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">1,163,900</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Lease liability</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">304,564</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(93,213</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(347</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">19,995</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(489</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">230,510</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); 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letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(33,990</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(33,990</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; 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top: 0px;;display:inline;">19,995</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(489</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); 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top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Loans and borrowings</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">375,683</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(103,069</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(84</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">32,034</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">304,564</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Dividends payable</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(110,438</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921871258488">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Trade, other payables and financial liabilities (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TextBlockAbstract', window );"><strong>Text block [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory', window );">Summary of Trade, Other Payables and Financial Liabilities</a></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of trade and other payables. [Refer: Trade and other payables]</p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921840383304">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Changes in disclosures (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TextBlockAbstract', window );"><strong>Text block [abstract]</strong></a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryTextBlock', window );">Summary of reconcile the changes in presentation in prior years for comparative effects on the consolidated statement of financial position</a></td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accrued expenses payable (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of accrued expenses and other liabilities. [Refer: Accruals; Other liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921840197160">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other long-term liabilities (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; 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line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_SummaryOfOtherLongtermLiabilitiesExplanatory">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Summary of other long-term liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_SummaryOfOtherLongtermLiabilitiesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921859892696">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income taxes (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TextBlockAbstract', window );"><strong>Text block [abstract]</strong></a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfIncomeTaxesExplanatory', window );">Summary of Income Tax Expense</a></td>
<td class="text"><div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:76%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); 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margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="display:inline;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"></div> <div style="clear: both; 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</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDeferredTaxesExplanatory', window );">Summary of Balances of Deferred Taxes</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The balances of deferred taxes are as follows: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:67%;"></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;&#160;</div></td><td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">Statement of financial<br/>position</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td colspan="10" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">Statement of</div><br/><div style="font-weight:bold;display:inline;">profit or loss</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); 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margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; 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</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfReconciliationOfEffectiveTaxRateExplanatory', window );">Summary of Reconciliation of Effective Tax Rate</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Reconciliation of the effective tax rate is as follows: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:60%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">Tax&#160;rate</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">Tax&#160;rate</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">Tax&#160;rate</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255);;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Net income</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255);;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255);;display:inline;">&#160;</div></td><td style="white-space: nowrap; 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margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; 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margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="display:inline;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 1px; margin-top: 12px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DisclosureOfIncomeTaxesExplanatory">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of deferred taxes. [Refer: Deferred tax liabilities; Deferred tax assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921871270328">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accounts and transactions with related parties (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Motta International, S.A.</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">32</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); 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margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory', window );">Summary of Related Party Transactions</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Transactions with related parties for the year ended December&#160;31 are as follows: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;">&#160;</div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:40%;"></td><td style="vertical-align:bottom;;width:1%;"></td><td style="width:38%;"></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Amount of<br/> transaction</div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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top: 0px;;display:inline;">240</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">231</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Global Brands, S.A.</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Purchase</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">31</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">108</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">55</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">13</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Banco General, S.A.</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">Interest income</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(2,657</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(3,781</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Banco General, S.A.:</div> The Company&#8217;s controlling shareholders have a vote and a decision within the board of directors of BG Financial Group, which is the controlling company of Banco General. Likewise, Banco General, S. A. owns ProFuturo Administradora de Fondos de Pensi&#243;n y Cesant&#237;a S.A., which manages the Company&#8217;s reserves for pension purposes. Also the Company has interest receivable by $1.0&#160;million (2019: $2.1 million) due to short and long term time deposits in this financial institution<div style="letter-spacing: 0px; top: 0px;;display:inline;">.</div></div></div></div> <div style="letter-spacing: 0px; top: 0px; background: none;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; text-decoration: none;;display:inline;"> </div></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutKeyManagementPersonnelExplanatory', window );">Summary of Key Management Personnel Compensation</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Key management personnel compensation is as follows: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:82%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921861936712">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share-based payments (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory', window );">Summary of Terms and Conditions, Relating to the Grants of the Non-vested Stock Award under the Equity Compensation Plan</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><br/></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">A summary of the terms and conditions, properly approved by the Compensation Committee of our Board of Directors, relating to the grants of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> stock award under the equity compensation plan is as follows: </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><br/></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:12%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td style="width:71%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="white-space: nowrap; padding-bottom: 1pt; font-size: 8pt;;vertical-align:bottom;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Grant date</div></div></div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Number of<br/>instruments</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;;text-align:center;;vertical-align:bottom;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Vesting conditions</div></div></div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Contractual<br/>life</div></div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">April, 2015</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">4,915</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">15% first three anniversaries</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">25% fourth</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">30% fifth anniversary</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">5&#160;years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">June, 2015</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:right;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5,839</div></td><td style="white-space: nowrap;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="font-size: 10pt;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">15% first three anniversaries</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">25% fourth</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">30% fifth anniversary</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="text-align:center;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">February,&#160;2016</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">147,000</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">15% first three anniversaries</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">25% fourth</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">30% fifth anniversary</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">5 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">February, 2016</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:right;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">63,000</div></td><td style="white-space: nowrap;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Fifth anniversary</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="text-align:center;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">5 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">May, 2016</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">7,899</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">15% first three anniversaries</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">25% fourth</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">30% fifth anniversary</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">5 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">February, 2017</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:right;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">22,012</div></td><td style="white-space: nowrap;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">One-third</div> every anniversary</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="text-align:center;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">February, 2017</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">11,980</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">One-third</div> every anniversary</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">3 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">February, 2017</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:right;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,237</div></td><td style="white-space: nowrap;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Third anniversary</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="text-align:center;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">February, 2018</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">21,556</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">7% first month</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">31% first three anniversaries</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">3 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">February, 2018</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:right;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">14,379</div></td><td style="white-space: nowrap;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">33% first three anniversaries</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="text-align:center;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">February, 2018</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">1,316</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">15% first three anniversaries</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">25% fourth</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">30% fifth anniversary</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">5 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">July, 2018</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:right;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">6,104</div></td><td style="white-space: nowrap;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Third anniversary</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="text-align:center;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">February, 2019</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">15,951</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; 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font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">June, 2019</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:right;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">9,256</div></td><td style="white-space: nowrap;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">33% first three anniversaries</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="text-align:center;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">June, 2019</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">977</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">33% first three anniversaries</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">3 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">August, 2019</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:right;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,039</div></td><td style="white-space: nowrap;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">33% first three anniversaries</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="text-align:center;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">December, 2019</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">1,724</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">100% first anniversary</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">1 year</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">February, 2020</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="text-align:right;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">24,650</div></td><td style="white-space: nowrap;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="font-size: 10pt;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">1% first month</div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">33% first three anniversaries</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="text-align:center;;vertical-align:top;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">3 years</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">December,&#160;2020</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">3,551</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">100% first anniversary</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:top;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">1 year</div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory', window );">Summary of Non-vested Stock Award Activity</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">A summary of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> stock award activity under the plan as of December&#160;31, 2020, 2019 and 2018 with changes during these years is as follows (in number of shares): </div></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><br/></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:79%;"></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Non-vested</div> as of January&#160;1</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">211,205</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">271,904</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">304,153</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Granted</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">28,201</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">28,947</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">43,355</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Vested</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(83,409</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(80,170</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(72,045</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Forfeited</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(2,076</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(9,476</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(3,559</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Non-vested</div> as of December&#160;31</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">153,921</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">211,205</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">271,904</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Text block [abstract]</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the number and weighted average exercise prices of share options. [Refer: Weighted average [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2020-01-01<br> -Paragraph 45<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_45_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the general terms and conditions of share-based payment arrangements. [Refer: Share-based payment arrangements [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2020-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory</td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921867426376">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Earnings per share (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TextBlockAbstract', window );"><strong>Text block [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EarningsPerShareExplanatory', window );">Schedule of Computation of the Income (Loss) and Share Data Used in the Basic and Diluted Earnings Per Share</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The computation of the (losses) income and share data used in the basic and diluted (loss) earnings per share is as follows: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:79%;"></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; 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</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Text block [abstract]</p></div>
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<td style="white-space:nowrap;">cpa_TextBlockAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
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<td><strong> Data Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2020-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921860089112">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments and contingencies (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TextBlockAbstract', window );"><strong>Text block [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_FirmCommitementToPurchaseAssetTableTextBlock', window );">Schedule of Firm Commitment to Purchase Asset</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;">The aircraft and engines contractual obligations net of discounts and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">pre-delivery</div> payments, including estimated amounts for contractual price escalation, are as follows: </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:91%;"></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255);;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Year ending December&#160;31, 2021</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255);;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255);;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255);;display:inline;">560,914</div></td><td style="white-space: nowrap; 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font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255);;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">2023</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255);;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255);;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255);;display:inline;">408,145</div></td><td style="white-space: nowrap; 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font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255);;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">2025</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255);;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255);;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255);;display:inline;">514,549</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255);;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Thereafter</div></div></div></td><td style="vertical-align:bottom;"><div style="display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="display:inline;">850,823</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:bottom;"><div style="display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="display:inline;">&#160;&#160;</div></td><td colspan="2" style="text-align:right;;vertical-align:bottom;"><div style="display:inline;">$2,975,408</div></td><td style="vertical-align:bottom;"><div style="display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="display:inline;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Firm commitment to purchase asset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Text block [abstract]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>113
<FILENAME>R60.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921896925864">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial instruments - Risk management and fair value (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TextBlockAbstract', window );"><strong>Text block [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ScheduleOfForeignCurrencyRiskFromNonderivativeFinancialInstrumentsExplanatory', window );">Summary of Foreign Currency Risk Exposure</a></td>
<td class="text">The following chart summarizes the Company&#8217;s foreign currency risk exposure (assets and liabilities denominated in foreign currency) as of December 31:<table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:85%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; 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top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">12,322</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">22,818</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Accounts receivable, net</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">27,670</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">73,018</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">15,726</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Total assets</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">58,934</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">111,562</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Liabilities</div></div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Accounts payable</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">20,142</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">51,313</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Taxes payable</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">13,757</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">37,137</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Other liabilities</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">11,387</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">18,513</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total liabilities</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">45,286</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">106,963</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Net position</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">13,648</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">4,599</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfMovementInAllowanceForImpairmentForShortAndLongtermInvestmentsAtAmortizedCostExplanatory', window );">Movement in Allowance for Impairment for Short and Long-term Investments at Amortized Cost</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The movement in the allowance for impairment for short and long-term investments at amortized cost for the year ended December&#160;31 was as follows: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:88%;"></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Balance at beginning of year</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(957</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(1,218</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(Additions)/Reversal</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(260</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">261</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Balance at end of year</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(1,217</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">(957</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureExplanatory', window );">Summary of Credit Risk Exposure on Trade Receivables using Provision Matrix</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Set out below is the information about the credit risk exposure on the Company&#8217;s trade receivables using a provision matrix as of December 31: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 8pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:65%;"></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="22" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="18" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Days past due</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Current</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">&lt;30</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">30-60</div></div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">60-90</div></div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">&gt;90</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Expected credit loss rate</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">0.0</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">0.1</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">2.5</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">3.7</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">41.5</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Gross carrying amount</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="18" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">&gt;90</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Expected credit loss rate</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">33.3</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">%&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; 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top: 0px;;display:inline;">111,778</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">6,170</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">2,786</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,636</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">15,129</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Expected credit loss</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">5,579</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; 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background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">104</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">196</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">5,039</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities', window );">Summary of Financial Liabilities According to Maturity Date</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The table below summarizes the Company&#8217;s financial liabilities according to their maturity date. The amounts in the table are the contractual undiscounted cash flows. Balances due within twelve months equal their carrying balances as the impact of discounting is not significant.</div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">December&#160;31, 2020 </div></div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:54%;"></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:2%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Note</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Carrying<br/> amount</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Contractual<br/> cash flow</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Less than<br/> twelve<br/> months</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Between 1<br/> and 4<br/> years</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Non-derivative</div> financial liabilities</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Loans and borrowings</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">18</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,163,900</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Lease liabitity</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:center;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Loans and borrowings</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); 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line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); 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top: 0px;;display:inline;">$768,665</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$504,009</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ScheduleOfCarryingValueAndFairValueOfFinancialInstrumentsExplanatory', window );">Summary of Carrying Amount and Fair Values of Financial Assets and Financial Liabilities</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Set out below is a comparison, by class, of the carrying amounts and fair values of the Company&#8217;s financial instruments, other than those with carrying amounts that are reasonable approximations of fair values: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:65%;"></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="6" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Carrying amount</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,060,765</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,327,282</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">1,068,961</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueOfFinancialInstrumentsExplanatory', window );">Summary of Company's financial instruments measured at fair value</a></td>
<td class="text"><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:67%;"></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:3%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="14" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Fair value measurement as of reporting date</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); 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top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Asset held for sale</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 7em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total assets</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; 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top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">135,542</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; 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top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5em; line-height: normal;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Derivative financial instruments</div></div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); 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letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">245,560</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="background-color: rgb(204, 238, 255); letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 7em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total liabilities</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">245,560</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">245,560</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">$</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#8212;&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;">&#160;</td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;">&#160;</div></td><td><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfDetailedInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryTextBlock', window );">Summary of key Assumptions used to Determine the Fair Value of Assets Held For Sale</a></td>
<td class="text"><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Company&#8217;s approach and the key assumptions used to determine the fair value less costs of disposal of the assets held for sale were as follows: </div></div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="width:19%;"></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:1%;"></td><td style="width:60%;"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Unobservable<br/> input</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Value&#160;assigned<br/> to key<br/> assumption</div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="border-bottom: 1pt solid rgb(0, 0, 0); font-size: 8pt;;text-align:center;;vertical-align:bottom;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Approach&#160;to&#160;determining key assumption</div></div></div></div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td rowspan="2" style="font-size: 10pt;;vertical-align:middle;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Asset held for sale</div></div></div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Sales price</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">145,399</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:center;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Average of purchase proposals received</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Cost&#160;of&#160;disposal</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;&#160;</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">(9,857</div></td><td style="white-space: nowrap;;vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">)&#160;</div></td><td style="vertical-align:bottom;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></td><td style="white-space: nowrap; font-size: 10pt;;text-align:center;;vertical-align:bottom;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Estimated based on the Company&#8217;s experience with disposal of similar assets.</div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <br/> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;">&#160;</td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure Of Detailed Information About Key Assumptions Used To Determine The Fair Value Of Assets Held For Sale Explanatory</p></div>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of movement in allowance for impairment for short and long-term investments at amortized cost.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DisclosureOfMovementInAllowanceForImpairmentForShortAndLongtermInvestmentsAtAmortizedCostExplanatory</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of carrying value and fair value of financial instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of foreign currency risk from non-derivative financial instruments explanatory.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Text block [abstract]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the credit risk exposure. Credit risk exposure is the credit risk inherent in an entity&#8217;s financial assets and commitments to extend credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 35M<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_35M&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the fair value of financial instruments. [Refer: Financial instruments, class [member]; At fair value [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
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<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of a maturity analysis for derivative financial liabilities, including the remaining contractual maturities for those derivative financial liabilities for which contractual maturities are essential for an understanding of the timing of the cash flows. [Refer: Derivative financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 39<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_39_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
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<tr>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921886730232">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent events (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_FirmcommitementtopurchaseasseTextBlock', window );">Summary of updated Firm Commitment to Purchase Asset</a></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>FirmCommitementToPurchaseAsse</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_FirmcommitementtopurchaseasseTextBlock</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Text block [abstract]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_TextBlockAbstract</td>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921836717496">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Corporate Information - Additional Information (Detail)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="1">6 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>May 31, 2016</div></th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($) </div>
<div>Destinations </div>
<div>Country </div>
<div>Flights </div>
<div>Airlines </div>
<div>Aircraft</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($) </div>
<div>Destinations </div>
<div>Country </div>
<div>Flights </div>
<div>Airlines </div>
<div>Aircraft</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($) </div>
<div>Aircraft</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Mar. 31, 2021 </div>
<div>Aircraft</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ParentCompanyInformationLineItems', window );"><strong>Parent company information [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CommercialAllianceRenewalExtensionPeriod', window );">Commercial alliance with United Airlines - Renewal extension period</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfAircraft', window );">Number of aircraft | Aircraft</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">77<span></span>
</td>
<td class="nump">77<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AircraftAverageUsefulLife', window );">Aircraft average useful life</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">8 years 2 months 12 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfAirCraftsHeldForSale', window );">Air crafts held for sale | Aircraft</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ProceedsFromIssueOfConvertibleNotes', window );">Proceeds from senior conertible note | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 342,900<span></span>
</td>
<td class="nump">$ 342,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Debt including current maturities | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,163,900<span></span>
</td>
<td class="nump">1,163,900<span></span>
</td>
<td class="nump">$ 1,060,765<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AverageMonthCashConsumption', window );">Monthly Cash Consumption | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TotalOfCashCashEquivalentsShortTermAndLongTermInvestments', window );">Total cash, cash equivalents, short-term and long-term investments | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,010<span></span>
</td>
<td class="nump">1,010<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProductsAndServicesAxis=cpa_PassengerRevenueMember', window );">Passenger revenue [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ParentCompanyInformationLineItems', window );"><strong>Parent company information [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenue | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">760,594<span></span>
</td>
<td class="nump">2,612,605<span></span>
</td>
<td class="nump">$ 2,587,389<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProductsAndServicesAxis=cpa_CargoAndMailRevenueMember', window );">Cargo and mail revenue [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ParentCompanyInformationLineItems', window );"><strong>Parent company information [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenue | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 21,002<span></span>
</td>
<td class="nump">$ 62,460<span></span>
</td>
<td class="nump">$ 62,483<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_AircraftTypeAxis=cpa_BoeingSevenHundredAndThirtySevenSevenHundredAircraftMember', window );">Boeing 737-700 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ParentCompanyInformationLineItems', window );"><strong>Parent company information [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfAirCraftsHeldForSale', window );">Air crafts held for sale | Aircraft</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14<span></span>
</td>
<td class="nump">14<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_AircraftTypeAxis=cpa_BoeingSevenHundredAndThirtySevenMaxAircraftMember', window );">Boeing Seven Hundred And Thirty Seven Max Aircraft [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ParentCompanyInformationLineItems', window );"><strong>Parent company information [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfAircraftsHeldForSaleDelivered', window );">No of aircrafts held for sale delivered | Aircraft</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_EventAxis=cpa_Covid19memberMember', window );">Covid 19 Member [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ParentCompanyInformationLineItems', window );"><strong>Parent company information [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PercentageOfDecreaseInCompanyOperations', window );">Percentage of decrease in company operations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">70.90%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenue | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 801,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PercentageOfDecreaseInRevenue', window );">Percentage of decrease in revenue</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">70.40%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_EventAxis=cpa_Covid19memberMember', window );">Covid 19 Member [Member] | Passenger revenue [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ParentCompanyInformationLineItems', window );"><strong>Parent company information [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PercentageOfDecreaseInRevenue', window );">Percentage of decrease in revenue</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">70.90%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_EventAxis=cpa_Covid19memberMember', window );">Covid 19 Member [Member] | Cargo and mail revenue [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ParentCompanyInformationLineItems', window );"><strong>Parent company information [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PercentageOfDecreaseInRevenue', window );">Percentage of decrease in revenue</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">66.40%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_EventAxis=cpa_Covid19memberMember', window );">Covid 19 Member [Member] | Other operating revenues [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ParentCompanyInformationLineItems', window );"><strong>Parent company information [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PercentageOfDecreaseInRevenue', window );">Percentage of decrease in revenue</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_EventAxis=cpa_Covid19memberMember', window );">Covid 19 Member [Member] | Boeing 737-800 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ParentCompanyInformationLineItems', window );"><strong>Parent company information [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfAircraft', window );">Number of aircraft | Aircraft</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">68<span></span>
</td>
<td class="nump">68<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_EventAxis=cpa_Covid19memberMember', window );">Covid 19 Member [Member] | Boeing 737-700 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ParentCompanyInformationLineItems', window );"><strong>Parent company information [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfAircraft', window );">Number of aircraft | Aircraft</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_EventAxis=cpa_Covid19memberMember', window );">Covid 19 Member [Member] | Boeing Seven Hundred And Thirty Seven Max Aircraft [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ParentCompanyInformationLineItems', window );"><strong>Parent company information [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfAircraft', window );">Number of aircraft | Aircraft</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7<span></span>
</td>
<td class="nump">7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_EventAxis=cpa_Covid19memberMember', window );">Covid 19 Member [Member] | Embraer 190 fleet [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ParentCompanyInformationLineItems', window );"><strong>Parent company information [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfAirCraftsHeldForSale', window );">Air crafts held for sale | Aircraft</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14<span></span>
</td>
<td class="nump">14<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfSpareEnginesSparePartsHeldForSale', window );">Number of Spare Engines Spare Parts Held for Sale | Aircraft</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfAircraftsHeldForSaleDelivered', window );">No of aircrafts held for sale delivered | Aircraft</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfAircraftsHeldForSaleYetToBeDelivered', window );">No of of aircrafts held for sale yet to bedelivered | Aircraft</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8<span></span>
</td>
<td class="nump">8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_EventAxis=cpa_Covid19memberMember', window );">Covid 19 Member [Member] | ExportImport Bank of the United States [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ParentCompanyInformationLineItems', window );"><strong>Parent company information [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Debt including current maturities | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 327,900<span></span>
</td>
<td class="nump">$ 327,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_EventAxis=cpa_Covid19memberMember', window );">Covid 19 Member [Member] | Committed Credit Facilities [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ParentCompanyInformationLineItems', window );"><strong>Parent company information [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Debt including current maturities | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">305,000<span></span>
</td>
<td class="nump">305,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 305,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_EventAxis=cpa_Covid19memberMember', window );">Covid 19 Member [Member] | Secured Credit Facilities [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ParentCompanyInformationLineItems', window );"><strong>Parent company information [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Debt including current maturities | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">105,000<span></span>
</td>
<td class="nump">105,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_EventAxis=cpa_Covid19memberMember', window );">Covid 19 Member [Member] | Unsecured Credit Facilities [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ParentCompanyInformationLineItems', window );"><strong>Parent company information [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Debt including current maturities | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 200,000<span></span>
</td>
<td class="nump">$ 200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=cpa_CompaniaPanamenaDeAviacionMember', window );">Compania Panamena de Aviacion, S. A. - Copa Airlines [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ParentCompanyInformationLineItems', window );"><strong>Parent company information [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfCountries', window );">Number of countries | Country</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25<span></span>
</td>
<td class="nump">25<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfDailyScheduledFlights', window );">Number of daily scheduled flights | Flights</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">104<span></span>
</td>
<td class="nump">104<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=cpa_CompaniaPanamenaDeAviacionMember', window );">Compania Panamena de Aviacion, S. A. - Copa Airlines [member] | International [member] | Codeshare agreements [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ParentCompanyInformationLineItems', window );"><strong>Parent company information [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfDestinations', window );">Number of destinations | Destinations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">200<span></span>
</td>
<td class="nump">200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=cpa_CompaniaPanamenaDeAviacionMember', window );">Compania Panamena de Aviacion, S. A. - Copa Airlines [member] | North, Central and South America and the Caribbean [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ParentCompanyInformationLineItems', window );"><strong>Parent company information [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfDestinations', window );">Number of destinations | Destinations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">54<span></span>
</td>
<td class="nump">54<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=cpa_ConnectMilesMember', window );">ConnectMiles [member] | Star Alliance Airlines [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ParentCompanyInformationLineItems', window );"><strong>Parent company information [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfDestinations', window );">Number of destinations | Destinations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,300<span></span>
</td>
<td class="nump">1,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfCountries', window );">Number of countries | Country</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">195<span></span>
</td>
<td class="nump">195<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=cpa_ConnectMilesMember', window );">ConnectMiles [member] | Star Alliance Airlines [member] | Bottom of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ParentCompanyInformationLineItems', window );"><strong>Parent company information [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfAirlines', window );">Number of airlines | Airlines</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">26<span></span>
</td>
<td class="nump">26<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AircraftAverageUsefulLife">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aircraft average useful life.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AircraftAverageUsefulLife</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AverageMonthCashConsumption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Average Month Cash Consumption</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AverageMonthCashConsumption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_CommercialAllianceRenewalExtensionPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commercial alliance renewal extension period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_CommercialAllianceRenewalExtensionPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NumberOfAirCraftsHeldForSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of air crafts held for sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NumberOfAirCraftsHeldForSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NumberOfAircraft">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of aircraft.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NumberOfAircraft</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NumberOfAircraftsHeldForSaleDelivered">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number Of AirCrafts Held For Sale Delivered</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NumberOfAircraftsHeldForSaleDelivered</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NumberOfAircraftsHeldForSaleYetToBeDelivered">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number Of AirCrafts Held For Sale Yet To Be Delivered</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NumberOfAircraftsHeldForSaleYetToBeDelivered</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NumberOfAirlines">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of airlines.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NumberOfAirlines</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NumberOfCountries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of countries in South, Central America and the Caribbean.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NumberOfCountries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NumberOfDailyScheduledFlights">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of daily scheduled flights.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NumberOfDailyScheduledFlights</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NumberOfDestinations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of flights to destinations within Colombia.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NumberOfDestinations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NumberOfSpareEnginesSparePartsHeldForSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of Spare Engines Spare Parts Held for Sale</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NumberOfSpareEnginesSparePartsHeldForSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ParentCompanyInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Parent company information.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ParentCompanyInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_PercentageOfDecreaseInCompanyOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of Decrease in Company Operations</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_PercentageOfDecreaseInCompanyOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_PercentageOfDecreaseInRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of Decrease in Revenue</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_PercentageOfDecreaseInRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ProceedsFromIssueOfConvertibleNotes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Proceeds from Issue of Convertible Notes</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ProceedsFromIssueOfConvertibleNotes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_TotalOfCashCashEquivalentsShortTermAndLongTermInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of Cash Cash Equivalents Short Term and Long Term Investments</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_TotalOfCashCashEquivalentsShortTermAndLongTermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromContractsWithCustomers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue from contracts with customers. A customer is a party that has contracted with an entity to obtain goods or services that are an output of the entity&#8217;s ordinary activities in exchange for consideration.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2020-01-01<br> -Paragraph 113<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=15&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_113_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2020-01-01<br> -Paragraph 114<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=15&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_114&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromContractsWithCustomers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=cpa_PassengerRevenueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=cpa_PassengerRevenueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=cpa_CargoAndMailRevenueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=cpa_CargoAndMailRevenueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_AircraftTypeAxis=cpa_BoeingSevenHundredAndThirtySevenSevenHundredAircraftMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_AircraftTypeAxis=cpa_BoeingSevenHundredAndThirtySevenSevenHundredAircraftMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_AircraftTypeAxis=cpa_BoeingSevenHundredAndThirtySevenMaxAircraftMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_AircraftTypeAxis=cpa_BoeingSevenHundredAndThirtySevenMaxAircraftMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_EventAxis=cpa_Covid19memberMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_EventAxis=cpa_Covid19memberMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=cpa_OtherOperatingRevenuesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=cpa_OtherOperatingRevenuesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_AircraftTypeAxis=cpa_BoeingSevenHundredAndThirtySevenEightHundredAircraftMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_AircraftTypeAxis=cpa_BoeingSevenHundredAndThirtySevenEightHundredAircraftMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_AircraftTypeAxis=cpa_Embraer190FleetMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_AircraftTypeAxis=cpa_Embraer190FleetMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=cpa_ExportimportBankOfTheUnitedStatesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=cpa_ExportimportBankOfTheUnitedStatesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=cpa_CommittedCreditFacilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=cpa_CommittedCreditFacilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=cpa_SecuredCreditFacilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=cpa_SecuredCreditFacilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=cpa_UnsecuredCreditFacilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=cpa_UnsecuredCreditFacilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=cpa_CompaniaPanamenaDeAviacionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=cpa_CompaniaPanamenaDeAviacionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=ifrs-full_ForeignCountriesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=ifrs-full_ForeignCountriesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_JointOperationsAxis=cpa_CodeshareAgreementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_JointOperationsAxis=cpa_CodeshareAgreementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=cpa_NorthCentralSouthAmericaAndCaribbeanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=cpa_NorthCentralSouthAmericaAndCaribbeanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=cpa_ConnectMilesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=cpa_ConnectMilesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ConsolidatedStructuredEntitiesAxis=cpa_StarAllianceAirlinesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ConsolidatedStructuredEntitiesAxis=cpa_StarAllianceAirlinesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>116
<FILENAME>R63.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921839853368">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies - Schedule of Significant Subsidiaries (Detail)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_PA', window );">Panama [member] | Copa Airlines [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesLineItems', window );"><strong>Disclosure of information about unconsolidated subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership interest</a></td>
<td class="nump">99.90%<span></span>
</td>
<td class="nump">99.90%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_CO', window );">Colombia [member] | Copa Colombia [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesLineItems', window );"><strong>Disclosure of information about unconsolidated subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership interest</a></td>
<td class="nump">99.90%<span></span>
</td>
<td class="nump">99.90%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_VG', window );">British Virgin Islands [member] | Oval [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesLineItems', window );"><strong>Disclosure of information about unconsolidated subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Ownership interest</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2020-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2020-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_PA">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_PA</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ConsolidatedStructuredEntitiesAxis=cpa_CopaAirlinesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ConsolidatedStructuredEntitiesAxis=cpa_CopaAirlinesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_CO">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_CO</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ConsolidatedStructuredEntitiesAxis=cpa_CopaColombiaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ConsolidatedStructuredEntitiesAxis=cpa_CopaColombiaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_VG">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_VG</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ConsolidatedStructuredEntitiesAxis=cpa_OvalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ConsolidatedStructuredEntitiesAxis=cpa_OvalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921840673848">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies - Additional Information (Detail)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfSummaryOfSignificantAccountingPoliciesLineItems', window );"><strong>Disclosure of summary of significant accounting policies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Applicable tax rate</a></td>
<td class="nump">25.00%<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExplanationOfFactsAndCircumstancesOfSaleOrReclassificationAndExpectedDisposalMannerAndTiming', window );">Description of disposal of business available for sale</a></td>
<td class="text">The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification.	<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_PA', window );">Panama [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfSummaryOfSignificantAccountingPoliciesLineItems', window );"><strong>Disclosure of summary of significant accounting policies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Applicable tax rate</a></td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_WithholdingTaxRateOnPortionOfDomesticIncome', window );">Dividends Tax Rate, Panamanian source income</a></td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_WithholdingTaxRateOnPortionOfForeignIncome', window );">Dividends Tax Rate, foreign source income</a></td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Bottom of range [member] | Computer software licenses [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfSummaryOfSignificantAccountingPoliciesLineItems', window );"><strong>Disclosure of summary of significant accounting policies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_EstimatedUsefulLivesOfIntangibleAsset', window );">Estimated useful lives</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Bottom of range [member] | Software development [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfSummaryOfSignificantAccountingPoliciesLineItems', window );"><strong>Disclosure of summary of significant accounting policies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_EstimatedUsefulLivesOfIntangibleAsset', window );">Estimated useful lives</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Top of range [member] | Computer software licenses [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfSummaryOfSignificantAccountingPoliciesLineItems', window );"><strong>Disclosure of summary of significant accounting policies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_EstimatedUsefulLivesOfIntangibleAsset', window );">Estimated useful lives</a></td>
<td class="text">8 years<span></span>
</td>
<td class="text">8 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Top of range [member] | Software development [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfSummaryOfSignificantAccountingPoliciesLineItems', window );"><strong>Disclosure of summary of significant accounting policies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_EstimatedUsefulLivesOfIntangibleAsset', window );">Estimated useful lives</a></td>
<td class="text">15 years<span></span>
</td>
<td class="text">15 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DisclosureOfSummaryOfSignificantAccountingPoliciesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of summary of significant accounting Policies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DisclosureOfSummaryOfSignificantAccountingPoliciesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_EstimatedUsefulLivesOfIntangibleAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Estimated useful lives of intangible asset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_EstimatedUsefulLivesOfIntangibleAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_WithholdingTaxRateOnPortionOfDomesticIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Withholding tax rate on portion of domestic income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_WithholdingTaxRateOnPortionOfDomesticIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_WithholdingTaxRateOnPortionOfForeignIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Withholding tax rate on portion of foreign income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_WithholdingTaxRateOnPortionOfForeignIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ApplicableTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The applicable income tax rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ApplicableTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExplanationOfFactsAndCircumstancesOfSaleOrReclassificationAndExpectedDisposalMannerAndTiming">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The explanation of the facts and circumstances of the sale or leading to the expected disposal, and the manner and timing of that disposal, when a non-current asset or disposal group has been either classified as held for sale or sold.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2020-01-01<br> -Paragraph 41<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_41_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExplanationOfFactsAndCircumstancesOfSaleOrReclassificationAndExpectedDisposalMannerAndTiming</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_PA">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_PA</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsMaterialToEntityAxis=cpa_ComputerSoftwareLicensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsMaterialToEntityAxis=cpa_ComputerSoftwareLicensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsMaterialToEntityAxis=cpa_SoftwareDevelopment1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsMaterialToEntityAxis=cpa_SoftwareDevelopment1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921859025912">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies - Estimated Useful Lives of Assets and Considering Residual Value (Detail)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_SalvageValueAssetsRate', window );">Residual Value</a></td>
<td class="nump">15.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_AirframeAndEnginesMember', window );">Airframe and engines [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_EstimatedUsefulLivesOfTangibleAsset', window );">Estimated useful life (years)</a></td>
<td class="text">27 years<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_SalvageValueAssetsRate', window );">Residual Value</a></td>
<td class="nump">15.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_MajorMaintenanceEventsMember', window );">Major maintenance events [member] | Bottom of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_EstimatedUsefulLivesOfTangibleAsset', window );">Estimated useful life (years)</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_MajorMaintenanceEventsMember', window );">Major maintenance events [member] | Top of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_EstimatedUsefulLivesOfTangibleAsset', window );">Estimated useful life (years)</a></td>
<td class="text">16 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_GroundEquipmentMember', window );">Ground equipment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_EstimatedUsefulLivesOfTangibleAsset', window );">Estimated useful life (years)</a></td>
<td class="text">10 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_FurnitureFixturesAndOtherEquipmentMember', window );">Furniture, fixture, equipment and other [member] | Bottom of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_EstimatedUsefulLivesOfTangibleAsset', window );">Estimated useful life (years)</a></td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_FurnitureFixturesAndOtherEquipmentMember', window );">Furniture, fixture, equipment and other [member] | Top of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_EstimatedUsefulLivesOfTangibleAsset', window );">Estimated useful life (years)</a></td>
<td class="text">10 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember', window );">Leasehold improvements [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PropertyPlantAndEquipmentEstimatedUsefulLifes', window );">Estimated useful lives</a></td>
<td class="text">Lesser of remaining lease term and estimated useful life of the leasehold improvement<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_EstimatedUsefulLivesOfTangibleAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>An estimate of the average number of years an asset is considered usable before its value is fully depreciated.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_EstimatedUsefulLivesOfTangibleAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_PropertyPlantAndEquipmentEstimatedUsefulLifes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Property plant and equipment estimated useful lifes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_PropertyPlantAndEquipmentEstimatedUsefulLifes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_SalvageValueAssetsRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Salvage value assets rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_SalvageValueAssetsRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_AirframeAndEnginesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_AirframeAndEnginesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_MajorMaintenanceEventsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_MajorMaintenanceEventsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_GroundEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_GroundEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_FurnitureFixturesAndOtherEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_FurnitureFixturesAndOtherEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>119
<FILENAME>R66.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921840178392">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Significant Accounting Judgments, Estimates and Assumptions - Additional Information (Detail) - Aircraft<br></strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyLineItems', window );"><strong>Disclosure of voluntary change in accounting policy [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_SalvageValueAssetsRate', window );">Salvage value assets rate</a></td>
<td class="nump">15.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfAirCraftsHeldForSale', window );">Air crafts held for sale</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_AircraftTypeAxis=cpa_BoeingSevenHundredAndThirtySevenSevenHundredAircraftMember', window );">Boeing 737-700 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyLineItems', window );"><strong>Disclosure of voluntary change in accounting policy [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfAirCraftsHeldForSale', window );">Air crafts held for sale</a></td>
<td class="nump">14<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NumberOfAirCraftsHeldForSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of air crafts held for sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NumberOfAirCraftsHeldForSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_SalvageValueAssetsRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Salvage value assets rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_SalvageValueAssetsRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_AircraftTypeAxis=cpa_BoeingSevenHundredAndThirtySevenSevenHundredAircraftMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_AircraftTypeAxis=cpa_BoeingSevenHundredAndThirtySevenSevenHundredAircraftMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>120
<FILENAME>R67.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921839552456">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Changes in disclosures - Summary of reconcile the changes in presentation in prior years for comparative effects on the consolidated statement of financial position (Detail)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryLineItems', window );"><strong>Disclosure Of Detailed Information Reconcile The Changes In Presentation In Prior Years For Comparative Effects On The Consolidated Statement Of Financial Position Explanatory [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermBorrowings', window );">Loans and borrowings</a></td>
<td class="nump">$ 122,582<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CurrentOtherTaxesAndInterestPayable', window );">Taxes and interest payable</a></td>
<td class="nump">46,267<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=ifrs-full_PreviouslyStatedMember', window );">As Previously reported [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryLineItems', window );"><strong>Disclosure Of Detailed Information Reconcile The Changes In Presentation In Prior Years For Comparative Effects On The Consolidated Statement Of Financial Position Explanatory [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermBorrowings', window );">Loans and borrowings</a></td>
<td class="nump">117,238<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CurrentOtherTaxesAndInterestPayable', window );">Taxes and interest payable</a></td>
<td class="nump">51,611<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=ifrs-full_IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember', window );">Reclasification [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryLineItems', window );"><strong>Disclosure Of Detailed Information Reconcile The Changes In Presentation In Prior Years For Comparative Effects On The Consolidated Statement Of Financial Position Explanatory [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermBorrowings', window );">Loans and borrowings</a></td>
<td class="nump">5,344<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CurrentOtherTaxesAndInterestPayable', window );">Taxes and interest payable</a></td>
<td class="num">$ (5,344)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_CurrentOtherTaxesAndInterestPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Current other taxes and interest payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_CurrentOtherTaxesAndInterestPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DisclosureOfDetailedInformationReconcileTheChangesInPresentationInPriorYearsForComparativeEffectsOnTheConsolidatedStatementOfFinancialPositionExplanatoryLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=ifrs-full_PreviouslyStatedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=ifrs-full_PreviouslyStatedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=ifrs-full_IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis=ifrs-full_IncreaseDecreaseDueToChangesInAccountingPolicyAndCorrectionsOfPriorPeriodErrorsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921840913656">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Revenue From Contract With Customers - Summary of Disaggregated Operating Revenues (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherRevenue', window );">Other operating revenue</a></td>
<td class="nump">$ 19,407<span></span>
</td>
<td class="nump">$ 32,343<span></span>
</td>
<td class="nump">$ 27,755<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Total operating revenue</a></td>
<td class="nump">801,003<span></span>
</td>
<td class="nump">2,707,408<span></span>
</td>
<td class="nump">2,677,627<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProductsAndServicesAxis=cpa_PassengerRevenueExcludingMilesRedeemedMember', window );">Passenger revenue excluding miles redeemed [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenue</a></td>
<td class="nump">752,050<span></span>
</td>
<td class="nump">2,581,179<span></span>
</td>
<td class="nump">2,567,316<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProductsAndServicesAxis=cpa_MilesRedeemedMember', window );">Miles redeemed [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenue</a></td>
<td class="nump">8,544<span></span>
</td>
<td class="nump">31,426<span></span>
</td>
<td class="nump">20,073<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProductsAndServicesAxis=cpa_PassengerRevenueMember', window );">Passenger revenue [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenue</a></td>
<td class="nump">760,594<span></span>
</td>
<td class="nump">2,612,605<span></span>
</td>
<td class="nump">2,587,389<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProductsAndServicesAxis=cpa_CargoAndMailRevenueMember', window );">Cargo and mail revenue [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromContractsWithCustomers', window );">Revenue</a></td>
<td class="nump">21,002<span></span>
</td>
<td class="nump">62,460<span></span>
</td>
<td class="nump">62,483<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProductsAndServicesAxis=cpa_FrequentFlyerProgramMarketingServicesRevenueMember', window );">Frequent flyer program - marketing services revenue [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherRevenue', window );">Other operating revenue</a></td>
<td class="nump">15,452<span></span>
</td>
<td class="nump">22,170<span></span>
</td>
<td class="nump">16,291<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProductsAndServicesAxis=cpa_OtherOperatingRevenuesMember', window );">Other operating revenues [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherRevenue', window );">Other operating revenue</a></td>
<td class="nump">$ 3,955<span></span>
</td>
<td class="nump">$ 10,173<span></span>
</td>
<td class="nump">$ 11,464<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from sources that the entity does not separately disclose in the same statement or note. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2020-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromContractsWithCustomers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue from contracts with customers. A customer is a party that has contracted with an entity to obtain goods or services that are an output of the entity&#8217;s ordinary activities in exchange for consideration.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2020-01-01<br> -Paragraph 113<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=15&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_113_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2020-01-01<br> -Paragraph 114<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=15&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_114&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromContractsWithCustomers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=cpa_PassengerRevenueExcludingMilesRedeemedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=cpa_PassengerRevenueExcludingMilesRedeemedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=cpa_MilesRedeemedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=cpa_MilesRedeemedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=cpa_PassengerRevenueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=cpa_PassengerRevenueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=cpa_CargoAndMailRevenueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=cpa_CargoAndMailRevenueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=cpa_FrequentFlyerProgramMarketingServicesRevenueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=cpa_FrequentFlyerProgramMarketingServicesRevenueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=cpa_OtherOperatingRevenuesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=cpa_OtherOperatingRevenuesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<head>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921840484616">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Revenue From Contract With Customers - Summary of Changes in Contract Liabilities (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_AirTrafficLiabilityMember', window );">Air traffic liability [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfChangesInContactLiabilitiesLineItems', window );"><strong>Disclosure of changes in contact liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractLiabilities', window );">Balance at beginning of year</a></td>
<td class="nump">$ 497,374<span></span>
</td>
<td class="nump">$ 471,676<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughCumulativeCatchupAdjustmentsToRevenueArisingFromChangeInMeasureOfProgressContractLiabilities', window );">Sales</a></td>
<td class="nump">887,004<span></span>
</td>
<td class="nump">2,878,814<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughPerformanceObligationBeingSatisfiedContractLiabilities', window );">Revenue recognition</a></td>
<td class="num">(700,406)<span></span>
</td>
<td class="num">(2,355,626)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncreaseDecreaseThroughCumulativeTaxRecognitionAdjustmentsToRevenueContractLiabilities', window );">Tax recognition</a></td>
<td class="num">(113,473)<span></span>
</td>
<td class="num">(404,732)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncreaseDecreaseThroughCumulativeReimbursementsToRevenueContractLiabilities', window );">Reimbursements</a></td>
<td class="num">(82,910)<span></span>
</td>
<td class="num">(45,396)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncreaseDecreaseThroughCumulativeInterlineTicketsAdjustmentsToRevenueContractLiabilities', window );">Interline tickets</a></td>
<td class="num">(15,056)<span></span>
</td>
<td class="num">(35,272)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncreaseDecreaseThroughCumulativeOtherAdjustmentsToRevenueContractLiabilities', window );">Other</a></td>
<td class="num">(1,838)<span></span>
</td>
<td class="num">(12,090)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractLiabilities', window );">Balance at end of year</a></td>
<td class="nump">470,695<span></span>
</td>
<td class="nump">497,374<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_FrequentFlyerLiabilityMember', window );">Frequent flyer liability [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfChangesInContactLiabilitiesLineItems', window );"><strong>Disclosure of changes in contact liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractLiabilities', window );">Balance at beginning of year</a></td>
<td class="nump">80,326<span></span>
</td>
<td class="nump">67,814<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughCumulativeCatchupAdjustmentsToRevenueContractLiabilities', window );">Deferred of revenue</a></td>
<td class="nump">19,431<span></span>
</td>
<td class="nump">43,938<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughPerformanceObligationBeingSatisfiedContractLiabilities', window );">Revenue recognition</a></td>
<td class="num">(8,544)<span></span>
</td>
<td class="num">(31,426)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractLiabilities', window );">Balance at end of year</a></td>
<td class="nump">91,213<span></span>
</td>
<td class="nump">80,326<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentContractLiabilities', window );">Current</a></td>
<td class="nump">16,041<span></span>
</td>
<td class="nump">35,120<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentContractLiabilities', window );">Non-current</a></td>
<td class="nump">$ 75,172<span></span>
</td>
<td class="nump">$ 45,206<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DisclosureOfChangesInContactLiabilitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of changes in contact liabilities [line items]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DisclosureOfChangesInContactLiabilitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_IncreaseDecreaseThroughCumulativeInterlineTicketsAdjustmentsToRevenueContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Increase decrease through cumulative interline tickets adjustments to revenue contract liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_IncreaseDecreaseThroughCumulativeInterlineTicketsAdjustmentsToRevenueContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_IncreaseDecreaseThroughCumulativeOtherAdjustmentsToRevenueContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Increase decrease through cumulative other adjustments to revenue contract liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_IncreaseDecreaseThroughCumulativeOtherAdjustmentsToRevenueContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_IncreaseDecreaseThroughCumulativeReimbursementsToRevenueContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Increase decrease through cumulative reimbursements to revenue contract liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_IncreaseDecreaseThroughCumulativeReimbursementsToRevenueContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_IncreaseDecreaseThroughCumulativeTaxRecognitionAdjustmentsToRevenueContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Increase decrease through cumulative tax recognition adjustments to revenue contract liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_IncreaseDecreaseThroughCumulativeTaxRecognitionAdjustmentsToRevenueContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of an entity&#8217;s obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2020-01-01<br> -Paragraph 105<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=15&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_105&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2020-01-01<br> -Paragraph 116<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=15&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_116_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current contract liabilities. [Refer: Contract liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2020-01-01<br> -Paragraph 105<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=15&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_105&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DecreaseThroughPerformanceObligationBeingSatisfiedContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in contract liabilities resulting from the performance obligation being satisfied. [Refer: Contract liabilities; Performance obligations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2020-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=15&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DecreaseThroughPerformanceObligationBeingSatisfiedContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughCumulativeCatchupAdjustmentsToRevenueArisingFromChangeInMeasureOfProgressContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in contract liabilities resulting from cumulative catch-up adjustments to revenue arising from a change in the measure of progress. [Refer: Increase (decrease) through cumulative catch-up adjustments to revenue, contract liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2020-01-01<br> -Paragraph 118<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=15&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_118_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughCumulativeCatchupAdjustmentsToRevenueArisingFromChangeInMeasureOfProgressContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughCumulativeCatchupAdjustmentsToRevenueContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in contract liabilities resulting from cumulative catch-up adjustments to revenue. [Refer: Contract liabilities; Revenue from contracts with customers]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2020-01-01<br> -Paragraph 118<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=15&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_118_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughCumulativeCatchupAdjustmentsToRevenueContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current contract liabilities. [Refer: Contract liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2020-01-01<br> -Paragraph 105<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=15&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_105&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_AirTrafficLiabilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_AirTrafficLiabilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_FrequentFlyerLiabilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_FrequentFlyerLiabilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921886694968">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Revenue from Contract with Customers - Additional Information (Detail)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2020 </div>
<div>Segment</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsAbstract', window );"><strong>Disclosure of operating segments [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfOperatingSegments1', window );">Number of operating segment</a></td>
<td class="nump">1<span></span>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NumberOfOperatingSegments1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of operating segments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NumberOfOperatingSegments1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOperatingSegmentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOperatingSegmentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>124
<FILENAME>R71.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921839777528">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Revenue from Contract with Customers - Operating Revenue by Principal Geographic Area (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PassengerAndCargoAndMailRevenue', window );">Passenger, Cargo and Mail Revenue</a></td>
<td class="nump">$ 781,596<span></span>
</td>
<td class="nump">$ 2,675,065<span></span>
</td>
<td class="nump">$ 2,649,872<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=srt_NorthAmericaMember', window );">North America [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PassengerAndCargoAndMailRevenue', window );">Passenger, Cargo and Mail Revenue</a></td>
<td class="nump">233,039<span></span>
</td>
<td class="nump">857,002<span></span>
</td>
<td class="nump">826,529<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=srt_SouthAmericaMember', window );">South America [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PassengerAndCargoAndMailRevenue', window );">Passenger, Cargo and Mail Revenue</a></td>
<td class="nump">281,008<span></span>
</td>
<td class="nump">975,530<span></span>
</td>
<td class="nump">1,076,507<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=srt_CentralAmericaMember', window );">Central America [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PassengerAndCargoAndMailRevenue', window );">Passenger, Cargo and Mail Revenue</a></td>
<td class="nump">246,727<span></span>
</td>
<td class="nump">740,358<span></span>
</td>
<td class="nump">648,747<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=cpa_CarribeanMember', window );">Carribean [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PassengerAndCargoAndMailRevenue', window );">Passenger, Cargo and Mail Revenue</a></td>
<td class="nump">$ 20,822<span></span>
</td>
<td class="nump">$ 102,175<span></span>
</td>
<td class="nump">$ 98,089<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_PassengerAndCargoAndMailRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Passenger and cargo and mail revenue.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_PassengerAndCargoAndMailRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfGeographicalAreasLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfGeographicalAreasLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=srt_NorthAmericaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=srt_NorthAmericaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=srt_SouthAmericaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=srt_SouthAmericaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=srt_CentralAmericaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=srt_CentralAmericaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=cpa_CarribeanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=cpa_CarribeanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>125
<FILENAME>R72.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921839769064">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsAbstract', window );"><strong>Cash and cash equivalents [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BalancesWithBanks', window );">Checking and saving accounts</a></td>
<td class="nump">$ 99,286<span></span>
</td>
<td class="nump">$ 118,367<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents', window );">Time deposits of no more than ninety days</a></td>
<td class="nump">19,500<span></span>
</td>
<td class="nump">40,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashOnHand', window );">Cash on hand</a></td>
<td class="nump">279<span></span>
</td>
<td class="nump">365<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">$ 119,065<span></span>
</td>
<td class="nump">$ 158,732<span></span>
</td>
<td class="nump">$ 156,158<span></span>
</td>
<td class="nump">$ 238,792<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BalancesWithBanks">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash balances held at banks.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BalancesWithBanks</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashOnHand">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash held by the entity. This does not include demand deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashOnHand</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A classification of cash equivalents representing short-term deposits. [Refer: Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>126
<FILENAME>R73.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921886451592">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cash and Cash Equivalents - Additional Information (Detail) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfCashAndCashEquivalentsLineItems', window );"><strong>Disclosure of cash and cash equivalents [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashCollateralPledgedSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialLiabilities', window );">Collateral pledged</a></td>
<td class="nump">$ 5.9<span></span>
</td>
<td class="nump">$ 0.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Bottom of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfCashAndCashEquivalentsLineItems', window );"><strong>Disclosure of cash and cash equivalents [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AdjustmentForInterestRateEarningTimeDeposit', window );">Time deposits interest rate</a></td>
<td class="nump">0.24%<span></span>
</td>
<td class="nump">1.71%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Top of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfCashAndCashEquivalentsLineItems', window );"><strong>Disclosure of cash and cash equivalents [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AdjustmentForInterestRateEarningTimeDeposit', window );">Time deposits interest rate</a></td>
<td class="nump">0.35%<span></span>
</td>
<td class="nump">1.98%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AdjustmentForInterestRateEarningTimeDeposit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustment for interest rate earning time deposit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AdjustmentForInterestRateEarningTimeDeposit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DisclosureOfCashAndCashEquivalentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of cash and cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DisclosureOfCashAndCashEquivalentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashCollateralPledgedSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash collateral pledged that is subject to an enforceable master netting arrangement or similar agreement and that is not set off against financial liabilities. [Refer: Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph IG40D<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_IG40D&amp;doctype=Implementation%20Guidance<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 13C<br> -Subparagraph d<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_13C_d_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashCollateralPledgedSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>127
<FILENAME>R74.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921840411048">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Investments - Schedule of Information About Investments (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsLineItems', window );"><strong>Disclosure of detailed information about financial assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Current</a></td>
<td class="nump">$ 770,816<span></span>
</td>
<td class="nump">$ 692,403<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Non Current</a></td>
<td class="nump">119,617<span></span>
</td>
<td class="nump">134,347<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Total</a></td>
<td class="nump">890,433<span></span>
</td>
<td class="nump">826,750<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInvestmentPropertyAxis=cpa_TimeDepositsMember', window );">Time deposits [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsLineItems', window );"><strong>Disclosure of detailed information about financial assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Current</a></td>
<td class="nump">430,000<span></span>
</td>
<td class="nump">640,500<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Non Current</a></td>
<td class="nump">80,000<span></span>
</td>
<td class="nump">60,000<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Total</a></td>
<td class="nump">510,000<span></span>
</td>
<td class="nump">700,500<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInvestmentPropertyAxis=cpa_BondMember', window );">Bonds [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsLineItems', window );"><strong>Disclosure of detailed information about financial assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Current</a></td>
<td class="nump">341,854<span></span>
</td>
<td class="nump">52,573<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Non Current</a></td>
<td class="nump">39,796<span></span>
</td>
<td class="nump">74,634<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Total</a></td>
<td class="nump">381,650<span></span>
</td>
<td class="nump">127,207<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInvestmentPropertyAxis=cpa_TimeDepositsAndBondsMember', window );">Time deposits and bonds [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsLineItems', window );"><strong>Disclosure of detailed information about financial assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Current</a></td>
<td class="nump">771,854<span></span>
</td>
<td class="nump">693,073<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Non Current</a></td>
<td class="nump">119,796<span></span>
</td>
<td class="nump">134,634<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Total</a></td>
<td class="nump">891,650<span></span>
</td>
<td class="nump">827,707<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_AllowanceForCreditLossesMember', window );">Allowance for credit losses [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsLineItems', window );"><strong>Disclosure of detailed information about financial assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Current</a></td>
<td class="num">(1,038)<span></span>
</td>
<td class="num">(670)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Non Current</a></td>
<td class="num">(179)<span></span>
</td>
<td class="num">(287)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Total</a></td>
<td class="num">$ (1,217)<span></span>
</td>
<td class="num">$ (957)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments in subsidiaries, joint ventures and associates in an entity's separate financial statements. [Refer: Associates [member]; Joint ventures [member]; Subsidiaries [member]; Investments in subsidiaries]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2020-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current investments other than investments accounted for using the equity method. [Refer: Investments accounted for using equity method; Non-current assets; Investments other than investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInvestmentPropertyAxis=cpa_TimeDepositsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInvestmentPropertyAxis=cpa_TimeDepositsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInvestmentPropertyAxis=cpa_BondMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInvestmentPropertyAxis=cpa_TimeDepositsAndBondsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ifrs-full_AllowanceForCreditLossesMember</td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921840420776">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Investments - Additional Information (Detail) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember', window );">Currency risk [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInvestmentPropertyLineItems', window );"><strong>Disclosure of detailed information about investment property [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RiskExposureAssociatedWithInstrumentsSharingCharacteristic', window );">Risk exposure associated with instruments</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_OtherPriceRiskMember', window );">Other price risk [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInvestmentPropertyLineItems', window );"><strong>Disclosure of detailed information about investment property [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RiskExposureAssociatedWithInstrumentsSharingCharacteristic', window );">Risk exposure associated with instruments</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Bottom of range [member] | Time deposits denominated with a contractual maturity of less than 365 days [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInvestmentPropertyLineItems', window );"><strong>Disclosure of detailed information about investment property [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PercentageOfTimeDeposits', window );">Interest rates on time deposits</a></td>
<td class="nump">0.27%<span></span>
</td>
<td class="nump">2.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Bottom of range [member] | Time deposits with a contractual maturity of more than 365 days [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInvestmentPropertyLineItems', window );"><strong>Disclosure of detailed information about investment property [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PercentageOfTimeDeposits', window );">Interest rates on time deposits</a></td>
<td class="nump">1.20%<span></span>
</td>
<td class="nump">3.25%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Top of range [member] | Time deposits denominated with a contractual maturity of less than 365 days [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInvestmentPropertyLineItems', window );"><strong>Disclosure of detailed information about investment property [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PercentageOfTimeDeposits', window );">Interest rates on time deposits</a></td>
<td class="nump">4.38%<span></span>
</td>
<td class="nump">3.75%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Top of range [member] | Time deposits with a contractual maturity of more than 365 days [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInvestmentPropertyLineItems', window );"><strong>Disclosure of detailed information about investment property [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PercentageOfTimeDeposits', window );">Interest rates on time deposits</a></td>
<td class="nump">4.25%<span></span>
</td>
<td class="nump">4.38%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=cpa_BottomOfRangeBondsWithSemiannualInterestPaymentMember', window );">Bottom of range Bonds with semiannual interest payment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInvestmentPropertyLineItems', window );"><strong>Disclosure of detailed information about investment property [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_BorrowingsSemiAnnualInterestRate', window );">Semiannual interest payment, interest rates</a></td>
<td class="nump">0.21%<span></span>
</td>
<td class="nump">2.06%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=cpa_TopOfRangeBondsWithSemiannualInterestPaymentMember', window );">Top of range Bonds with semiannual interest payment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInvestmentPropertyLineItems', window );"><strong>Disclosure of detailed information about investment property [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_BorrowingsSemiAnnualInterestRate', window );">Semiannual interest payment, interest rates</a></td>
<td class="nump">3.32%<span></span>
</td>
<td class="nump">3.32%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_BorrowingsSemiAnnualInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Borrowings semi annual interest rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_BorrowingsSemiAnnualInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_PercentageOfTimeDeposits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of time deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_PercentageOfTimeDeposits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfInvestmentPropertyLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInvestmentPropertyLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RiskExposureAssociatedWithInstrumentsSharingCharacteristic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of risk exposure associated with financial instruments with a shared characteristic that identifies a concentration of risks. [Refer: Financial instruments, class [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph B8<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B8_c&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RiskExposureAssociatedWithInstrumentsSharingCharacteristic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ifrs-full_OtherPriceRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_OtherPriceRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInvestmentPropertyAxis=cpa_ShortTermTimeDepositsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInvestmentPropertyAxis=cpa_ShortTermTimeDepositsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInvestmentPropertyAxis=cpa_LongTermTimeDepositsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInvestmentPropertyAxis=cpa_LongTermTimeDepositsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=cpa_BottomOfRangeBondsWithSemiannualInterestPaymentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=cpa_BottomOfRangeBondsWithSemiannualInterestPaymentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=cpa_TopOfRangeBondsWithSemiannualInterestPaymentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=cpa_TopOfRangeBondsWithSemiannualInterestPaymentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>129
<FILENAME>R76.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921860016424">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Accounts Receivable - Disclosure of Accounts Receivable (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfAccountsReceivablesAbstract', window );"><strong>Disclosure of accounts receivables [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CreditCardsReceivables', window );">Credit cards</a></td>
<td class="nump">$ 35,882<span></span>
</td>
<td class="nump">$ 64,595<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CargoAndOtherTravelAgenciesReceivables', window );">Cargo and other travel agencies</a></td>
<td class="nump">10,052<span></span>
</td>
<td class="nump">19,389<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AirlinesAndClearingHouseReceivables', window );">Airlines and clearing house</a></td>
<td class="nump">6,156<span></span>
</td>
<td class="nump">31,087<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_GovernmentReceivables', window );">Government</a></td>
<td class="nump">5,466<span></span>
</td>
<td class="nump">8,031<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Trade receivables from related parties</a></td>
<td class="nump">1,429<span></span>
</td>
<td class="nump">147<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other</a></td>
<td class="nump">13,187<span></span>
</td>
<td class="nump">14,250<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TradeAndOtherReceivablesNetImpairment', window );">Total accounts receivable</a></td>
<td class="nump">72,172<span></span>
</td>
<td class="nump">137,499<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AllowanceForExpectedCreditLossesReceivables', window );">Allowance for expected credit losses</a></td>
<td class="num">(6,483)<span></span>
</td>
<td class="num">(5,579)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherReceivables', window );">Trade and other receivables</a></td>
<td class="nump">65,689<span></span>
</td>
<td class="nump">131,920<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherReceivablesAbstract', window );"><strong>Trade and other receivables current and non - current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current</a></td>
<td class="nump">64,635<span></span>
</td>
<td class="nump">129,781<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentTradeReceivables', window );">Non - current</a></td>
<td class="nump">1,054<span></span>
</td>
<td class="nump">2,139<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherReceivables', window );">Trade and other receivables</a></td>
<td class="nump">$ 65,689<span></span>
</td>
<td class="nump">$ 131,920<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AirlinesAndClearingHouseReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Airlines And Clearing House Receivables</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AirlinesAndClearingHouseReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AllowanceForExpectedCreditLossesReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Allowance for expected credit losses receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AllowanceForExpectedCreditLossesReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_CargoAndOtherTravelAgenciesReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cargo and other travel agencies receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_CargoAndOtherTravelAgenciesReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_CreditCardsReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Credit cards receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_CreditCardsReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DisclosureOfAccountsReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounts receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DisclosureOfAccountsReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_GovernmentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Government receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_GovernmentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_TradeAndOtherReceivablesNetImpairment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trade and other receivables net impairment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_TradeAndOtherReceivablesNetImpairment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmountsReceivableRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts receivable resulting from related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2020-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2020-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmountsReceivableRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount receivable by the entity that it does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of trade receivables and other receivables. [Refer: Trade receivables; Other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 54<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_54_h&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>130
<FILENAME>R77.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921871564104">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accounts Receivable - Additional Information (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfAccountsReceivableLineItems', window );"><strong>Disclosure of accounts receivable [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentTradeReceivables', window );">Non - current account receivable</a></td>
<td class="nump">$ 1,054<span></span>
</td>
<td class="nump">$ 2,139<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Bottom of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfAccountsReceivableLineItems', window );"><strong>Disclosure of accounts receivable [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TradeReceivablesPaymentTerms', window );">Trade receivable term</a></td>
<td class="text">30 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Top of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfAccountsReceivableLineItems', window );"><strong>Disclosure of accounts receivable [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TradeReceivablesPaymentTerms', window );">Trade receivable term</a></td>
<td class="text">90 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DisclosureOfAccountsReceivableLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure Of Accounts Receivable [line items]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DisclosureOfAccountsReceivableLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_TradeReceivablesPaymentTerms">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trade receivables payment terms.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_TradeReceivablesPaymentTerms</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>131
<FILENAME>R78.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921871312008">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accounts Receivable - Summary of Movements in the Allowance for Impairment in Respect of Account Receivables (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfAccountsReceivablesAbstract', window );"><strong>Disclosure of accounts receivables [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ProvisionForImpairmentReceivablesBeginningBalance', window );">Beginning balance</a></td>
<td class="num">$ (5,579)<span></span>
</td>
<td class="num">$ (5,057)<span></span>
</td>
<td class="num">$ (3,673)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AdjustmentsOnInitialApplicationOfIfrs9', window );">Adjustment on initial application of IFRS 9</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(624)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ProvisionForImpairmentReceivablesAdjustedBalance', window );">Balance at beginning of year under IFRS 9</a></td>
<td class="num">(5,579)<span></span>
</td>
<td class="num">(5,057)<span></span>
</td>
<td class="num">(4,297)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AdditionsReversalsProvisionForImpairmentReceivables', window );">Additions</a></td>
<td class="num">(1,310)<span></span>
</td>
<td class="num">(744)<span></span>
</td>
<td class="num">(1,311)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_BadDebtsProvisionWrittenOff', window );">Write-offs</a></td>
<td class="nump">406<span></span>
</td>
<td class="nump">222<span></span>
</td>
<td class="nump">551<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ProvisionForImpairmentReceivablesEndingBalance', window );">Ending balance</a></td>
<td class="num">$ (6,483)<span></span>
</td>
<td class="num">$ (5,579)<span></span>
</td>
<td class="num">$ (5,057)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AdditionsReversalsProvisionForImpairmentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Additions (reversals) provision for impairment receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AdditionsReversalsProvisionForImpairmentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AdjustmentsOnInitialApplicationOfIfrs9">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments on initial application of IFRS 9.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AdjustmentsOnInitialApplicationOfIfrs9</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_BadDebtsProvisionWrittenOff">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Bad debts provision written off.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_BadDebtsProvisionWrittenOff</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DisclosureOfAccountsReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounts receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DisclosureOfAccountsReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ProvisionForImpairmentReceivablesAdjustedBalance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Provision for impairment receivables adjusted balance</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ProvisionForImpairmentReceivablesAdjustedBalance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ProvisionForImpairmentReceivablesBeginningBalance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Provision for impairment receivables beginning balance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ProvisionForImpairmentReceivablesBeginningBalance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ProvisionForImpairmentReceivablesEndingBalance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Provision for impairment receivables ending balance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ProvisionForImpairmentReceivablesEndingBalance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>132
<FILENAME>R79.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921859987752">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Expendable Parts and Supplies - Disclosure of Expendable Parts and Supplies (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfInventoriesAbstract', window );"><strong>Classes of current inventories [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RawMaterials', window );">Material for repair and maintenance</a></td>
<td class="nump">$ 69,737<span></span>
</td>
<td class="nump">$ 66,418<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherInventories', window );">Other inventories</a></td>
<td class="nump">4,920<span></span>
</td>
<td class="nump">3,686<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_InventoriesGross', window );">Expendable parts and supplies, gross</a></td>
<td class="nump">74,657<span></span>
</td>
<td class="nump">70,104<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AllowanceForObsolescenceInventory', window );">Allowance for obsolescence</a></td>
<td class="num">(338)<span></span>
</td>
<td class="num">(1,004)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Expendable parts and supplies</a></td>
<td class="nump">$ 74,319<span></span>
</td>
<td class="nump">$ 69,100<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AllowanceForObsolescenceInventory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Allowance for obsolescence inventory.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AllowanceForObsolescenceInventory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_InventoriesGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Inventories gross.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_InventoriesGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfInventoriesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfInventoriesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2020-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of inventory that the entity does not separately disclose in the same statement or note. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2020-01-01<br> -Paragraph 37<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RawMaterials">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A classification of current inventory representing the amount of assets to be consumed in the production process or in the rendering of services. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2020-01-01<br> -Paragraph 37<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 78<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_78_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RawMaterials</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>133
<FILENAME>R80.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921861963624">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Expendable Parts and Supplies - Additional Information (Detail) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfInventoriesAbstract', window );"><strong>Classes of current inventories [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InventoryWritedown2011', window );">Expendable parts and supplies expense</a></td>
<td class="nump">$ 12.7<span></span>
</td>
<td class="nump">$ 32.4<span></span>
</td>
<td class="nump">$ 31.9<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfInventoriesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfInventoriesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InventoryWritedown2011">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognised related to the write-down of inventories to net realisable value. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2020-01-01<br> -Paragraph 36<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_36_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 98<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_98_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InventoryWritedown2011</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>134
<FILENAME>R81.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921859903528">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Prepaid Expenses - Detailed Information about Prepaid Expenses (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPrepaymentsAbstract', window );"><strong>Current prepayments [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PrepaidTaxes1', window );">Prepaid taxes</a></td>
<td class="nump">$ 10,022<span></span>
</td>
<td class="nump">$ 26,164<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PrepaidCommissions', window );">Prepaid commissions</a></td>
<td class="nump">3,908<span></span>
</td>
<td class="nump">4,298<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PrepaidInsurance1', window );">Prepaid insurance</a></td>
<td class="nump">5,385<span></span>
</td>
<td class="nump">1,231<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PrepaidToSupplier', window );">Prepaid to supplier</a></td>
<td class="nump">17,224<span></span>
</td>
<td class="nump">35,084<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Prepayments', window );">Total prepaid expenses</a></td>
<td class="nump">36,539<span></span>
</td>
<td class="nump">66,777<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPrepaidExpenses', window );">Current</a></td>
<td class="nump">30,473<span></span>
</td>
<td class="nump">49,034<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPrepayments', window );">Non-current</a></td>
<td class="nump">6,066<span></span>
</td>
<td class="nump">17,743<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Prepayments', window );">Prepaid expenses</a></td>
<td class="nump">$ 36,539<span></span>
</td>
<td class="nump">$ 66,777<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_PrepaidCommissions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Prepaid commissions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_PrepaidCommissions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_PrepaidInsurance1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Prepaid insurance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_PrepaidInsurance1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_PrepaidTaxes1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Prepaid taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_PrepaidTaxes1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_PrepaidToSupplier">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Prepaid to supplier.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_PrepaidToSupplier</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentPrepaidExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as a current asset for expenditures made prior to the period when the economic benefit will be realised.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPrepaidExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentPrepaymentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPrepaymentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentPrepayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current prepayments. [Refer: Prepayments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentPrepayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Prepayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Receivables that represent amounts paid for goods and services before they have been delivered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Prepayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>135
<FILENAME>R82.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921886451592">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Prepaid Expenses - Additional Information (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PrepaidExpensesLineItems', window );"><strong>Prepaid expenses [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TaxAdvanceOfVATAndWithholdingsTaxes', window );">Tax advance of VAT and withholdings taxes</a></td>
<td class="nump">$ 4,000<span></span>
</td>
<td class="nump">$ 8,400<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NoncurrentIncomeTaxAdvance', window );">Advance payments of taxes</a></td>
<td class="nump">1,600<span></span>
</td>
<td class="nump">1,300<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TaxCredits', window );">Tax credits</a></td>
<td class="nump">4,500<span></span>
</td>
<td class="nump">$ 16,500<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_LossOnSaleOfTaxRefundTitlesIncludedUnderOtherNonOperatingExpense', window );">Loss on sale of tax refund titles included under other non operating expense</a></td>
<td class="nump">10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncomeTaxAuthorityAxis=country_CO', window );">COLOMBIA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PrepaidExpensesLineItems', window );"><strong>Prepaid expenses [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ReturnOfCreditsOfIncomeInTaxRefundTitiles', window );">Return of credits of income in Tax refund titiles</a></td>
<td class="nump">$ 14,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_LossOnSaleOfTaxRefundTitlesIncludedUnderOtherNonOperatingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Loss on sale of tax refund titles included under other non operating expense</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_LossOnSaleOfTaxRefundTitlesIncludedUnderOtherNonOperatingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NoncurrentIncomeTaxAdvance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Non-current income tax advance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NoncurrentIncomeTaxAdvance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_PrepaidExpensesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Prepaid expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_PrepaidExpensesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ReturnOfCreditsOfIncomeInTaxRefundTitiles">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Return of credits of income in Tax refund titiles</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ReturnOfCreditsOfIncomeInTaxRefundTitiles</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_TaxAdvanceOfVATAndWithholdingsTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tax advance of VAT and withholdings taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_TaxAdvanceOfVATAndWithholdingsTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_TaxCredits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tax credits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_TaxCredits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_IncomeTaxAuthorityAxis=country_CO">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_IncomeTaxAuthorityAxis=country_CO</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>136
<FILENAME>R83.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921835390104">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Property and Equipment - Summary of Property and Equipment (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="nump">$ 2,532,402<span></span>
</td>
<td class="nump">$ 2,698,131<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment</a></td>
<td class="num">(243,097)<span></span>
</td>
<td class="num">(89,344)<span></span>
</td>
<td class="num">$ (188,624)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="nump">2,147,486<span></span>
</td>
<td class="nump">2,532,402<span></span>
</td>
<td class="nump">2,698,131<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="nump">3,668,182<span></span>
</td>
<td class="nump">4,078,199<span></span>
</td>
<td class="nump">3,803,861<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment', window );">Transfer of pre-delivery payments</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">44,065<span></span>
</td>
<td class="nump">189,491<span></span>
</td>
<td class="nump">468,424<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="num">(35,935)<span></span>
</td>
<td class="num">(185,831)<span></span>
</td>
<td class="num">(27,514)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment', window );">Assets held for sale</a></td>
<td class="num">(554,790)<span></span>
</td>
<td class="num">(413,677)<span></span>
</td>
<td class="num">(164,201)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment', window );">Reclassifications</a></td>
<td class="num">(5,600)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(2,371)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="nump">3,115,922<span></span>
</td>
<td class="nump">3,668,182<span></span>
</td>
<td class="nump">4,078,199<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember', window );">Accumulated depreciation and impairment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="num">(1,135,780)<span></span>
</td>
<td class="num">(1,380,068)<span></span>
</td>
<td class="num">(1,189,645)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation for the year</a></td>
<td class="num">(139,002)<span></span>
</td>
<td class="num">(160,819)<span></span>
</td>
<td class="num">(159,307)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="nump">33,099<span></span>
</td>
<td class="nump">178,788<span></span>
</td>
<td class="nump">23,769<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment', window );">Assets held for sale</a></td>
<td class="nump">273,251<span></span>
</td>
<td class="nump">226,319<span></span>
</td>
<td class="nump">75,556<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment', window );">Reclassifications</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">268<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment</a></td>
<td class="num">(4)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(130,709)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="num">(968,436)<span></span>
</td>
<td class="num">(1,135,780)<span></span>
</td>
<td class="num">(1,380,068)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember', window );">Land [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="nump">6,301<span></span>
</td>
<td class="nump">6,301<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="nump">6,301<span></span>
</td>
<td class="nump">6,301<span></span>
</td>
<td class="nump">6,301<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember', window );">Land [member] | Gross carrying amount [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="nump">6,301<span></span>
</td>
<td class="nump">6,301<span></span>
</td>
<td class="nump">6,301<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment', window );">Transfer of pre-delivery payments</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment', window );">Assets held for sale</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment', window );">Reclassifications</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="nump">6,301<span></span>
</td>
<td class="nump">6,301<span></span>
</td>
<td class="nump">6,301<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember', window );">Land [member] | Accumulated depreciation and impairment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation for the year</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment', window );">Assets held for sale</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment', window );">Reclassifications</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_FlightEquipment1Member', window );">Flight equipment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="nump">2,010,509<span></span>
</td>
<td class="nump">2,165,787<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="nump">1,689,287<span></span>
</td>
<td class="nump">2,010,509<span></span>
</td>
<td class="nump">2,165,787<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_FlightEquipment1Member', window );">Flight equipment [member] | Gross carrying amount [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="nump">3,038,594<span></span>
</td>
<td class="nump">3,449,527<span></span>
</td>
<td class="nump">3,252,229<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment', window );">Transfer of pre-delivery payments</a></td>
<td class="nump">49,860<span></span>
</td>
<td class="nump">78,143<span></span>
</td>
<td class="nump">156,305<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">39,492<span></span>
</td>
<td class="nump">109,286<span></span>
</td>
<td class="nump">228,302<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="num">(34,626)<span></span>
</td>
<td class="num">(184,685)<span></span>
</td>
<td class="num">(20,737)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment', window );">Assets held for sale</a></td>
<td class="num">(554,790)<span></span>
</td>
<td class="num">(413,677)<span></span>
</td>
<td class="num">(164,201)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment', window );">Reclassifications</a></td>
<td class="nump">244<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(2,371)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="nump">2,538,774<span></span>
</td>
<td class="nump">3,038,594<span></span>
</td>
<td class="nump">3,449,527<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_FlightEquipment1Member', window );">Flight equipment [member] | Accumulated depreciation and impairment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="num">(1,028,085)<span></span>
</td>
<td class="num">(1,283,740)<span></span>
</td>
<td class="num">(1,097,751)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation for the year</a></td>
<td class="num">(126,988)<span></span>
</td>
<td class="num">(148,832)<span></span>
</td>
<td class="num">(147,980)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="nump">32,335<span></span>
</td>
<td class="nump">178,168<span></span>
</td>
<td class="nump">16,876<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment', window );">Assets held for sale</a></td>
<td class="nump">273,251<span></span>
</td>
<td class="nump">226,319<span></span>
</td>
<td class="nump">75,556<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment', window );">Reclassifications</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">268<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(130,709)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="num">(849,487)<span></span>
</td>
<td class="num">(1,028,085)<span></span>
</td>
<td class="num">(1,283,740)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_PurchaseDepositsForFlightEquipmentMember', window );">Purchase deposits for flight equipment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="nump">463,274<span></span>
</td>
<td class="nump">474,060<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="nump">407,814<span></span>
</td>
<td class="nump">463,274<span></span>
</td>
<td class="nump">474,060<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_PurchaseDepositsForFlightEquipmentMember', window );">Purchase deposits for flight equipment [member] | Gross carrying amount [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="nump">463,274<span></span>
</td>
<td class="nump">474,060<span></span>
</td>
<td class="nump">413,633<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment', window );">Transfer of pre-delivery payments</a></td>
<td class="num">(49,860)<span></span>
</td>
<td class="num">(78,143)<span></span>
</td>
<td class="num">(156,305)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">67,357<span></span>
</td>
<td class="nump">216,732<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment', window );">Assets held for sale</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment', window );">Reclassifications</a></td>
<td class="num">(5,600)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="nump">407,814<span></span>
</td>
<td class="nump">463,274<span></span>
</td>
<td class="nump">474,060<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_PurchaseDepositsForFlightEquipmentMember', window );">Purchase deposits for flight equipment [member] | Accumulated depreciation and impairment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation for the year</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment', window );">Assets held for sale</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment', window );">Reclassifications</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_RampAndMiscellaneousFlightEquipmentMember', window );">Ramp and miscellaneous [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="nump">12,466<span></span>
</td>
<td class="nump">13,055<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="nump">9,911<span></span>
</td>
<td class="nump">12,466<span></span>
</td>
<td class="nump">13,055<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_RampAndMiscellaneousFlightEquipmentMember', window );">Ramp and miscellaneous [member] | Gross carrying amount [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="nump">56,337<span></span>
</td>
<td class="nump">53,736<span></span>
</td>
<td class="nump">48,353<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment', window );">Transfer of pre-delivery payments</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">582<span></span>
</td>
<td class="nump">2,693<span></span>
</td>
<td class="nump">5,434<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="num">(306)<span></span>
</td>
<td class="num">(102)<span></span>
</td>
<td class="num">(128)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment', window );">Assets held for sale</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment', window );">Reclassifications</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">10<span></span>
</td>
<td class="nump">77<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="nump">56,613<span></span>
</td>
<td class="nump">56,337<span></span>
</td>
<td class="nump">53,736<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_RampAndMiscellaneousFlightEquipmentMember', window );">Ramp and miscellaneous [member] | Accumulated depreciation and impairment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="num">(43,871)<span></span>
</td>
<td class="num">(40,681)<span></span>
</td>
<td class="num">(37,016)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation for the year</a></td>
<td class="num">(3,121)<span></span>
</td>
<td class="num">(3,292)<span></span>
</td>
<td class="num">(3,783)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="nump">290<span></span>
</td>
<td class="nump">102<span></span>
</td>
<td class="nump">118<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment', window );">Assets held for sale</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment', window );">Reclassifications</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="num">(46,702)<span></span>
</td>
<td class="num">(43,871)<span></span>
</td>
<td class="num">(40,681)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember', window );">Furniture, fixture, equipment a and other [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="nump">5,292<span></span>
</td>
<td class="nump">5,832<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="nump">2,335<span></span>
</td>
<td class="nump">5,292<span></span>
</td>
<td class="nump">5,832<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember', window );">Furniture, fixture, equipment a and other [member] | Gross carrying amount [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="nump">32,798<span></span>
</td>
<td class="nump">30,918<span></span>
</td>
<td class="nump">27,524<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment', window );">Transfer of pre-delivery payments</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">221<span></span>
</td>
<td class="nump">2,450<span></span>
</td>
<td class="nump">3,773<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="num">(223)<span></span>
</td>
<td class="num">(570)<span></span>
</td>
<td class="num">(393)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment', window );">Assets held for sale</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment', window );">Reclassifications</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">14<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="nump">32,796<span></span>
</td>
<td class="nump">32,798<span></span>
</td>
<td class="nump">30,918<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember', window );">Furniture, fixture, equipment a and other [member] | Accumulated depreciation and impairment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="num">(27,506)<span></span>
</td>
<td class="num">(25,086)<span></span>
</td>
<td class="num">(22,959)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation for the year</a></td>
<td class="num">(3,134)<span></span>
</td>
<td class="num">(2,938)<span></span>
</td>
<td class="num">(2,506)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="nump">179<span></span>
</td>
<td class="nump">518<span></span>
</td>
<td class="nump">379<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment', window );">Assets held for sale</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment', window );">Reclassifications</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="num">(30,461)<span></span>
</td>
<td class="num">(27,506)<span></span>
</td>
<td class="num">(25,086)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember', window );">Leasehold improvements [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="nump">28,973<span></span>
</td>
<td class="nump">18,843<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="nump">25,677<span></span>
</td>
<td class="nump">28,973<span></span>
</td>
<td class="nump">18,843<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember', window );">Leasehold improvements [member] | Gross carrying amount [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="nump">65,291<span></span>
</td>
<td class="nump">49,404<span></span>
</td>
<td class="nump">50,043<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment', window );">Transfer of pre-delivery payments</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">566<span></span>
</td>
<td class="nump">3,269<span></span>
</td>
<td class="nump">3,388<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="num">(780)<span></span>
</td>
<td class="num">(134)<span></span>
</td>
<td class="num">(6,246)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment', window );">Assets held for sale</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment', window );">Reclassifications</a></td>
<td class="nump">2,382<span></span>
</td>
<td class="nump">12,752<span></span>
</td>
<td class="nump">2,219<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="nump">67,459<span></span>
</td>
<td class="nump">65,291<span></span>
</td>
<td class="nump">49,404<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember', window );">Leasehold improvements [member] | Accumulated depreciation and impairment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="num">(36,318)<span></span>
</td>
<td class="num">(30,561)<span></span>
</td>
<td class="num">(31,919)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation for the year</a></td>
<td class="num">(5,759)<span></span>
</td>
<td class="num">(5,757)<span></span>
</td>
<td class="num">(5,038)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="nump">295<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">6,396<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment', window );">Assets held for sale</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment', window );">Reclassifications</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="num">(41,782)<span></span>
</td>
<td class="num">(36,318)<span></span>
</td>
<td class="num">(30,561)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember', window );">Construction in progress [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="nump">5,587<span></span>
</td>
<td class="nump">14,253<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="nump">6,161<span></span>
</td>
<td class="nump">5,587<span></span>
</td>
<td class="nump">14,253<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember', window );">Construction in progress [member] | Gross carrying amount [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="nump">5,587<span></span>
</td>
<td class="nump">14,253<span></span>
</td>
<td class="nump">5,778<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment', window );">Transfer of pre-delivery payments</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">3,204<span></span>
</td>
<td class="nump">4,436<span></span>
</td>
<td class="nump">10,795<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(340)<span></span>
</td>
<td class="num">(10)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment', window );">Assets held for sale</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment', window );">Reclassifications</a></td>
<td class="num">(2,626)<span></span>
</td>
<td class="num">(12,762)<span></span>
</td>
<td class="num">(2,310)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="nump">6,165<span></span>
</td>
<td class="nump">5,587<span></span>
</td>
<td class="nump">14,253<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember', window );">Construction in progress [member] | Accumulated depreciation and impairment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation for the year</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment', window );">Assets held for sale</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment', window );">Reclassifications</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment</a></td>
<td class="num">(4)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="num">$ (4)<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Reclassification adjustments of property plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to property, plant and equipment other than those acquired through business combinations. [Refer: Business combinations [member]; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_73_e_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in property, plant and equipment through classification as held for sale or inclusion in a disposal group classified as held for sale. [Refer: Disposal groups classified as held for sale [member]; Property, plant and equipment; Disposal groups classified as held for sale [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_73_e_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of property, plant and equipment. [Refer: Depreciation and amortisation expense; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause vii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_73_e_vii&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 75<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_75_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisposalsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in property, plant and equipment resulting from disposals. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_73_e_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisposalsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for property, plant and equipment. [Refer: Impairment loss recognised in profit or loss; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_73_e_v&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 98<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_98_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in property, plant and equipment resulting from transfers and changes that the entity does not separately disclose in the same statement or note. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAndAmortisationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_FlightEquipment1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_FlightEquipment1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_PurchaseDepositsForFlightEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_PurchaseDepositsForFlightEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_RampAndMiscellaneousFlightEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_RampAndMiscellaneousFlightEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LeaseholdImprovementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
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<DOCUMENT>
<TYPE>XML
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<FILENAME>R84.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921839737896">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Property and Equipment - Additional Information (Detail)<br></strong></div></th>
<th class="th" colspan="2">1 Months Ended</th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Aug. 31, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jun. 30, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($) </div>
<div>Aircraft</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($) </div>
<div>Aircraft</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsCapitalised', window );">Borrowing costs capitalized</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,400,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalisationRateOfBorrowingCostsEligibleForCapitalisation', window );">Capitalized borrowing rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.40%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 243,097,000<span></span>
</td>
<td class="nump">$ 89,344,000<span></span>
</td>
<td class="nump">$ 188,624,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfAirCraftsHeldForSale', window );">Air crafts held for sale | Aircraft</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AverageLeaseTerm', window );">Average lease term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherPropertyPlantEquipmentCapitalizedCost', window );">Other Property Plant Equipment Capitalized Cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,600,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsOnChangeInFairValueOfDerivatives', window );">Credits received on acquisition</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8,100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=cpa_CiudadDelSaberPanamaCityMember', window );">Ciudad del Saber Panama City [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherPropertyPlantEquipmentCapitalizedCost', window );">Other Property Plant Equipment Capitalized Cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1.6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_UncertainEventAxis=cpa_Covid19Member', window );">Covid 19 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfKeyAssumptionsOnWhichManagementHasBasedCashFlowProjections', window );">Description of cash flow projections</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">To determine whether impairment exists, the recoverable amount at the level of the CGU, was determined using cash flow projections from financial forecasts approved by senior management covering a five-year period. The pre-tax discount rate applied to cash flow projections was 13.1%.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections', window );">Pre-tax discount rate applied to cash flow projections</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13.10%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfAirCraftsHeldForSale', window );">Air crafts held for sale | Aircraft</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfSpareEnginesSparePartsHeldForSale', window );">Number of Spare Engines Spare Parts Held for Sale | Aircraft</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfAircraftsHeldForSaleDelivered', window );">No of aircrafts held for sale delivered | Aircraft</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfAircraftsHeldForSaleYetToBeDelivered', window );">No of of aircrafts held for sale yet to bedelivered | Aircraft</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_AircraftTypeAxis=cpa_BoeingSevenHundredAndThirtySevenMaxNineAircraftMember', window );">Boeing 737 MAX 9 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AircraftsAcquiredThroughJapaneseOperatingLeasesWithCallOption', window );">Aircrafts acquired through Japanese Operating Leases with Call Option | Aircraft</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_AircraftTypeAxis=cpa_Embraer190FleetMember', window );">Embraer 190 fleet [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 49,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_AircraftTypeAxis=cpa_BoeingSevenHundredAndThirtySevenSevenHundredAircraftMember', window );">Boeing 737-700 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfAirCraftsHeldForSale', window );">Air crafts held for sale | Aircraft</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLoss', window );">Impairment loss</a></td>
<td class="nump">$ 191,200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_AircraftMember', window );">Aircraft [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsFromContractsHeldForDealingOrTradingPurpose', window );">Additions purchase deposits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 67,300,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentPledgedAsSecurity', window );">Carrying value pledged as collateral obligation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,300,000,000<span></span>
</td>
<td class="nump">1,500,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AdditionsFromContractsHeldForDealingOrTradingPurpose', window );">Additions for advance payments contracts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 75,400,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AdditionsFromContractsHeldForDealingOrTradingPurpose">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Additions from contracts held for dealing or trading purpose.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AdditionsFromContractsHeldForDealingOrTradingPurpose</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AircraftsAcquiredThroughJapaneseOperatingLeasesWithCallOption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aircrafts acquired through japanese operating leases with call option.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AircraftsAcquiredThroughJapaneseOperatingLeasesWithCallOption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AverageLeaseTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Average lease term.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AverageLeaseTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NumberOfAirCraftsHeldForSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of air crafts held for sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NumberOfAirCraftsHeldForSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NumberOfAircraftsHeldForSaleDelivered">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number Of AirCrafts Held For Sale Delivered</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NumberOfAircraftsHeldForSaleDelivered</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NumberOfAircraftsHeldForSaleYetToBeDelivered">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number Of AirCrafts Held For Sale Yet To Be Delivered</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NumberOfAircraftsHeldForSaleYetToBeDelivered</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NumberOfSpareEnginesSparePartsHeldForSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of Spare Engines Spare Parts Held for Sale</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NumberOfSpareEnginesSparePartsHeldForSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_OtherPropertyPlantEquipmentCapitalizedCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Other Property Plant Equipment Capitalized Cost.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_OtherPropertyPlantEquipmentCapitalizedCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingCostsCapitalised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest and other costs that an entity incurs in connection with the borrowing of funds that are directly attributable to the acquisition, construction or production of a qualifying asset and which form part of the cost of that asset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 23<br> -IssueDate 2020-01-01<br> -Paragraph 26<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=23&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_26_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingCostsCapitalised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CapitalisationRateOfBorrowingCostsEligibleForCapitalisation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average of interest and other costs that an entity incurs in connection with the borrowing of funds applicable to the borrowings of the entity that are outstanding during the period, other than borrowings made specifically for the purpose of obtaining a qualifying asset. [Refer: Weighted average [member]; Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 23<br> -IssueDate 2020-01-01<br> -Paragraph 26<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=23&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_26_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CapitalisationRateOfBorrowingCostsEligibleForCapitalisation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The discount rate applied to cash flow projections for a cash-generating unit (group of units). [Refer: Cash-generating units [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2020-01-01<br> -Paragraph 134<br> -Subparagraph d<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_134_d_v&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2020-01-01<br> -Paragraph 134<br> -Subparagraph e<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_134_e_v&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfDiscountRatesAppliedToCashFlowProjections</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfKeyAssumptionsOnWhichManagementHasBasedCashFlowProjections">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of key assumptions on which management has based its cash flow projections for the period covered by the most recent budgets/forecasts for a cash-generating unit (group of units). Key assumptions are those to which the unit's (group of units') recoverable amount is most sensitive. [Refer: Cash-generating units [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2020-01-01<br> -Paragraph 134<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_134_d_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2020-01-01<br> -Paragraph 135<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_135_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfKeyAssumptionsOnWhichManagementHasBasedCashFlowProjections</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsOnChangeInFairValueOfDerivatives">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains resulting from change in the fair value of derivatives recognised in profit or loss. [Refer: Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsOnChangeInFairValueOfDerivatives</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as a reduction of the carrying amount of an asset or cash-generating unit to its recoverable amount. [Refer: Carrying amount [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2020-01-01<br> -Paragraph 130<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_130_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2020-01-01<br> -Paragraph 130<br> -Subparagraph d<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_130_d_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLoss</td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for property, plant and equipment. [Refer: Impairment loss recognised in profit or loss; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_73_e_v&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 98<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_98_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment</td>
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<td>ifrs-full_</td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for contracts held for dealing or trading purposes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 14<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_14_g&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsFromContractsHeldForDealingOrTradingPurpose</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of property, plant and equipment pledged as security for liabilities. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 74<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_74_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipmentPledgedAsSecurity</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_AircraftTypeAxis=cpa_BoeingSevenHundredAndThirtySevenMaxNineAircraftMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921840886216">
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Property and Equipment - Summary of assets held for sale (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfAssetsHeldForSaleLineItems', window );"><strong>Disclosure Of Assets Held For sale [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">$ 135,542<span></span>
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<td class="nump">$ 120,006<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_FlightEquipmentMember', window );">Flight Equipment [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfAssetsHeldForSaleLineItems', window );"><strong>Disclosure Of Assets Held For sale [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners', window );">Assets</a></td>
<td class="nump">129,443<span></span>
</td>
<td class="nump">91,252<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_ExpendablePartsAndSuppliesMember', window );">Expendable Parts And Supplies [Member]</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfAssetsHeldForSaleLineItems', window );"><strong>Disclosure Of Assets Held For sale [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners', window );">Assets</a></td>
<td class="nump">$ 6,099<span></span>
</td>
<td class="nump">$ 28,754<span></span>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure Of Assets Held For sale [line items].</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DisclosureOfAssetsHeldForSaleLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current assets or disposal groups classified as held for sale or as held for distribution to owners. [Refer: Non-current assets or disposal groups classified as held for distribution to owners; Non-current assets or disposal groups classified as held for sale]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 54<br> -Subparagraph j<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_54_j&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_FlightEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_FlightEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_ExpendablePartsAndSuppliesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=cpa_ExpendablePartsAndSuppliesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>139
<FILENAME>R86.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921838030312">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Leases - Right of use assets (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems', window );"><strong>Disclosure of quantitative information about right-of-use assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Right of use assets, Beginning balance</a></td>
<td class="nump">$ 290,843<span></span>
</td>
<td class="nump">$ 361,993<span></span>
</td>
<td class="nump">$ 384,350<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsToRightofuseAssets', window );">Additions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">31,674<span></span>
</td>
<td class="nump">84,770<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AdditionsAndTerminationsToRightToUseAsset', window );">Additions/(Terminations)</a></td>
<td class="nump">19,818<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ImpairmentsToRightToUseAsset', window );">Impairment</a></td>
<td class="num">(1,541)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationRightofuseAssets', window );">Depreciation expense</a></td>
<td class="num">(94,841)<span></span>
</td>
<td class="num">(102,824)<span></span>
</td>
<td class="num">(107,127)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Right of use assets, Ending balance</a></td>
<td class="nump">214,279<span></span>
</td>
<td class="nump">290,843<span></span>
</td>
<td class="nump">361,993<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_AircraftMember', window );">Aircraft [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems', window );"><strong>Disclosure of quantitative information about right-of-use assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Right of use assets, Beginning balance</a></td>
<td class="nump">260,647<span></span>
</td>
<td class="nump">333,049<span></span>
</td>
<td class="nump">350,517<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsToRightofuseAssets', window );">Additions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">23,162<span></span>
</td>
<td class="nump">83,389<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AdditionsAndTerminationsToRightToUseAsset', window );">Additions/(Terminations)</a></td>
<td class="nump">21,706<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ImpairmentsToRightToUseAsset', window );">Impairment</a></td>
<td class="num">(1,541)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationRightofuseAssets', window );">Depreciation expense</a></td>
<td class="num">(88,451)<span></span>
</td>
<td class="num">(95,564)<span></span>
</td>
<td class="num">(100,857)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Right of use assets, Ending balance</a></td>
<td class="nump">192,361<span></span>
</td>
<td class="nump">260,647<span></span>
</td>
<td class="nump">333,049<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=cpa_RealEstateMember', window );">Real Estate [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems', window );"><strong>Disclosure of quantitative information about right-of-use assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Right of use assets, Beginning balance</a></td>
<td class="nump">30,196<span></span>
</td>
<td class="nump">28,944<span></span>
</td>
<td class="nump">33,833<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsToRightofuseAssets', window );">Additions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,512<span></span>
</td>
<td class="nump">1,381<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AdditionsAndTerminationsToRightToUseAsset', window );">Additions/(Terminations)</a></td>
<td class="num">(1,888)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ImpairmentsToRightToUseAsset', window );">Impairment</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationRightofuseAssets', window );">Depreciation expense</a></td>
<td class="num">(6,390)<span></span>
</td>
<td class="num">(7,260)<span></span>
</td>
<td class="num">(6,270)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Right of use assets, Ending balance</a></td>
<td class="nump">$ 21,918<span></span>
</td>
<td class="nump">$ 30,196<span></span>
</td>
<td class="nump">$ 28,944<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AdditionsAndTerminationsToRightToUseAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Additions and Terminations To Right To Use Asset</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AdditionsAndTerminationsToRightToUseAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ImpairmentsToRightToUseAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Impairments to Right To Use Asset</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ImpairmentsToRightToUseAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsToRightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to right-of-use assets. [Refer: Right-of-use assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 53<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_53_h&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsToRightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationRightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of right-of-use assets. [Refer: Depreciation and amortisation expense; Right-of-use assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 53<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_53_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationRightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that represent a lessee's right to use an underlying asset for the lease term. Underlying asset is an asset that is the subject of a lease, for which the right to use that asset has been provided by a lessor to a lessee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 53<br> -Subparagraph j<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_53_j&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_AircraftMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ifrs-full_AircraftMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=cpa_RealEstateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=cpa_RealEstateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>140
<FILENAME>R87.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921839442104">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Leases - Lease liabilities (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfLeaseLiabilitiesLineItems', window );"><strong>Disclosure Of Lease Liabilities [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLeaseLiabilities', window );">Current portion of lease liability</a></td>
<td class="nump">$ 83,605<span></span>
</td>
<td class="nump">$ 97,732<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLeaseLiabilities', window );">Long Term Lease liability</a></td>
<td class="nump">146,905<span></span>
</td>
<td class="nump">206,832<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease Liabilities</a></td>
<td class="nump">230,510<span></span>
</td>
<td class="nump">304,564<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_AircraftMember', window );">Aircraft [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfLeaseLiabilitiesLineItems', window );"><strong>Disclosure Of Lease Liabilities [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLeaseLiabilities', window );">Current portion of lease liability</a></td>
<td class="nump">77,777<span></span>
</td>
<td class="nump">91,246<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLeaseLiabilities', window );">Long Term Lease liability</a></td>
<td class="nump">125,216<span></span>
</td>
<td class="nump">179,031<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=cpa_RealEstateMember', window );">Real Estate [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfLeaseLiabilitiesLineItems', window );"><strong>Disclosure Of Lease Liabilities [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLeaseLiabilities', window );">Current portion of lease liability</a></td>
<td class="nump">5,828<span></span>
</td>
<td class="nump">6,486<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLeaseLiabilities', window );">Long Term Lease liability</a></td>
<td class="nump">$ 21,689<span></span>
</td>
<td class="nump">$ 27,801<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DisclosureOfLeaseLiabilitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of lease liabilities .</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DisclosureOfLeaseLiabilitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities related to the entity's leases. Lease is a contract, or part of a contract, that conveys the right to use an underlying asset for a period of time in exchange for consideration.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_AircraftMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ifrs-full_AircraftMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=cpa_RealEstateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=cpa_RealEstateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>141
<FILENAME>R88.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921840886216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Leases - Total cash outflow for leases (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfCashFlowsForLeasesLineItems', window );"><strong>Disclosure Of Cash Flows For Leases [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashOutflowForLeases', window );">Cash outflow for leases</a></td>
<td class="nump">$ 103,392<span></span>
</td>
<td class="nump">$ 117,068<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_AircraftMember', window );">Aircraft [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfCashFlowsForLeasesLineItems', window );"><strong>Disclosure Of Cash Flows For Leases [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashOutflowForLeases', window );">Cash outflow for leases</a></td>
<td class="nump">97,353<span></span>
</td>
<td class="nump">107,610<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=cpa_RealEstateMember', window );">Real Estate [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfCashFlowsForLeasesLineItems', window );"><strong>Disclosure Of Cash Flows For Leases [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashOutflowForLeases', window );">Cash outflow for leases</a></td>
<td class="nump">$ 6,039<span></span>
</td>
<td class="nump">$ 9,458<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DisclosureOfCashFlowsForLeasesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure Of Cash Flows For Leases .</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DisclosureOfCashFlowsForLeasesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashOutflowForLeases">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for leases.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 53<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_53_g&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashOutflowForLeases</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_AircraftMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ifrs-full_AircraftMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=cpa_RealEstateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=cpa_RealEstateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>142
<FILENAME>R89.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921838037688">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Leases - Disclosure of Lease Expenses  (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DepreciationAndAmotisationRightOfUseAssetsAbstract', window );"><strong>Depreciation and amortization</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DepreciationAndAmotisationRightOfUseAssets', window );">Depreciation and amortization</a></td>
<td class="nump">$ 94,841<span></span>
</td>
<td class="nump">$ 102,824<span></span>
</td>
<td class="nump">$ 107,127<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ImpairmentOfRightToUseAssetAbstract', window );"><strong>Impairment of non financial assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ImpairmentsToRightToUseAsset', window );">Impairment</a></td>
<td class="nump">1,541<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfQuantitativeInformationAboutLeasesForLesseeAbstract', window );"><strong>Other operating and administrative expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed', window );">Short-term leases</a></td>
<td class="nump">90<span></span>
</td>
<td class="nump">364<span></span>
</td>
<td class="nump">1,412<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed', window );">Leases of low-value assets</a></td>
<td class="nump">330<span></span>
</td>
<td class="nump">733<span></span>
</td>
<td class="nump">853<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities', window );">Variable lease payments not include in the measurement of lease liabilities</a></td>
<td class="nump">827<span></span>
</td>
<td class="nump">706<span></span>
</td>
<td class="nump">611<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_LeaseCostOperatingAndAdimninstrativeExpenses', window );">Lease Cost Operating And Adimninstrative Expenses</a></td>
<td class="nump">758<span></span>
</td>
<td class="nump">1,803<span></span>
</td>
<td class="nump">2,876<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfNetInvestmentInFinanceLease', window );">Variable lease payments by rental concessions received</a></td>
<td class="num">(489)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CostOfFinancingLeasesAbstract', window );"><strong>Finance cost</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_UnwindingOfDiscountAndChangesInTheDiscountRate', window );">Unwinding Of Discount And Changes In The Discount Rate</a></td>
<td class="nump">832<span></span>
</td>
<td class="nump">846<span></span>
</td>
<td class="nump">796<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Finance costs</a></td>
<td class="nump">10,734<span></span>
</td>
<td class="nump">14,140<span></span>
</td>
<td class="nump">14,975<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TotalLeaseCosts', window );">Total lease costs</a></td>
<td class="nump">107,874<span></span>
</td>
<td class="nump">118,767<span></span>
</td>
<td class="nump">124,978<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_AircraftMember', window );">Aircraft [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DepreciationAndAmotisationRightOfUseAssetsAbstract', window );"><strong>Depreciation and amortization</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DepreciationAndAmotisationRightOfUseAssets', window );">Depreciation and amortization</a></td>
<td class="nump">88,451<span></span>
</td>
<td class="nump">95,564<span></span>
</td>
<td class="nump">100,857<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ImpairmentOfRightToUseAssetAbstract', window );"><strong>Impairment of non financial assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ImpairmentsToRightToUseAsset', window );">Impairment</a></td>
<td class="nump">1,541<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CostOfFinancingLeasesAbstract', window );"><strong>Finance cost</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseOnLeaseLiabilities', window );">Interest expense on lease liabilities</a></td>
<td class="nump">8,185<span></span>
</td>
<td class="nump">11,221<span></span>
</td>
<td class="nump">12,074<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=cpa_RealEstateMember', window );">Real Estate [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DepreciationAndAmotisationRightOfUseAssetsAbstract', window );"><strong>Depreciation and amortization</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DepreciationAndAmotisationRightOfUseAssets', window );">Depreciation and amortization</a></td>
<td class="nump">6,390<span></span>
</td>
<td class="nump">7,260<span></span>
</td>
<td class="nump">6,270<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ImpairmentOfRightToUseAssetAbstract', window );"><strong>Impairment of non financial assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ImpairmentsToRightToUseAsset', window );">Impairment</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CostOfFinancingLeasesAbstract', window );"><strong>Finance cost</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseOnLeaseLiabilities', window );">Interest expense on lease liabilities</a></td>
<td class="nump">$ 1,717<span></span>
</td>
<td class="nump">$ 2,073<span></span>
</td>
<td class="nump">$ 2,105<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_CostOfFinancingLeasesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cost Of Financing Leases .</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_CostOfFinancingLeasesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DepreciationAndAmotisationRightOfUseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Depreciation and amotisation right of use assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DepreciationAndAmotisationRightOfUseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DepreciationAndAmotisationRightOfUseAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Depreciation and amotisation right of use assets</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DepreciationAndAmotisationRightOfUseAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ImpairmentOfRightToUseAssetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Impairment of Right To Use Asset</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ImpairmentOfRightToUseAssetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ImpairmentsToRightToUseAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Impairments to Right To Use Asset</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ImpairmentsToRightToUseAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_LeaseCostOperatingAndAdimninstrativeExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Lease cost operating and Adminstrative Expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_LeaseCostOperatingAndAdimninstrativeExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_TotalLeaseCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total lease costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_TotalLeaseCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_UnwindingOfDiscountAndChangesInTheDiscountRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Unwinding of discount and changes in the discount rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_UnwindingOfDiscountAndChangesInTheDiscountRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfQuantitativeInformationAboutLeasesForLesseeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfQuantitativeInformationAboutLeasesForLesseeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the expense relating to leases of low-value assets accounted for applying paragraph 6 of IFRS 16. This expense shall not include the expense relating to short-term leases of low-value assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 53<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_53_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the expense relating to short-term leases accounted for applying paragraph 6 of IFRS 16. This expense need not include the expense relating to leases with a lease term of one month or less. Short-term lease is a lease that, at the commencement date, has a lease term of 12 months or less. A lease that contains a purchase option is not a short-term lease.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 53<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_53_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseRelatingToShorttermLeasesForWhichRecognitionExemptionHasBeenUsed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the expense relating to variable lease payments not included in the measurement of lease liabilities. Variable lease payments are the portion of payments made by a lessee to a lessor for the right to use an underlying asset during the lease term that varies because of changes in facts or circumstances occurring after the commencement date, other than the passage of time. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 53<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_53_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfNetInvestmentInFinanceLease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income relating to variable lease payments not included in the measurement of the net investment in the finance lease. Variable lease payments are the portion of payments made by a lessee to a lessor for the right to use an underlying asset during the lease term that varies because of changes in facts or circumstances occurring after the commencement date, other than the passage of time. [Refer: Net investment in finance lease]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 90<br> -Subparagraph a<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_90_a_iii&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfNetInvestmentInFinanceLease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseOnLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest expense on lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph 53<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_53_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseOnLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_AircraftMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ifrs-full_AircraftMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=cpa_RealEstateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=cpa_RealEstateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>143
<FILENAME>R90.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921871280264">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Leases - Schedule of Future Minimum Lease Receivables under Non-cancellable Leases (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfFinanceAndOperatingLeaseByLessorLineItems', window );"><strong>Disclosure of finance lease and operating lease by lessor [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_MinimumLeasePaymentReceivableUnderNoncancellableOperatingLease', window );">Future minimum lease receivables under non -cancelable leases</a></td>
<td class="nump">$ 5,875<span></span>
</td>
<td class="nump">$ 9,095<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">Up to one year [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfFinanceAndOperatingLeaseByLessorLineItems', window );"><strong>Disclosure of finance lease and operating lease by lessor [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_MinimumLeasePaymentReceivableUnderNoncancellableOperatingLease', window );">Future minimum lease receivables under non -cancelable leases</a></td>
<td class="nump">3,000<span></span>
</td>
<td class="nump">3,220<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember', window );">One to five years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfFinanceAndOperatingLeaseByLessorLineItems', window );"><strong>Disclosure of finance lease and operating lease by lessor [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_MinimumLeasePaymentReceivableUnderNoncancellableOperatingLease', window );">Future minimum lease receivables under non -cancelable leases</a></td>
<td class="nump">$ 2,875<span></span>
</td>
<td class="nump">$ 5,875<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DisclosureOfFinanceAndOperatingLeaseByLessorLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure Of Finance And Operating Lease By Lessor</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DisclosureOfFinanceAndOperatingLeaseByLessorLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_MinimumLeasePaymentReceivableUnderNoncancellableOperatingLease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Minimum Lease Payment Receivable Under Noncancellable Operating Lease</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_MinimumLeasePaymentReceivableUnderNoncancellableOperatingLease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>144
<FILENAME>R91.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921838099128">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Leases - Additional Information (Detail)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($) </div>
<div>Aircraft</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfFinanceAndOperatingLeaseByLesseeLineItems', window );"><strong>Disclosure of finance and operating lease by lessee [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16', window );">Weighted average incremental borrowing rate</a></td>
<td class="nump">3.37%<span></span>
</td>
<td class="nump">3.37%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AverageLeaseTerm', window );">Average duration of long-term lease agreement</a></td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfAircraftUnderLessor', window );">Number of aircraft under lessor | Aircraft</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CarryingAmountOfFixedAssetsUnderOperatingLease', window );">Carrying amount of aircraft under operating lease</a></td>
<td class="nump">$ 12.3<span></span>
</td>
<td class="nump">$ 37.7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ScheduledExpirationDateOfLease', window );">Scheduled expiration date of lease</a></td>
<td class="text">2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_MinimumOperatingLeasePaymentsReceivableRecognizedAsIncome', window );">Total lease income amounts</a></td>
<td class="nump">$ 3.2<span></span>
</td>
<td class="nump">3.5<span></span>
</td>
<td class="nump">$ 3.5<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_LeaseLiabilitiesIncludingDismantlingProvision', window );">Total liability related to leases including the provision of dismantling</a></td>
<td class="nump">$ 255.5<span></span>
</td>
<td class="nump">$ 328.9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AverageLeaseTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Average lease term.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AverageLeaseTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_CarryingAmountOfFixedAssetsUnderOperatingLease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount of fixed assets under operating lease</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_CarryingAmountOfFixedAssetsUnderOperatingLease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DisclosureOfFinanceAndOperatingLeaseByLesseeLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure Of Finance And Operating Lease By Lessee</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DisclosureOfFinanceAndOperatingLeaseByLesseeLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_LeaseLiabilitiesIncludingDismantlingProvision">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Lease liabilities including dismantling provision.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_LeaseLiabilitiesIncludingDismantlingProvision</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_MinimumOperatingLeasePaymentsReceivableRecognizedAsIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Minimum operating lease payments receivable recognized as income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_MinimumOperatingLeasePaymentsReceivableRecognizedAsIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NumberOfAircraftUnderLessor">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of aircraft under lessor.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NumberOfAircraftUnderLessor</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ScheduledExpirationDateOfLease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Scheduled expiration date of lease.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ScheduledExpirationDateOfLease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average lessee's incremental borrowing rate applied to lease liabilities recognised in the statement of financial position at the date of initial application of IFRS 16. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2020-01-01<br> -Paragraph C12<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_C12_a&amp;doctype=Appendix&amp;subtype=C<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>145
<FILENAME>R92.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921840700088">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Net employee defined benefit - Summary of  Employee Defined Benefit Plan (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems', window );"><strong>Disclosure of net defined benefit asset (liability) [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsOfBenefitPlan', window );">Fair value of plan assets</a></td>
<td class="nump">$ 25,783<span></span>
</td>
<td class="nump">$ 29,086<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits', window );">Employee benefits liability</a></td>
<td class="num">(40,115)<span></span>
</td>
<td class="num">(28,837)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_Noncurrentrecognisedassetsandliabilitiesdefinedbenefitplan', window );">Benefit (liability) assets</a></td>
<td class="num">(14,332)<span></span>
</td>
<td class="nump">249<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=cpa_DefinedBenefitObligationMember', window );">Defined benefit obligation [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems', window );"><strong>Disclosure of net defined benefit asset (liability) [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits', window );">Employee benefits liability</a></td>
<td class="num">(39,466)<span></span>
</td>
<td class="num">(28,195)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=cpa_OtherEmployeeBenefitsMember', window );">Other employee benefits [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems', window );"><strong>Disclosure of net defined benefit asset (liability) [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits', window );">Employee benefits liability</a></td>
<td class="num">$ (649)<span></span>
</td>
<td class="num">$ (642)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_Noncurrentrecognisedassetsandliabilitiesdefinedbenefitplan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Non-current net defined benefit assets and liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_Noncurrentrecognisedassetsandliabilitiesdefinedbenefitplan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsOfBenefitPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets held by retirement benefit plans. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2020-01-01<br> -Paragraph 35<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_35_a_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsOfBenefitPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities other than the actuarial present value of promised retirement benefits in retirement benefit plans. [Refer: Actuarial present value of promised retirement benefits]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2020-01-01<br> -Paragraph 35<br> -Subparagraph a<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_35_a_v&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=cpa_DefinedBenefitObligationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=cpa_DefinedBenefitObligationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=cpa_OtherEmployeeBenefitsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=cpa_OtherEmployeeBenefitsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>146
<FILENAME>R93.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921840822760">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Net employee defined benefit - Additional Information (Detail) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems', window );"><strong>Disclosure of net defined benefit asset (liability) [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ContributionsToPlanByEmployerNetOfRegularContributions', window );">Employer contributions</a></td>
<td class="nump">$ 2.8<span></span>
</td>
<td class="nump">$ 4.4<span></span>
</td>
<td class="nump">$ 4.8<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_InterestIncomeOnRetirement', window );">Retirement of interest earned</a></td>
<td class="nump">1.1<span></span>
</td>
<td class="nump">2.5<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset', window );">Actuarial loss recognized in other comprehensive income</a></td>
<td class="nump">$ 15.5<span></span>
</td>
<td class="nump">$ 4.4<span></span>
</td>
<td class="nump">$ 0.3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WeightedAverageDurationOfDefinedBenefitObligation2019', window );">Duration of defined benefit plan obligation</a></td>
<td class="text">9 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=cpa_IndemnityPlanMember', window );">Indemnity plan [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems', window );"><strong>Disclosure of net defined benefit asset (liability) [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PercentageOfEligibleEarningsAccumulatedAsBenefits', window );">Percentage of eligible earnings accumulated as benefit</a></td>
<td class="nump">6.54%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ContributionsToPlanByEmployerNetOfRegularContributions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Contributions to plan by employer, net of regular contributions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ContributionsToPlanByEmployerNetOfRegularContributions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_InterestIncomeOnRetirement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest income on retirement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_InterestIncomeOnRetirement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_PercentageOfEligibleEarningsAccumulatedAsBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of eligible earnings accumulated, as benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_PercentageOfEligibleEarningsAccumulatedAsBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in a net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in financial assumptions that result in remeasurements of the net defined benefit liability (asset). Financial assumptions deal with items such as: (a) the discount rate; (b) benefit levels, excluding any cost of the benefits to be met by employees, and future salary; (c) in the case of medical benefits, future medical costs, including claim handling costs (ie the costs that will be incurred in processing and resolving claims, including legal and adjuster's fees); and (d) taxes payable by the plan on contributions relating to service before the reporting date or on benefits resulting from that service. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2020-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_141_c_iii&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WeightedAverageDurationOfDefinedBenefitObligation2019">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average duration of a defined benefit obligation. [Refer: Weighted average [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2020-01-01<br> -Paragraph 147<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_147_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WeightedAverageDurationOfDefinedBenefitObligation2019</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=cpa_IndemnityPlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=cpa_IndemnityPlanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921835274904">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Net employee defined benefit - Summary of Components of Net Benefit Expense (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems', window );"><strong>Disclosure of net defined benefit asset (liability) [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset', window );">Current service cost</a></td>
<td class="nump">$ 2,393<span></span>
</td>
<td class="nump">$ 2,192<span></span>
</td>
<td class="nump">$ 2,105<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset', window );">Interest cost on net benefit obligation</a></td>
<td class="num">(25)<span></span>
</td>
<td class="num">(92)<span></span>
</td>
<td class="num">(24)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Past service cost</a></td>
<td class="nump">457<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset', window );">Curtailment / Settlement</a></td>
<td class="num">(2,026)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNetDefinedBenefitLiabilityAsset', window );">Net benefit expense</a></td>
<td class="nump">799<span></span>
</td>
<td class="nump">2,100<span></span>
</td>
<td class="nump">2,081<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDefinedBenefitLiabilityAssetAxis=cpa_DefinedBenefitObligationMember', window );">Defined benefit obligation [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems', window );"><strong>Disclosure of net defined benefit asset (liability) [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset', window );">Current service cost</a></td>
<td class="nump">2,393<span></span>
</td>
<td class="nump">2,192<span></span>
</td>
<td class="nump">2,105<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset', window );">Interest cost on net benefit obligation</a></td>
<td class="nump">706<span></span>
</td>
<td class="nump">887<span></span>
</td>
<td class="nump">642<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Past service cost</a></td>
<td class="nump">457<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset', window );">Curtailment / Settlement</a></td>
<td class="num">(2,026)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNetDefinedBenefitLiabilityAsset', window );">Net benefit expense</a></td>
<td class="nump">1,530<span></span>
</td>
<td class="nump">3,079<span></span>
</td>
<td class="nump">2,747<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDefinedBenefitLiabilityAssetAxis=cpa_FairValueOfAssetsMember', window );">Fair value of assets [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems', window );"><strong>Disclosure of net defined benefit asset (liability) [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset', window );">Current service cost</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset', window );">Interest cost on net benefit obligation</a></td>
<td class="num">(731)<span></span>
</td>
<td class="num">(979)<span></span>
</td>
<td class="num">(666)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Past service cost</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset', window );">Curtailment / Settlement</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInNetDefinedBenefitLiabilityAsset', window );">Net benefit expense</a></td>
<td class="num">$ (731)<span></span>
</td>
<td class="num">$ (979)<span></span>
</td>
<td class="num">$ (666)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from employee service in the current period. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2020-01-01<br> -Paragraph 141<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_141_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from settlements. Settlements are transactions that eliminate all further legal or constructive obligations for part or all of the benefits provided under a defined benefit plan, other than a payment of benefits to, or on behalf of, employees that is set out in the terms of the plan and included in the actuarial assumptions. [Refer: Net defined benefit liability (asset); Defined benefit plans [member]; Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2020-01-01<br> -Paragraph 141<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_141_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset). [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2020-01-01<br> -Paragraph 141<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_141&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from the passage of time. [Refer: Interest expense; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2020-01-01<br> -Paragraph 141<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_141_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from past service cost. Past service cost is the change in the present value of the defined benefit obligation for employee service in prior periods, resulting from a plan amendment (the introduction or withdrawal of, or changes to, a defined benefit plan) or a curtailment (a significant reduction by the entity in the number of employees covered by a plan). [Refer: Net defined benefit liability (asset); Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2020-01-01<br> -Paragraph 141<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_141_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetDefinedBenefitLiabilityAssetAxis=cpa_DefinedBenefitObligationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetDefinedBenefitLiabilityAssetAxis=cpa_FairValueOfAssetsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921838757448">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Net employee defined benefit - Summary of Reconciliation of Net Employee Defined Benefit Liabilities (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems', window );"><strong>Disclosure of net defined benefit asset (liability) [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Beginning balance</a></td>
<td class="nump">$ 249<span></span>
</td>
<td class="nump">$ 5,091<span></span>
</td>
<td class="nump">$ 3,185<span></span>
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</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset', window );">Current service cost</a></td>
<td class="num">(2,393)<span></span>
</td>
<td class="num">(2,192)<span></span>
</td>
<td class="num">(2,105)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset', window );">Interest (cost) income</a></td>
<td class="nump">25<span></span>
</td>
<td class="nump">92<span></span>
</td>
<td class="nump">24<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Return on plan assets</a></td>
<td class="nump">374<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">483<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ExperienceGainLossNetDefinedBenefitLiabilityAsset', window );">Experience (loss) gain</a></td>
<td class="num">(4,001)<span></span>
</td>
<td class="num">(1,681)<span></span>
</td>
<td class="num">(1,943)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_InvestmentReturnNetDefinedBenefitLiabilityAsset', window );">Investment return</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">138<span></span>
</td>
<td class="nump">67<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AssumptionChangesNetDefinedBenefitLiabilityAsset', window );">Actuarial changes arising from changes in financial assumptions</a></td>
<td class="num">(1,028)<span></span>
</td>
<td class="num">(1,874)<span></span>
</td>
<td class="nump">877<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_WithdrawalsFromPlanByEmployerNetDefinedBenefitLiabilityAsset', window );">Employer contributions</a></td>
<td class="nump">1,709<span></span>
</td>
<td class="nump">1,903<span></span>
</td>
<td class="nump">4,780<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_BenefitsPaidNetDefinedBenefitLiabilityAsset', window );">Benefits paid</a></td>
<td class="nump">456<span></span>
</td>
<td class="num">(79)<span></span>
</td>
<td class="num">(209)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset', window );">Adjustments</a></td>
<td class="num">(7)<span></span>
</td>
<td class="num">(1,149)<span></span>
</td>
<td class="num">(68)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Ending balance</a></td>
<td class="num">(14,332)<span></span>
</td>
<td class="nump">249<span></span>
</td>
<td class="nump">5,091<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Past service cost</a></td>
<td class="num">(457)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset', window );">Curtailment / Settlement</a></td>
<td class="nump">2,026<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset', window );">Actuarial changes arising from changes in demographic assumptions</a></td>
<td class="num">(11,285)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDefinedBenefitLiabilityAssetAxis=cpa_DefinedBenefitObligationLiabilitiesMember', window );">Defined benefit obligation [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems', window );"><strong>Disclosure of net defined benefit asset (liability) [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Beginning balance</a></td>
<td class="num">(28,195)<span></span>
</td>
<td class="num">(22,568)<span></span>
</td>
<td class="num">(19,997)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset', window );">Current service cost</a></td>
<td class="num">(2,393)<span></span>
</td>
<td class="num">(2,192)<span></span>
</td>
<td class="num">(2,105)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset', window );">Interest (cost) income</a></td>
<td class="num">(706)<span></span>
</td>
<td class="num">(887)<span></span>
</td>
<td class="num">(642)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Return on plan assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ExperienceGainLossNetDefinedBenefitLiabilityAsset', window );">Experience (loss) gain</a></td>
<td class="num">(4,001)<span></span>
</td>
<td class="num">(1,681)<span></span>
</td>
<td class="num">(1,943)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_InvestmentReturnNetDefinedBenefitLiabilityAsset', window );">Investment return</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AssumptionChangesNetDefinedBenefitLiabilityAsset', window );">Actuarial changes arising from changes in financial assumptions</a></td>
<td class="num">(1,028)<span></span>
</td>
<td class="num">(1,874)<span></span>
</td>
<td class="nump">877<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_WithdrawalsFromPlanByEmployerNetDefinedBenefitLiabilityAsset', window );">Employer contributions</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_BenefitsPaidNetDefinedBenefitLiabilityAsset', window );">Benefits paid</a></td>
<td class="nump">6,573<span></span>
</td>
<td class="nump">1,007<span></span>
</td>
<td class="nump">1,242<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset', window );">Adjustments</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Ending balance</a></td>
<td class="num">(39,466)<span></span>
</td>
<td class="num">(28,195)<span></span>
</td>
<td class="num">(22,568)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Past service cost</a></td>
<td class="num">(457)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset', window );">Curtailment / Settlement</a></td>
<td class="nump">2,026<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset', window );">Actuarial changes arising from changes in demographic assumptions</a></td>
<td class="num">(11,285)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=cpa_FairValueOfAssetsMember', window );">Fair value of assets [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems', window );"><strong>Disclosure of net defined benefit asset (liability) [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Beginning balance</a></td>
<td class="nump">29,086<span></span>
</td>
<td class="nump">28,339<span></span>
</td>
<td class="nump">23,794<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset', window );">Current service cost</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset', window );">Interest (cost) income</a></td>
<td class="nump">731<span></span>
</td>
<td class="nump">979<span></span>
</td>
<td class="nump">666<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Return on plan assets</a></td>
<td class="nump">374<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">483<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ExperienceGainLossNetDefinedBenefitLiabilityAsset', window );">Experience (loss) gain</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_InvestmentReturnNetDefinedBenefitLiabilityAsset', window );">Investment return</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">138<span></span>
</td>
<td class="nump">67<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AssumptionChangesNetDefinedBenefitLiabilityAsset', window );">Actuarial changes arising from changes in financial assumptions</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_WithdrawalsFromPlanByEmployerNetDefinedBenefitLiabilityAsset', window );">Employer contributions</a></td>
<td class="nump">1,709<span></span>
</td>
<td class="nump">1,903<span></span>
</td>
<td class="nump">4,780<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_BenefitsPaidNetDefinedBenefitLiabilityAsset', window );">Benefits paid</a></td>
<td class="num">(6,117)<span></span>
</td>
<td class="num">(1,086)<span></span>
</td>
<td class="num">(1,451)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset', window );">Adjustments</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(1,187)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Ending balance</a></td>
<td class="nump">25,783<span></span>
</td>
<td class="nump">29,086<span></span>
</td>
<td class="nump">28,339<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Past service cost</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset', window );">Curtailment / Settlement</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset', window );">Actuarial changes arising from changes in demographic assumptions</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=cpa_OtherEmployeeBenefitsLiabilityMember', window );">Other employee benefits liability [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems', window );"><strong>Disclosure of net defined benefit asset (liability) [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Beginning balance</a></td>
<td class="num">(642)<span></span>
</td>
<td class="num">(680)<span></span>
</td>
<td class="num">(612)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset', window );">Current service cost</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset', window );">Interest (cost) income</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Return on plan assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ExperienceGainLossNetDefinedBenefitLiabilityAsset', window );">Experience (loss) gain</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_InvestmentReturnNetDefinedBenefitLiabilityAsset', window );">Investment return</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AssumptionChangesNetDefinedBenefitLiabilityAsset', window );">Actuarial changes arising from changes in financial assumptions</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_WithdrawalsFromPlanByEmployerNetDefinedBenefitLiabilityAsset', window );">Employer contributions</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_BenefitsPaidNetDefinedBenefitLiabilityAsset', window );">Benefits paid</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset', window );">Adjustments</a></td>
<td class="num">(7)<span></span>
</td>
<td class="nump">38<span></span>
</td>
<td class="num">(68)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Ending balance</a></td>
<td class="num">(649)<span></span>
</td>
<td class="num">$ (642)<span></span>
</td>
<td class="num">$ (680)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Past service cost</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset', window );">Curtailment / Settlement</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset', window );">Actuarial changes arising from changes in demographic assumptions</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AssumptionChangesNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Assumption changes, net defined benefit liability (asset)</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AssumptionChangesNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_BenefitsPaidNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Benefits paid, net defined benefit liability (asset).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_BenefitsPaidNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ExperienceGainLossNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Experience gain (loss), net defined benefit liability (asset).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ExperienceGainLossNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_InvestmentReturnNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Investment return, net defined benefit liability (asset).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_InvestmentReturnNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_WithdrawalsFromPlanByEmployerNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Withdrawals from plan by employer net defined benefit liability asset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_WithdrawalsFromPlanByEmployerNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in a net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in demographic assumptions that result in remeasurements of the net defined benefit liability (asset). Demographic assumptions deal with matters such as: (a) mortality; (b) rates of employee turnover, disability and early retirement; (c) the proportion of plan members with dependants who will be eligible for benefits; (d) the proportion of plan members who will select each form of payment option available under the plan terms; and (e) claim rates under medical plans. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2020-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_141_c_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from employee service in the current period. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2020-01-01<br> -Paragraph 141<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_141_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from settlements. Settlements are transactions that eliminate all further legal or constructive obligations for part or all of the benefits provided under a defined benefit plan, other than a payment of benefits to, or on behalf of, employees that is set out in the terms of the plan and included in the actuarial assumptions. [Refer: Net defined benefit liability (asset); Defined benefit plans [member]; Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2020-01-01<br> -Paragraph 141<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_141_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesArisingFromSettlementsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from changes that the entity does not separately disclose in the same statement or note. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2020-01-01<br> -Paragraph 141<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_141&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from the passage of time. [Refer: Interest expense; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2020-01-01<br> -Paragraph 141<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_141_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deficit or surplus in a defined benefit plan, adjusted for any effect of limiting a net defined benefit asset to the asset ceiling. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2020-01-01<br> -Paragraph 140<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_140_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilityAssetOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from past service cost. Past service cost is the change in the present value of the defined benefit obligation for employee service in prior periods, resulting from a plan amendment (the introduction or withdrawal of, or changes to, a defined benefit plan) or a curtailment (a significant reduction by the entity in the number of employees covered by a plan). [Refer: Net defined benefit liability (asset); Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2020-01-01<br> -Paragraph 141<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_141_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from the return on plan assets, excluding amounts included in interest income or expense. The return on plans assets is interest, dividends and other revenue derived from the plan assets, together with realised and unrealised gains or losses on the plan assets, less any costs of managing plan assets and less any tax payable by the plan itself, other than tax included in the actuarial assumptions used to measure the present value of the defined benefit obligation. [Refer: Plan assets [member]; Net defined benefit liability (asset); Actuarial assumptions [member]; Interest expense (income), net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2020-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_141_c_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetDefinedBenefitLiabilityAssetAxis=cpa_DefinedBenefitObligationLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetDefinedBenefitLiabilityAssetAxis=cpa_DefinedBenefitObligationLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=cpa_FairValueOfAssetsMember">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921839720888">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Net employee defined benefit - Summary of Sensitivity Analysis for Actuarial Assumptions (Detail)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionsAxis=ifrs-full_ActuarialAssumptionOfDiscountRatesMember', window );">Discount rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption', window );">Actuarial assumption rate</a></td>
<td class="nump">2.00%<span></span>
</td>
<td class="nump">2.50%<span></span>
</td>
<td class="nump">3.90%<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionsAxis=ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember', window );">Compensation - salary increase [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption', window );">Actuarial assumption rate</a></td>
<td class="nump">4.00%<span></span>
</td>
<td class="nump">4.00%<span></span>
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<td class="nump">4.00%<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionsAxis=cpa_ActuarialAssumptionRpTwoThousandMortalityTableNoCollarMember', window );">Mortality [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_RatioOfReasonablyPossibleIncreaseInActuarialAssumption', window );">Demographic assumptions, Mortality</a></td>
<td class="text">Panama expirence<span></span>
</td>
<td class="text">RP - 2000 no collar<span></span>
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<td class="text">RP -2000 no collar<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption', window );">Actuarial assumption rate</a></td>
<td class="text">&#160;<span></span>
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<td class="nump">13.00%<span></span>
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<td class="nump">13.00%<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_RatioOfReasonablyPossibleIncreaseInActuarialAssumption', window );">Demographic assumptions, Mortality</a></td>
<td class="text">2003 SoA pension plan<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionsAxis=cpa_MaleMember', window );">Male [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfRetirementAge2019', window );">Retirement age</a></td>
<td class="text">62 years<span></span>
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<td class="text">62 years<span></span>
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<td class="text">62 years<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfRetirementAge2019', window );">Retirement age</a></td>
<td class="text">57 years<span></span>
</td>
<td class="text">57 years<span></span>
</td>
<td class="text">57 years<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ratio of reasonably possible increase in actuarial assumption.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The retirement age used as a significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Defined benefit obligation, at present value; Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2020-01-01<br> -Paragraph 144<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
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<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The reasonably possible percentage of the increase in the actuarial assumption used to determine the present value of defined benefit obligation. [Refer: Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2020-01-01<br> -Paragraph 145<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_145_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionsAxis=cpa_ActuarialAssumptionOfTerminationRatesAllAgesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionsAxis=cpa_MaleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionsAxis=cpa_MaleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionsAxis=cpa_FemaleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionsAxis=cpa_FemaleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>150
<FILENAME>R97.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921871208184">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Net employee defined benefit - Summary of Additional Information about Sensitivity Analysis for Actuarial Assumptions (Detail) - Discount rate (0.5% movement) [member] - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption', window );">Increase</a></td>
<td class="nump">$ 2,318<span></span>
</td>
<td class="nump">$ 709<span></span>
</td>
<td class="nump">$ 538<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption', window );">Decrease</a></td>
<td class="num">$ (2,554)<span></span>
</td>
<td class="num">$ (751)<span></span>
</td>
<td class="num">$ (569)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in a defined benefit obligation that would have been caused by a decrease in a significant actuarial assumption that was reasonably possible at the end of the reporting period. [Refer: Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2020-01-01<br> -Paragraph 145<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_145_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in a defined benefit obligation that would have been caused by an increase in a significant actuarial assumption that was reasonably possible at the end of the reporting period. [Refer: Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2020-01-01<br> -Paragraph 145<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_145_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionsAxis=cpa_ActuarialAssumptionOfDiscountRatesPointFivePercentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionsAxis=cpa_ActuarialAssumptionOfDiscountRatesPointFivePercentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>151
<FILENAME>R98.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921840823048">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Net employee defined benefit - Summary of Expected Contribution Payments to Defined Benefit Plan (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan', window );">Total expected payments</a></td>
<td class="nump">$ 25,188<span></span>
</td>
<td class="nump">$ 33,226<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">Up to one year [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan', window );">Total expected payments</a></td>
<td class="nump">2,299<span></span>
</td>
<td class="nump">5,169<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=cpa_MoreThanOneYearButLessThanFiveYearsMember', window );">More than one year but less than five years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan', window );">Total expected payments</a></td>
<td class="nump">8,777<span></span>
</td>
<td class="nump">14,008<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember', window );">Over five years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan', window );">Total expected payments</a></td>
<td class="nump">$ 14,112<span></span>
</td>
<td class="nump">$ 14,049<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDefinedBenefitPlansLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The estimate of the expected contributions to be made to a defined benefit plan for the next annual reporting period. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2020-01-01<br> -Paragraph 147<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_147_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2020-01-01<br> -Paragraph 148<br> -Subparagraph d<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_148_d_iii&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=cpa_MoreThanOneYearButLessThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=cpa_MoreThanOneYearButLessThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<DOCUMENT>
<TYPE>XML
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<FILENAME>R99.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921837830056">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Intangible Assets - Summary of Reconciliation of Changes in Intangible Assets and Goodwill (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Beginning balance</a></td>
<td class="nump">$ 108,116<span></span>
</td>
<td class="nump">$ 101,168<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Ending balance</a></td>
<td class="nump">95,568<span></span>
</td>
<td class="nump">108,116<span></span>
</td>
<td class="nump">$ 101,168<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Beginning balance</a></td>
<td class="nump">181,515<span></span>
</td>
<td class="nump">156,136<span></span>
</td>
<td class="nump">125,954<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Additions</a></td>
<td class="nump">16,419<span></span>
</td>
<td class="nump">25,465<span></span>
</td>
<td class="nump">30,182<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="num">(5,546)<span></span>
</td>
<td class="num">(86)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ReclassificationIncreaseDecreaseIntangibleAssetsAndGoodwill', window );">Reclassifications</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Ending balance</a></td>
<td class="nump">192,388<span></span>
</td>
<td class="nump">181,515<span></span>
</td>
<td class="nump">156,136<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember', window );">Accumulated amortization and impairment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Beginning balance</a></td>
<td class="num">(73,399)<span></span>
</td>
<td class="num">(54,968)<span></span>
</td>
<td class="num">(44,839)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization for the year</a></td>
<td class="num">(25,493)<span></span>
</td>
<td class="num">(18,437)<span></span>
</td>
<td class="num">(10,129)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="nump">3,092<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill', window );">Impairment loss</a></td>
<td class="num">(1,020)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Ending balance</a></td>
<td class="num">(96,820)<span></span>
</td>
<td class="num">(73,399)<span></span>
</td>
<td class="num">(54,968)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_GoodwillMember', window );">Goodwill [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Beginning balance</a></td>
<td class="nump">20,380<span></span>
</td>
<td class="nump">20,380<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Ending balance</a></td>
<td class="nump">20,380<span></span>
</td>
<td class="nump">20,380<span></span>
</td>
<td class="nump">20,380<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_GoodwillMember', window );">Goodwill [member] | Gross carrying amount [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Beginning balance</a></td>
<td class="nump">20,380<span></span>
</td>
<td class="nump">20,380<span></span>
</td>
<td class="nump">20,380<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Additions</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ReclassificationIncreaseDecreaseIntangibleAssetsAndGoodwill', window );">Reclassifications</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Ending balance</a></td>
<td class="nump">20,380<span></span>
</td>
<td class="nump">20,380<span></span>
</td>
<td class="nump">20,380<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_GoodwillMember', window );">Goodwill [member] | Accumulated amortization and impairment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Beginning balance</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization for the year</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill', window );">Impairment loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Ending balance</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=cpa_LicenseAndSoftwareRightsMember', window );">License and software rights [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Beginning balance</a></td>
<td class="nump">69,802<span></span>
</td>
<td class="nump">39,156<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Ending balance</a></td>
<td class="nump">60,208<span></span>
</td>
<td class="nump">69,802<span></span>
</td>
<td class="nump">39,156<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=cpa_LicenseAndSoftwareRightsMember', window );">License and software rights [member] | Gross carrying amount [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Beginning balance</a></td>
<td class="nump">143,201<span></span>
</td>
<td class="nump">94,124<span></span>
</td>
<td class="nump">74,683<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Additions</a></td>
<td class="nump">4,378<span></span>
</td>
<td class="nump">8,503<span></span>
</td>
<td class="nump">2,711<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="num">(5,546)<span></span>
</td>
<td class="num">(86)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ReclassificationIncreaseDecreaseIntangibleAssetsAndGoodwill', window );">Reclassifications</a></td>
<td class="nump">13,975<span></span>
</td>
<td class="nump">40,660<span></span>
</td>
<td class="nump">16,730<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Ending balance</a></td>
<td class="nump">156,008<span></span>
</td>
<td class="nump">143,201<span></span>
</td>
<td class="nump">94,124<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=cpa_LicenseAndSoftwareRightsMember', window );">License and software rights [member] | Accumulated amortization and impairment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Beginning balance</a></td>
<td class="num">(73,399)<span></span>
</td>
<td class="num">(54,968)<span></span>
</td>
<td class="num">(44,839)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization for the year</a></td>
<td class="num">(25,493)<span></span>
</td>
<td class="num">(18,437)<span></span>
</td>
<td class="num">(10,129)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="nump">3,092<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill', window );">Impairment loss</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Ending balance</a></td>
<td class="num">(95,800)<span></span>
</td>
<td class="num">(73,399)<span></span>
</td>
<td class="num">(54,968)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_IntangibleAssetsUnderDevelopmentMember', window );">Intangible in process [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Beginning balance</a></td>
<td class="nump">17,934<span></span>
</td>
<td class="nump">41,632<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Ending balance</a></td>
<td class="nump">14,980<span></span>
</td>
<td class="nump">17,934<span></span>
</td>
<td class="nump">41,632<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_IntangibleAssetsUnderDevelopmentMember', window );">Intangible in process [member] | Gross carrying amount [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Beginning balance</a></td>
<td class="nump">17,934<span></span>
</td>
<td class="nump">41,632<span></span>
</td>
<td class="nump">30,891<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Additions</a></td>
<td class="nump">12,041<span></span>
</td>
<td class="nump">16,962<span></span>
</td>
<td class="nump">27,471<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ReclassificationIncreaseDecreaseIntangibleAssetsAndGoodwill', window );">Reclassifications</a></td>
<td class="num">(13,975)<span></span>
</td>
<td class="num">(40,660)<span></span>
</td>
<td class="num">(16,730)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Ending balance</a></td>
<td class="nump">16,000<span></span>
</td>
<td class="nump">17,934<span></span>
</td>
<td class="nump">41,632<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_IntangibleAssetsUnderDevelopmentMember', window );">Intangible in process [member] | Accumulated amortization and impairment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Beginning balance</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization for the year</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill', window );">Impairment loss</a></td>
<td class="num">(1,020)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Ending balance</a></td>
<td class="num">$ (1,020)<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ReclassificationIncreaseDecreaseIntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Reclassification increase (decrease), intangible assets and goodwill.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ReclassificationIncreaseDecreaseIntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in intangible assets and goodwill resulting from acquisitions through business combinations. [Refer: Business combinations [member]; Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2020-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_118_e_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of amortisation of intangible assets other than goodwill. [Refer: Depreciation and amortisation expense; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2020-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_118_e_vi&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in intangible assets and goodwill resulting from disposals. [Refer: Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2020-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_118_e_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisposalsIntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for intangible assets and goodwill. [Refer: Impairment loss recognised in profit or loss; Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2020-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_118_e_iv&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of intangible assets and goodwill held by the entity. [Refer: Goodwill; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_GoodwillMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_GoodwillMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=cpa_LicenseAndSoftwareRightsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=cpa_LicenseAndSoftwareRightsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_IntangibleAssetsUnderDevelopmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_IntangibleAssetsUnderDevelopmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>153
<FILENAME>R100.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921836657560">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Intangible Assets - Additional Information (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PercentageOfDiscountRate', window );">Discount rates</a></td>
<td class="nump">13.80%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PercentageOfIncreaseInDiscountRate', window );">Increase in discount rate</a></td>
<td class="nump">15.20%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets</a></td>
<td class="nump">$ 95,568<span></span>
</td>
<td class="nump">$ 108,116<span></span>
</td>
<td class="nump">$ 101,168<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PercentageOfRiseInIncreaseInDiscountRate', window );">Percentage of rise in increase in discount rate</a></td>
<td class="nump">1.40%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_GoodwillMember', window );">Goodwill [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount', window );">Estimated recoverable amount</a></td>
<td class="nump">$ 2,500,000<span></span>
</td>
<td class="nump">$ 4,300,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PercentageOfGrowthRateToExtrapolateCashFlows', window );">Percentage of growth rate</a></td>
<td class="nump">4.50%<span></span>
</td>
<td class="nump">3.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PercentageOfDiscountRate', window );">Discount rates</a></td>
<td class="nump">13.80%<span></span>
</td>
<td class="nump">13.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets</a></td>
<td class="nump">$ 20,380<span></span>
</td>
<td class="nump">$ 20,380<span></span>
</td>
<td class="nump">$ 20,380<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CapitalisedDevelopmentExpenditureMember', window );">Capitalised development expenditure [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets</a></td>
<td class="nump">10,800<span></span>
</td>
<td class="nump">$ 23,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization expense</a></td>
<td class="nump">2,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CapitalisedDevelopmentExpenditureMember', window );">Capitalised development expenditure [member] | Covid 19 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill', window );">Impairment loss</a></td>
<td class="nump">$ 1,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_PercentageOfDiscountRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of discount rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_PercentageOfDiscountRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_PercentageOfGrowthRateToExtrapolateCashFlows">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of growth rate to extrapolate cash flows.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_PercentageOfGrowthRateToExtrapolateCashFlows</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_PercentageOfIncreaseInDiscountRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of increase in discount rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_PercentageOfIncreaseInDiscountRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_PercentageOfRiseInIncreaseInDiscountRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of rise in increase in discount rate</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_PercentageOfRiseInIncreaseInDiscountRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of amortisation of intangible assets other than goodwill. [Refer: Depreciation and amortisation expense; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2020-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_118_e_vi&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount by which a cash-generating unit's (group of units') recoverable amount exceeds its carrying amount. [Refer: Carrying amount [member]; Cash-generating units [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2020-01-01<br> -Paragraph 134<br> -Subparagraph f<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_134_f_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2020-01-01<br> -Paragraph 135<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_135_e_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for intangible assets and goodwill. [Refer: Impairment loss recognised in profit or loss; Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2020-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_118_e_iv&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of intangible assets and goodwill held by the entity. [Refer: Goodwill; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_GoodwillMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_GoodwillMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CapitalisedDevelopmentExpenditureMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CapitalisedDevelopmentExpenditureMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_EventAxis=cpa_Covid19Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_EventAxis=cpa_Covid19Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<head>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921859158632">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Other Assets - Summary of Other Assets (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInterestReceivable', window );">Interest receivable</a></td>
<td class="nump">$ 6,457<span></span>
</td>
<td class="nump">$ 12,838<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentFinancialAssets', window );">Other</a></td>
<td class="nump">1,348<span></span>
</td>
<td class="nump">1,368<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentAssets', window );">Other currents assets</a></td>
<td class="nump">7,805<span></span>
</td>
<td class="nump">14,206<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NoncurrentGuarantyDeposits', window );">Guarantee deposits</a></td>
<td class="nump">3,010<span></span>
</td>
<td class="nump">4,121<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NoncurrentDepositsForLitigation', window );">Deposits for litigation</a></td>
<td class="nump">8,126<span></span>
</td>
<td class="nump">10,548<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentFinancialAssets', window );">Other assets</a></td>
<td class="nump">3,212<span></span>
</td>
<td class="nump">3,212<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentAssets', window );">Other non - current assets</a></td>
<td class="nump">14,348<span></span>
</td>
<td class="nump">17,881<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherAssets', window );">Other current and non-current assets</a></td>
<td class="nump">$ 22,153<span></span>
</td>
<td class="nump">$ 32,087<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NoncurrentDepositsForLitigation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Non current deposits for litigation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NoncurrentDepositsForLitigation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NoncurrentGuarantyDeposits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Non current guaranty deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NoncurrentGuarantyDeposits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentInterestReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current interest receivable. [Refer: Interest receivable]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentInterestReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current assets that the entity does not separately disclose in the same statement or note. [Refer: Current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current financial assets that the entity does not separately disclose in the same statement or note. [Refer: Other financial assets; Current financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 54<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_54_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current assets that the entity does not separately disclose in the same statement or note. [Refer: Non-current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current financial assets that the entity does not separately disclose in the same statement or note. [Refer: Other financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 54<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_54_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921835314184">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Loans and borrowings - Summary of Loans and borrowings (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Debt including current maturities</a></td>
<td class="nump">$ 1,163,900<span></span>
</td>
<td class="nump">$ 1,060,765<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Current maturities</a></td>
<td class="num">(127,946)<span></span>
</td>
<td class="num">(122,582)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Loans and borrowings long-term</a></td>
<td class="nump">1,035,954<span></span>
</td>
<td class="nump">938,183<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=cpa_BorrowingDueThroughTwoThousandTwentyNineMember', window );">Borrowing due through 2029 [member] | Fixed interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Debt including current maturities</a></td>
<td class="nump">663,293<span></span>
</td>
<td class="nump">736,790<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=cpa_BorrowingDueThroughTwoThousandTwentyNineMember', window );">Borrowing due through 2029 [member] | Floating interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Debt including current maturities</a></td>
<td class="nump">279,778<span></span>
</td>
<td class="nump">$ 323,975<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=cpa_SeniorConvertibleNotesDueThrough2025Member', window );">Senior Convertible Notes Due Through 2025 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Debt including current maturities</a></td>
<td class="nump">$ 220,829<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Effective interest rates of borrowings</a></td>
<td class="nump">14.68%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Bottom of range [member] | Borrowing due through 2029 [member] | Fixed interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Effective interest rates of borrowings</a></td>
<td class="nump">1.49%<span></span>
</td>
<td class="nump">1.49%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Bottom of range [member] | Borrowing due through 2029 [member] | Floating interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Effective interest rates of borrowings</a></td>
<td class="nump">0.42%<span></span>
</td>
<td class="nump">2.15%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Top of range [member] | Borrowing due through 2029 [member] | Fixed interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Effective interest rates of borrowings</a></td>
<td class="nump">4.45%<span></span>
</td>
<td class="nump">4.90%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Top of range [member] | Borrowing due through 2029 [member] | Floating interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Effective interest rates of borrowings</a></td>
<td class="nump">1.66%<span></span>
</td>
<td class="nump">3.50%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentPortionOfLongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPortionOfLongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=cpa_BorrowingDueThroughTwoThousandTwentyNineMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=cpa_BorrowingDueThroughTwoThousandTwentyNineMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=cpa_SeniorConvertibleNotesDueThrough2025Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=cpa_SeniorConvertibleNotesDueThrough2025Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921839749144">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Loans and borrowings - Summary of Maturities of Loans and borrowings (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Loans and borrowings maturity</a></td>
<td class="nump">$ 1,163,900<span></span>
</td>
<td class="nump">$ 1,060,765<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=cpa_TwoThousandTwentyOneMember', window );">2021 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Loans and borrowings maturity</a></td>
<td class="nump">127,946<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=cpa_TwoThousandTwentyTwoMember', window );">2022 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Loans and borrowings maturity</a></td>
<td class="nump">116,767<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=cpa_TwoThousandTwentyThreeMember', window );">2023 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Loans and borrowings maturity</a></td>
<td class="nump">96,132<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=cpa_TwothousandtwentyfourMember', window );">2024 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Loans and borrowings maturity</a></td>
<td class="nump">158,459<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=cpa_TwoThousandTwentyFiveMember', window );">2025 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Loans and borrowings maturity</a></td>
<td class="nump">375,385<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=cpa_ThereafterMember', window );">Thereafter [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Loans and borrowings maturity</a></td>
<td class="nump">$ 289,211<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=cpa_TwoThousandTwentyOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=cpa_TwoThousandTwentyOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=cpa_TwoThousandTwentyTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=cpa_TwoThousandTwentyTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=cpa_TwoThousandTwentyThreeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=cpa_TwoThousandTwentyThreeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=cpa_TwothousandtwentyfourMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=cpa_TwothousandtwentyfourMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=cpa_TwoThousandTwentyFiveMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=cpa_TwoThousandTwentyFiveMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=cpa_ThereafterMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=cpa_ThereafterMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>157
<FILENAME>R104.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921859417912">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Loans and borrowings - Summary of Senior convertible notes (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Apr. 30, 2020</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfDetailedInformationOfSeniorConvertibleNotesExplanatoryLineItems', window );"><strong>Disclosure of Detailed Information Of Senior Convertible Notes Explanatory [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ProceedsFromIssueOfConvertibleNotes', window );">Proceeds from Issue of Convertible Notes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 342,900<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=cpa_SeniorConvertibleNotesMember', window );">Senior Convertible Notes [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfDetailedInformationOfSeniorConvertibleNotesExplanatoryLineItems', window );"><strong>Disclosure of Detailed Information Of Senior Convertible Notes Explanatory [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DebtInstrumentMaturityDate', window );">Debt Instrument Maturity Date</a></td>
<td class="text">Apr. 15,  2025<span></span>
</td>
<td class="text">Apr. 30,  2020<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NominalIssue', window );">Nominal issue</a></td>
<td class="nump">$ 350,000<span></span>
</td>
<td class="nump">$ 350,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsRecognisedAsExpense', window );">Borrowing costs recognised as expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(7,102)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ProceedsFromIssueOfConvertibleNotes', window );">Proceeds from Issue of Convertible Notes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 342,898<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DebtInstrumentMaturityDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Debt Instrument Maturity Date</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DebtInstrumentMaturityDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DisclosureOfDetailedInformationOfSeniorConvertibleNotesExplanatoryLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of Detailed Information&#160; Of Senior Convertible Notes Explanatory</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DisclosureOfDetailedInformationOfSeniorConvertibleNotesExplanatoryLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NominalIssue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Nominal issue</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NominalIssue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ProceedsFromIssueOfConvertibleNotes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Proceeds from Issue of Convertible Notes</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ProceedsFromIssueOfConvertibleNotes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingCostsRecognisedAsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest and other costs that an entity incurs in connection with the borrowing of funds that are recognised as an expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingCostsRecognisedAsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=cpa_SeniorConvertibleNotesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=cpa_SeniorConvertibleNotesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>158
<FILENAME>R105.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
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<link rel="stylesheet" type="text/css" href="report.css">
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921838611032">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Loans and borrowings - Additional Information (Detail) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Apr. 30, 2020</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Debt including current maturities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,163,900<span></span>
</td>
<td class="nump">$ 1,060,765<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PercentageOfSupportFromFinancialInstitution', window );">Support from Export-Import Bank for net purchase price of aircraft</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">80.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives', window );">Net change in fair value of derivatives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (107,139)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=cpa_ExportImportBankOfUnitedStatesMember', window );">Export-Import Bank of United States [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OutstandingIndebtedness', window );">Outstanding indebtedness</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">160,700<span></span>
</td>
<td class="nump">227,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_BorrowingsOnWhichApplicableInterestRateIsFixed', window );">Borrowing on which fixed applicable interest rate is exercised</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 83,600<span></span>
</td>
<td class="nump">128,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=cpa_SeniorConvertibleNotesMember', window );">Senior Convertible Notes [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DebtInstrumentMaturityDate', window );">Debt Instrument Maturity Date</a></td>
<td class="text">Apr. 15,  2025<span></span>
</td>
<td class="text">Apr. 30,  2020<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DescriptionOfConversionRatioOfSeniorConvertibleNotes', window );">Description of conversion ratio of senior convertible notes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">The initial conversion rate is 19.3564 shares per $1,000 principal amount of notes<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ConversionPricePerPrincipalAmount', window );">Conversion price per principal amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 51.66<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives', window );">Net change in fair value of derivatives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (107,100)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Borrowing interest rate</a></td>
<td class="nump">4.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NominalIssue', window );">Nominal Issue</a></td>
<td class="nump">$ 350,000<span></span>
</td>
<td class="nump">350,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_FairValue', window );">Fair Value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">245,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_FairValueOfEmbeddedDerivative', window );">Fair value of the embedded derivative at initial recognition</a></td>
<td class="nump">$ 138,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=cpa_FinanceLeaseMember', window );">Finance lease [member] | Fixed interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Debt including current maturities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">579,700<span></span>
</td>
<td class="nump">608,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=cpa_FinanceLeaseMember', window );">Finance lease [member] | Floating interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Debt including current maturities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 202,600<span></span>
</td>
<td class="nump">$ 225,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_BorrowingsOnWhichApplicableInterestRateIsFixed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Borrowings on which applicable interest rate is fixed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_BorrowingsOnWhichApplicableInterestRateIsFixed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ConversionPricePerPrincipalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Conversion price per principal amount</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ConversionPricePerPrincipalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DebtInstrumentMaturityDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Debt Instrument Maturity Date</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DebtInstrumentMaturityDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DescriptionOfConversionRatioOfSeniorConvertibleNotes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of conversion ratio of senior convertible notes</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DescriptionOfConversionRatioOfSeniorConvertibleNotes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_FairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_FairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_FairValueOfEmbeddedDerivative">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value of embedded derivative.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_FairValueOfEmbeddedDerivative</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NominalIssue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Nominal issue</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NominalIssue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_OutstandingIndebtedness">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Outstanding indebtedness.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_OutstandingIndebtedness</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_PercentageOfSupportFromFinancialInstitution">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of support from financial institution.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_PercentageOfSupportFromFinancialInstitution</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) resulting from change in the fair value of derivatives recognised in profit or loss. [Refer: Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=cpa_ExportImportBankOfUnitedStatesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=cpa_ExportImportBankOfUnitedStatesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=cpa_SeniorConvertibleNotesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=cpa_SeniorConvertibleNotesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=cpa_FinanceLeaseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=cpa_FinanceLeaseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921859685768">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Loans and borrowings - Summary of Finance Cost and Income (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Finance income</a></td>
<td class="nump">$ 19,963<span></span>
</td>
<td class="nump">$ 24,405<span></span>
</td>
<td class="nump">$ 23,628<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceCosts', window );">Finance cost</a></td>
<td class="num">(73,045)<span></span>
</td>
<td class="num">(57,432)<span></span>
</td>
<td class="num">(50,825)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=cpa_ShortTermDepositsMember', window );">Interest income on short-term bank deposits [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Finance income</a></td>
<td class="nump">543<span></span>
</td>
<td class="nump">1,432<span></span>
</td>
<td class="nump">1,670<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=cpa_InvestmentMember', window );">Interest income on investment [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Finance income</a></td>
<td class="nump">19,420<span></span>
</td>
<td class="nump">22,973<span></span>
</td>
<td class="nump">21,958<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=cpa_BankLoansMember', window );">Interests expense on bank loans [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceCosts', window );">Finance cost</a></td>
<td class="num">(29,711)<span></span>
</td>
<td class="num">(36,676)<span></span>
</td>
<td class="num">(34,687)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=cpa_InterestExpenseOnSeniorConvertibleNotesMember', window );">Interest Expense on Senior Convertible Notes [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceCosts', window );">Finance cost</a></td>
<td class="num">(23,571)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=cpa_FactoringMember', window );">Interest on factoring [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceCosts', window );">Finance cost</a></td>
<td class="num">(256)<span></span>
</td>
<td class="num">(1,316)<span></span>
</td>
<td class="num">(1,163)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_LeaseLiabilitiesMember', window );">Interest on lease liabilities [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceCosts', window );">Finance cost</a></td>
<td class="num">(10,734)<span></span>
</td>
<td class="num">(14,140)<span></span>
</td>
<td class="num">(14,975)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=cpa_OtherFinanceCostMember', window );">Other finance cost [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceCosts', window );">Finance cost</a></td>
<td class="num">$ (8,773)<span></span>
</td>
<td class="num">$ (5,300)<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForFinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for finance costs to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Finance costs; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 20<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_20_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForFinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=cpa_ShortTermDepositsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=cpa_ShortTermDepositsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=cpa_InvestmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=cpa_InvestmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=cpa_BankLoansMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=cpa_BankLoansMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=cpa_InterestExpenseOnSeniorConvertibleNotesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=cpa_InterestExpenseOnSeniorConvertibleNotesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=cpa_FactoringMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=cpa_FactoringMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_LeaseLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_LeaseLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=cpa_OtherFinanceCostMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=cpa_OtherFinanceCostMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</body>
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<FILENAME>R107.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921838066248">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Loans and borrowings - Changes in Liabilities Arising from Financing Activities (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems', window );"><strong>Disclosure of reconciliation of liabilities arising from financing activities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Beginning Balance</a></td>
<td class="nump">$ 1,254,891<span></span>
</td>
<td class="nump">$ 1,669,224<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_LiabilitiesArisingFromFinancingActivitiesIncludingDividendsPaid', window );">Beginning Balance</a></td>
<td class="nump">1,365,329<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Cash flows</a></td>
<td class="nump">93,609<span></span>
</td>
<td class="num">(545,334)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities', window );">Foreign Exchange Movement</a></td>
<td class="num">(347)<span></span>
</td>
<td class="num">(84)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities', window );">Leases</a></td>
<td class="nump">19,995<span></span>
</td>
<td class="nump">32,034<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities', window );">Concession Covid-19</a></td>
<td class="num">(489)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities', window );">Other</a></td>
<td class="num">(117,677)<span></span>
</td>
<td class="nump">99,051<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Ending balance</a></td>
<td class="nump">1,360,420<span></span>
</td>
<td class="nump">1,254,891<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis=ifrs-full_LongtermBorrowingsMember', window );">Loans and borrowings [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems', window );"><strong>Disclosure of reconciliation of liabilities arising from financing activities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Beginning Balance</a></td>
<td class="nump">1,060,765<span></span>
</td>
<td class="nump">1,293,541<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Cash flows</a></td>
<td class="nump">220,812<span></span>
</td>
<td class="num">(331,827)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities', window );">Foreign Exchange Movement</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities', window );">Leases</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities', window );">Concession Covid-19</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities', window );">Other</a></td>
<td class="num">(117,677)<span></span>
</td>
<td class="nump">99,051<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Ending balance</a></td>
<td class="nump">1,163,900<span></span>
</td>
<td class="nump">1,060,765<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis=ifrs-full_LeaseLiabilitiesMember', window );">Lease liability [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems', window );"><strong>Disclosure of reconciliation of liabilities arising from financing activities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Beginning Balance</a></td>
<td class="nump">304,564<span></span>
</td>
<td class="nump">375,683<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Cash flows</a></td>
<td class="num">(93,213)<span></span>
</td>
<td class="num">(103,069)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities', window );">Foreign Exchange Movement</a></td>
<td class="num">(347)<span></span>
</td>
<td class="num">(84)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities', window );">Leases</a></td>
<td class="nump">19,995<span></span>
</td>
<td class="nump">32,034<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities', window );">Concession Covid-19</a></td>
<td class="num">(489)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities', window );">Other</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Ending balance</a></td>
<td class="nump">230,510<span></span>
</td>
<td class="nump">304,564<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis=cpa_DividendsPayableMember', window );">Dividends payable [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems', window );"><strong>Disclosure of reconciliation of liabilities arising from financing activities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Beginning Balance</a></td>
<td class="num">(110,438)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_LiabilitiesArisingFromDividendsPaid', window );">Beginning Balance</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Cash flows</a></td>
<td class="num">(33,990)<span></span>
</td>
<td class="num">(110,438)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities', window );">Foreign Exchange Movement</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities', window );">Leases</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities', window );">Concession Covid-19</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities', window );">Other</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Ending balance</a></td>
<td class="num">$ (33,990)<span></span>
</td>
<td class="num">$ (110,438)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Increase decrease through changes of concession covid nineteen liabilities arising from financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_IncreaseDecreaseThroughChangesOfConcessionCovidNineteenLiabilitiesArisingFromFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_LiabilitiesArisingFromDividendsPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Liabilities arising from dividends paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_LiabilitiesArisingFromDividendsPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_LiabilitiesArisingFromFinancingActivitiesIncludingDividendsPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Liabilities arising from financing activities including dividends paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_LiabilitiesArisingFromFinancingActivitiesIncludingDividendsPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in liabilities arising from financing activities resulting from the effect of changes in foreign exchange rates. [Refer: Liabilities arising from financing activities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 44B<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_44B_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughEffectOfChangesInForeignExchangeRatesLiabilitiesArisingFromFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in liabilities arising from financing activities resulting from financing cash flows. [Refer: Cash flows from (used in) financing activities; Liabilities arising from financing activities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 44B<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_44B_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in liabilities arising from financing activities resulting from changes that the entity does not separately disclose in the same statement or note. [Refer: Liabilities arising from financing activities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 44B<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_44B_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in liabilities arising from financing activities resulting from new leases. [Refer: Liabilities arising from financing activities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Section A Statement of cash flows for an entity other than a financial institution<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;doctype=Illustrative%20Examples&amp;dita_xref=IAS07_IE_A_TI<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 44B<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_44B&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseThroughNewLeasesLiabilitiesArisingFromFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilitiesArisingFromFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities for which cash flows were, or future cash flows will be, classified in the statement of cash flows as cash flows from financing activities. [Refer: Cash flows from (used in) financing activities; Liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 44D<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_44D&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilitiesArisingFromFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis=ifrs-full_LongtermBorrowingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis=ifrs-full_LongtermBorrowingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis=ifrs-full_LeaseLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis=ifrs-full_LeaseLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis=cpa_DividendsPayableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis=cpa_DividendsPayableMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>161
<FILENAME>R108.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921840702136">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Trade, Other Payables and Financial Liabilities - Summary of Trade, Other Payables and Financial Liabilities (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TradeAndOtherPayablesLineItems', window );"><strong>Trade and other payables [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayablesToTradeSuppliers', window );">Account payables</a></td>
<td class="nump">$ 63,461<span></span>
</td>
<td class="nump">$ 119,332<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Account payables to related parties</a></td>
<td class="nump">2,970<span></span>
</td>
<td class="nump">14,086<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TradePayable', window );">Trade payable</a></td>
<td class="nump">66,431<span></span>
</td>
<td class="nump">133,418<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TradeOtherPayablesAndFinancialLiabilities', window );">Trade, other payables and financial liabilities</a></td>
<td class="nump">66,683<span></span>
</td>
<td class="nump">133,502<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_OthersMember', window );">Others [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TradeAndOtherPayablesLineItems', window );"><strong>Trade and other payables [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherPayablesAndFinacnialLiabilities', window );">Other payables and financial liabilities</a></td>
<td class="nump">$ 252<span></span>
</td>
<td class="nump">$ 84<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_OtherPayablesAndFinacnialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Other payables and finacnial liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_OtherPayablesAndFinacnialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_TradeAndOtherPayablesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trade and other payables line items.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_TradeAndOtherPayablesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_TradeOtherPayablesAndFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trade, other payables and financial liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_TradeOtherPayablesAndFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_TradePayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trade payable</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_TradePayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmountsPayableRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts payable resulting from related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2020-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2020-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmountsPayableRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherPayablesToTradeSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of payment due to suppliers for goods and services used in the entity's business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherPayablesToTradeSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_OthersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_OthersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>162
<FILENAME>R109.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921836613272">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accrued Expenses Payable - Summary of Accrued Expenses Payable (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AccruedExpensesAbstract', window );"><strong>Accrued expenses [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AccruedExpensesPayableOnAccrualsAndEstimations', window );">Accruals and estimations</a></td>
<td class="nump">$ 23,589<span></span>
</td>
<td class="nump">$ 4,616<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AccruedExpensesPayableOnLaborRelatedProvisions', window );">Labor related provisions</a></td>
<td class="nump">6,541<span></span>
</td>
<td class="nump">44,401<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax', window );">Liability for social security contributions</a></td>
<td class="nump">3,275<span></span>
</td>
<td class="nump">5,617<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherAccruedExpensesPayable', window );">Other</a></td>
<td class="nump">590<span></span>
</td>
<td class="nump">739<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities', window );">Accrued expenses payable</a></td>
<td class="nump">$ 33,995<span></span>
</td>
<td class="nump">$ 55,373<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AccruedExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accrued expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AccruedExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AccruedExpensesPayableOnAccrualsAndEstimations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accrued expenses payable on accruals and estimations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AccruedExpensesPayableOnAccrualsAndEstimations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AccruedExpensesPayableOnLaborRelatedProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accrued expenses payable on labor related provisions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AccruedExpensesPayableOnLaborRelatedProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_OtherAccruedExpensesPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Other accrued expenses payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_OtherAccruedExpensesPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current accrued expenses and other current liabilities. [Refer: Accruals; Other current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of payment due on social security and taxes other than income tax. Income taxes include all domestic and foreign taxes that are based on taxable profits. Income taxes also include taxes, such as withholding taxes, that are payable by a subsidiary, associate or joint arrangement on distributions to the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>163
<FILENAME>R110.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921886762424">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accrued Expenses Payable - Additional Information (Detail)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AccruedExpensesAbstract', window );"><strong>Accrued expenses [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AccrualExpenseSettlementPeriod', window );">Accrual expense settlement period</a></td>
<td class="text">12 months<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AccrualExpenseSettlementPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accrual expense settlement period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AccrualExpenseSettlementPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AccruedExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accrued expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AccruedExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>164
<FILENAME>R111.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
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							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921839642648">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other Long-term Liabilities - Summary of Other Long-term Liabilities (Detail)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($)</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfOtherLongtermLiabilitiesLineItems', window );"><strong>Disclosure of other long-term liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Beginning balance</a></td>
<td class="nump">$ 195,837<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherNoncurrentLiabilitiesIncrease', window );">Increases</a></td>
<td class="nump">41,795<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherNoncurrentLiabilitiesUsed', window );">Used</a></td>
<td class="num">(4,047)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AdjustmentsToOtherNonCurrentLiabilities', window );">Adjustment</a></td>
<td class="num">(178)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate', window );">Effect of movements in exchange rates</a></td>
<td class="num">(2,108)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherNonCurrentLiabilitiesUnusedAmountsReversed', window );">Unused amounts reversed</a></td>
<td class="num">(990)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AdjustmentsForChangesInDiscountRateOnProvisions', window );">Unwinding of discount and changes in the discount rate</a></td>
<td class="nump">9,605<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Ending balance</a></td>
<td class="nump">239,914<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousLiabilitiesAbstract', window );"><strong>Current and non - current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherLiabilitiesCurrent1', window );">Current</a></td>
<td class="nump">23,589<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NoncurrentPortionOfOtherLongtermLiabilities', window );">Non-current</a></td>
<td class="nump">216,325<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Ending balance</a></td>
<td class="nump">239,914<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_ProvisionForLitigationsMember', window );">Provision for litigations [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfOtherLongtermLiabilitiesLineItems', window );"><strong>Disclosure of other long-term liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Beginning balance</a></td>
<td class="nump">12,961<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherNoncurrentLiabilitiesIncrease', window );">Increases</a></td>
<td class="nump">59<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherNoncurrentLiabilitiesUsed', window );">Used</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AdjustmentsToOtherNonCurrentLiabilities', window );">Adjustment</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate', window );">Effect of movements in exchange rates</a></td>
<td class="num">(2,108)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherNonCurrentLiabilitiesUnusedAmountsReversed', window );">Unused amounts reversed</a></td>
<td class="num">(990)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AdjustmentsForChangesInDiscountRateOnProvisions', window );">Unwinding of discount and changes in the discount rate</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Ending balance</a></td>
<td class="nump">9,922<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousLiabilitiesAbstract', window );"><strong>Current and non - current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherLiabilitiesCurrent1', window );">Current</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NoncurrentPortionOfOtherLongtermLiabilities', window );">Non-current</a></td>
<td class="nump">9,922<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Ending balance</a></td>
<td class="nump">9,922<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_ProvisionForReturnConditionMember', window );">Provision for return condition [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfOtherLongtermLiabilitiesLineItems', window );"><strong>Disclosure of other long-term liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Beginning balance</a></td>
<td class="nump">133,014<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherNoncurrentLiabilitiesIncrease', window );">Increases</a></td>
<td class="nump">41,051<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherNoncurrentLiabilitiesUsed', window );">Used</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AdjustmentsToOtherNonCurrentLiabilities', window );">Adjustment</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate', window );">Effect of movements in exchange rates</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherNonCurrentLiabilitiesUnusedAmountsReversed', window );">Unused amounts reversed</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AdjustmentsForChangesInDiscountRateOnProvisions', window );">Unwinding of discount and changes in the discount rate</a></td>
<td class="nump">8,773<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Ending balance</a></td>
<td class="nump">182,838<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousLiabilitiesAbstract', window );"><strong>Current and non - current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherLiabilitiesCurrent1', window );">Current</a></td>
<td class="nump">17,283<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NoncurrentPortionOfOtherLongtermLiabilities', window );">Non-current</a></td>
<td class="nump">165,555<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Ending balance</a></td>
<td class="nump">182,838<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_DismantlingProvisionMember', window );">Dismantling provision [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfOtherLongtermLiabilitiesLineItems', window );"><strong>Disclosure of other long-term liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Beginning balance</a></td>
<td class="nump">24,327<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherNoncurrentLiabilitiesIncrease', window );">Increases</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherNoncurrentLiabilitiesUsed', window );">Used</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AdjustmentsToOtherNonCurrentLiabilities', window );">Adjustment</a></td>
<td class="num">(178)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate', window );">Effect of movements in exchange rates</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherNonCurrentLiabilitiesUnusedAmountsReversed', window );">Unused amounts reversed</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AdjustmentsForChangesInDiscountRateOnProvisions', window );">Unwinding of discount and changes in the discount rate</a></td>
<td class="nump">832<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Ending balance</a></td>
<td class="nump">24,981<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousLiabilitiesAbstract', window );"><strong>Current and non - current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherLiabilitiesCurrent1', window );">Current</a></td>
<td class="nump">1,931<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NoncurrentPortionOfOtherLongtermLiabilities', window );">Non-current</a></td>
<td class="nump">23,050<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Ending balance</a></td>
<td class="nump">24,981<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_OtherLongTermLiabilitiesMember', window );">Other long term liabilities [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfOtherLongtermLiabilitiesLineItems', window );"><strong>Disclosure of other long-term liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Beginning balance</a></td>
<td class="nump">25,535<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherNoncurrentLiabilitiesIncrease', window );">Increases</a></td>
<td class="nump">685<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherNoncurrentLiabilitiesUsed', window );">Used</a></td>
<td class="num">(4,047)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AdjustmentsToOtherNonCurrentLiabilities', window );">Adjustment</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate', window );">Effect of movements in exchange rates</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherNonCurrentLiabilitiesUnusedAmountsReversed', window );">Unused amounts reversed</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AdjustmentsForChangesInDiscountRateOnProvisions', window );">Unwinding of discount and changes in the discount rate</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Ending balance</a></td>
<td class="nump">22,173<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousLiabilitiesAbstract', window );"><strong>Current and non - current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OtherLiabilitiesCurrent1', window );">Current</a></td>
<td class="nump">4,375<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NoncurrentPortionOfOtherLongtermLiabilities', window );">Non-current</a></td>
<td class="nump">17,798<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Ending balance</a></td>
<td class="nump">$ 22,173<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AdjustmentsForChangesInDiscountRateOnProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for changes in discount rate on provisions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AdjustmentsForChangesInDiscountRateOnProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AdjustmentsToOtherNonCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments to other non current liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AdjustmentsToOtherNonCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DisclosureOfOtherLongtermLiabilitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of other long-term liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DisclosureOfOtherLongtermLiabilitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NoncurrentPortionOfOtherLongtermLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Noncurrent portion of other long-term liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NoncurrentPortionOfOtherLongtermLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_OtherLiabilitiesCurrent1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Other liabilities current 1.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_OtherLiabilitiesCurrent1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_OtherNonCurrentLiabilitiesUnusedAmountsReversed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Other non current liabilities unused amounts reversed</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_OtherNonCurrentLiabilitiesUnusedAmountsReversed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Other non-current liabilities effect of movements in exchange rate</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_OtherNoncurrentLiabilitiesIncrease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Other non-current liabilities increase</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_OtherNoncurrentLiabilitiesIncrease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_OtherNoncurrentLiabilitiesUsed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Other non-current liabilities used</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_OtherNoncurrentLiabilitiesUsed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MiscellaneousLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MiscellaneousLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_ProvisionForLitigationsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_ProvisionForLitigationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_ProvisionForReturnConditionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_ProvisionForReturnConditionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_DismantlingProvisionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_DismantlingProvisionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_OtherLongTermLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_OtherLongTermLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>165
<FILENAME>R112.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921840153368">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other Long-term Liabilities - Additional Information (Detail) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesAbstract', window );"><strong>Non-current liabilities [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AmountInEscrowDeposits', window );">Amount in escrow account</a></td>
<td class="nump">$ 8.1<span></span>
</td>
<td class="nump">$ 10.4<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ProvisionForMaintenance', window );">Provision for maintenance</a></td>
<td class="nump">19.0<span></span>
</td>
<td class="nump">$ 22.4<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TrustFund', window );">Trust fund</a></td>
<td class="nump">3.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ProvisionForReturnCondition', window );">Provision for return condition</a></td>
<td class="nump">17.4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ProvisionForDismantaling', window );">Provision for Dismantaling</a></td>
<td class="nump">$ 1.9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AmountInEscrowDeposits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount in escrow deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AmountInEscrowDeposits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ProvisionForDismantaling">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Provision for Dismantaling</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ProvisionForDismantaling</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ProvisionForMaintenance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Provision for maintenance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ProvisionForMaintenance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ProvisionForReturnCondition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Provison for return condition</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ProvisionForReturnCondition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_TrustFund">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trust fund.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_TrustFund</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>166
<FILENAME>R113.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921859838616">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income Taxes - Summary of Income Tax Expense (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract', window );"><strong>Current taxes expense</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxExpenseIncome', window );">Current period</a></td>
<td class="num">$ (14,032)<span></span>
</td>
<td class="num">$ (55,847)<span></span>
</td>
<td class="num">$ (35,258)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod', window );">Adjustment for prior period</a></td>
<td class="nump">162<span></span>
</td>
<td class="nump">693<span></span>
</td>
<td class="nump">261<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods', window );">Current taxes expense, total</a></td>
<td class="num">(13,870)<span></span>
</td>
<td class="num">(55,154)<span></span>
</td>
<td class="num">(34,997)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeAbstract', window );"><strong>Deferred taxes expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences', window );">Origination and reversal of temporary differences</a></td>
<td class="nump">37,587<span></span>
</td>
<td class="nump">8,717<span></span>
</td>
<td class="nump">467<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Total income tax expense</a></td>
<td class="nump">$ 23,717<span></span>
</td>
<td class="num">$ (46,437)<span></span>
</td>
<td class="num">$ (34,530)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments of tax expense (income) recognised in the period for current tax of prior periods.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 80<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_80_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 80<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_80_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxExpenseIncome</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current tax expense (income) and adjustments for the current tax of prior periods. [Refer: Current tax expense (income); Adjustments for current tax of prior periods]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 80<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_80&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxExpenseIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxExpenseIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax expense or income relating to the creation or reversal of temporary differences. [Refer: Temporary differences [member]; Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 80<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_80_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2020-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921838047368">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income Taxes - Additional Information (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Tax rate</a></td>
<td class="nump">25.00%<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="nump">$ 35,595<span></span>
</td>
<td class="nump">$ 19,215<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesForWhichDeferredTaxLiabilitiesHaveNotBeenRecognized', window );">Temporary differences associated with investments in subsidiaries, for which deferred tax liabilities have not been recognized</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">272,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConsolidatedStructuredEntitiesAxis=cpa_CopaAirlinesMember', window );">Copa Airlines [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="nump">$ 11,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DuarationOfTaxLossCarryforward', window );">Duaration of tax loss carryforward</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_StartingYearOfTaxLossesCarryforwardPutToUse', window );">Tax Losses Carry Forward Start Year</a></td>
<td class="text">2023 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_CO', window );">Colombia [member] | Tax year 2021 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">31.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_CO', window );">Colombia [member] | Tax year 2021 [member] | Copa Airlines [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AverageEffectiveTaxRate', window );">Effective rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(25.00%)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_CO', window );">Colombia [member] | Tax year 2021 [member] | Copa Colombia [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AverageEffectiveTaxRate', window );">Effective rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(31.00%)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_CO', window );">Colombia [member] | Tax year 2021 [member] | Oval [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AverageEffectiveTaxRate', window );">Effective rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(21.00%)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_CO', window );">Colombia [member] | Tax year 2022 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=cpa_CarriedForwardTaxLossesOfCopaColombiaMember', window );">Carried forward tax losses of Copa Colombia [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="nump">$ 9,100<span></span>
</td>
<td class="nump">$ 1,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DuarationOfTaxLossCarryforward', window );">Duaration of tax loss carryforward</a></td>
<td class="text">7 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_StartingYearOfTaxLossesCarryforwardPutToUse', window );">Tax Losses Carry Forward Start Year</a></td>
<td class="text">2022 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DuarationOfTaxLossCarryforward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Duaration of tax loss carryforward</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DuarationOfTaxLossCarryforward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_StartingYearOfTaxLossesCarryforwardPutToUse">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Starting year of Tax losses carryforward put to use</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_StartingYearOfTaxLossesCarryforwardPutToUse</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesForWhichDeferredTaxLiabilitiesHaveNotBeenRecognized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Temporary differences associated with investments in subsidiaries for which deferred tax liabilities have not been recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesForWhichDeferredTaxLiabilitiesHaveNotBeenRecognized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ApplicableTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The applicable income tax rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ApplicableTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AverageEffectiveTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tax expense (income) divided by the accounting profit. [Refer: Accounting profit]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AverageEffectiveTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ConsolidatedStructuredEntitiesAxis=cpa_CopaAirlinesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ConsolidatedStructuredEntitiesAxis=cpa_CopaAirlinesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_CO">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_CO</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ApplicableTaxationYearsAxis=cpa_TaxYearTwoThousandTwentyOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ApplicableTaxationYearsAxis=cpa_TaxYearTwoThousandTwentyOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ConsolidatedStructuredEntitiesAxis=cpa_CopaColombiaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ConsolidatedStructuredEntitiesAxis=cpa_CopaColombiaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ConsolidatedStructuredEntitiesAxis=cpa_OvalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ConsolidatedStructuredEntitiesAxis=cpa_OvalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ApplicableTaxationYearsAxis=cpa_TaxYearTwoThousandTwentyTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ApplicableTaxationYearsAxis=cpa_TaxYearTwoThousandTwentyTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=cpa_CarriedForwardTaxLossesOfCopaColombiaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=cpa_CarriedForwardTaxLossesOfCopaColombiaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>168
<FILENAME>R115.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921838670584">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income Taxes - Summary of Balances of Deferred Taxes (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DeferredTaxLiabilities1Abstract', window );"><strong>Deferred tax liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DeferredTaxLiabilitiesMaintenanceDeposits', window );">Maintenance deposits</a></td>
<td class="num">$ (23,891)<span></span>
</td>
<td class="num">$ (29,863)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DeferredTaxLiabilitiesPrepaidDividendTax', window );">Prepaid dividend tax</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(7,403)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DeferredTaxLiabilitiesPropertyAndEquipment', window );">Property and equipment</a></td>
<td class="nump">2,108<span></span>
</td>
<td class="num">(2,896)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DeferredTaxLiabilitiesOther1', window );">Other</a></td>
<td class="num">(1,500)<span></span>
</td>
<td class="num">(4,690)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DeferredTaxLiabilitiesSetOffTax', window );">Set off tax</a></td>
<td class="nump">1,093<span></span>
</td>
<td class="nump">1,455<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="num">(22,190)<span></span>
</td>
<td class="num">(43,397)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DeferredTaxAssetsAbstract', window );"><strong>Deferred tax assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DeferredTaxAssetsProvisionForReturnConditions', window );">Provision for return conditions</a></td>
<td class="nump">12,665<span></span>
</td>
<td class="nump">10,095<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DeferredTaxAssetsAirTrafficLiability', window );">Air traffic liability</a></td>
<td class="nump">2,486<span></span>
</td>
<td class="nump">2,039<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DeferredTaxAssetsOtherProvisions', window );">Other provisions</a></td>
<td class="nump">624<span></span>
</td>
<td class="nump">6,826<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DeferredTaxAssetsTaxLoss', window );">Tax Loss</a></td>
<td class="nump">20,913<span></span>
</td>
<td class="nump">1,710<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DeferredTaxAssetsSetOffTax', window );">Set off tax</a></td>
<td class="num">(1,093)<span></span>
</td>
<td class="num">(1,455)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="nump">35,595<span></span>
</td>
<td class="nump">19,215<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Total deferred taxes</a></td>
<td class="nump">13,405<span></span>
</td>
<td class="num">(24,182)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilitiesAbstract', window );"><strong>Deferred tax liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesMaintenanceDeposits', window );">Maintenance deposits</a></td>
<td class="num">(5,972)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">$ 3,277<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPrepaidDividendTax', window );">Prepaid dividend tax</a></td>
<td class="num">(7,403)<span></span>
</td>
<td class="num">(1,456)<span></span>
</td>
<td class="num">(5,244)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPropertyAndEquipment', window );">Property and equipment</a></td>
<td class="num">(5,004)<span></span>
</td>
<td class="num">(4,500)<span></span>
</td>
<td class="num">(2,136)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOther', window );">Other</a></td>
<td class="num">(3,190)<span></span>
</td>
<td class="num">(1)<span></span>
</td>
<td class="nump">641<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesLiabilitiesSetOffTax', window );">Set off tax</a></td>
<td class="nump">362<span></span>
</td>
<td class="nump">414<span></span>
</td>
<td class="num">(63)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="num">(21,207)<span></span>
</td>
<td class="num">(5,543)<span></span>
</td>
<td class="num">(3,525)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxAssetsAbstract', window );"><strong>Deferred tax assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesProvisionForReturnConditions', window );">Provision for return conditions</a></td>
<td class="num">(2,570)<span></span>
</td>
<td class="num">(2,959)<span></span>
</td>
<td class="nump">723<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesAirTrafficLiability', window );">Air traffic liability</a></td>
<td class="num">(447)<span></span>
</td>
<td class="num">(247)<span></span>
</td>
<td class="num">(511)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOtherProvisions', window );">Other provisions</a></td>
<td class="nump">6,202<span></span>
</td>
<td class="num">(2,139)<span></span>
</td>
<td class="num">(271)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesTaxLoss', window );">Tax Loss</a></td>
<td class="num">(19,203)<span></span>
</td>
<td class="nump">2,585<span></span>
</td>
<td class="nump">3,054<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesAssetsSetOffTax', window );">Set off tax</a></td>
<td class="num">(362)<span></span>
</td>
<td class="num">(414)<span></span>
</td>
<td class="nump">63<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="num">(16,380)<span></span>
</td>
<td class="num">(3,174)<span></span>
</td>
<td class="nump">3,058<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences', window );">Origination and reversal of temporary differences</a></td>
<td class="num">$ (37,587)<span></span>
</td>
<td class="num">$ (8,717)<span></span>
</td>
<td class="num">$ (467)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DeferredTaxAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Deferred tax assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DeferredTaxAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DeferredTaxAssetsAirTrafficLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Deferred tax assets air traffic liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DeferredTaxAssetsAirTrafficLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DeferredTaxAssetsOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Deferred tax assets other provisions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DeferredTaxAssetsOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DeferredTaxAssetsProvisionForReturnConditions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Deferred tax assets provision for return conditions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DeferredTaxAssetsProvisionForReturnConditions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DeferredTaxAssetsSetOffTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Deferred tax assets air set off tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DeferredTaxAssetsSetOffTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DeferredTaxAssetsTaxLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Deferred tax assets air tax loss.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DeferredTaxAssetsTaxLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesAirTrafficLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, air traffic liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesAirTrafficLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesAssetsSetOffTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, assets set off tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesAssetsSetOffTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, deferred tax assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, deferred tax liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesLiabilitiesSetOffTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, liabilities set off tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesLiabilitiesSetOffTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesMaintenanceDeposits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, maintenance deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesMaintenanceDeposits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, other provisions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPrepaidDividendTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, prepaid dividend tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPrepaidDividendTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPropertyAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, property and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPropertyAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesProvisionForReturnConditions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, provision for return conditions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesProvisionForReturnConditions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesTaxLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, tax loss.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesTaxLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DeferredTaxLiabilities1Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Deferred tax liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DeferredTaxLiabilities1Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DeferredTaxLiabilitiesMaintenanceDeposits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Deferred tax liabilities maintenance deposits</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DeferredTaxLiabilitiesMaintenanceDeposits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DeferredTaxLiabilitiesOther1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Deferred tax liabilities other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DeferredTaxLiabilitiesOther1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DeferredTaxLiabilitiesPrepaidDividendTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Deferred tax liabilities prepaid dividend tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DeferredTaxLiabilitiesPrepaidDividendTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DeferredTaxLiabilitiesPropertyAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Deferred tax liabilities property and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DeferredTaxLiabilitiesPropertyAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DeferredTaxLiabilitiesSetOffTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Deferred tax liabilities set off tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DeferredTaxLiabilitiesSetOffTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Origination and reversal of temporary differences, deferred tax assets abstract.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Origination and reversal of temporary differences, deferred Tax Liabilities abstract.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax expense or income relating to the creation or reversal of temporary differences. [Refer: Temporary differences [member]; Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 80<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_80_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferences</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax liabilities or assets. [Refer: Deferred tax liabilities; Deferred tax assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921839524968">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income Taxes - Summary of Reconciliation of Effective Tax Rate (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_StatementLineItems', window );"><strong>Statement [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Income taxes at Panamanian statutory rates</a></td>
<td class="nump">25.00%<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxRateEffectFromChangeInTaxRate', window );">Stations - Taxable/Panama</a></td>
<td class="num">(13.20%)<span></span>
</td>
<td class="num">(13.70%)<span></span>
</td>
<td class="num">(19.30%)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxRateEffectOfForeignTaxRates', window );">Stations - Taxable/Non Panama</a></td>
<td class="num">(1.50%)<span></span>
</td>
<td class="nump">2.40%<span></span>
</td>
<td class="nump">9.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TaxExemptionAdjustmentsInNonTaxableCountriesPercentage', window );">Stations - Non Taxable/Non panama</a></td>
<td class="num">(5.30%)<span></span>
</td>
<td class="num">(4.90%)<span></span>
</td>
<td class="nump">3.30%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TaxRateEffectOfDividendTaxRate', window );">Dividend tax</a></td>
<td class="num">(1.20%)<span></span>
</td>
<td class="nump">7.20%<span></span>
</td>
<td class="nump">10.30%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods', window );">(Over) under provided in prior periods</a></td>
<td class="nump">0.00%<span></span>
</td>
<td class="num">(0.20%)<span></span>
</td>
<td class="num">(0.20%)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ProvisionForIncomeTaxesPercentage', window );">Provision for income taxes</a></td>
<td class="nump">3.80%<span></span>
</td>
<td class="nump">15.80%<span></span>
</td>
<td class="nump">28.10%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income</a></td>
<td class="num">$ (607,062)<span></span>
</td>
<td class="nump">$ 247,002<span></span>
</td>
<td class="nump">$ 88,198<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Total income tax expense</a></td>
<td class="num">(23,717)<span></span>
</td>
<td class="nump">46,437<span></span>
</td>
<td class="nump">34,530<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Profit excluding income tax</a></td>
<td class="num">(630,779)<span></span>
</td>
<td class="nump">293,439<span></span>
</td>
<td class="nump">122,728<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncomeTaxesStatutoryRates', window );">Income taxes at Panamanian statutory rates</a></td>
<td class="num">(157,695)<span></span>
</td>
<td class="nump">73,360<span></span>
</td>
<td class="nump">30,682<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxEffectFromChangeInTaxRate', window );">Stations - Taxable/Panama</a></td>
<td class="nump">83,071<span></span>
</td>
<td class="num">(40,205)<span></span>
</td>
<td class="num">(23,745)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxEffectOfForeignTaxRates', window );">Stations - Taxable/Non Panama</a></td>
<td class="nump">9,850<span></span>
</td>
<td class="nump">7,043<span></span>
</td>
<td class="nump">11,052<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TaxExemptionAdjustmentsInNonTaxableCountries', window );">Stations - Non Taxable/Non panama</a></td>
<td class="nump">33,728<span></span>
</td>
<td class="num">(14,444)<span></span>
</td>
<td class="nump">4,106<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TaxEffectOfDividendsTaxRate', window );">Dividend tax</a></td>
<td class="nump">7,491<span></span>
</td>
<td class="nump">21,376<span></span>
</td>
<td class="nump">12,696<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod', window );">(Over) under provided in prior periods</a></td>
<td class="num">(162)<span></span>
</td>
<td class="num">(693)<span></span>
</td>
<td class="num">(261)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Total income tax expense</a></td>
<td class="num">$ (23,717)<span></span>
</td>
<td class="nump">$ 46,437<span></span>
</td>
<td class="nump">$ 34,530<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_IncomeTaxesStatutoryRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Income taxes statutory rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_IncomeTaxesStatutoryRates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ProvisionForIncomeTaxesPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Provision for income taxes percentage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ProvisionForIncomeTaxesPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_StatementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_StatementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_TaxEffectOfDividendsTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tax effect of dividends tax rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_TaxEffectOfDividendsTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_TaxExemptionAdjustmentsInNonTaxableCountries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tax exemption in non - taxable countries.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_TaxExemptionAdjustmentsInNonTaxableCountries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_TaxExemptionAdjustmentsInNonTaxableCountriesPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tax exemption in non taxable countries percentage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_TaxExemptionAdjustmentsInNonTaxableCountriesPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_TaxRateEffectOfDividendTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tax rate effect of dividend tax rate</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_TaxRateEffectOfDividendTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments of tax expense (income) recognised in the period for current tax of prior periods.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 80<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_80_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ApplicableTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The applicable income tax rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ApplicableTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2020-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2020-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2020-en-b&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2020-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2020-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxEffectFromChangeInTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to changes in the tax rate. [Refer: Accounting profit]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxEffectFromChangeInTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxEffectOfForeignTaxRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to foreign tax rates. [Refer: Accounting profit]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxEffectOfForeignTaxRates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxRateEffectFromChangeInTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tax rate effect on the reconciliation between the average effective tax rate and the applicable tax rate resulting from a change in tax rate. [Refer: Average effective tax rate; Applicable tax rate]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxRateEffectFromChangeInTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tax rate effect on the reconciliation between the average effective tax rate and the applicable tax rate resulting from adjustments for the current tax of prior periods. [Refer: Average effective tax rate; Applicable tax rate; Adjustments for current tax of prior periods]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxRateEffectOfForeignTaxRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The tax rate effect on the reconciliation between the average effective tax rate and the applicable tax rate resulting from the application of foreign tax rates. [Refer: Average effective tax rate; Applicable tax rate]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxRateEffectOfForeignTaxRates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921838053912">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Accounts and Transactions with Related Parties - Summary of Accounts and Transactions with Related Parties (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Account receivable</a></td>
<td class="nump">$ 1,429<span></span>
</td>
<td class="nump">$ 147<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Account payable</a></td>
<td class="nump">2,970<span></span>
</td>
<td class="nump">14,086<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_PanamaAirCargoTerminalMember', window );">Panama air cargo terminal [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Account receivable</a></td>
<td class="nump">186<span></span>
</td>
<td class="nump">101<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Account payable</a></td>
<td class="nump">40<span></span>
</td>
<td class="nump">250<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_BancoGeneralSAMember', window );">Banco general, S. A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Account receivable</a></td>
<td class="nump">1,231<span></span>
</td>
<td class="nump">24<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Account payable</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">151<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_PetroleosDeltaMember', window );">Petroleos delta, S. A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Account receivable</a></td>
<td class="nump">12<span></span>
</td>
<td class="nump">22<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Account payable</a></td>
<td class="nump">2,476<span></span>
</td>
<td class="nump">13,330<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_AssaCompaniaDeSegurosMember', window );">ASSA compania de seguros, S. A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Account payable</a></td>
<td class="nump">358<span></span>
</td>
<td class="nump">283<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_DesarrolloInmobiliarioDelEsteSAMember', window );">Desarrollo inmobiliario del este, S. A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Account payable</a></td>
<td class="nump">51<span></span>
</td>
<td class="nump">20<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_MottaInternationalSAMember', window );">Motta international, S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Account payable</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">32<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_CableOndaMember', window );">Cable onda [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Account payable</a></td>
<td class="nump">9<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_GalindoAriasAndLopezMember', window );">Galindo, arias and lopez [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Account payable</a></td>
<td class="nump">$ 36<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmountsPayableRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts payable resulting from related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2020-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2020-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmountsPayableRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmountsReceivableRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts receivable resulting from related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2020-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2020-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmountsReceivableRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_PanamaAirCargoTerminalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_PanamaAirCargoTerminalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_BancoGeneralSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_BancoGeneralSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_PetroleosDeltaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_PetroleosDeltaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_AssaCompaniaDeSegurosMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_AssaCompaniaDeSegurosMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_DesarrolloInmobiliarioDelEsteSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_DesarrolloInmobiliarioDelEsteSAMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_MottaInternationalSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_MottaInternationalSAMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_CableOndaMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_GalindoAriasAndLopezMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921838653704">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accounts and Transactions with Related Parties - Summary of Related Party Transactions (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_PetroleosDeltaMember', window );">Petroleos delta, S. A. [member] | Purchase of jet fuel [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncomeExpenseForRelatedPartyTransactions', window );">Related party</a></td>
<td class="nump">$ 102,702<span></span>
</td>
<td class="nump">$ 376,765<span></span>
</td>
<td class="nump">$ 398,733<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_AssaCompaniaDeSegurosMember', window );">ASSA compania de seguros, S. A. [member] | Insurance [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncomeExpenseForRelatedPartyTransactions', window );">Related party</a></td>
<td class="nump">7,147<span></span>
</td>
<td class="nump">11,215<span></span>
</td>
<td class="nump">9,735<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_DesarrolloInmobiliarioDelEsteSAMember', window );">Desarrollo inmobiliario del este, S. A. [member] | Property leasing [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncomeExpenseForRelatedPartyTransactions', window );">Related party</a></td>
<td class="nump">3,301<span></span>
</td>
<td class="nump">4,017<span></span>
</td>
<td class="nump">3,838<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_ProfuturoAdministradoraDeFondosDePensionyCesantiaMember', window );">Profuturo administradora de fondos de pension y cesantia [member] | Payments [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncomeExpenseForRelatedPartyTransactions', window );">Related party</a></td>
<td class="nump">2,839<span></span>
</td>
<td class="nump">5,145<span></span>
</td>
<td class="nump">4,716<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_MottaInternationalMember', window );">Motta International [member] | Purchase [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncomeExpenseForRelatedPartyTransactions', window );">Related party</a></td>
<td class="nump">550<span></span>
</td>
<td class="nump">1,854<span></span>
</td>
<td class="nump">1,585<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_CableOndaSAMember', window );">Cable Onda, S. A. [member] | Communications [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncomeExpenseForRelatedPartyTransactions', window );">Related party</a></td>
<td class="nump">703<span></span>
</td>
<td class="nump">1,396<span></span>
</td>
<td class="nump">1,687<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_GBMInternationalIncMember', window );">GBM International, Inc. [member] | Technological support [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncomeExpenseForRelatedPartyTransactions', window );">Related party</a></td>
<td class="nump">146<span></span>
</td>
<td class="nump">240<span></span>
</td>
<td class="nump">231<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_GalindoAriasAndLopezMember', window );">Galindo, arias and lopez [member] | Legal services [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncomeExpenseForRelatedPartyTransactions', window );">Related party</a></td>
<td class="nump">236<span></span>
</td>
<td class="nump">309<span></span>
</td>
<td class="nump">490<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_GlobalBrandsPanamaSAMember', window );">Global Brands Panama, S. A. [member] | Purchase [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncomeExpenseForRelatedPartyTransactions', window );">Related party</a></td>
<td class="nump">31<span></span>
</td>
<td class="nump">108<span></span>
</td>
<td class="nump">55<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_PanamaAirCargoTerminalMember', window );">Panama air cargo terminal [member] | Handling [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncomeExpenseForRelatedPartyTransactions', window );">Related party</a></td>
<td class="nump">2,037<span></span>
</td>
<td class="nump">3,522<span></span>
</td>
<td class="nump">5,849<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_TelevisoraNacionalSaMember', window );">Televisora Nacional, S.A. [member] | Communications [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncomeExpenseForRelatedPartyTransactions', window );">Related party</a></td>
<td class="nump">13<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_BancoGeneralSAMember', window );">Banco general, S. A. [member] | Interest income [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_IncomeExpenseForRelatedPartyTransactions', window );">Related party</a></td>
<td class="num">$ (2,657)<span></span>
</td>
<td class="num">$ (4,181)<span></span>
</td>
<td class="num">$ (3,781)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_IncomeExpenseForRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Income expense for related party transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_IncomeExpenseForRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_PetroleosDeltaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_PetroleosDeltaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=cpa_PurchaseJetFuelMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=cpa_PurchaseJetFuelMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_AssaCompaniaDeSegurosMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_AssaCompaniaDeSegurosMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=cpa_InsuranceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=cpa_InsuranceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_DesarrolloInmobiliarioDelEsteSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_DesarrolloInmobiliarioDelEsteSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=cpa_PropertyLeasingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=cpa_PropertyLeasingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_ProfuturoAdministradoraDeFondosDePensionyCesantiaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_ProfuturoAdministradoraDeFondosDePensionyCesantiaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=cpa_PaymentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=cpa_PaymentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_MottaInternationalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_MottaInternationalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=cpa_PurchaseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=cpa_PurchaseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_CableOndaSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_CableOndaSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=cpa_CommunicationsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=cpa_CommunicationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_GBMInternationalIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_GBMInternationalIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=cpa_TechnologicalSupportMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=cpa_TechnologicalSupportMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_GalindoAriasAndLopezMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_GalindoAriasAndLopezMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=cpa_LegalServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=cpa_LegalServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_GlobalBrandsPanamaSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_GlobalBrandsPanamaSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_PanamaAirCargoTerminalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_PanamaAirCargoTerminalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=cpa_HandlingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=cpa_HandlingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_TelevisoraNacionalSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_TelevisoraNacionalSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_BancoGeneralSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_BancoGeneralSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductsAndServicesAxis=cpa_InterestIncomeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=cpa_InterestIncomeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>172
<FILENAME>R119.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921871045704">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accounts and Transactions with Related Parties - Additional Information (Detail)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($) </div>
<div>ft&#178;</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_DesarrolloInmobiliarioDelEsteSAMember', window );">Desarrollo inmobiliario del este, S. A. [member] | Desarrollo inmobiliario [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AreaOfBuilding', window );">Approximate area of building | ft&#178;</a></td>
<td class="nump">105,981<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfLeaseFloor', window );">Number of lease floor</a></td>
<td class="text">five<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_CorporacionDeInversionesAreasMember', window );">Corporacion de inversiones areas, S. A [member] | Desarrollo inmobiliario [member] | Class B shares [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PercentageOfOwnershipInterest', window );">Percentage of ownership</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_ExecutiveOfficersMember', window );">Executive officers [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_FuturePaymentsPursuantToNonCompeteAgreement', window );">Future payments pursuant to a non-compete agreement</a></td>
<td class="nump">$ 3.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_PetroleosDeltaMember', window );">Petroleos delta, S. A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ContractAgreementTerm', window );">Contract agreement term</a></td>
<td class="text">two years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TheLastContractSubscribed', window );">The last contract subscribed</a></td>
<td class="text">June, 2020<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_BancoGeneralSAMember', window );">Banco General, S. A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestReceivable', window );">Interest receivable</a></td>
<td class="nump">$ 1.0<span></span>
</td>
<td class="nump">$ 2.1<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AreaOfBuilding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area of building.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AreaOfBuilding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:areaItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ContractAgreementTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Contract agreement term.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ContractAgreementTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_FuturePaymentsPursuantToNonCompeteAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Future payments pursuant to a non-compete agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_FuturePaymentsPursuantToNonCompeteAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NumberOfLeaseFloor">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of lease floor.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NumberOfLeaseFloor</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_PercentageOfOwnershipInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of ownership interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_PercentageOfOwnershipInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_TheLastContractSubscribed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The last contract subscribed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_TheLastContractSubscribed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest recognised as a receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_DesarrolloInmobiliarioDelEsteSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_DesarrolloInmobiliarioDelEsteSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ConsolidatedStructuredEntitiesAxis=cpa_DesarrolloInmobiliarioMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ConsolidatedStructuredEntitiesAxis=cpa_DesarrolloInmobiliarioMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_CorporacionDeInversionesAreasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_CorporacionDeInversionesAreasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassBSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassBSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_ExecutiveOfficersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_ExecutiveOfficersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_PetroleosDeltaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_PetroleosDeltaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_BancoGeneralSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=cpa_BancoGeneralSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>173
<FILENAME>R120.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921836613112">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accounts and Transactions with Related Parties - Summary of Key Management Personnel Compensation (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract', window );"><strong>Disclosure of transactions between related parties [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits', window );">Short-term employee benefits</a></td>
<td class="nump">$ 3,177<span></span>
</td>
<td class="nump">$ 4,969<span></span>
</td>
<td class="nump">$ 6,104<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits', window );">Post-employment pension</a></td>
<td class="nump">61<span></span>
</td>
<td class="nump">95<span></span>
</td>
<td class="nump">117<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment', window );">Share-based payments</a></td>
<td class="nump">2,362<span></span>
</td>
<td class="nump">3,246<span></span>
</td>
<td class="nump">5,092<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensation', window );">Total</a></td>
<td class="nump">$ 5,600<span></span>
</td>
<td class="nump">$ 8,310<span></span>
</td>
<td class="nump">$ 11,313<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2020-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel in the form of post-employment benefits. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2020-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_17_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel in the form of share-based payments. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2020-01-01<br> -Paragraph 17<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_17_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel in the form of short-term employee benefits. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2020-01-01<br> -Paragraph 17<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_17_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>174
<FILENAME>R121.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921837769480">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Equity - Additional Information (Detail) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">1 Months Ended</th>
<th class="th" colspan="1">11 Months Ended</th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Feb. 28, 2016</div></th>
<th class="th"><div>Nov. 30, 2014</div></th>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfEquityLineItems', window );"><strong>Disclosure of equity [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DividendPayableAnnualPercentage', window );">Dividend payable annual percentage</a></td>
<td class="nump">40.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidOrdinarySharesPerShare', window );">Dividends payable per share</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.80<span></span>
</td>
<td class="nump">$ 0.65<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember', window );">Treasury stock [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfEquityLineItems', window );"><strong>Disclosure of equity [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_StockRepurchaseProgramAuthorized', window );">Share repurchase program authorized amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 250,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfSharesRepurchaseProgram', window );">Number of shares repurchase program</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,310,492<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_StockRepurchasedDuringPeriodValue1', window );">Share repurchase program period value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 136,400,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=cpa_AcceleratedShareRepurchaseMember', window );">Accelerated share repurchase [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfEquityLineItems', window );"><strong>Disclosure of equity [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_StockRepurchasedDuringPeriodValue1', window );">Share repurchase program period value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 113,600,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassACommonStockMember', window );">Class A common stock [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfEquityLineItems', window );"><strong>Disclosure of equity [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesAuthorised', window );">Common stock, shares authorised</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">80,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Common stock, shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">33,861,872<span></span>
</td>
<td class="nump">33,835,747<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Common stock, shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">31,421,265<span></span>
</td>
<td class="nump">31,337,856<span></span>
</td>
<td class="nump">31,257,686<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassBCommonStockMember', window );">Class B common stock [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfEquityLineItems', window );"><strong>Disclosure of equity [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesAuthorised', window );">Common stock, shares authorised</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">80,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Common stock, shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,938,125<span></span>
</td>
<td class="nump">10,938,125<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Common stock, shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,938,125<span></span>
</td>
<td class="nump">10,938,125<span></span>
</td>
<td class="nump">10,938,125<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassCCommonStockMember', window );">Class C common stock [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfEquityLineItems', window );"><strong>Disclosure of equity [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesAuthorised', window );">Common stock, shares authorised</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">80,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Common stock, shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DisclosureOfEquityLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of equity [line items]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DisclosureOfEquityLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DividendPayableAnnualPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Dividend payable annual percentage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DividendPayableAnnualPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NumberOfSharesRepurchaseProgram">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares repurchase program.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NumberOfSharesRepurchaseProgram</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_StockRepurchaseProgramAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Stock repurchase program, authorized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_StockRepurchaseProgramAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_StockRepurchasedDuringPeriodValue1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Stock repurchased during period value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_StockRepurchasedDuringPeriodValue1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidOrdinarySharesPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends paid per ordinary share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 34<br> -IssueDate 2020-01-01<br> -Paragraph 16A<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=34&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_16A_f&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidOrdinarySharesPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesAuthorised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares authorised.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_79_a_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesAuthorised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=cpa_AcceleratedShareRepurchaseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=cpa_AcceleratedShareRepurchaseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassACommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassACommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassBCommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassBCommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassCCommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=cpa_ClassCCommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>175
<FILENAME>R122.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921837778904">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share-based Payments - Additional Information (Detail) - USD ($)<br> $ / shares in Units, $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jul. 31, 2020</div></th>
<th class="th"><div>Feb. 28, 2020</div></th>
<th class="th"><div>Jul. 31, 2019</div></th>
<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CompensationCostRecognizedForNonvestedStockAndOptionsAwards', window );">Share-based compensation expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5.3<span></span>
</td>
<td class="nump">$ 6.1<span></span>
</td>
<td class="nump">$ 7.1<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_FairValueOfNonvestedStockAward', window );">Fair value of non-vested stock awards</a></td>
<td class="nump">$ 93.99<span></span>
</td>
<td class="nump">$ 93.99<span></span>
</td>
<td class="nump">$ 96.46<span></span>
</td>
<td class="nump">$ 96.46<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_RemainingCompensationCostNotYetRecognizedForNonvestedStockAwards', window );">Estimated compensation cost for next year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1.9<span></span>
</td>
<td class="nump">$ 4.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019', window );">Weighted average remaining contractual life</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year 7 months 6 days<span></span>
</td>
<td class="text">2 years 1 month 6 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ShareBasedPaymentArrangementExpectedTerm', window );">Expected term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Bottom of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ShareBasedPaymentArrangementVestingPeriod', window );">Vesting period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Top of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_ShareBasedPaymentArrangementVestingPeriod', window );">Vesting period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_TwoThousandSeventeenMember', window );">2017 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_RemainingCompensationCostNotYetRecognizedForNonvestedStockAwards', window );">Estimated compensation cost for next year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1.4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_CompensationCostRecognizedForNonvestedStockAndOptionsAwards">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Compensation cost recognized for non-vested stock and options awards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_CompensationCostRecognizedForNonvestedStockAndOptionsAwards</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_FairValueOfNonvestedStockAward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value of non-vested stock award.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_FairValueOfNonvestedStockAward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_RemainingCompensationCostNotYetRecognizedForNonvestedStockAwards">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Remaining compensation cost, not yet recognized for non-vested stock awards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_RemainingCompensationCostNotYetRecognizedForNonvestedStockAwards</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ShareBasedPaymentArrangementExpectedTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Share based payment arrangement expected term.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ShareBasedPaymentArrangementExpectedTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_ShareBasedPaymentArrangementVestingPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Share based payment arrangement vesting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_ShareBasedPaymentArrangementVestingPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average remaining contractual life of outstanding share options. [Refer: Weighted average [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2020-01-01<br> -Paragraph 45<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_45_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions2019</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_TwoThousandSeventeenMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_TwoThousandSeventeenMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921837983560">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share-based Payments - Summary of Terms and Conditions, Relating to the Grants of the Non-vested Stock Award under the Equity Compensation Plan (Detail)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2020 </div>
<div>shares</div>
</th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateTwoMember', window );">April, 2015 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement', window );">Number of instruments</a></td>
<td class="nump">4,915<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement', window );">Vesting conditions</a></td>
<td class="text">15% first three anniversaries  25% fourth  30% fifth anniversary<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement', window );">Contractual life</a></td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateThreeAMember', window );">June, 2015 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement', window );">Number of instruments</a></td>
<td class="nump">5,839<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement', window );">Vesting conditions</a></td>
<td class="text">15% first three anniversaries  25% fourth  30% fifth anniversary<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement', window );">Contractual life</a></td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateFiveAMember', window );">February, 2016 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement', window );">Number of instruments</a></td>
<td class="nump">147,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement', window );">Vesting conditions</a></td>
<td class="text">15% first three anniversaries  25% fourth  30% fifth anniversary<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement', window );">Contractual life</a></td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateFiveBMember', window );">February, 2016 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement', window );">Number of instruments</a></td>
<td class="nump">63,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement', window );">Vesting conditions</a></td>
<td class="text">Fifth anniversary<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement', window );">Contractual life</a></td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateSixAMember', window );">May, 2016 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement', window );">Number of instruments</a></td>
<td class="nump">7,899<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement', window );">Vesting conditions</a></td>
<td class="text">15% first three anniversaries  25% fourth  30% fifth anniversary<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement', window );">Contractual life</a></td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateNineMember', window );">February, 2017 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement', window );">Number of instruments</a></td>
<td class="nump">22,012<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement', window );">Vesting conditions</a></td>
<td class="text">One-third every anniversary<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement', window );">Contractual life</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateElevenAMember', window );">February, 2018 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement', window );">Number of instruments</a></td>
<td class="nump">21,556<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement', window );">Vesting conditions</a></td>
<td class="text">7% first month  31% first three anniversaries<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement', window );">Contractual life</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateElevenBMember', window );">February, 2018 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement', window );">Number of instruments</a></td>
<td class="nump">14,379<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement', window );">Vesting conditions</a></td>
<td class="text">33% first three anniversaries<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement', window );">Contractual life</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateElevenCMember', window );">February, 2018 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement', window );">Number of instruments</a></td>
<td class="nump">1,316<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement', window );">Vesting conditions</a></td>
<td class="text">15% first three anniversaries  25% fourth  30% fifth anniversary<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement', window );">Contractual life</a></td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateTwelveMember', window );">July, 2018 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement', window );">Number of instruments</a></td>
<td class="nump">6,104<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement', window );">Vesting conditions</a></td>
<td class="text">Third anniversary<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement', window );">Contractual life</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateNineAMember', window );">February, 2017 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement', window );">Number of instruments</a></td>
<td class="nump">11,980<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement', window );">Vesting conditions</a></td>
<td class="text">One-third every anniversary<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement', window );">Contractual life</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateNineBMember', window );">February, 2017 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement', window );">Number of instruments</a></td>
<td class="nump">2,237<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement', window );">Vesting conditions</a></td>
<td class="text">Third anniversary<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement', window );">Contractual life</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateThirteenMember', window );">February, 2019 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement', window );">Number of instruments</a></td>
<td class="nump">15,951<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement', window );">Vesting conditions</a></td>
<td class="text">1% first month  33% first three anniversaries<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement', window );">Contractual life</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateFourteenMember', window );">June, 2019 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement', window );">Number of instruments</a></td>
<td class="nump">9,256<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement', window );">Vesting conditions</a></td>
<td class="text">33% first three anniversaries<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement', window );">Contractual life</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateFifteenMember', window );">June, 2019 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement', window );">Number of instruments</a></td>
<td class="nump">977<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement', window );">Vesting conditions</a></td>
<td class="text">33% first three anniversaries<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement', window );">Contractual life</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateSixteenMember', window );">August, 2019 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement', window );">Number of instruments</a></td>
<td class="nump">1,039<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement', window );">Vesting conditions</a></td>
<td class="text">33% first three anniversaries<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement', window );">Contractual life</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateSeventeenMember', window );">December, 2019 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement', window );">Number of instruments</a></td>
<td class="nump">1,724<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement', window );">Vesting conditions</a></td>
<td class="text">100% first anniversary<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement', window );">Contractual life</a></td>
<td class="text">1 year<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateEighteenMember', window );">February, 2020 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement', window );">Number of instruments</a></td>
<td class="nump">24,650<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement', window );">Vesting conditions</a></td>
<td class="text">1% first month  33% first three anniversaries<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement', window );">Contractual life</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateNineteenMember', window );">December, 2020 [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement', window );">Number of instruments</a></td>
<td class="nump">3,551<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement', window );">Vesting conditions</a></td>
<td class="text">100% first anniversary<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement', window );">Contractual life</a></td>
<td class="text">1 year<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the maximum term of options granted for a type of share-based payment arrangement that existed at any time during the period. An entity with substantially similar types of share-based payment arrangements may aggregate this information. [Refer: Share-based payment arrangements [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2020-01-01<br> -Paragraph 45<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_45_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the vesting requirements for a type of share-based payment arrangement that existed at any time during the period. An entity with substantially similar types of share-based payment arrangements may aggregate this information. [Refer: Share-based payment arrangements [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2020-01-01<br> -Paragraph 45<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_45_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of instruments granted in share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2020-01-01<br> -Paragraph IG23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_IG23&amp;doctype=Implementation%20Guidance<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2020-01-01<br> -Paragraph 45<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_45_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateThreeAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateThreeAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateFiveAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateFiveAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateFiveBMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateFiveBMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateSixAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateSixAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateNineMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateNineMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateElevenAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateElevenAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateElevenBMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateElevenBMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateElevenCMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateElevenCMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateTwelveMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateTwelveMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateNineAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateNineAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateNineBMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateNineBMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateThirteenMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateThirteenMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateFourteenMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateFourteenMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateFifteenMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateFifteenMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateSixteenMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateSixteenMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateSeventeenMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateSeventeenMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateEighteenMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateEighteenMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateNineteenMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_GrantDateNineteenMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>177
<FILENAME>R124.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921859846584">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share-based Payments - Summary of non-vested stock award activity (Detail) - Non-vested [member]<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfOutstandingShareOptions', window );">Non-vested at January 1</a></td>
<td class="nump">211,205<span></span>
</td>
<td class="nump">271,904<span></span>
</td>
<td class="nump">304,153<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement', window );">Granted</a></td>
<td class="nump">28,201<span></span>
</td>
<td class="nump">28,947<span></span>
</td>
<td class="nump">43,355<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement', window );">Vested</a></td>
<td class="num">(83,409)<span></span>
</td>
<td class="num">(80,170)<span></span>
</td>
<td class="num">(72,045)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement', window );">Forfeited</a></td>
<td class="num">(2,076)<span></span>
</td>
<td class="num">(9,476)<span></span>
</td>
<td class="num">(3,559)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfOutstandingShareOptions', window );">Non-vested at December 31</a></td>
<td class="nump">153,921<span></span>
</td>
<td class="nump">211,205<span></span>
</td>
<td class="nump">271,904<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfOutstandingShareOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of share options outstanding in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2020-01-01<br> -Paragraph 45<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_45_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2020-01-01<br> -Paragraph 45<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_45_b_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2020-01-01<br> -Paragraph 45<br> -Subparagraph b<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_45_b_vi&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfOutstandingShareOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of share options exercised in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2020-01-01<br> -Paragraph 45<br> -Subparagraph b<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_45_b_iv&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of share options forfeited in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2020-01-01<br> -Paragraph 45<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_45_b_iii&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of share options granted in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2020-01-01<br> -Paragraph 45<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_45_b_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_NonVestedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=cpa_NonVestedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>178
<FILENAME>R125.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
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							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921840922136">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Earnings Per Share - Schedule of Computation of the Income (Loss) and Share Data Used in the Basic and Diluted Earnings Per Share (Detail) - USD ($)<br> $ / shares in Units, shares in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicAndDilutedEarningsPerShareAbstract', window );"><strong>Basic earnings per share -</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net (loss) income</a></td>
<td class="num">$ (607,062)<span></span>
</td>
<td class="nump">$ 247,002<span></span>
</td>
<td class="nump">$ 88,198<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WeightedAverageShares', window );">Weighted-average shares outstanding</a></td>
<td class="nump">42,338<span></span>
</td>
<td class="nump">42,258<span></span>
</td>
<td class="nump">42,182<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonVestedDividendParticipatingNonVestedAwards', window );">Non-vested dividend participating awards</a></td>
<td class="nump">170<span></span>
</td>
<td class="nump">225<span></span>
</td>
<td class="nump">274<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustedWeightedAverageShares', window );">Adjusted weighted average number of ordinary shares outstanding</a></td>
<td class="nump">42,508<span></span>
</td>
<td class="nump">42,483<span></span>
</td>
<td class="nump">42,456<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicAndDilutedEarningsLossPerShare', window );">Basic and diluted earnings (loss) per share</a></td>
<td class="num">$ (14.28)<span></span>
</td>
<td class="nump">$ 5.81<span></span>
</td>
<td class="nump">$ 2.08<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NonVestedDividendParticipatingNonVestedAwards">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Non vested dividend participating non vested awards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NonVestedDividendParticipatingNonVestedAwards</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustedWeightedAverageShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average number of ordinary shares outstanding plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. [Refer: Ordinary shares [member]; Weighted average [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2020-01-01<br> -Paragraph 70<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_70_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustedWeightedAverageShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicAndDilutedEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of earnings per share when the basic and diluted measurements are equal. [Refer: Basic earnings (loss) per share; Diluted earnings (loss) per share]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicAndDilutedEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicAndDilutedEarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicAndDilutedEarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2020-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=4&amp;code=ifrs-tx-2020-en-b&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2020-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WeightedAverageShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of ordinary shares outstanding at the beginning of the period, adjusted by the number of ordinary shares bought back or issued during the period multiplied by a time-weighting factor.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2020-01-01<br> -Paragraph 70<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_70_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WeightedAverageShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921838401288">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments and Contingencies - Additional Information (Detail)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($) </div>
<div>Aircraft </div>
<div>Organization</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($) </div>
<div>Contract</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CommitmentsAndContingenciesLineItems', window );"><strong>Commitments and contingencies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of company's employees | Aircraft</a></td>
<td class="nump">418<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PercentageOfEmployeesUnionized', window );">Percentage of employees unionized</a></td>
<td class="nump">39.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees | Aircraft</a></td>
<td class="nump">418<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Debt including current maturities</a></td>
<td class="nump">$ 1,163,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,060,765<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TaxAuthorityAxis=cpa_PanamaTaxAuthorityMember', window );">Panama Tax Authority</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CommitmentsAndContingenciesLineItems', window );"><strong>Commitments and contingencies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DurationOfStatuteOfLimiatationForIncomeTax', window );">Duration of statute of limiatation for income tax</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DurationOfStatuteOfLimiatationForDividendTax', window );">Duration of statute of limiatation for dividend tax</a></td>
<td class="text">15 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=cpa_UnsecuredCreditFacilitiesMember', window );">Unsecured Credit Facilities [Member] | Covid 19 Member [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CommitmentsAndContingenciesLineItems', window );"><strong>Commitments and contingencies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Debt including current maturities</a></td>
<td class="nump">$ 200,000<span></span>
</td>
<td class="nump">$ 200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=cpa_SecuredCreditFacilitiesMember', window );">Secured Credit Facilities [Member] | Covid 19 Member [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CommitmentsAndContingenciesLineItems', window );"><strong>Commitments and contingencies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Debt including current maturities</a></td>
<td class="nump">105,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=cpa_CommittedCreditFacilitiesMember', window );">Committed Credit Facilities [Member] | Covid 19 Member [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CommitmentsAndContingenciesLineItems', window );"><strong>Commitments and contingencies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Debt including current maturities</a></td>
<td class="nump">$ 305,000<span></span>
</td>
<td class="nump">$ 305,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ItemsOfContingentLiabilitiesAxis=cpa_LaborUnionsMember', window );">Labor unions [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CommitmentsAndContingenciesLineItems', window );"><strong>Commitments and contingencies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of company's employees</a></td>
<td class="nump">5,667<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PercentageOfEmployeesUnionized', window );">Percentage of employees unionized</a></td>
<td class="nump">66.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfUnionOrganizations', window );">Number of union organizations | Organization</a></td>
<td class="nump">9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees</a></td>
<td class="nump">5,667<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ItemsOfContingentLiabilitiesAxis=cpa_LaborUnionsMember', window );">Labor unions [member] | Panama [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CommitmentsAndContingenciesLineItems', window );"><strong>Commitments and contingencies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfUnionOrganizations', window );">Number of union organizations | Organization</a></td>
<td class="nump">5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CollectiveBargainingAgreementsTerm', window );">Collective bargaining agreements terms</a></td>
<td class="text">4 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ItemsOfContingentLiabilitiesAxis=cpa_LaborUnionsMember', window );">Labor unions [member] | Colombia [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CommitmentsAndContingenciesLineItems', window );"><strong>Commitments and contingencies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfUnionOrganizations', window );">Number of union organizations | Organization</a></td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ItemsOfContingentLiabilitiesAxis=cpa_LaborUnionsMember', window );">Labor unions [member] | Bottom of range [member] | Colombia [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CommitmentsAndContingenciesLineItems', window );"><strong>Commitments and contingencies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CollectiveBargainingAgreementsTerm', window );">Collective bargaining agreements terms</a></td>
<td class="text">2 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ItemsOfContingentLiabilitiesAxis=cpa_LaborUnionsMember', window );">Labor unions [member] | Top of range [member] | Colombia [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CommitmentsAndContingenciesLineItems', window );"><strong>Commitments and contingencies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CollectiveBargainingAgreementsTerm', window );">Collective bargaining agreements terms</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ItemsOfContingentLiabilitiesAxis=cpa_PurchaseContractsMember', window );">Purchase contracts [member] | Boeing Company [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CommitmentsAndContingenciesLineItems', window );"><strong>Commitments and contingencies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndAdvancesToCustomers', window );">Predelivery Deposits</a></td>
<td class="nump">$ 410,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">468,800<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ItemsOfContingentLiabilitiesAxis=cpa_PurchaseContractsMember', window );">Purchase contracts [member] | Later than one year and not later than six years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CommitmentsAndContingenciesLineItems', window );"><strong>Commitments and contingencies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfPurchasesContractsSubscribed', window );">Number of purchase contracts subscribed | Contract</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">60<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ItemsOfContingentLiabilitiesAxis=cpa_LinesOfCreditForWorkingCapitalAndLettersOfCreditMember', window );">Lines of credit for working capital and letters of credit [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CommitmentsAndContingenciesLineItems', window );"><strong>Commitments and contingencies [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_LettersOfCreditOutstandingAmount1', window );">Letters of credit maintained</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">305,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_LineOfCreditFacilityOutstandingBorrowings', window );">Line of credit facility outstanding</a></td>
<td class="nump">$ 44,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 25,800<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_CollectiveBargainingAgreementsTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Collective bargaining agreements term.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_CollectiveBargainingAgreementsTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_CommitmentsAndContingenciesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commitments and contingencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_CommitmentsAndContingenciesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DurationOfStatuteOfLimiatationForDividendTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Duration of statute of limiatation for dividend tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DurationOfStatuteOfLimiatationForDividendTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DurationOfStatuteOfLimiatationForIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Duration of statute of limiatation for income tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DurationOfStatuteOfLimiatationForIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_LettersOfCreditOutstandingAmount1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Letters of credit outstanding amount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_LettersOfCreditOutstandingAmount1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_LineOfCreditFacilityOutstandingBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line of credit facility outstanding borrowings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_LineOfCreditFacilityOutstandingBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NumberOfPurchasesContractsSubscribed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of purchases contracts subscribed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NumberOfPurchasesContractsSubscribed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NumberOfUnionOrganizations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of union organizations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NumberOfUnionOrganizations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_PercentageOfEmployeesUnionized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of employees unionized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_PercentageOfEmployeesUnionized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LoansAndAdvancesToCustomers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of loans and advances the entity has made to customers.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LoansAndAdvancesToCustomers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfEmployees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of personnel employed by the entity at a date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfEmployees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_TaxAuthorityAxis=cpa_PanamaTaxAuthorityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_TaxAuthorityAxis=cpa_PanamaTaxAuthorityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=cpa_UnsecuredCreditFacilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=cpa_UnsecuredCreditFacilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_EventAxis=cpa_Covid19memberMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_EventAxis=cpa_Covid19memberMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=cpa_SecuredCreditFacilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=cpa_SecuredCreditFacilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=cpa_CommittedCreditFacilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=cpa_CommittedCreditFacilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ItemsOfContingentLiabilitiesAxis=cpa_LaborUnionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ItemsOfContingentLiabilitiesAxis=cpa_LaborUnionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_PA">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_PA</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_CO">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_CO</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ItemsOfContingentLiabilitiesAxis=cpa_PurchaseContractsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ItemsOfContingentLiabilitiesAxis=cpa_PurchaseContractsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CounterpartiesAxis=cpa_BoeingCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CounterpartiesAxis=cpa_BoeingCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=cpa_LaterThanOneYearAndNotLaterThanSixYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=cpa_LaterThanOneYearAndNotLaterThanSixYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ItemsOfContingentLiabilitiesAxis=cpa_LinesOfCreditForWorkingCapitalAndLettersOfCreditMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ItemsOfContingentLiabilitiesAxis=cpa_LinesOfCreditForWorkingCapitalAndLettersOfCreditMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>180
<FILENAME>R127.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921840662504">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Commitments and Contingencies - Summary of Firm Commitment To Purchase Asset (Detail)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_FirmCommitmentToPurchaseAssetLineItems', window );"><strong>Firm Commitment To Purchase Asset [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Contractual capital commitments</a></td>
<td class="nump">$ 2,975,408<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">2021</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_FirmCommitmentToPurchaseAssetLineItems', window );"><strong>Firm Commitment To Purchase Asset [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Contractual capital commitments</a></td>
<td class="nump">560,914<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember', window );">2022</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_FirmCommitmentToPurchaseAssetLineItems', window );"><strong>Firm Commitment To Purchase Asset [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Contractual capital commitments</a></td>
<td class="nump">201,544<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember', window );">2023</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_FirmCommitmentToPurchaseAssetLineItems', window );"><strong>Firm Commitment To Purchase Asset [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Contractual capital commitments</a></td>
<td class="nump">408,145<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember', window );">2024</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_FirmCommitmentToPurchaseAssetLineItems', window );"><strong>Firm Commitment To Purchase Asset [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Contractual capital commitments</a></td>
<td class="nump">439,433<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember', window );">2025</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_FirmCommitmentToPurchaseAssetLineItems', window );"><strong>Firm Commitment To Purchase Asset [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Contractual capital commitments</a></td>
<td class="nump">514,549<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember', window );">Thereafter</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_FirmCommitmentToPurchaseAssetLineItems', window );"><strong>Firm Commitment To Purchase Asset [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Contractual capital commitments</a></td>
<td class="nump">$ 850,823<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_FirmCommitmentToPurchaseAssetLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Firm Commitment To Purchase Asset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_FirmCommitmentToPurchaseAssetLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ContractualCapitalCommitments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of capital commitments for which the entity has entered into a contract. [Refer: Capital commitments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContractualCapitalCommitments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>181
<FILENAME>R128.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921838545048">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial Instrument - Risk Management and Fair Value - Additional Information (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradingIncomeExpenseOnDerivativeFinancialInstruments', window );">Mark to market derivative income (expense)</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Debt including current maturities</a></td>
<td class="nump">$ 1,163,900<span></span>
</td>
<td class="nump">$ 1,060,765<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_InterestRateSwapContractMember', window );">Interest rate swap contract [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MethodsUsedInPreparingSensitivityAnalysisReflectingInterdependenciesBetweenRiskVariables', window );">Description of impact of hypothetical interest rates on the variable-rate debt and marketable securities</a></td>
<td class="text">If the interest rate average is 100 basis points more in 2020, the variable-rate debt interest expense would increase by approximately $2.8 million and the estimated fair value of the fixed-rate debt would decreased&#8211; by approximately $1.5 million.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_InterestRateOnDerivativeInstrument', window );">Average interest rate on derivatives</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseOnDebtInstrumentsIssued', window );">Change in interest expense</a></td>
<td class="nump">$ 2,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInCreditDerivativeFairValue', window );">Increase decrease in fair value of debt</a></td>
<td class="nump">$ 1,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CurrencyAxis=currency_BRL', window );">Brazil, Brazil real [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PercentageOfForeignCurrencyRiskRevenue', window );">Percentage of foreign currency risk revenue</a></td>
<td class="nump">9.50%<span></span>
</td>
<td class="nump">8.70%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CurrencyAxis=currency_COP', window );">Colombia, pesos [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PercentageOfForeignCurrencyRiskRevenue', window );">Percentage of foreign currency risk revenue</a></td>
<td class="nump">9.10%<span></span>
</td>
<td class="nump">8.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_CurrencyAxis=currency_ARS', window );">Argentina, pesos [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PercentageOfForeignCurrencyRiskRevenue', window );">Percentage of foreign currency risk revenue</a></td>
<td class="nump">4.00%<span></span>
</td>
<td class="nump">4.80%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember', window );">Currency risk [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PercentageOfForeignExchangeRiskRevenue', window );">Percentage of foreign exchange risk revenue</a></td>
<td class="nump">65.70%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_PercentageOfForeignExchangeRiskExpenses', window );">Percentage of foreign exchange risk expenses</a></td>
<td class="nump">86.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=cpa_BorrowingDueThroughTwoThousandTwentyNineMember', window );">Borrowing due through 2029 [member] | Fixed interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Debt including current maturities</a></td>
<td class="nump">$ 663,293<span></span>
</td>
<td class="nump">$ 736,790<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=cpa_BorrowingDueThroughTwoThousandTwentyNineMember', window );">Borrowing due through 2029 [member] | Fixed interest rate [member] | Bottom of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Fixed interest rates</a></td>
<td class="nump">1.49%<span></span>
</td>
<td class="nump">1.49%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=cpa_FixedRatedDebtMember', window );">Fixed Rated Debt [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Debt including current maturities</a></td>
<td class="nump">$ 663,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=cpa_VariableRatedDebtMember', window );">Variable Rated Debt [Member] | Fixed interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Debt including current maturities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 279,800<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_FuelDerivativeInstrumentsMember', window );">Fuel derivative instruments [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DerivativeInstrumentIncreasesPercentage', window );">Derivative instrument hypothetical increases percentage</a></td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_FuelDerivativeInstrumentsMember', window );">Fuel derivative instruments [member] | 2019 projection [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DerivativeInstrumentExpenseIncreases', window );">Derivative instrument expense increase</a></td>
<td class="nump">$ 21,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DerivativeInstrumentExpenseIncreases">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Derivative instrument expense increases.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DerivativeInstrumentExpenseIncreases</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_DerivativeInstrumentIncreasesPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Derivative instrument increases percentage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DerivativeInstrumentIncreasesPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_InterestRateOnDerivativeInstrument">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest rate on derivative instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_InterestRateOnDerivativeInstrument</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_PercentageOfForeignCurrencyRiskRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of foreign currency risk revenue.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_PercentageOfForeignCurrencyRiskRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_PercentageOfForeignExchangeRiskExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of foreign exchange risk expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_PercentageOfForeignExchangeRiskExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_PercentageOfForeignExchangeRiskRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of foreign exchange risk revenue.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_PercentageOfForeignExchangeRiskRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInCreditDerivativeFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the fair value of a credit derivative. [Refer: Credit derivative, fair value]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 24G<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_24G_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInCreditDerivativeFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseOnDebtInstrumentsIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest expense on debt instruments issued. [Refer: Interest expense; Debt instruments issued]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseOnDebtInstrumentsIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MethodsUsedInPreparingSensitivityAnalysisReflectingInterdependenciesBetweenRiskVariables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of method, parameters and assumptions used in preparing a sensitivity analysis, such as value-at-risk, that reflects interdependencies between risk variables (for example, interest rates and exchange rates) and is used to manage financial risks.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 41<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_41_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MethodsUsedInPreparingSensitivityAnalysisReflectingInterdependenciesBetweenRiskVariables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradingIncomeExpenseOnDerivativeFinancialInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of trading income (expense) relating to derivative financial instruments. [Refer: Derivatives [member]; Trading income (expense)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradingIncomeExpenseOnDerivativeFinancialInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_InterestRateSwapContractMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_InterestRateSwapContractMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CurrencyAxis=currency_BRL">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CurrencyAxis=currency_BRL</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CurrencyAxis=currency_COP">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CurrencyAxis=currency_COP</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CurrencyAxis=currency_ARS">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CurrencyAxis=currency_ARS</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=cpa_BorrowingDueThroughTwoThousandTwentyNineMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=cpa_BorrowingDueThroughTwoThousandTwentyNineMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=cpa_FixedRatedDebtMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=cpa_FixedRatedDebtMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=cpa_VariableRatedDebtMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=cpa_VariableRatedDebtMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_FuelDerivativeInstrumentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_FuelDerivativeInstrumentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfHedgesAxis=cpa_ProjectedPeriodMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfHedgesAxis=cpa_ProjectedPeriodMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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</html>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921871100888">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Financial Instrument - Risk Management and Fair Value - Summary of Foreign Currency Risk Exposure (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">$ 119,065<span></span>
</td>
<td class="nump">$ 158,732<span></span>
</td>
<td class="nump">$ 156,158<span></span>
</td>
<td class="nump">$ 238,792<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherReceivables', window );">Accounts receivable, net</a></td>
<td class="nump">65,689<span></span>
</td>
<td class="nump">131,920<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherAssets', window );">Other assets</a></td>
<td class="nump">22,153<span></span>
</td>
<td class="nump">32,087<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember', window );">Currency risk [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">12,322<span></span>
</td>
<td class="nump">22,818<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherReceivables', window );">Accounts receivable, net</a></td>
<td class="nump">27,670<span></span>
</td>
<td class="nump">73,018<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherAssets', window );">Other assets</a></td>
<td class="nump">18,942<span></span>
</td>
<td class="nump">15,726<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total assets</a></td>
<td class="nump">58,934<span></span>
</td>
<td class="nump">111,562<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_TradePayablesTradeSuppliersAndAgencies', window );">Accounts payable</a></td>
<td class="nump">20,142<span></span>
</td>
<td class="nump">51,313<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NoncurrentPayablesOnAccumulatedTaxesAndExpenses', window );">Taxes payable</a></td>
<td class="nump">13,757<span></span>
</td>
<td class="nump">37,137<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherFinancialLiabilities', window );">Other liabilities</a></td>
<td class="nump">11,387<span></span>
</td>
<td class="nump">18,513<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total liabilities</a></td>
<td class="nump">45,286<span></span>
</td>
<td class="nump">106,963<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_FinancialAssetLiabilitiesNet', window );">Net position</a></td>
<td class="nump">$ 13,648<span></span>
</td>
<td class="nump">$ 4,599<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_FinancialAssetLiabilitiesNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Financial asset liabilities net.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_FinancialAssetLiabilitiesNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NoncurrentPayablesOnAccumulatedTaxesAndExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Noncurrent payables on accumulated taxes and expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NoncurrentPayablesOnAccumulatedTaxesAndExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_TradePayablesTradeSuppliersAndAgencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trade payables to trade suppliers and agencies</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_TradePayablesTradeSuppliersAndAgencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2020-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose the entity&#8217;s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 35H<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_35H&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 35I<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_35I&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 35M<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_35M&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 35N<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_35N&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity&#8217;s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity&#8217;s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial liabilities that the entity does not separately disclose in the same statement or note. [Refer: Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 54<br> -Subparagraph m<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_54_m&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of trade receivables and other receivables. [Refer: Trade receivables; Other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 54<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_54_h&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921859891352">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial Instrument - Risk Management and Fair Value - Movement in Allowance for Impairment for Short and Long-term Investments at Amortized Cost (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems', window );"><strong>Disclosure of impairment loss and reversal of impairment loss [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">Balance at beginning of year</a></td>
<td class="num">$ (957)<span></span>
</td>
<td class="num">$ (1,218)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesAndIncomeOfFinancialAssets', window );">(Additions)/Reversal</a></td>
<td class="num">(260)<span></span>
</td>
<td class="nump">261<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">Balance at end of year</a></td>
<td class="num">$ (1,217)<span></span>
</td>
<td class="num">$ (957)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesAndIncomeOfFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Additional allowance recognised in profit or loss, allowance account for credit losses and income of financial assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesAndIncomeOfFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of an allowance account used to record impairments to financial assets due to credit losses. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2017-en-b&amp;anchor=para_16&amp;doctype=Standard&amp;book=b<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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</body>
</html>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921839578840">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial Instrument - Risk Management and Fair Value - Summary of Credit Risk Exposure on Trade Receivables using Provision Matrix (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Disclosure of credit risk exposure [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRiskOfFinancialAssets', window );">Gross carrying amount</a></td>
<td class="nump">$ 72,172<span></span>
</td>
<td class="nump">$ 137,499<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised', window );">Expected credit loss</a></td>
<td class="nump">$ 6,483<span></span>
</td>
<td class="nump">$ 5,579<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=ifrs-full_CurrentMember', window );">Current [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Disclosure of credit risk exposure [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpectedCreditLossRate', window );">Expected credit loss rate</a></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">0.10%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRiskOfFinancialAssets', window );">Gross carrying amount</a></td>
<td class="nump">$ 50,180<span></span>
</td>
<td class="nump">$ 111,778<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised', window );">Expected credit loss</a></td>
<td class="nump">$ 20<span></span>
</td>
<td class="nump">$ 99<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=ifrs-full_NotLaterThanOneMonthMember', window );">Past due 1 to 30 days [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Disclosure of credit risk exposure [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpectedCreditLossRate', window );">Expected credit loss rate</a></td>
<td class="nump">0.10%<span></span>
</td>
<td class="nump">2.30%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRiskOfFinancialAssets', window );">Gross carrying amount</a></td>
<td class="nump">$ 3,554<span></span>
</td>
<td class="nump">$ 6,170<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised', window );">Expected credit loss</a></td>
<td class="nump">$ 3<span></span>
</td>
<td class="nump">$ 141<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember', window );">Past due 31 to 60 days [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Disclosure of credit risk exposure [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpectedCreditLossRate', window );">Expected credit loss rate</a></td>
<td class="nump">2.50%<span></span>
</td>
<td class="nump">3.70%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRiskOfFinancialAssets', window );">Gross carrying amount</a></td>
<td class="nump">$ 1,867<span></span>
</td>
<td class="nump">$ 2,786<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised', window );">Expected credit loss</a></td>
<td class="nump">$ 46<span></span>
</td>
<td class="nump">$ 104<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember', window );">Past due 61 to 90 days [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Disclosure of credit risk exposure [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpectedCreditLossRate', window );">Expected credit loss rate</a></td>
<td class="nump">3.70%<span></span>
</td>
<td class="nump">12.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRiskOfFinancialAssets', window );">Gross carrying amount</a></td>
<td class="nump">$ 1,228<span></span>
</td>
<td class="nump">$ 1,636<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised', window );">Expected credit loss</a></td>
<td class="nump">$ 46<span></span>
</td>
<td class="nump">$ 196<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanThreeMonthsMember', window );">More than 90 days [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems', window );"><strong>Disclosure of credit risk exposure [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpectedCreditLossRate', window );">Expected credit loss rate</a></td>
<td class="nump">41.50%<span></span>
</td>
<td class="nump">33.30%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaximumExposureToCreditRiskOfFinancialAssets', window );">Gross carrying amount</a></td>
<td class="nump">$ 15,343<span></span>
</td>
<td class="nump">$ 15,129<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised', window );">Expected credit loss</a></td>
<td class="nump">$ 6,368<span></span>
</td>
<td class="nump">$ 5,039<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfCreditRiskExposureLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfCreditRiskExposureLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpectedCreditLossRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The rate of expected credit losses, calculated as percentage of the gross carrying amount. Expected credit losses are the weighted average of credit losses with the respective risks of a default occurring as the weights.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph IG20D<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_IG20D&amp;doctype=Implementation%20Guidance<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 35N<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_35N&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpectedCreditLossRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaximumExposureToCreditRiskOfFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum exposure to the credit risk of financial assets designated as measured at fair value through profit or loss. [Refer: Credit risk [member]; Maximum exposure to credit risk]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 9<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_9_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaximumExposureToCreditRiskOfFinancialAssets</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of undiscounted expected credit losses at initial recognition on financial assets initially recognised during the reporting period as purchased or originated credit-impaired.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2020-01-01<br> -Paragraph 35H<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_35H_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UndiscountedExpectedCreditLossesAtInitialRecognitionOnPurchasedOrOriginatedCreditimpairedFinancialAssetsInitiallyRecognised</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=ifrs-full_CurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=ifrs-full_CurrentMember</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=ifrs-full_NotLaterThanOneMonthMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanThreeMonthsMember</td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921838419576">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Financial Instrument - Risk Management and Fair Value - Summary of Financial Liabilities According to Maturity Date (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for derivative financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount', window );">Non - derivative financial liabilities carrying amount</a></td>
<td class="nump">$ 1,460,841<span></span>
</td>
<td class="nump">$ 1,498,747<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">Up to one year [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for derivative financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount', window );">Non - derivative financial liabilities carrying amount</a></td>
<td class="nump">312,577<span></span>
</td>
<td class="nump">387,408<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=cpa_LaterThanOneYearAndNotLaterThanFourYearMember', window );">Between 1 and 4 years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for derivative financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount', window );">Non - derivative financial liabilities carrying amount</a></td>
<td class="nump">981,675<span></span>
</td>
<td class="nump">768,665<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=cpa_LaterThanFourYearMember', window );">More than 4 years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for derivative financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount', window );">Non - derivative financial liabilities carrying amount</a></td>
<td class="nump">305,876<span></span>
</td>
<td class="nump">504,009<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_LoansAndBorrowingsMember', window );">Loans and Borrowings [Member</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for derivative financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount', window );">Non - derivative financial liabilities carrying amount</a></td>
<td class="nump">1,163,900<span></span>
</td>
<td class="nump">1,060,765<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_LoansAndBorrowingsMember', window );">Loans and Borrowings [Member | Up to one year [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for derivative financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount', window );">Non - derivative financial liabilities carrying amount</a></td>
<td class="nump">155,902<span></span>
</td>
<td class="nump">146,434<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_LoansAndBorrowingsMember', window );">Loans and Borrowings [Member | Between 1 and 4 years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for derivative financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount', window );">Non - derivative financial liabilities carrying amount</a></td>
<td class="nump">834,145<span></span>
</td>
<td class="nump">556,257<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_LoansAndBorrowingsMember', window );">Loans and Borrowings [Member | More than 4 years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for derivative financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount', window );">Non - derivative financial liabilities carrying amount</a></td>
<td class="nump">297,156<span></span>
</td>
<td class="nump">494,944<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_LeaseLiabilityMember', window );">Lease liability [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for derivative financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount', window );">Non - derivative financial liabilities carrying amount</a></td>
<td class="nump">230,510<span></span>
</td>
<td class="nump">304,564<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_LeaseLiabilityMember', window );">Lease liability [member] | Up to one year [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for derivative financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount', window );">Non - derivative financial liabilities carrying amount</a></td>
<td class="nump">90,244<span></span>
</td>
<td class="nump">107,556<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_LeaseLiabilityMember', window );">Lease liability [member] | Between 1 and 4 years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for derivative financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount', window );">Non - derivative financial liabilities carrying amount</a></td>
<td class="nump">147,530<span></span>
</td>
<td class="nump">212,408<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_LeaseLiabilityMember', window );">Lease liability [member] | More than 4 years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for derivative financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount', window );">Non - derivative financial liabilities carrying amount</a></td>
<td class="nump">8,720<span></span>
</td>
<td class="nump">9,065<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_AccountsPayable1Member', window );">Accounts payable [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for derivative financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount', window );">Non - derivative financial liabilities carrying amount</a></td>
<td class="nump">63,461<span></span>
</td>
<td class="nump">119,332<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_AccountsPayable1Member', window );">Accounts payable [member] | Up to one year [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for derivative financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount', window );">Non - derivative financial liabilities carrying amount</a></td>
<td class="nump">63,461<span></span>
</td>
<td class="nump">119,332<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_AccountsPayable1Member', window );">Accounts payable [member] | Between 1 and 4 years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for derivative financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount', window );">Non - derivative financial liabilities carrying amount</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_AccountsPayable1Member', window );">Accounts payable [member] | More than 4 years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for derivative financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount', window );">Non - derivative financial liabilities carrying amount</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_AccountsPayableToRelatedPartiesMember', window );">Account payable to related parties [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount', window );">Non - derivative financial liabilities carrying amount</a></td>
<td class="nump">2,970<span></span>
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<td class="nump">14,086<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for derivative financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount', window );">Non - derivative financial liabilities carrying amount</a></td>
<td class="nump">2,970<span></span>
</td>
<td class="nump">14,086<span></span>
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</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_AccountsPayableToRelatedPartiesMember', window );">Account payable to related parties [member] | Between 1 and 4 years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for derivative financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount', window );">Non - derivative financial liabilities carrying amount</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=cpa_AccountsPayableToRelatedPartiesMember', window );">Account payable to related parties [member] | More than 4 years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for derivative financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount', window );">Non - derivative financial liabilities carrying amount</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=cpa_ContractualCashFlowMember', window );">Contractual cash flow [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for derivative financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount', window );">Non - derivative financial liabilities carrying amount</a></td>
<td class="nump">1,600,129<span></span>
</td>
<td class="nump">1,660,082<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=cpa_ContractualCashFlowMember', window );">Contractual cash flow [member] | Loans and Borrowings [Member</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for derivative financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount', window );">Non - derivative financial liabilities carrying amount</a></td>
<td class="nump">1,287,203<span></span>
</td>
<td class="nump">1,197,635<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=cpa_ContractualCashFlowMember', window );">Contractual cash flow [member] | Lease liability [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for derivative financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount', window );">Non - derivative financial liabilities carrying amount</a></td>
<td class="nump">246,495<span></span>
</td>
<td class="nump">329,029<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=cpa_ContractualCashFlowMember', window );">Contractual cash flow [member] | Accounts payable [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for derivative financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount', window );">Non - derivative financial liabilities carrying amount</a></td>
<td class="nump">63,461<span></span>
</td>
<td class="nump">119,332<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=cpa_ContractualCashFlowMember', window );">Contractual cash flow [member] | Account payable to related parties [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems', window );"><strong>Disclosure of maturity analysis for derivative financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NonDerivativeFinancialLiabilitiesCarryingAmount', window );">Non - derivative financial liabilities carrying amount</a></td>
<td class="nump">$ 2,970<span></span>
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<td class="nump">$ 14,086<span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Non-derivative financial liabilities carrying amount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NonDerivativeFinancialLiabilitiesCarryingAmount</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
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<td>xbrli:monetaryItemType</td>
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<td>credit</td>
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<td>instant</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfMaturityAnalysisForDerivativeFinancialLiabilitiesLineItems</td>
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<td>duration</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921840702168">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Financial Instrument - Risk Management and Fair Value - Summary of Carrying Amount and Fair Values of Financial Assets and Financial Liabilities (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Long-term investments</a></td>
<td class="nump">$ 119,617<span></span>
</td>
<td class="nump">$ 134,347<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Loans and borrowings</a></td>
<td class="nump">1,163,900<span></span>
</td>
<td class="nump">1,060,765<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueMember', window );">Financial Assets at Fair Value, Class [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Long-term investments</a></td>
<td class="nump">120,938<span></span>
</td>
<td class="nump">155,051<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=ifrs-full_FinancialLiabilitiesAtFairValueMember', window );">Financial Liabilities at Fair Value, Class [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Loans and borrowings</a></td>
<td class="nump">$ 1,327,282<span></span>
</td>
<td class="nump">$ 1,068,961<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current investments other than investments accounted for using the equity method. [Refer: Investments accounted for using equity method; Non-current assets; Investments other than investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=ifrs-full_FinancialLiabilitiesAtFairValueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=ifrs-full_FinancialLiabilitiesAtFairValueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921860092952">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Financial instruments - Risk management and fair value- Summary of Company's financial instruments measured at fair value (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners', window );">Asset held for sale</a></td>
<td class="nump">$ 135,542<span></span>
</td>
<td class="nump">$ 120,006<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="nump">3,853,384<span></span>
</td>
<td class="nump">4,357,378<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="nump">245,560<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Total liabilities</a></td>
<td class="nump">2,569,826<span></span>
</td>
<td class="nump">$ 2,422,472<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_NonrecurringFairValueMeasurementMember', window );">Non-recurring fair value measurement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="nump">135,542<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_NonrecurringFairValueMeasurementMember', window );">Non-recurring fair value measurement | Assets Held For Sale</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners', window );">Asset held for sale</a></td>
<td class="nump">135,542<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_NonrecurringFairValueMeasurementMember', window );">Non-recurring fair value measurement | Level 1 of fair value hierarchy</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_NonrecurringFairValueMeasurementMember', window );">Non-recurring fair value measurement | Level 1 of fair value hierarchy | Assets Held For Sale</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners', window );">Asset held for sale</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_NonrecurringFairValueMeasurementMember', window );">Non-recurring fair value measurement | Level 2 of fair value hierarchy</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_NonrecurringFairValueMeasurementMember', window );">Non-recurring fair value measurement | Level 2 of fair value hierarchy | Assets Held For Sale</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners', window );">Asset held for sale</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_NonrecurringFairValueMeasurementMember', window );">Non-recurring fair value measurement | Level 3 of fair value hierarchy</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="nump">135,542<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_NonrecurringFairValueMeasurementMember', window );">Non-recurring fair value measurement | Level 3 of fair value hierarchy | Assets Held For Sale</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners', window );">Asset held for sale</a></td>
<td class="nump">135,542<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_RecurringFairValueMeasurementMember', window );">Recurring fair value measurement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Total liabilities</a></td>
<td class="nump">245,560<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_RecurringFairValueMeasurementMember', window );">Recurring fair value measurement | Derivatives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="nump">245,560<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_RecurringFairValueMeasurementMember', window );">Recurring fair value measurement | Level 1 of fair value hierarchy</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Total liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_RecurringFairValueMeasurementMember', window );">Recurring fair value measurement | Level 1 of fair value hierarchy | Derivatives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_RecurringFairValueMeasurementMember', window );">Recurring fair value measurement | Level 2 of fair value hierarchy</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Total liabilities</a></td>
<td class="nump">245,560<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_RecurringFairValueMeasurementMember', window );">Recurring fair value measurement | Level 2 of fair value hierarchy | Derivatives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="nump">245,560<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_RecurringFairValueMeasurementMember', window );">Recurring fair value measurement | Level 3 of fair value hierarchy</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Total liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MeasurementAxis=ifrs-full_RecurringFairValueMeasurementMember', window );">Recurring fair value measurement | Level 3 of fair value hierarchy | Derivatives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current assets or disposal groups classified as held for sale or as held for distribution to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_CurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of a present economic resource controlled by the entity as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DerivativeFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial liabilities classified as derivative instruments. [Refer: Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DerivativeFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of a present obligation of the entity to transfer an economic resource as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2020-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 28<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_28_d&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2020-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=cpa_AssetsHeldForSaleMember</td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember</td>
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<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921839521976">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial instruments - Summary of key Assumptions used to Determine the Fair Value of Assets Held For Sale (Detail) - Assets Held for Sale<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($)</div>
</th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_UnobservableInputAxis=cpa_SalePriceMember', window );">Sale Price</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryLineItems', window );"><strong>Disclosure Of Information About Key Assumptions Used To Determine The Fair Value Of Assets Held For Sale Explanatory [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExplanationOfValueAssignedToKeyAssumption', window );">Unobservable input</a></td>
<td class="text">Sales price<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_FairValueLessCostsOfDisposalOfValueAssignedToKeyAssumption', window );">Value assigned to key assumption</a></td>
<td class="nump">$ 145,399<span></span>
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</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfKeyAssumptionsOnWhichManagementHasBasedDeterminationOfFairValueLessCostsOfDisposal', window );">Approach to determining key assumption</a></td>
<td class="text">Average of purchase proposals received<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_UnobservableInputAxis=cpa_CostOfDisposalMember', window );">Cost of Disposal</a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryLineItems', window );"><strong>Disclosure Of Information About Key Assumptions Used To Determine The Fair Value Of Assets Held For Sale Explanatory [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExplanationOfValueAssignedToKeyAssumption', window );">Unobservable input</a></td>
<td class="text">Cost of disposal<span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_FairValueLessCostsOfDisposalOfValueAssignedToKeyAssumption', window );">Value assigned to key assumption</a></td>
<td class="num">$ (9,857)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfKeyAssumptionsOnWhichManagementHasBasedDeterminationOfFairValueLessCostsOfDisposal', window );">Approach to determining key assumption</a></td>
<td class="text">Estimated based on the Company&#8217;s
experience with disposal of similar assets.<span></span>
</td>
</tr>
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<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure Of Information About Key Assumptions Used To Determine The Fair Value Of Assets Held For Sale Explanatory.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_DisclosureOfInformationAboutKeyAssumptionsUsedToDetermineTheFairValueOfAssetsHeldForSaleExplanatoryLineItems</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value less costs of disposal of value assigned to key assumption.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_FairValueLessCostsOfDisposalOfValueAssignedToKeyAssumption</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of key assumptions on which management has based its determination of fair value less costs of disposal for a cash-generating unit (group of units). Key assumptions are those to which the unit's (group of units') recoverable amount is most sensitive. [Refer: Cash-generating units [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2020-01-01<br> -Paragraph 134<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_134_e_i&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2020-01-01<br> -Paragraph 130<br> -Subparagraph f<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_130_f_iii&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfKeyAssumptionsOnWhichManagementHasBasedDeterminationOfFairValueLessCostsOfDisposal</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The explanation of the value(s) assigned to key assumption(s) on which management has based its determination of recoverable amount for a cash-generating unit (group of units). [Refer: Cash-generating units [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2020-01-01<br> -Paragraph 134<br> -Subparagraph f<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_134_f_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2020-01-01<br> -Paragraph 135<br> -Subparagraph e<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_135_e_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExplanationOfValueAssignedToKeyAssumption</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_UnobservableInputAxis=cpa_SalePriceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAndLiabilitiesClassifiedAsHeldForSaleAxis=ifrs-full_DisposalGroupsClassifiedAsHeldForSaleMember</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_UnobservableInputAxis=cpa_CostOfDisposalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>189
<FILENAME>R136.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921840178360">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent Events - Additional Information (Detail)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
</tr>
<tr><th class="th">
<div>Mar. 31, 2021 </div>
<div>USD ($) </div>
<div>shares </div>
<div>Awards </div>
<div>Aircraft</div>
</th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_AircraftTypeAxis=cpa_BoeingSevenHundredAndThirtySevenMaxAircraftMember', window );">Boeing 737 MAX aircraft [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_cpa_NumberOfAircraftsHeldForSaleDelivered', window );">No of aircrafts held for sale delivered | Aircraft</a></td>
<td class="nump">6<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorOrdinaryShareTransactionsMember', window );">Major ordinary share transactions [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement', window );">Non-vested stock, number of awards approved | Awards</a></td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement', window );">Non-vested stock, grant | shares</a></td>
<td class="nump">136,654<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WeightedAverageFairValueAtMeasurementDateOtherEquityInstrumentsGranted', window );">Estimated fair vaule</a></td>
<td class="nump">$ 11.5<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets', window );">Estimated compensation cost for next year</a></td>
<td class="nump">$ 5.7<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement', window );">Non-vested stock, vesting period</a></td>
<td class="text">vest over a period of three to five years.<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cpa_NumberOfAircraftsHeldForSaleDelivered">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number Of AirCrafts Held For Sale Delivered</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cpa_NumberOfAircraftsHeldForSaleDelivered</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cpa_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the vesting requirements for a type of share-based payment arrangement that existed at any time during the period. An entity with substantially similar types of share-based payment arrangements may aggregate this information. [Refer: Share-based payment arrangements [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2020-01-01<br> -Paragraph 45<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_45_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from share-based payment transactions in which the goods or services received did not qualify for recognition as assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2020-01-01<br> -Paragraph 51<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_51_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of instruments granted in share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2020-01-01<br> -Paragraph IG23<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_IG23&amp;doctype=Implementation%20Guidance<br> -URIDate 2020-01-01<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2020-01-01<br> -Paragraph 45<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_45_a&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of share options granted in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2020-01-01<br> -Paragraph 45<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_45_b_ii&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WeightedAverageFairValueAtMeasurementDateOtherEquityInstrumentsGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average fair value at the measurement date of granted equity instruments other than share options. [Refer: Weighted average [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2020-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WeightedAverageFairValueAtMeasurementDateOtherEquityInstrumentsGranted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_AircraftTypeAxis=cpa_BoeingSevenHundredAndThirtySevenMaxAircraftMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_AircraftTypeAxis=cpa_BoeingSevenHundredAndThirtySevenMaxAircraftMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorOrdinaryShareTransactionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorOrdinaryShareTransactionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>190
<FILENAME>R137.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm139921840110248">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Subsequent events - Summary  of updated Firm Commitment  to Purchase Asset (Detail) - USD ($)<br></strong></div></th>
<th class="th"><div>Mar. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Contractual capital commitments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,975,408,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">2021</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Contractual capital commitments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">560,914,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember', window );">2022</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Contractual capital commitments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">201,544,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember', window );">2023</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Contractual capital commitments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">408,145,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember', window );">2024</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Contractual capital commitments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">439,433,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember', window );">2025</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Contractual capital commitments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">514,549,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember', window );">Thereafter</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Contractual capital commitments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 850,823,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=cpa_EventsAfterReportingPeriodMember', window );">Events after reporting period [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Contractual capital commitments</a></td>
<td class="nump">$ 3,422,974<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=cpa_EventsAfterReportingPeriodMember', window );">Events after reporting period [member] | 2021</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Contractual capital commitments</a></td>
<td class="nump">49,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=cpa_EventsAfterReportingPeriodMember', window );">Events after reporting period [member] | 2022</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Contractual capital commitments</a></td>
<td class="nump">187,882<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=cpa_EventsAfterReportingPeriodMember', window );">Events after reporting period [member] | 2023</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Contractual capital commitments</a></td>
<td class="nump">383,231<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=cpa_EventsAfterReportingPeriodMember', window );">Events after reporting period [member] | 2024</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Contractual capital commitments</a></td>
<td class="nump">421,271<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=cpa_EventsAfterReportingPeriodMember', window );">Events after reporting period [member] | 2025</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Contractual capital commitments</a></td>
<td class="nump">487,348<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=cpa_EventsAfterReportingPeriodMember', window );">Events after reporting period [member] | Thereafter</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Contractual capital commitments</a></td>
<td class="nump">$ 1,893,442<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ContractualCapitalCommitments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of capital commitments for which the entity has entered into a contract. [Refer: Capital commitments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2020-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2020-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2020-01-01<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContractualCapitalCommitments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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      <HasEmbeddedReports>false</HasEmbeddedReports>
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      <ShortName>Significant accounting policies (Policies)</ShortName>
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      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R38.htm</HtmlFileName>
      <LongName>1038 - Disclosure - Significant accounting policies (Tables)</LongName>
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      <ShortName>Revenue from contract with customers (Tables)</ShortName>
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      <ParentRole>http://www.copaair.com/role/RevenueFromContractWithCustomers</ParentRole>
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      <ShortName>Cash and cash equivalents (Tables)</ShortName>
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      <MenuCategory>Tables</MenuCategory>
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      <MenuCategory>Tables</MenuCategory>
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      <HasEmbeddedReports>false</HasEmbeddedReports>
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      <HasEmbeddedReports>false</HasEmbeddedReports>
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      <ParentRole>http://www.copaair.com/role/LoansAndBorrowings</ParentRole>
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      <HasEmbeddedReports>false</HasEmbeddedReports>
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      <ParentRole>http://www.copaair.com/role/ChangesInDisclosures</ParentRole>
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      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R54.htm</HtmlFileName>
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      <ReportType>Sheet</ReportType>
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      <ShortName>Other long-term liabilities (Tables)</ShortName>
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      <MenuCategory>Tables</MenuCategory>
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      <HasEmbeddedReports>false</HasEmbeddedReports>
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      <HasEmbeddedReports>false</HasEmbeddedReports>
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      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
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      <ReportType>Sheet</ReportType>
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      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R63.htm</HtmlFileName>
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      <HasEmbeddedReports>false</HasEmbeddedReports>
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      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R65.htm</HtmlFileName>
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      <ReportType>Sheet</ReportType>
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      <HasEmbeddedReports>false</HasEmbeddedReports>
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      <Role>http://www.copaair.com/role/RevenueFromContractWithCustomersSummaryOfDisaggregatedOperatingRevenuesDetail</Role>
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      <ReportType>Sheet</ReportType>
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      <Role>http://www.copaair.com/role/RevenueFromContractWithCustomersOperatingRevenueByPrincipalGeographicAreaDetail</Role>
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      <ReportType>Sheet</ReportType>
      <Role>http://www.copaair.com/role/CashAndCashEquivalentsAdditionalInformationDetail</Role>
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      <HtmlFileName>R74.htm</HtmlFileName>
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      <ReportType>Sheet</ReportType>
      <Role>http://www.copaair.com/role/InvestmentsScheduleOfInformationAboutInvestmentsDetail</Role>
      <ShortName>Investments - Schedule of Information About Investments (Detail)</ShortName>
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      <Role>http://www.copaair.com/role/InvestmentsAdditionalInformationDetail</Role>
      <ShortName>Investments - Additional Information (Detail)</ShortName>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
